In this episode of the Dakota Live! Podcast, host Robert Morier sits down with Matthew Wright, founder of Disciplina Group and former Chief Investment Officer at Vanderbilt University, for a deep dive into manager research, due diligence, and portfolio construction in the OCIO market.

Matthew shares his philosophy for sourcing and underwriting emerging managers, with a particular focus on boutique, employee-owned firms that bring a true “edge” to private markets, venture capital, and hedge funds.

He explains how Disciplina builds conviction-driven allocations in less efficient markets, balances liquidity and return expectations, and integrates alternatives into client portfolios for mission-based institutions.

In this episode:
- How to find and evaluate emerging managers before the crowd
- Building a repeatable due diligence process for alternatives
- Opportunities in multi-stage venture capital and niche private strategies
- Hedge funds as true diversifiers, not equity proxies
- Why conviction sizing matters as much as diversification

If you want to hear how a seasoned CIO approaches alternative investing and manager selection and learn strategies to sharpen your own process, this conversation is for you.

In this episode of the Dakota Live! Podcast, Robert Morier sits down with Ken Frier, Chief Investment Officer at Atlas Capital Advisors, to discuss the role of systematic investing in portfolio construction and decision-making. With more than three decades of experience managing institutional capital at Disney, Hewlett-Packard, Stanford Management Company, and the UAW Retiree Medical Benefits Trust, Ken brings a deep understanding of asset allocation, quantitative investing, and cost-conscious portfolio construction.



Whether you're an allocator evaluating systematic managers or a sales professional seeking insight into how data-driven investors think about portfolio construction and decision-making, this episode offers a unique window into how one investor has built a philosophy shaped by decades of experience across some of the most complex institutional portfolios.



Atlas Capital Advisors is a San Francisco-based registered investment advisor providing outsourced CIO (OCIO) and portfolio management services to high-net-worth individuals, families, and institutions. The firm emphasizes systematic asset allocation and direct implementation, offering clients institutional-quality portfolios with a focus on transparency, liquidity, and long-term value.



The conversation delves into how Ken’s early background in mathematics and computer science laid the foundation for a career focused on developing repeatable investment algorithms. You’ll hear how a pivotal moment during the dot-com bubble crash reshaped his thinking about portfolio risk, leading to a career-long commitment to evidence-based decision making.



Ken shares how Atlas Capital uses a top-down, factor-based, algorithmic approach to investing across global markets, as well as his candid take on why investors can fail to adjust asset allocation, even in dramatically shifting environments. The episode also touches on the role of liquidity, the rise (and risks) of private credit, and the evolution of ETFs.



From lessons in risk management to the realities of cost, complexity, and governance, Ken offers a grounded perspective on what it takes to make disciplined, data-informed decisions in today’s investment landscape.

In this powerful episode of the Dakota Live! Podcast, we dive deep into the future of venture capital, emerging manager selection, and the evolving dynamics between GPs and LPs with two thought leaders reshaping the industry: Rohit Yadav, author of The Big Book of Venture Capital, and Jamie Rhode, Partner at Screendoor, an LP platform backing early-stage managers with institutional rigor and long-term vision.

Why This Episode Matters
This episode is a must-watch for anyone navigating today’s venture capital landscape, whether you're an emerging manager building your first fund, a GP scaling through Fund II or III, or an allocator rethinking your approach to early-stage investing. Rohit and Jamie bring unmatched clarity and data-driven insight to questions that matter now more than ever:
- What does it take to build a resilient, DPI-generating venture firm?
- How are LP expectations evolving post-ZIRP, post-COVID, and amid shrinking liquidity windows?
- What is the real path forward for exit strategies beyond the IPO myth?

Key Topics Covered
- The role of fund-of-funds in early-stage VC, and why Screendoor is not just picking managers, they’re helping build firms with longevity.
- The power-law myth and how transparency, institutionalization, and repeatability are reshaping LP/GP relationships.
- The need for introspection (not revolution) in venture capital: a central theme from Rohit's Rethinking Venture Capital: A Strategic Lens.
- The future of M&A and secondaries as legitimate exit pathways and how GPs can (and must) be prepared.
- Why early-stage VC is where the outliers live—and how to create a portfolio that finds them.
- How Screendoor evaluates emerging managers, with real talk on what matters more than polish: character, track record repeatability, and transparency.

