Why does IPERS say NO to 95% of co-investment deals? Their CIO reveals the disciplined approach that attracts top practitioners to public service.

In Episode 13 of “The Institutional EDge,” host Angelo Calvello explores an innovative co-investment approach with IPERS' CIO Sriram Lakshminarayanan and Senior Investment Officer Craig Payne. Managing $47 billion with a nine-person team, IPERS maintains a selective <5% co-investment acceptance rate while requiring three-week minimum diligence timelines. Beyond fee reduction, their coinvestment program serves as a deliberate talent development strategy, empowering staff to make consequential investment decisions while testing GP capabilities in real-time. The conversation reveals how hiring "practitioners of investments" creates a knowledge-based culture that attracts sophisticated talent to public service while elevating team conversations from manager selection to investment strategy.

Sriram Lakshmararayanan serves as Chief Investment Officer at Iowa Public Employees' Retirement System, overseeing approximately $47 billion in pension assets. He has transformed IPERS' approach to public and private markets, emphasizing cost-effective beta access and strategic co-investment practices. Craig Payne is Senior Investment Officer at IPERS, focusing on private asset investments including fund commitments and co-investments. With over two decades of private markets experience, Craig previously served as Managing Director and IC Member at BlackRock Private Equity Partners and brings deep expertise in co-investment diligence and portfolio construction to IPERS' innovative approach.

Craig Payne is Senior Investment Officer at Iowa Public Employees' Retirement System (IPERS), where he focuses on private asset investments, including fund commitments and co-investments across real assets and private credit. Craig brings over two decades of private markets experience to IPERS, most recently serving as Managing Director and IC Member at Transition Equity Partners (2022-23). Previously, he served as Director of Private Investments at Olympus Ventures (2020-2022), Managing Director and IC member at BlackRock Private Equity Partners (2007-2019). His earlier career includes roles at General Electric Equity as Vice President (2002-2006), where he managed a $1.6 billion portfolio. Craig holds a BA in Economics and Political Science from McGill University and an MBA in Finance, Entrepreneurship, Strategic Management, and Accounting from the University of Chicago.

In This Episode:

(00:00) Introduction to IPERS co-investment strategy and guest backgrounds

(03:29) Craig Payne: Accessing beta cost-effectively across public and private markets

(13:43) Independent diligence process and rubber stamp avoidance strategies

(19:54) Managing GP timelines while maintaining fiduciary responsibility standards

(23:40) Hiring practitioners over oversight managers for organizational development

(33:19) Mission-driven work and public service compensation realities

(39:32) Worst pitch stories from decades of private markets experience

Like, subscribe, and share this episode with someone who might be interested!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Re...

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Can "onerous disclosure" actually protect 401(k) participants from alternative investment losses?

In Episode 4 of the Private Markets Series, Angelo Calvello, host of Institutional Edge, interviews Gerald Alain Chen-Young, Chief Investment Officer of the National Public Pension Funds Association and Principal at GCY Associates LLC. They examine President Trump's August 2025 executive order expanding 401(k) access to alternative assets including private equity, venture capital, hedge funds, private credit, real estate, and digital currencies. Gerald identifies five critical risks: complete capital loss, extended illiquidity, zero government protection, complex valuations, and layered fees. He discusses both benefits and challenges, emphasizing that plan sponsors must provide clear risk disclosure and robust participant education to meet fiduciary standards.

Gerald Alain Chen-Young serves as Chief Investment Officer of the National Public Pension Funds Association and Principal of GCY Associates LLC, an independent global institutional advisory firm. Previously, he was VP and Chief Investment Officer at UNCF (2002-2016), managing three portfolios totaling approximately $1 billion at their peak. Gerald holds postgraduate degrees in Economics from the London School of Economics and York University, and in Law from the University of Miami and Washington College of Law. He won Institutional Investor's "Investor Intelligence Awards, Thought Leadership" (2016) and was twice nominated to the ai-CIO Power 100 CIOs global list.

