In this episode of the Dakota Live! Podcast, host Robert Morier sits down with Paul Cavazos, Senior Vice President and Chief Investment Officer at American Beacon Advisors.
Paul brings more than 25 years of experience managing institutional portfolios for major corporate plans—including Chrysler, Boeing, and DTE Energy—before joining American Beacon to lead their investment strategy, manager oversight, and OCIO business.
Paul shares how those years as an asset owner shaped the way he evaluates investment managers today: his emphasis on disciplined oversight, quarterly underwriting, long-term partnership, and understanding the “why” behind performance—good or bad.
He also discusses what he believes makes a truly effective sub-advisory relationship, and why transparency, consistency, and communication matter far more than flash.
Join us as we explore:
• How Paul approaches the CIO role across multiple vehicles—mutual funds, ETFs, CITs, and OCIO portfolios
• What thoughtful manager research looks like when you’re meeting every quarter, not once a year
• The tension between value and growth, and how he thinks about concentration risk today
• The growing role of private markets and how American Beacon evaluates new opportunity sets
• His views on global investing—from the U.S. to Europe to Asia—and what investors may be underestimating
• The leadership lessons, mentors, and soft skills that shaped his career
• The advice he gives young professionals on patience, preparation, and showing up fully
Paul’s perspective is both practical and generous—rooted in decades of real responsibility, committee work, governance, and decision-making under scrutiny.
It’s a wide-ranging conversation that brings clarity to how a seasoned CIO thinks about risk, alignment, manager selection, and the evolving landscape of institutional investing.

In this episode of dakota live!, host Robert Morier sits down with Chrissie Pariso, Managing Director of MPowered Capital, to discuss what it takes to identify, underwrite, and empower the next generation of investment managers. With over two decades of allocator experience—from leading Exelon’s Private Equity Manager Program to joining MPowered Capital alongside industry legend Marcia Page—Chrissie offers an insider’s perspective on manager selection, due diligence, and firm building in today’s complex private markets.

From her early career in capital markets to her leadership at MPowered, Chrissie shares how emerging managers can position themselves for success, the importance of character and transparency in fund management, and how the Multiplier Program at MPowered helps first-time firm builders develop operational excellence, institutional credibility, and lasting impact.

Whether you’re an allocator evaluating boutique funds, a GP raising capital for the first time, or an investor looking to understand the future of the emerging-manager ecosystem, this episode delivers invaluable lessons from one of the industry’s most thoughtful leaders.

Key Topics:
✅ The evolving role of emerging managers in private markets
✅ How due diligence and character assessment drive investment decisions
✅ MPowered Capital’s bespoke capital solutions and the Multiplier Program
✅ Why smaller, undercapitalized firms often generate outsized alpha
✅ The importance of mentorship, resilience, and values-based leadership in firm building

For Allocators:
✅ Understand how institutional investors assess manager integrity and firm readiness
✅ Learn where GP seeding and co-investment strategies fit within asset allocation models
✅ Gain insight into the qualities that distinguish managers who thrive in today’s fundraising environment

For Asset Managers:
✅ Discover how to tell your firm’s story and build credibility with allocators
✅ Learn how to manage your firm’s first 180 days with institutional discipline
✅ Hear how MPowered helps emerging GPs navigate operational, strategic, and fundraising challenges

Tune in to learn how experienced allocator Chrissie Pariso and MPowered Capital are redefining the future of emerging managers, private equity, and institutional due diligence through values-based investing and innovative capital solutions.

In this episode, host Robert Morier sits down with Kyle Marmelstein, Investment Director at Crewcial Partners, live from Newport, Rhode Island.

With over 15 years in institutional consulting and manager research, Kyle shares insights into building lasting partnerships, managing risk through market cycles, and why empathy and listening are essential tools in the allocator’s toolkit.

From the lessons of 2008 to today’s private equity dislocations, Kyle offers a grounded view of what it means to invest with conviction, humility, and purpose.

Crewcial Partners is an independent investment advisory firm based in New York, serving endowments, foundations, and mission-driven institutions across the U.S. With over 40 years of experience, the firm designs customized portfolios that align mission with performance, grounded in rigorous research, transparent communication, and long-term partnership.

Key Insights for Allocators

• Hybrid OCIO models — Kyle explains how Crewcial Partners bridges advisory and execution, offering clients flexibility while maintaining investment discipline.
• Private equity secondaries — Learn how current market dislocations are creating opportunity for smaller endowments and foundations to enter private markets more efficiently.
• People and process alignment — Discover why trust, transparency, and culture drive Crewcial’s due diligence and client partnerships more than any model or metric.

Key Takeaways for Asset Managers

• Preparation and empathy win the meeting — Kyle emphasizes the importance of knowing allocators’ pain points and coming prepared to connect, not just to sell.
• Tell your story honestly — Authentic storytelling, humility, and transparency—especially about mistakes—build trust faster than performance charts ever will.
• Understand the human side of due diligence — Hear how allocators like Kyle “build the mosaic” over time, testing conviction and consistency through multiple meetings.

Listen now to hear how one allocator’s journey from the 2008 crisis to today’s dynamic markets reveals enduring truths about partnership, patience, and purpose in investing.