In this special “On the Road” episode of the Dakota Live! Podcast, Robert Morier travels to the University of Tennessee in Knoxville for a live CIO panel discussion on endowment management, private equity, private credit, asset allocation, and manager research & due diligence.
Featuring:

• Rip Mecherle, CIO, University of Tennessee System ($1.8B endowment)
  
  
• Cathy Ulozas, CIO, Drexel University
  
  
• Bridget Sproles, Partner & Co-Head of Healthcare Practice, Cambridge Associates
  
  
• Ryan Farley, Professor and Director, Torch Fund Program, University of Tennessee
  
  

Recorded in front of students from Drexel University and the University of Tennessee, this episode explores how institutional investors think about:

• Endowment portfolio construction (public vs. private markets)
  
  
• Private equity allocation strategy and long-term commitments
  
  
• The risks and realities of private credit in today’s market
  
  
• How CIOs underwrite managers and assess integrity, culture, and risk
  
  
• Teaching students to think like real-world investors
  
  

The panel also shares candid career lessons — including trading mistakes, surviving market crises, and the importance of adaptability in finance.
If you’re interested in institutional investing, asset allocation strategy, manager due diligence, endowment management, OCIO relationships, hedge funds, private markets, or building a career in investment management, this conversation is essential listening.
Learn how top CIOs make capital allocation decisions under uncertainty — and how students can prepare to enter the world of institutional asset management.

Retail and wealth management platforms inside large banks are increasing exposure to private markets—but not through hype, shortcuts, or “democratization” headlines.

They’re doing it through institutional-grade manager research, governance, and due diligence.

In this episode of Dakota Live, host Robert Morier sits down with Scott Lavelle, Managing Director and Head of Investment Advisor Research & Product Management at PNC Bank, to unpack how one of the largest U.S. bank platforms evaluates, selects, and monitors investment managers across public and private markets.

Scott oversees the teams responsible for sourcing, vetting, and monitoring external managers—while also determining how private market strategies are structured, governed, and delivered to retail and wealth clients at scale.

What this episode covers

• Why retail bank platforms are expanding private market allocations—and why most clients are still under-allocated relative to policy targets
• How banks are introducing evergreen private market structures cautiously, selectively, and with fiduciary discipline
• The manager research process behind private equity, private credit, venture, and hedge fund strategies inside a regulated bank environment
• Why due diligence—not product demand—drives platform decisions
• The role of operational due diligence in private markets (and why it’s risk you never get paid to take)
• How banks think about fees, access, and manager skill when evaluating private strategies
• Where fund-of-funds still make sense (and where they no longer do)
• How institutional governance changes the pace—but improves the durability—of private market adoption

Rather than relying on industry buzzwords, Scott explains—step by step—how PNC has selectively added private market strategies, expanded alternatives exposure, and evolved its platform only where investment merit, manager capability, and client outcomes align.

This is a rare look inside how retail banks actually make private market decisions—from the perspective of the people accountable for getting them right.

In this episode of Dakota Live!, host Robert Morier sits down with Scott Schweighauser, Managing Partner of Borealis Strategic Capital Partners, for a wide-ranging conversation on GP seeding, hedge fund history, and why now is such a compelling moment to back emerging managers.

Scott brings decades of experience across trading, fund-of-funds investing, and early-stage hedge fund seeding to unpack how the hedge fund industry has evolved—from the early, relationship-driven days through institutionalization, the GFC, and today’s renewed focus on differentiated alpha.

The discussion explores why emerging managers can outperform early in their lifecycle, how thoughtful seed structures create alignment, and what allocator-grade manager research and due diligence really look like in practice.

The conversation also weaves in Scott’s lifelong passion for rowing—using the sport as a powerful metaphor for teamwork, trust, grit, and leadership. From sunrise rows on the Charles to building durable investment partnerships, Scott shares why having fun in the work matters, and how joy, curiosity, and discipline coexist in great investing organizations.

Key topics covered:

• GP seeding and strategic capital for emerging hedge fund managers
• A brief history of hedge fund investing—and why the opportunity set is changing
• Why “why now” matters for seeding and early-stage manager selection
• Manager research, sourcing, and qualitative due diligence
• Alignment, structure, and avoiding adverse selection in seeding deals
• Early-stage performance dynamics and the “emerging manager premium”
• Rowing, leadership, trust, and building teams under pressure
• Why curiosity and enjoyment are underrated edges in long-term investing



Whether you’re an allocator, GP, institutional sales professional, student of the markets, or simply curious about how investment talent is identified and supported, this episode offers a thoughtful, experience-driven look at hedge funds, seeding, and the human side of manager selection.