About BigBook.vc – Venture Knowledge Alpha
Visit: https://www.bigbook.vc
The Big Book of Venture Capital is not a venture fund—it’s a knowledge project. Created by Rohit Yadav, this open-source platform is dedicated to democratizing access to venture capital insights across the global ecosystem. With quarterly strategic reports, cross-sectional data from hundreds of sources, and community-driven dialogue, BigBook.vc offers the venture industry's most comprehensive and strategic research platform. It’s built for allocators, emerging managers, founders, and anyone shaping the future of innovation.
About Screendoor

Screendoor is reimagining LP/GP alignment in early-stage VC. With a fund-of-funds approach backed by leading GPs, Screendoor supports diverse emerging managers with not just capital, but decades of lived experience. Their platform is built for allocators who want disciplined, cost-effective access to the edge of what’s next—and for GPs who want to build enduring firms, not just raise funds.

Watch this episode if you want to:
- Understand the emerging manager landscape post-2021
- Learn how to build a more effective allocation strategy in early-stage VC
- Hear how seasoned LPs like Jamie are transforming access, transparency, and performance metrics
- See how Rohit is laying down the intellectual scaffolding for VC 3.0

This is one of our most important conversations yet, don’t miss it.

In this episode of the Dakota Live! Podcast, host Robert Morier welcomes Amanda Kane, Director of Private Investments with Windrose Advisors, for an in-depth discussion on private market manager research and its critical role in portfolio construction.

With extensive experience in asset allocation, investment due diligence, and manager selection, Amanda shares insights on navigating private equity, private credit, and venture capital allocations for families, foundations, and endowments.

Amanda discusses Windrose’s rigorous due diligence framework, how they identify and evaluate managers, and the importance of vintage year diversification in building resilient private market programs.

She also provides valuable advice for asset managers looking to establish relationships with allocators, emphasizing the balance between persistence and professionalism.

Key topics include:

✔ The evolving landscape of private equity and private credit
✔ The sourcing and selection process for alternative investment managers
✔ How Windrose ensures a diversified private market allocation
✔ The role of co-investments in their strategy
✔ Insights into venture capital trends and early-stage investment opportunities
✔ How asset managers can effectively engage with allocators

If you're an allocator, asset manager, or investment professional looking to gain a deeper understanding of private market investing, this episode is packed with actionable insights from an experienced industry leader.

In the latest episode of the Dakota Live! Podcast, Robert Morier welcomes Frank Valle, Associate Director of Fixed Income at Marquette Associates, for a thoughtful and practical conversation on manager research, fixed income portfolio construction, and the evolving dynamics of investment consulting.

Frank shares insights from nearly two decades in the industry, offering valuable perspective for both asset managers and institutional allocators. From core and core-plus strategies to satellite exposures like structured credit and emerging market debt, Frank explains what makes a manager stand out—and what makes a process sustainable.

Key topics include:

• The critical role of communication and team dynamics in evaluating investment managers
• Marquette’s four-phase manager review process and how it applies across asset classes
• Attributes that define successful fixed income strategies, including risk positioning and alpha generation
• How Marquette constructs fixed income portfolios for OCIO clients using core, core-plus, and multi-sector approaches
• Trends in investment vehicles, including separate accounts, commingled funds, mutual funds, and ETFs
• The growing relevance of structured credit and enhanced indexing
• Perspectives on private credit, liquidity risk, and the blending of public and private fixed income
• The future of technology and AI in the manager selection process—and the enduring importance of relationships

With higher yields and increased dispersion across credit sectors, the current environment has brought fixed income back to the forefront of institutional portfolios. As interest rates, inflation expectations, and geopolitical risk continue to shape the market, understanding how managers assess credit, manage liquidity, and position portfolios is more important than ever for generating stable, risk-adjusted returns.

Whether you are selecting managers or being selected, this conversation offers a clear window into what matters most to consultants and their clients today.

Join host Robert Morier and Andrew O’Shea in this insightful episode of the Dakota Live! Podcast as they sit down with Zach Ruchman, Managing Director of Private Investments at HB Wealth, a $26 billion multi-family office and RIA.

With a background that spans from global public policy to direct private equity co-investments, Zach shares his journey and offers a masterclass on navigating private investments in today’s evolving wealth management landscape.

