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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