In this special On the Road episode, we travel to Baylor University in Waco, Texas, to record a live, on-campus conversation with some of the most thoughtful allocators and investment leaders in the institutional investment world.
Hosted from Baylor’s campus, this episode brings together endowment leadership, OCIOs, asset managers, and students for a wide-ranging discussion on long-term investing, manager research, risk, character, and relationship-driven decision-making—the things that actually matter when capital is on the line.
Joining the conversation:

• Dave Morehead, Chief Investment Officer, Baylor University
  
  
• Renee Hanna, Managing Director of Investments, Baylor University
  
  
• Chris Dion, Co-Chief Investment Officer, Brockenbrough
  
  
• Michael Holmberg, Senior Portfolio Manager, Neuberger Berman
  
  

Together, they explore how real investment decisions are made—not in theory, but in practice.
What this episode covers

• How institutional investors think about risk, conviction, and portfolio construction
  
  
• Why relationships and trust are competitive advantages in manager selection
  
  
• The role of character in underwriting GPs, OCIOs, and long-term partners
  
  
• Emerging managers vs. scale managers: where alpha really comes from
  
  
• Why Baylor has avoided private credit—and what that says about discipline
  
  
• How allocators collaborate with one another while still competing
  
  
• What “wearing risk” actually means inside an investment office
  
  
• Advice for students entering asset management, investing, and finance careers
  
  

The episode opens with personal travel stories—missed flights, first road trips, international misadventures—that set the tone for a broader theme: learning happens on the road, through experience, mistakes, and shared perspective. From there, the conversation moves deep into the realities of endowment management, OCIO partnerships, and strategic alignment between LPs and GPs.
This recording is also part of an experiential learning initiative that brought Drexel University students to Baylor through a competitive writing contest, giving them firsthand exposure to institutional investing, allocator thinking, and professional dialogue in action.
If you’re interested in:

• Institutional investing
  
  
• Endowments and foundations
  
  
• Manager research and due diligence
  
  
• OCIO models
  
  
• Private markets and portfolio construction
  
  
• Teaching finance through real-world experience
  
  

…this episode offers a rare, candid look inside how thoughtful investors think, collaborate, and lead.
Recorded live at Baylor University | Waco, Texas.
Part of the On the Road series.

In this episode of dakota live!, Robert Morier welcomes Scott Perry, Partner and Head of OCIO Portfolio Strategy at NEPC, one of the largest investment consulting firms in the industry.

Scott brings nearly two decades of institutional experience and a candid perspective on how the OCIO model is evolving — from portfolio construction and liquidity management to alignment of incentives, pacing, and risk.

We cover what it really takes to be an effective discretionary partner in a world defined by complexity, compressed alpha, and a rising demand for private markets access.

Scott breaks down NEPC’s “secret sauce,” including second-level thinking, cross-asset research collaboration, 250-point due-diligence checklists, and the importance of doing the “dirty work” — the legal, operational, fiduciary, and back-office responsibilities that clients often underestimate.

We also dive into the strategic acquisition wave sweeping the investment landscape. Scott offers an inside look at NEPC’s partnership with Hightower, why the RIA channel represents a major growth opportunity, and how private market capabilities and model portfolios will increasingly blur the lines between institutional and wealth.

And, because relationships are still the game behind the game, we talk basketball. NEPC’s legendary Friday-morning runs, the roots of the Year Up Charity Tournament, and how the same court-sense — knowing when to pass, when to take the shot, and how to read the room — translates into durable client partnerships and long-term trust.

Topics Covered:
• OCIO evolution and what institutions should look for in a partner
• Democratizing the endowment model — and why access still matters
• How NEPC evaluates managers (and why attribution beats storytelling)
• Strategic acquisitions & the Hightower partnership
• Private markets pacing, venture vs. buyout dispersion, and niche lending
• The rise of active ETFs and the future of manager-client alignment
• Relationship building, committee dynamics, and managing emotion

Whether you’re a CIO, allocator, manager, RIA, or an emerging professional in the field, Scott offers one of the clearest views into how OCIO decisions get made — and how the industry is changing in real time.

Watch, learn, and subscribe for more insights from the people shaping institutional investing.

In this week’s episode of Dakota Live, Robert Morier sits down with Jennifer Mink, President of Investment Performance Services (IPS). With IPS advising on approximately $70 billion in assets—98% of which are Taft-Hartley (Union) plans—this conversation offers a rare masterclass on how to navigate the unique ecosystem of union pensions.

Jennifer takes us behind the curtain of IPS’s rigorous investment consulting practice, breaking down exactly how her team approaches manager research, due diligence, and the critical "finals" presentation.

If you are an asset manager looking to work with the Taft-Hartley community, this episode is essential listening. Jennifer explains why understanding the "people behind the pension" is just as important as the performance numbers.

We cover:

• The Taft-Hartley Landscape: Understanding the specific needs of Union plans and why Defined Benefit plans remain the "Gold Standard" in this space.
• The IPS Manager Research Process: How a manager goes from an initial email to an onsite visit, and finally, to the Investment Committee approved list.
• The "Finals" Pitch: Jennifer reveals what works (and what doesn't) in that critical (and timed) presentation—including a cautionary tale about knowing your audience (the "Wegmans story").
• Alternative Investments: The current appetite for Private Credit, the enduring role of Hedge Funds, and the specific ERISA fiduciary requirements managers must accept.
• Building Trust: Why "calling people back" is a competitive edge and how to build long-term relationships with trustees.

Subscribe to the Dakota Live Podcast to stay ahead of the curve in institutional investing and investment sales. Whether you are focused onmanager research, mastering due diligenceprocesses, or navigating the complexities of Taft-Hartley pension funds, our interviews provide the inside track.

Join us as we unlock the strategies behind successfulasset allocation, explore the shift to private markets, and help you connect with the topinvestment consultants and decision-makers shaping the future of the industry.