On this episode of the Going Long Podcast, Sarah Williamson welcomes Adel Alderbas, Chief Investment Officer of Wafra, to discuss how the firm is redefining the landscape of alternatives and pioneering new investment models that benefit both asset owners and emerging managers. For listeners interested in the intersection of long-term investing, alternative assets, and entrepreneurial innovation, this episode offers valuable insights into how to navigate these areas successfully.

Topics include: 

• [00:02:04] – Introduction and background on Wafra: Adel Alderbas introduces Wafra’s 40-year history and its evolution from a parent-focused firm into a $28 billion global alternatives manager. Their differentiated strategy includes 3 main pillars: strategic investments, real assets, and their real estate investing program. 

• [00:04:21] – The GP-Staking model explained: Alderbas describes Capital Constellation as a partnership of global investors working together to support emerging asset managers. Wafra’s unique institutional DNA, combining “LP humility” with “GP rigor,” enables it to innovate and lead in alternative investments. 
• [00:07:46] – The challenges of balancing long-range liabilities with keeping portfolios vibrant: Alderbas emphasizes prioritizing investor entrepreneurs who can build sustainable, value-adding businesses that will outlast their own leadership. 
• [00:10:39] – The importance of relationship-building: Alderbas highlights the emotional loyalty and stronger alignment that comes from backing investor entrepreneurs early, emphasizing the strategic benefits for asset owners – particularly early co-investment access and valuable market intelligence. He highlights the value of transparency, open dialogue, and intentionally collaborative relationships, contrasting this with the industry’s typical disengaged LP-GP dynamics. 
• [00:22:14] – Alderbas credits Wafra’s CEO for fostering a culture of transparency and cross-disciplinary collaboration. Alderbas emphasizes breaking down traditional investment silos—like between GPs and LPs or asset classes—which requires top-down commitment, cultural redesign, and a long-term mindset that persists through initial efforts and delayed results.

• [00:29:02] – Reflecting on the dual nature of financial innovation in private markets: While tools that increase liquidity enhance accessibility, they also introduce volatility, particularly in stressed environments. Wafra maintains a long-term conviction-based approach, resisting reactive selling to rebalance portfolios when public markets dip. 

In this episode, Sarah Williamson speaks with Brookfield’s Connor Teskey on several key trends affecting the global economy, investment strategies, and the role of private capital in shaping the future, ranging from technological advancements and decarbonization to the growing importance of private real assets. This discussion offers valuable insights into the opportunities and challenges investors face in a rapidly changing global landscape.

Topics include:

• [00:05:00]– The role of technology in investment and AI’s emerging influence on industries like energy, transportation, and manufacturing.
• [00:09:30]– Renewables, particularly onshore wind, solar, and battery storage as the dominant low-cost energy solutions, and the geopolitical benefits of domestic renewable energy sources.
• [00:19:00]– Short-term vs. long-term investment horizon and the stability of real assets during periods of market volatility.
• [00:24:00]– Liquidity in real assets, and the growing investor interest in real assets for their inflation-hedging and stabilizing qualities.
• [00:28:00]– Growth of private capital, particularly the shift towards partnerships with large corporations.
• [00:34:00]– Future trends in asset allocation, market volatility, and how private markets will continue to expand.

In this episode of Going Long, Sarah Williamson sits down with Thomas Buberl, CEO and Director of AXA, one of the world’s largest insurance companies, to discuss the future of insurance, risk management, and developing the next generation of leaders.

Topics include: 

• [00:01:35] Balancing short-term pressures with the mindset of building a company that people will rely on for years
• [00:04:16] Geopolitical tensions and Europe’s competitiveness
• [00:09:52] Mispricing and risk prevention
• [00:18:21] Vision 2030 and the future of insurance
• [00:25:21] The importance of having long-term shareholders

Sarah Williamson sits down with C.S. Venkatakrishnan, Group Chief Executive of Barclays, to gain his perspective on long-term opportunities for the UK economy, the importance of fostering a thriving investment culture, and the role of banks in the transition to net zero.

Topics include:

• [00:02:08] Restoring investment culture in the UK: How the UK has lost its equity risk culture over time and the need for pension reform, education, and improved accessibility.

• [00:14:16] Reworking the industrial economy: The role global banks have to play in building a low-carbon economy and the future of the UK's new sovereign wealth fund.

• [00:24:37] Globalization: Particularly in a year of multiple elections, reflecting on the past 30 years of global political disruptions and developing a sense of what trends will take shape over the next 30.

• [00:31:24] Trustworthiness as the key to long-term success: In an ever-changing world with so many technological advancements, core values and the relationship with the customer must remain front and center.

Sarah Williamson interviews Raphael Arndt, the Chief Executive Officer of the Future Fund, Australia’s sovereign wealth fund managing A$285 billion on behalf of the Commonwealth of Australia. Arndt shares insights into the Future Fund's culture and investment approach, emphasizing the importance of a collaborative, whole-portfolio strategy. He discusses the impact of global economic and geopolitical shifts on long-term investment strategies, the challenges of managing reputational risk, and the need to adapt to a changing world.

