E111: KFF’s (Kaiser Family Foundation) CIO on their $700 Million Venture Capital Edge

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.

E111: KFF’s (Kaiser Family Foundation) CIO on their $700 Million Venture Capital Edge

E111 • Nov 12, 2024 • 37 mins

Dean Duchak, Chief Investment Officer at KFF sits down with David Weisburd to discuss the lessons learned from 13 years at KFF, how to create a culture of collaboration in endowments, and Dean’s perspective on diversifying investment strategies.

Key Points

Venture capital exhibits a persistence of returns, making it a compelling asset class if one can access top-tier managers.
It's crucial to focus on the process rather than just outcomes to differentiate genuinely high-performing GPs from those who are just good at selling.
Building a diverse and resilient portfolio requires a deep understanding of various asset classes and continuously engaging with a broad network of managers and peers.

Speakers

David Weisburd

Host • 23%

Dean Duchak

Guest • 77%

Chapters

0:00	Introduction to $700 million endowment and venture capital allocation
1:27	Overview of KFF and asset allocation strategies
3:46	Correlation between assets and macroeconomic trends
7:07	Thematic investing in healthcare and AI
8:29	Sponsor: Carta
9:21	Leveraging GP relationships for investment insights
10:27	Daily portfolio management activities
15:14	Strategies for managing a $700 million endowment
20:47	Challenges of illiquidity in venture capital
22:24	Persistence of returns and tax policy impact
24:29	Navigating through different market cycles
26:16	Timing and diversifying the venture market
29:43	Exploring new asset classes and investment processes
31:27	Key lessons from 13 years at KFF
33:09	Developing skills for new institutional investors
35:54	The role of networking in investment success
36:50	Closing remarks and sponsor message

Transcript

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