E77: Justin Pollack on PineBridge’s ($168 Billion AUM) Investment Thesis

10X Capital Podcast

The 10X Capital podcast interviews the world's premier institutional investors to deliver insights on how they manage their capital. Interview topics include investment decision frameworks, capital allocation strategies, GP/LP relationships and many more.

E77: Justin Pollack on PineBridge’s ($168 Billion AUM) Investment Thesis

E77 • Jul 16, 2024 • 34 mins

Justin Pollack, Managing Director at PineBridge Investments, sits down with David Weisburd to discuss PineBridge’s investment thesis. They also breakdown the secondary markets, discuss the structural differences between private equity & public market investing, and ways to analyze spinouts.

Key Points

Success in private equity often hinges on a manager's ability to effectively combine financial leverage with business optimization to maximize returns.
The secondary market for private equity remains opaque and complex, providing opportunities for specialized firms to navigate and capitalize on the inefficiencies.
Emerging managers spinning out from established firms can offer significant investment opportunities, particularly when they bring unique relationships and a strong track record to their new ventures.

Speakers

Justin Pollack

Guest • 89%

David Weisburd

Host • 11%

Chapters

0:00	Introduction to Justin Pollack's investment philosophy and Pine Bridge Investments
3:07	Growth and advantages of private equity
4:39	Secondary market insights and opaqueness as a feature
10:26	Differentiation and structural tools in secondary buying
15:33	Downside protection and gamification of IRR in secondary investments
19:12	Fund of funds, emerging managers, and fund size impacts
22:47	Competitive dynamics, large check advantages, and fees
26:18	Venture strategy and evaluating spinouts from top firms
29:16	Manager evaluations and personality traits for success
32:34	Diversity, evolution in private equity, and closing remarks

Transcript

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