In this episode, you’ll learn:

• How HB Wealth approaches asset allocation for private equity, venture capital, and private credit
• The must-ask questions when evaluating a manager (including a unique take on "Why do you exist?")
• Why alignment, transparency, and purpose-built vehicles are at the heart of Zach’s investment philosophy
• How operational due diligence serves as a critical downside protection tool
• The rise of independent sponsors, secondaries, and evergreen vehicles—and how to think about each
• Why GP-LP relationships are more like long-term marriages than transactions

Zach also shares how he manages a high-volume manager pipeline, what goes into a multi-year due diligence process, and how HB Wealth seeks private market alpha, not just beta, for its clients.

Whether you're an allocator, asset manager, or aspiring investor, this episode delivers actionable insights on selecting the right managers and building a resilient private markets program.

Join us for an exclusive conversation with Shanelle Brown, Managing Director of Public Equity at the W.K. Kellogg Foundation.

With more than a third of the Foundation’s assets under her oversight, Shanelle offers a rare, behind-the-scenes look at how a values-based organization navigates the complexities of global markets while staying grounded in its purpose: to ensure children, families, and communities thrive.

From the structure of the investment office to manager research and selection, Shanelle breaks down how the team thinks about portfolio construction, due diligence, and long-term partnerships.

You’ll learn about:

• The evolution of Kellogg’s investment team, moving from generalists to dedicated asset class specialists
• Their two-stage manager underwriting process and the key qualitative factors they evaluate—including character, culture, and transparency
• The Kellogg team’s approach to risk, portfolio sizing, and where they are currently focused (hint: Japan, Energy, and Europe)
• How asset managers can avoid the dreaded “bankruptcy folder”—yes, it’s real—and what it means for communication
• The Foundation’s openness to emerging and crossover managers, and the factors that drive conviction
• Why student questions at the end of the episode are a must-listen—covering leadership and lessons from failure

Whether you're an allocator, asset manager, or student of finance, this episode offers rare transparency into how a leading foundation aligns capital with purpose.

Shanelle Brown: https://www.linkedin.com/in/shanelle-b-1715514/

Robert Morier: https://www.linkedin.com/in/robertlmorier/

Kiera Liesinger: https://www.linkedin.com/in/kieraliesinger/

Makhia Peoples: https://www.linkedin.com/in/makhiappj/

Paetyn Knepp: https://www.linkedin.com/in/paetyn-knepp-a55638358/

Our Website:
https://dakota.com

W.K. Kellogg Foundation:
https://www.wkkf.org/

🎙️ Listen to the Podcast:

Spotify:
https://open.spotify.com/show/3NUXRMzfr56xQ9VDeavhjN?si=bc5764c861054069

Apple Podcast:
https://podcasts.apple.com/us/podcast/dakota-live-podcast/id1652357638

00:00 Intro
01:36 At the desk
03:25 What's going on in Westwood?
04:08 Landing on UCLA
05:03 Deciding on a career path
07:42 Approaching problems
09:55 Experience at Exelon
11:24 What's your style?
12:22 Structure at Kellogg
13:45 Compass direction
15:28 External research
16:13 Long-bias public equities
17:57 Managing risk
20:11 Sourcing a manager
21:47 Manager underwriting process
24:41 Qualitative factors
28:15 How communication takes place
31:18 Reunderwriting
33:35 Concentration
35:16 Conviction
37:36 LP network
38:18 Integration of AI
41:06 Investment trends
42:50 Lasting partnerships
45:04 What are you working on now?
46:22 Emerging managers
47:52 Mentors
49:22 Advice for young professionals
50:56 Student Question #1: Values
52:51 Student Question #2: Experience and advice for women of color
54:10 Student Question #3: Most important skill/value
55:38 Outro

Explore the world of investment consulting with Lauren Mathias, Senior Vice President at Callan, on this episode of the Dakota Live! Podcast.

Lauren shares her journey from an analyst to a leader in manager research and due diligence, covering non-U.S. equities and her role as Callan's Diversity, Equity, and Belonging Champion.

Gain insights into Callan’s collaborative culture, their bespoke approach to manager evaluation, and their mission to drive better investment outcomes.

Callan has been a cornerstone in investment consulting for over 50 years, advising over $3 trillion in institutional assets. Known for its robust educational initiatives like the Callan Institute and Callan On-Demand Education (CODE), the firm emphasizes client-centered values and collaboration in the asset management industry.

In this episode, Lauren discusses the importance of long-term relationships, sustainability in investment strategies, and her work in identifying top-tier managers. She also reflects on her journey, the transformative power of mentorship, and the evolving landscape of global investing.

Listen now to understand the intersection of character, leadership, and due diligence in today’s investment world.

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