Latest Blog: THE G.O.A.T. - 08/01/2022
2018 ANGELES FOUNDATION SYMPOSIU... 2018 ANGELES FOUNDATION SYMPOSIUM
- BACK TO ANGELES EVENTS UPCOMING EVENTS & HISTORY 2022 WEBINAR - PANDEMIC, INFLATION, WAR - INVESTING AMIDST UNCERTAINTY 2021 WEBINAR - A SOLUTIONS-ORIENTED FRAMEWORK TO STRATEGIC ASSET ALLOCATION 2020 WEBINAR - HOW CAN MARKETS BE AT ALL-TIME HIGHS WHEN THE WORLD IS COLLAPSING 2019 PRECISION MEDICINE: THE FUTURE OF HEALTH CARE 2019 IS THERE A BEAR ON THE PROWL? 2018 INVESTMENT SYMPOSIUM: THE INTERSECTION OF POLITICS AND INVESTING 2018 IMPACT INVESTING WEBINAR 2018 ANGELES FOUNDATION SYMPOSIUM 2017 ANGELES FOUNDATION SYMPOSIUM: MULTIPOLARITY 2016 ANGELES INDEPENDENT SCHOOL ENDOWMENT SYMPOSIUM 2015 ANGELES INDEPENDENT SCHOOL ENDOWMENT SYMPOSIUM
Thank you for joining the conversation on private markets investing at the 2018 Angeles Foundation Symposium. For anyone who missed it, we hope you will be able to join us next year.
FOUNDATION SYMPOSIUM OVERVIEW
The symposium begins with Angeles' Chief Investment Officer, Michael Rosen, reviewing the history of bull and bear markets in the US, noting important distinctions among bear markets, and identifying three categories with similar characteristics. He does not (yet) see present the conditions for a bear market, and offers some signposts to watch. Michael then illustrates the enormous opportunity cost of missing out on the tail-end of bull markets, and the impossibility of timing markets. He concludes with the proposition that we are in the midst of a structural bull market, with years to run.
Following Michael’s presentation, esteemed investor, James Williams, Chief Investment Officer of the Getty Trust, and Jose Feliciano, co-founder of the private equity firm, Clearlake Capital, discuss the role private equity holds in institutional portfolios and the current investment environment. Jim Williams asserts that the Getty’s 8% return target would be unattainable without a meaningful allocation to private equity. Most important to him in evaluating investment opportunities is an alignment of interest between general and limited partners, and demonstrable operational improvements to generate strong results. Supporting new team and emerging strategies has been very successful for the Getty Trust over the past 16 years that Jim has led the $7 billion endowment.
Clearlake Capital recently closed its 5th oversubscribed fund and has historically posted some of the best returns in the private equity universe by focusing on special situations in the middle-market. Jose acknowledges that valuations in the market are high, but he is still finding opportunities with limited competition and reasonable prices.
We invite you to watch a video from our 2018 Angeles Foundation Symposium. The first video is a two-minute highlight clip of the symposium, and the second video is the full presentation.
PRESENTATION HIGHLIGHTS - 2:17
FULL PRESENTATION - 1:21:37
You can follow our thoughts on the conditions affecting your portfolios by visiting our Articles & Insights pages.
To download a copy of Michael Rosen's presentation, please click here .
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