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.

Don't forget to subscribe for more industry-leading insights!

Welcome back to the Dakota Live! Podcast—where insights from top allocators and industry professionals meet the practical tools needed to succeed in asset management.

In this episode, we head to Boston to meet with Adam Ladd, Vice President at Windrose Advisors, for a conversation about the art and science of manager due diligence—and why private credit has become one of the most relevant and nuanced asset classes in today’s institutional landscape.

A former investment associate at Amherst College’s Investment Office, Adam brings a disciplined, endowment-style approach to manager selection and portfolio construction at Windrose.

He shares how his background as a volunteer firefighter and endurance athlete helps him remain calm under pressure and committed to a lifelong learning mindset—skills he brings to evaluating high-conviction, often early-stage, private credit managers.

What you’ll learn in this episode:

• Why Windrose prefers concentrated, non-sponsored private credit strategies over diversified direct lending portfolios
  
  
• How to assess alignment between a manager’s origin story and their current strategy
  
  
• What distinguishes Windrose’s high-touch, in-person due diligence model
  
  
• How OCIOs balance fiduciary responsibilities with highly personalized client mandates
  
  
• The role of private credit in shortening the J-curve and enhancing liquidity within broader private portfolios
  
  

We also dig into how Windrose identifies and supports fund-one managers, and how Adam’s approach to research combines empathy with rigor—a balance Windrose believes allows their portfolios to reflect both the numbers and the narratives behind them.

If you're in manager research, institutional sales, or just curious about how top OCIO platforms make investment decisions, this episode is a must-listen.

Windrose Advisors LLC (“Windrose”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Windrose including their investment strategies and objectives can be found in their ADV Part 2, which is available upon request.

This material is distributed for informational purposes only. The opinions expressed are those of Windrose. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Windrose investment strategy. Material and information discussed has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein.

It should not be assumed that any sectors, strategies, or investments discussed were or will prove to be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing herein should be construed as a solicitation, recommendation, or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.

Join us for an insightful episode of the Dakota Live! Podcast featuring Andrea Lo, Founding and Managing Partner at Main Character Capital. Andrea shares her unique journey across venture capital, fund operations, and blockchain innovation—and how those experiences led her to launch a GP seeding strategy focused on backing the next generation of bold, high-conviction fund managers.

In this episode, Andrea breaks down the art and science of sourcing emerging GPs, conducting institutional due diligence, and designing bespoke GP staking deals with long-term alignment in mind. She also shares how she identifies "main character" managers, what makes a differentiated fund strategy, and how LPs can access uncrowded opportunities in venture, private equity, and digital assets.

Topics Covered:

✅ The evolution of GP staking and how it applies to venture
✅ Sourcing and underwriting next-gen managers
✅ Structuring incentive-aligned partnerships between LPs and GPs
✅ Why authenticity, adaptability, and strategic storytelling matter

Whether you’re a current allocator, emerging manager, or student of the industry, Andrea’s perspective offers a masterclass in identifying and cultivating long-term investment franchises.

Andrea Lo: https://www.linkedin.com/in/andreatlo/
Robert Morier: https://www.linkedin.com/in/robertlmorier/
Our Website:
https://dakota.com
Guest Website:
https://www.maincharactercapital.com/

📺 Watch the Podcast:

YouTube: https://www.youtube.com/@DakotaLivePodcast

🎙️ 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

Chapter Markers:

00:00 Intro
01:56 Andrea Lo intro
04:17 GP Staking versus Fund to Funds
06:15 Career path
11:14 Desirable traits of partners
13:25 Sourcing partners
20:29 High yielding questions for partners
27:30 Crowded markets
30:27 First 90 days after an investment
37:06 Portfolio construction
41:55 Global opportunities
45:47 AI defense
49:41 AI outpacing its infrastructure
54:59 Key experiences
01:01:28 Where the strategy fits in an allocation model


Main Character Capital is a private investment firm. This podcast is intended solely for informational purposes and should not be construed as investment advice or an offer to sell, or a solicitation of an offer to buy, any securities or investment products. All opinions expressed are current as of the date of recording and are subject to change without notice. Certain information has been obtained from third-party sources believed to be reliable, but Main Character Capital makes no representations as to its accuracy or completeness. All investments involve risk, including the potential loss of principal, and there is no guarantee that past performance will be indicative of future results.

