Keep pulling the thread on Shannon O'Leary.
Shannon O'Leary observes that for a recent period of nearly two years, private market portfolios saw minimal changes in valuations and a near-total lack of distributions.
Shannon O'Leary believes the private markets will remain illiquid until the valuation standoff between buyers and sellers is resolved.
Shannon O'Leary predicts that the need for liquidity in private markets will eventually force valuations to come down.
The St. Paul and Minnesota Foundation's endowment portfolio targets a financial return sufficient to support a 5% spending policy while offsetting long-term inflation.
Prior to Shannon O'Leary's arrival as CIO, the investment team at the St. Paul and Minnesota Foundation had experienced 100% turnover on two separate occasions.
The St. Paul and Minnesota Foundation has transitioned its investment management from a consultant-driven model to a staff-led approach.
The St. Paul and Minnesota Foundation shifted its investment policy from a narrowly defined bucketed model to a roles-based allocation framework consisting of growth, diversifying assets, and real assets.
The growth allocation at the St. Paul and Minnesota Foundation constitutes 65% of the portfolio and is structured to be approximately 50% liquid and 50% non-liquid.
The minimum diligence process timeline for the St. Paul and Minnesota Foundation, from first meeting a manager to making an investment decision, is six months.
Shannon O'Leary observes that many investment management firms have co-founders in their 60s and 70s who have not implemented robust succession plans, which she considers an issue for the industry.
The St. Paul and Minnesota Foundation manages approximately $2 billion in assets.
Shannon O'Leary believes investment managers with a high concentration of AUM from consultant channels face significant risk of large asset outflows if a single consultant relationship sours.