In This Episode:

(00:00) Introduction to Private Markets Series Episode 3, Professor Gregory Brown

(03:37) Research framework, data sources, and performance metrics explained

(08:59) Benchmarking methodology and findings for equity funds

(16:32) Debt funds and real asset performance results

(22:23) Overall conclusions and practical guidance for institutional investors

(27:59) Future research directions and portfolio-level analysis

Like, subscribe, and share this episode with someone who might be interested!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
Gerald Chen Young LinkedIn: https://www.linkedin.com/in/geraldchenyoung/
GCY Associates: https://gcyassociatesllc.com/
Email Angelo: Angelo.Calvello@pionline.com
Email Julie: julie.parten@pionline.com
Pensions & Investments
Dr. Angelo Calvello LinkedIn

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Is Total Portfolio Approach the next Portable Alpha—brilliant innovation or overhyped rebranding?

Justina Lee, senior reporter at Bloomberg News covering global markets and quant strategies, joins the show to dissect the Total Portfolio Approach phenomenon sweeping through institutional investing. Fresh off covering CalPERS's historic shift from 11 asset class benchmarks to a single 75/25 reference portfolio, Justina reveals why TPA has become the industry's latest buzzword—and why finding critics willing to speak on the record proved surprisingly difficult. The conversation explores whether TPA represents genuine innovation or clever rebranding of existing SAA capabilities, with Justina noting that many allocators claiming to adopt TPA are actually implementing "way lighter versions" while service providers rush to pitch whatever they're selling as TPA-compatible. The discussion addresses critical implementation barriers, including challenges in factor analysis in private markets, the governance tension between board oversight and CIO discretion, and the uncomfortable question of accountability when asset class benchmarks disappear.

The episode expands beyond TPA to explore cutting-edge developments in quantitative investing, artificial intelligence, and prediction markets. Justina discusses Numerai's unconventional crowdsourced hedge fund model, which recently raised $30 million at a $500 million valuation after outperforming traditional quant peers, and explains how founder Richard Craib's decade-long persistence with AI, crypto rewards, and global talent aggregation may finally be paying off. The conversation then shifts to prediction markets, where Justina reports that institutional players like Jump Trading are beginning to provide liquidity on platforms like Polymarket and Kalshi, though serious institutional money remains largely on the sidelines due to ongoing regulatory uncertainty. Throughout, Justina and Angelo debate whether the industry's incremental improvements, like TPA, are sufficient or whether truly transformative solutions, like deep reinforcement learning, are needed to solve the fundamental portfolio optimization problem.

Justina Lee is a London-based senior reporter at Bloomberg News covering cross-asset markets, with a particular focus on bonds, structured finance, cryptocurrencies, and quantitative strategies—and what she calls "weird asset classes" like prediction markets. She's been with Bloomberg for 12 years, starting her career covering Greater China markets from Taipei and Hong Kong before relocating to London, where she's reported on quantitative strategies and other nerdier financial topics for the past five years.

In This Episode:

(00:00) Introduction to guest Justina Lee

(04:12) Why Total Portfolio Approach became investing's latest buzzword

(08:15) Governance tensions and the Portable Alpha comparison

(12:16) TPA hype, implementation barriers, and leadership challenges

(20:34) Deep reinforcement learning as the real optimization solution

(24:04) Numerai's crowdsourced hedge fund model disrupting quant investing

(28:41) Prediction markets gaining traction with institutional players

(31:30) Closing thoughts and worst journalistic pitches

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello...

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"We don't have to invest in privates"—When does a CIO managing $11 billion say no to alternative investments?

In our 16th episode of our Private Markets Series, Joe Eppers (CIO) and Vaib Kalia (Head of Fixed Income) from Selective Insurance explain how P&C insurance companies benefit from private market investing. The key advantages include diversification, the ability to capture liquidity premiums from steady cash flows, and higher yields than public markets. They discuss how the private markets have evolved dramatically over the past decade through securitization technology, creating "rated feeders" that allow investors to choose their position in the capital stack—from senior AAA tranches to equity—in bond-like formats rather than traditional illiquid LP structures. Their investment process focuses on three pillars: manager selection, collateral evaluation, and rigorous structure analysis with particular emphasis on covenant strength, LTV tests, and stress testing. They invest across direct lending, asset-backed finance (equipment leases, music royalties), and private equity, evaluating opportunities based on excess spread over comparable public market alternatives.

The conversation also covers performance measurement challenges in opaque markets, governance, and stakeholder management built on transparency over 10+ years, and their views on the democratization of alternatives in 401(k) plans.

