What happens when you apply neural networks to 40 years of proprietary investment data?

At Russell Investments, Kate El-Hillow is finding out. By bringing AI into the heart of manager research, El-Hillow is moving beyond human intuition to pressure-test the world's best investors through 'million-trade' simulations.

The Private Capital Podcast spoke to Kate about how AI is transforming the way Russell selects managers, filters the global information firehose, and modernizes operations at a legacy firm. We also talk about the complexity of the OCIO business, filtering talent, Kate's litmus test for managers, and how last year's shifts in global policy will affect everyone's portfolios.

Kate El-Hillow is President and Chief Investment Officer of Russell Investments, overseeing asset management, implementation, and research to deliver client investment solutions. Based in New York, she also serves on the firm's Executive Committee and chairs its Operating Committee. She joined Russell in 2021 and brings over 25 years of investment management experience, with deep expertise in OCIO and multi-asset portfolio management.

Previously, she was Deputy CIO of Multi-Asset Solutions at Goldman Sachs Asset Management and held senior investment roles at J.P. Morgan Chase & Co. In 2024, she was named one of Pensions & Investments' Most Influential Women in Institutional Investing.

Please enjoy my conversation with Kate El-Hillow

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NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E4

©2026 Joe Reilly

The term uncorrelated is used so often it tends to lose its meaning. Today we are talking to someone who seeks out truly uncorrelated assets in niches you've never thought of. How do you turn a barrel of bourbon into a predictable financial instrument? And why is women's soccer a more compelling bet than a minority stake in an NFL team? Investors often confuse unusual with risky. According to today's guest, Chris Heller, psychological bias is exactly where the opportunity lies. As a Co-Founder of Cordillera Investment Partners, Chris specializes in exploiting the delta between perceived risk and actual risk. In this wide-ranging conversation, we dive into the heuristics of investing, the importance of creative hiring, why a background in the liberal arts might be the secret weapon for identifying the next great niche market, and why alligator farms are ultimately a niche too far.

Chris Heller is a Co-Founder and Co-Managing Partner of $1.8 billion Cordillera Investment Partners. He is responsible for directing Cordillera's overarching investment strategy alongside his co-founders. He also serves as a director of Cordillera portfolio companies.

Prior to founding Cordillera, Chris was a Partner at Makena Capital Management where he served as the Portfolio Manager for the Makena Liquid Endowment Funds and was a senior member of the firm's Absolute Return investment team and Investment Committee. Prior to Makena, Chris worked at the Stanford Management Company in a variety of investment roles. He started his career at Merrill Lynch in debt capital markets and investment banking.

Chris earned a BA in Economics from Vanderbilt University and an MBA from the Kellogg School of Management at Northwestern University.

Please enjoy my conversation with Chris Heller.

Cordillera website: https://www.cordillera-ip.com/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E3

©2026 Joe Reilly