Topics include:

• [00:01:55] Overview of the Future Fund: Background on the establishment, mission, and current management of Australia's sovereign wealth fund. 
• [00:06:04] Future Fund’s Investment Culture: Discussion on the collaborative, whole-portfolio approach and the challenges of maintaining this culture during growth and external pressures like COVID-19.
• [00:12:48] Geopolitical and Economic Shifts: Insights on how global geopolitical changes, including a move towards a more multipolar world, are influencing long-term investment strategies.
• [00:23:59] Revisiting Portfolio Construction: Exploring the need for more dynamic and flexible portfolio management in a world of increasing volatility and inflation.
• [00:36:27] Optimism Amidst Change: Arndt's outlook on the opportunities created by the current economic environment, and the importance of adapting to change.

Sarah Williamson interviews Ashby Monk, the executive and research director of the Stanford Research Initiative on Long Term Investing (SLTI). Ashby shares insights from his 20+ years of experience studying and advising investment organizations. He discusses the origins of the SLTI, their new fellowship initiative aimed at creating a new pipeline for top graduates to work in public pension plans, and why he believes advanced analytics and AI can revolutionize investment decision-making.

Topics include:

• Background on the Stanford Research Initiative [00:02:09]
• Importance of Pension Funds in Capitalism [00:07:23]
• Introducing the Fellowship Initiative [00:10:18]
• Impact of Technology on Investment Decision-Making [00:27:01]
• Customizing Portfolios with Technology [00:34:29]

In this episode Going Long, Sarah Williamson sits down with Carmine Di Sibio, Global Chairman and CEO of EY. They delve into the importance of long-term strategy in today's fast-paced business environment, discussing EY's Vision 2020 and Next Wave strategies, which emphasize growth, innovation, and long-term value creation. Di Sibio shares insights on the evolving landscape of ESG disclosures and the transformative potential of AI. Reflecting on his career at EY, Di Sibio offers advice for future leaders and his perspective on navigating disruptions in the global market.

Topics covered in this episode include:

• [2:22] The role of purpose in building sustainable, long-term strategies.
• [8:12] The challenges and opportunities in ESG disclosures and non-financial reporting.
• [18:36] Managing global disruptions and maintaining a focus on long-term goals.
• [24:23] The impact of AI on business efficiency and innovation.
• [30:26] Reflections and lessons learned from a nearly 40-year career at EY and 5+ years leading the organization.

Former Dow chairman and CEO Andrew Liveris shares insights on leading companies in an era of disruption and geopolitical uncertainty. He discusses instilling a solutions mindset in the next generation to drive change in business, society, and government, and how activists and short-term "renters" of stock can impact long-term strategic thinking. Topics include:

• How a multicultural upbringing in Darwin, Australia shaped Andrew's open, inclusive leadership style and view of diversity as an asset
• The challenges leaders face today with constant disruption, tribalism, and short-term mindsets
• Why the "American Global Corporation" model is breaking down and the need for businesses to step up in the leadership breach
• What it takes to build an "enlightened board" that incorporates diverse viewpoints and contextual decision-making

Liveris's new book, Leading Through Disruption, is now available in US bookstores.

Sarah Williamson and David Neal discuss the history and evolution of IFM Investors, the importance of stakeholder engagement for infrastructure investments, adopting a "profit-to-member" philosophy, and more.

• Overview of the Australian superannuation pension system and how it is structured to give individual choice (5:46)
• How the "profit to member" concept drives investment decisions at Australian pension funds (9:32)
• The origin story and investment philosophy behind IFM Investors (11:45)
• Why an "open-ended" fund structure allows for a longer investment time horizon (18:00)
• The importance of considering all stakeholders, including local communities, when making infrastructure investments (16:01)
• How institutional investors can promote solutions for major issues like climate change (24:33)
• Advice for designing pension systems globally that focus on member outcomes (31:41)

For long-term investors, staying ahead of the curve is imperative. Jon Gray, President and Chief Operating Officer of Blackstone Group, joins the podcast to explore how Blackstone is navigating macro market shifts, the advantages of scale, and using data management capabilities to identify patterns and make better investment decisions.

Jonathan Hausman, Executive Managing Director for Global Investment Strategy at Ontario Teachers' Pension Plan joins the show to explore OTPP's focus on long-term strategies and perspectives. Topics include:

• Understanding OTPP's Unique Investment Model: At OTPP, the key to success lies in a distinctive model for managing pension assets, which prioritizes independence, autonomy, and internal capabilities, enabling OTPP to efficiently manage assets on behalf of their clients.
• Navigating Geopolitical Challenges: Changing dynamics necessitate a strategic shift in investment focus, with OTPP favoring a targeted approach. Understanding and adapting to these complex relationships is crucial in the pursuit of long-term success.
• Adapting to a Changing Investing Era: As the investing landscape evolves, so too must institutional investors like OTPP. Hausman emphasizes the importance of embracing new approaches, particularly in the era of artificial intelligence.
• Addressing Climate Change and Social Impact: Hausman explains OTPP's approach to addressing climate change, aiming to reduce the carbon intensity of their portfolio by engaging with the companies they own and using proxy voting and partnerships to promote value creation while lowering emissions.