Joe Eppers is the Chief Investment Officer of Selective Insurance, where he oversees more than $11 billion in general account assets and over $1 billion in retirement assets across defined benefit and defined contribution plans. With over 25 years of investment experience, Joe has spent the past decade as CIO building a diversified, high-performing investment platform that blends disciplined risk management, strong governance, and a thoughtful expansion into private markets designed to enhance yield and diversify risk while aligning with the capital efficiency, liquidity, and return objectives of a P&C insurer. Before joining Selective, Joe was a Director at BlackRock in the Financial Institutions Group, where he focused on cultivating client relationships and delivering customized strategic investment solutions to insurance clients and prospects. He previously served as Senior Vice President at Endurance Specialty Holdings, where he held numerous roles involving asset allocation, manager selection and oversight, and risk management for the company’s global reinsurance platform. Joe earned his BS in Economics from Purdue University and MBA in Finance from Butler University, and is a Chartered Financial Analyst (CFA) Charterholder.

Vaibhav Kalia is an insurance investment professional specializing in fixed income portfolio management, risk analysis, and asset allocation. Currently serving as SVP, Head of Fixed Income at Selective Insurance, Vaib has oversight over the firm's general account & retirement assets totaling ~$12B, directing investment strategy, sourcing public and private fixed income investments and managing external manager mandates. Previously at Blackrock, Vaib was a VP within RQA responsible for risk management of multi-sector fixed income funds totaling ~$40 billion. He also spent 4 years at HSBC Bank in different roles within Structured products as a trader, structurer and risk manager. He graduated with M.S. in Financial Engineering from Columbia University, MBA in Finance from IIM Calcutta, and B. Tech. in Electrical Engineering from IIT Delhi.

In This Episode:

(00:00) Joe Eppers and Vaib Kalia from Selective Insurance

(04:41) Core benefits of private market investing for P&C insurance companies

(07:45) Evolution of private markets through securitization and rated feeders

(15:44) Investment decision-making process: manager, collateral, and structure analysis

(...

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• (00:15:06) - Investment Decisions: Covenants, Structured Products
• (00:17:55) - Cielo Capital's Approach to Private Debt
• (00:19:00) - Private Equity: Benchmarking
• (00:22:06) - On Transparency in the Private Market
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What if enterprise software as we know it is dead in five years? A family office insider explains why AI might make traditional SaaS obsolete.

In the 8th installment of our Private Markets Series, host Angelo Calvello interviews Brad Bryndal, Senior Managing Director at Huizenga Capital Management, about his unconventional approach to private markets. Brad discusses why venture capital remains their best-performing asset class despite extended exits, shares concerns about AI overcapitalization while acknowledging rising valuations, and explains his early conviction in defense technology and cryptocurrency. The conversation explores enterprise software disruption, tokenization of real-world assets, and the case for democratizing private market access in retirement plans. Brad's candid perspective offers institutional investors an unfiltered look at emerging opportunities.

Brad Bryndal is Senior Managing Director and member of the Investment Committee at Huizenga Capital Management, a family office based in the Chicago area. At Huizenga, Brad is responsible for sourcing, analyzing, and managing private and direct investment opportunities across venture capital, defense technology, cryptocurrency, and tokenized assets. Prior to joining Huizenga, Brad worked as a Portfolio Manager at Man Group Plc, where he developed expertise in alternative investments and risk management. He received his undergraduate degree from Miami University in 1995. Brad is known for his early conviction in emerging technologies and contrarian investment approach.

In This Episode:

(00:00) Brad Bryndal and his unconventional investment approach

(03:32) Brad's early career, crypto journey, and libertarian philosophy

(05:03) Venture capital returns and the extended exit environment

(08:06) AI's impact on enterprise software and future business models

(13:43) Defense tech investing and the changing military-industrial complex

(22:12) Tokenization of real-world assets and blockchain infrastructure

(29:39) Workforce implications and democratization of private market access

Like, subscribe, and share this episode with someone who might be interested!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunit...

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• (00:10:42) - Will AI Change the Defense Tech?
• (00:14:23) - Is Dual Use Important for Defense Tech?
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How does a $20B+ pension fund generate $1 billion in gains from rebalancing alone?

