The Principles of an Institutional Investor: A Conversation with Larry Kochard

Rosemont Roundtable: Exploring the Business of Investment Management (Formerly Global Investment Leaders)

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Larry Kochard, Chief Investment Officer at Makena Capital Management, a $20 billion* OCIO serving endowments, foundations, family offices and institutions. During their conversation, Kochard discusses his professional background, including roles as CEO and CIO of University of Virginia Investment Management Company, CIO at Georgetown University, and Managing Director of Equity and Hedge Fund Investments for the Virginia Retirement System. With a PhD in economics, Kochard also taught at the University of Virginia after spending the early part of his career in capital markets at Goldman Sachs and corporate finance at Fannie Mae and DuPont.

Throughout their conversation, Kochard and Burkhart discuss:

• What differentiates Makena from other OCIO firms
• The differences and similarities between leading endowments vs. leading an OCIO
• Kochard’s six core investing principles, from being a true long-term investor, to finding your edge, to knowing “when to get off the bus” and walk away from an investment
• The importance of balanced diversification, the risk of over-diversifying the source of alpha and how Kochard views the role of public and private assets in a portfolio
• The competitive landscape of the OCIO industry and Kochard’s insights on the up-and-coming generation of investment leaders

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*AUM at time of recording