[REPLAY] Raphael Arndt – Australia’s Sovereign Wealth Fund CIO (EP.70)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 29 January 2024

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

Raff Arndt is the Chief Investment Officer of Australia’s AUZ$145 billion Sovereign Wealth Fund, the Future Fund. He trained as an engineer and dove into infrastructure policy at the beginning of Australia’s privatizations in the late 1990s. After investing in the space for six year, he joined the Future Fund in 2008 to head the infrastructure team. Six years later, Raff became CIO.

Our conversation spans all aspects of the management of a next generation institutional portfolio, including a one team, one portfolio philosophy, disaggregating beta and factors from skill in public markets, separating the impact of leverage and timing from skill in private markets, venture capital and co-investment opportunities in a large pool of capital, the option value of flexibility, the team required to make decisions in this format, compensation, fees, views on China, and the current market environment.

Australia created the Future Fund only eleven years ago with a mandate to compound capital for 20 years before even contemplating withdrawals. It has been described to me as a pool of capital with the size and transparency of CalPERS and the sophistication of Yale. I’m sure you’ll soon understand why.

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Transcript

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0:00.0	Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets.
0:10.5	Ten East brings benefits of having your own family office without the cost and headaches of doing so.
0:16.8	It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner.
0:24.2	Michael and his investment team offer members the opportunity to co-invest by offering at their
0:29.1	discretion. Michael and his team source, diligence, and commit material personal capital to each
0:35.3	investment. The opportunities shared on the Ten East platform
0:38.9	offer exposure to private credit, real estate, niche venture and private equity, and other
0:44.5	idiosyncratic investments that typically aren't available through traditional channels.
0:49.2	The principles have over a decade track record of investing in these types of exposures
0:53.5	across more than 350
0:55.7	transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting,
1:01.8	just as you'd expect from an institutional investment organization. I've known Michael for about a
1:07.0	decade, and after becoming impressed by the quality of 10 East offerings, its research
1:11.6	process, and high-quality investment team, I became an advisor to the organization, an investor
1:17.1	in multiple offerings. You can learn more and join me as a member at 10east.com. That's the number
1:24.6	10, east.co.
1:26.9	Thank you. That's the number 10, east.co.
1:38.0	Hello, I'm Ted Sides, and this is Capital Allocators.
1:43.9	This show is an open exploration of the people and process behind capital allocation. Through conversations with
1:45.9	leaders in the money game, we learn how these holders of the keys to the kingdom allocate
1:51.4	their time and their capital. You can keep up to date by visiting capital allocatorspodcast.com.
2:00.3	My guest on today's show is Raphael Arndt, the chief investment officer of Australia's
	...

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