Investment management can sometimes feel like an intricate and complex industry, but does it have to be? Stuart Dunbar, a partner at Baillie Gifford, joins the Going Long podcast to explore the philosophy of “actual investing” – focusing on the fundamentals of deploying capital in the real world, and looking past that complexity to invest in projects that create value over time. Dunbar and host Sarah Williamson also discuss what are the common traits of long-term-oriented organizations around the world (15:11), navigating different ESG perspectives in global investing (31:16), and the need to embrace uncertainty and be on the right side of disruptive trends (37:52).

When sustainability and innovation are prioritized together, something transformational happens. Delivering social and environmental value creates new opportunities for generating long-term financial value. Lucy Parker, Strategic Advisor at the Brunswick Group, and co-author of “The Activist Leader: A New Mindset for Doing Business” joins the Going Long podcast to discuss how today’s leaders are stepping in to clean up broken systems, build sustainable businesses, and find their role in a new era of activist leadership. Parker and host Sarah WIlliamson discuss examples and anecdotes from “The Activist Leader,” exploring how integrating ESG goals into the core strategy of a business shifts the focus from a trade-off mentality to an investment mentality.  

The latest episode of Going Long features Carine Smith Ihenacho, Chief Governance and Compliance Officer at Norwegian Bank Investment Management (NBIM). The conversation dives into how NBIM's mandate to benefit future generations drives its focus on responsible investing, the importance of alignment, transparency, and simplicity in executive compensation, and the need for longer holding periods to ensure continued alignment with shareholder interests.

Historically, the purpose of the private investment industry – whether public or private – has been simply to achieve a return. Bain’s John Connaughton joins the podcast to discuss how to break that stereotype, both within his organization and across the industry as a whole. Topics include:

• How mission and purpose drive its investment process and its dialogue with companies
• How Bain is improving the sustainability of its portfolio, including highlights of their latest ESG report
• Diversity and inclusivity in the private equity industry
• The history of Bain’s focus on philanthropy and community engagement, and more

Seventy percent of respondents of Nuveen’s annual Responsible Investing survey indicated that seeing the specific societal or environmental benefits of their investments is a critical motivator to participating in responsible investing. Amy O’Brien, Global Head of Responsible Investing for Nuveen, joins the Going Long podcast to discuss her team’s approach to meeting that demand, including the evolution of the phrase “ESG”, the guiding principles behind Nuveen’s proxy voting on environmental issues, the details behind the organization’s 2050 net-zero commitment, and more.

Rachelle Sampson is an Associate Professor at the University of Maryland’s Smith School of Business and the inaugural winner of the Panmure House Prize, an award for research into long-term investing and its relationship with innovation. Sampson joins the podcast to discuss her award-winning research, which analyzed the relationship between a firm’s investment time horizons and innovation, finding that long-term-oriented firms are more likely to produce breakthrough inventions. Listen to learn more about the project's background and a deeper dive on some of the innovations explored in the research.

What does fiduciary duty mean in 2022? Lori Heinel, Global CIO of State Street Global Advisors, joins the podcast to discuss how major shifts in the investment industry over the past decade have impacted organizational purpose, strategy, and outlook. Topics include:

• ESG and non-traditional reporting
• Navigating turbulent geopolitics as an asset manager
• Current market conditions and prolonged volatility
• The next frontier for long-term investing

Scott Sperling, Co-CEO of THL, joins the podcast to discuss how long-term investors can help build companies of lasting value. With a wide array of experience as a private equity investor and as chair of MassGeneralBrigham, Scott compares the governance models for middle-market companies and more mature organizations, how strategic incentives are critical to maintaining a long-term focus for both, and the wider impacts of inflation and globalization.

Looking ahead, we talk about the ideal “hospital of the future”, expanding telehealth and access to care, increasing cost efficiency, and investing in tech and academic medicine.

University endowments are meant to create long-term value by definition. In the case of the MIT Investment Management Company (MITIMCo), that long-term value supports not only world-class education but also cutting-edge research and innovation. Seth Alexander, President of MITIMCo, joins the podcast to discuss some of the strategic decisions his team faces, including:

• Staying resilient by investing across a wide array of asset classes, including real estate, venture capital, energy firms, private equity and more
• Building both macro trends and current events into their portfolio, and their relationship with external managers
• Working with MIT’s administration and alumni network, and MITIMCo’s board
• Measuring success across a 10+ year time horizon, and what MITIMCo will be investing in 50 years from now