Building Portfolio Resiliency Through Private Markets

Is diversification dead in private markets?Welcome to the first episode of our Private Markets Series, featuring Venus Phillips, Managing Director at the Kresge Foundation. Venus discusses building portfolio resiliency through strategic private market allocations, and her team's approach to managing a $2 billion portfolio across buyout, venture capital, real estate, and natural resources. She emphasizes the importance of developing true partnerships with general partners, starting with a "people first" due diligence philosophy. The conversation covers emerging manager investing, secondary market participation, energy transition strategies, and the critical role of transparency and alignment in GP relationships for long-term institutional success.Venus Phillips is a managing director at The Kresge Foundation where she evaluates investment opportunities and managers across all asset classes for the foundation's endowment. She joined Kresge in 2019 as an investment director focused on private markets including private equity, real estate and natural resources. Previously, Venus served as head of public markets at Fiat Chrysler Automobiles (now Stellantis), leading investment strategy for pension funds and employee savings plans. She has also held positions with Morningstar, University of Chicago Investment Office, NextGen Capital Partners and JP Morgan Private Bank. Phillips holds CFA and CAIA designations and earned degrees from Howard University and University of Chicago Booth School of Business. In This Episode: (00:00) Introduction of Venus Phillips, managing director at Kresge Foundation (02:30) Private market portfolio spectrum and evolution over two decades (04:05) Defining resiliency as investment objective and portfolio construction strategy (08:16) Building strategic partnerships beyond capital deployment with GPS (13:08) Co-investment approach and team structure at Kresge Foundation (16:27) Secondary markets participation and continuation vehicle strategy (22:28) Emerging managers focus and alignment benefits for allocators (24:51) Energy transition investments and ESG integration approach 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 Boa... Chapters (00:00:00) - The Institutional Edge: Where Everything Clicks(00:01:06) - Private Market In Depth(00:02:25) - Crypti Endowment's Private Markets Exposure(00:09:44) - Have We Asked the Question About Strategic Partnerships?(00:13:12) - Are you looking at co investing with some of your partners?(00:14:06) - Kris G Wealth Advisors on Private Markets(00:15:09) - Is AI Helping You With Your Reports?(00:16:17) - Have We Discovered Secondaries?(00:20:40) - In the Private Markets, Talking With Peer Groups(00:22:24) - Do Morgan Stanley Invest in Emerging Managers?(00:23:24) - In Partnership with Emerging Managers(00:24:42) - Kresi Foundation on ESG and the Private Market(00:27:45) - The Worst Pitch Ever Heard(00:30:33) - DISCLAIMER: This podcast is for educational purposes only