In Episode 14 of “The Institutional Edge,” host Angelo Calvello sits down with Don Pierce, Chief Investment Officer at San Bernardino County Employees' Retirement Association (SBCERA). Don shares his distinctive income-first approach to private markets investing, including a 50% allocation across private equity, credit, and real commodities. He discusses SBCERA's recent European credit expansion, innovative master custody arrangements enabling emerging manager access, and the philosophy behind owning real assets versus traditional funds. Don also addresses practical challenges of managing illiquidity and shares his perspective on AI for investment forecasting versus operational efficiency, emphasizing his quantitative, numbers-driven investment approach.

Donald Pierce serves as Chief Investment Officer at San Bernardino County Employees' Retirement Association (SBCERA), a position he has held since October 2010. He is responsible for day-to-day operations of the investment division, including policy development, investment objectives, and manager selection. Don has served as an Investment Officer at SBCERA since 2001, having previously worked with Watson Wyatt for nearly four years on pensions, healthcare, and investments. He spearheaded SBCERA's rebalancing methodology, which has contributed over $1 billion in gains since 2006. Don holds a Bachelor of Science in Statistics from San Diego State University and is a CFA charter holder.

In This Episode:

(00:00) Introduction of guest Don Pierce, discussion of his role at SBCERA

(02:46) Quick-fire round with Don, exploring passion versus numbers approach

(03:43) Private markets portfolio overview, allocation breakdown across asset classes

(05:52) European credit expansion strategy, diversifying private credit exposure globally

(11:28) Alternative asset opportunities in cattle, grain silos, and commodities investing

(19:09) Managing illiquidity challenges and portfolio construction in private markets

(28:17) Governance innovations - emerging manager programs and master custody arrangements

(31:06) Perspectives on AI implementation and alternatives in 401k plans

Like, subscribe, and share this episode with someone who might be interested!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Marylan...

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Why does IPERS say NO to 95% of co-investment deals? Their CIO reveals the disciplined approach that attracts top practitioners to public service.

In Episode 13 of “The Institutional EDge,” host Angelo Calvello explores an innovative co-investment approach with IPERS' CIO Sriram Lakshminarayanan and Senior Investment Officer Craig Payne. Managing $47 billion with a nine-person team, IPERS maintains a selective <5% co-investment acceptance rate while requiring three-week minimum diligence timelines. Beyond fee reduction, their coinvestment program serves as a deliberate talent development strategy, empowering staff to make consequential investment decisions while testing GP capabilities in real-time. The conversation reveals how hiring "practitioners of investments" creates a knowledge-based culture that attracts sophisticated talent to public service while elevating team conversations from manager selection to investment strategy.

Sriram Lakshmararayanan serves as Chief Investment Officer at Iowa Public Employees' Retirement System, overseeing approximately $47 billion in pension assets. He has transformed IPERS' approach to public and private markets, emphasizing cost-effective beta access and strategic co-investment practices. Craig Payne is Senior Investment Officer at IPERS, focusing on private asset investments including fund commitments and co-investments. With over two decades of private markets experience, Craig previously served as Managing Director and IC Member at BlackRock Private Equity Partners and brings deep expertise in co-investment diligence and portfolio construction to IPERS' innovative approach.

Craig Payne is Senior Investment Officer at Iowa Public Employees' Retirement System (IPERS), where he focuses on private asset investments, including fund commitments and co-investments across real assets and private credit. Craig brings over two decades of private markets experience to IPERS, most recently serving as Managing Director and IC Member at Transition Equity Partners (2022-23). Previously, he served as Director of Private Investments at Olympus Ventures (2020-2022), Managing Director and IC member at BlackRock Private Equity Partners (2007-2019). His earlier career includes roles at General Electric Equity as Vice President (2002-2006), where he managed a $1.6 billion portfolio. Craig holds a BA in Economics and Political Science from McGill University and an MBA in Finance, Entrepreneurship, Strategic Management, and Accounting from the University of Chicago.

In This Episode:

(00:00) Introduction to IPERS co-investment strategy and guest backgrounds

(03:29) Accessing beta cost-effectively across public and private markets

(07:02) Co-investments as a portfolio lever beyond simple fee reduction

(13:13) Independent diligence process and rubber stamp avoidance strategies

(19:24) Managing GP timelines while maintaining fiduciary responsibility standards

(23:39) Hiring practitioners over oversight managers for talent development

(33:25) Empowerment culture drives reten...

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• (00:16:53) - How To Do Co-Investment?
• (00:18:56) - Prospective IP Deals: Can I Say No?
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• (00:23:10) - Does Craig's Co-Investment Process Influence My Hiring?
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