In this episode of the Dakota Live! Podcast, host Robert Morier welcomes Sean Poe, Director of Investment Manager Research at Key Private Bank, for an insightful conversation about investment philosophy, rethinking career paths, and the art of selecting managers across public and private markets.

With a dynamic background that spans equity research, private investing, and operating roles at firms like Wayfair and Lowe’s, Sean brings a unique perspective to portfolio construction and manager evaluation. Listen in to explore how Sean’s unconventional path has shaped his views on risk, alignment, and long-term partnerships—and how he's applying those lessons at Key Private Bank, where he oversees manager research and multi-strategy portfolios within a $60 billion platform.

Listeners will gain insight into:
• Key’s seven P’s framework for manager research—from people to partnership
• How "Poe's Alpha" measures real-world investment friction
• Building trust and alignment in manager relationships
• Why operational experience makes for sharper allocators
• The evolving role of fund structures, from SMAs to evergreen private equity
• Lessons in networking, career pivots, and transparent storytelling

Whether you’re an asset manager seeking to stand out or an allocator curious about evaluating skill vs. luck in today’s markets, this episode offers practical wisdom and fresh perspective from a seasoned decision-maker who's been on both sides of the table.


Key Private Bank is the marketing name through which KeyBank National Association (KeyBank) provides a range of financial products and solutions.

This material is presented for informational purposes only, and is not intended to be an offer, recommendation, or solicitation to purchase or sell any security or product or to employ a specific investment strategy. KeyBank does not, nor do its subsidiaries or affiliates, represent, warrant, or guarantee that this material is accurate, complete or suitable for any purpose, situation, or any investor and it should not be used as a basis for investment decisions. It is not to be construed as individual tax or financial advice, nor relied upon or used in substitution for the exercise of independent judgment.

Any opinions, projections, or recommendations contained herein are subject to change without notice, are those of the individual author(s), and may not necessarily represent the views of KeyBank or any of its subsidiaries or affiliates.

Banking products and services are provided by KeyBank, Member FDIC. Trust and certain custody and investment management products are provided by KeyBank, a national bank with fiduciary powers. KeyBank is an Equal Housing Lender. All loans provided by KeyBank are subject to underwriting, credit, and collateral approval, in addition to origination or other transaction fees. Financing availability may vary by state. Restrictions may apply NMLS ID 399797.

Investing involves risk, including potential loss of principal amount invested. There is no guarantee that investment objectives will be achieved. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee returns or protect against losses.

Non-Deposit products are:
NOT FDIC INSURED ● NOT BANK GUARANTEED ● MAY LOSE VALUE ● NOT A DEPOSIT ● NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY

In this episode of the Dakota Live! Podcast, host Robert Morier sits down with Jamie Biddle, Founding Partner and CEO of Verdis Investment Management, a single-family office managing capital for multiple generations of the DuPont family.

Together, they explore the philosophy and practice behind multi-generational investing, how legacy shapes long-term investment decisions, and why family offices think differently from traditional institutions.

Jamie walks us through the transition from his early venture capital career to building Verdis from the ground up, and how lessons from history—both personal and financial—inform his firm’s investment decisions today.

Listeners will gain insight into:

Verdis’ endowment-style approach to asset allocation
The balance between risk, liquidity, and long-term compounding
A unique indexing strategy for early-stage venture capital
How character, behavior, and trust factor into manager selection
Why family offices value entrepreneurial thinking
The enduring truths that guide a family with 10 generations of stewardship

Whether you're an allocator, asset manager, or simply curious about how long-term wealth gets managed with precision and purpose, this is an episode not to miss.


Jamie Biddle: https://www.linkedin.com/in/jamescbiddle/

Robert Morier: https://www.linkedin.com/in/robertlmorier/

Andrew O'Shea: https://www.linkedin.com/in/andrew-o-shea-03717516/

Our Website:
https://dakota.com

Verdis Investment Management:
https://www.verdisinvestment.com/


00:00 Intro
02:08 Jamie Biddle Intro
03:31 Legacy and family history
05:58 Early career
09:25 Inspiration to start Verdis
10:50 VC versus family office mindset
12:07 Strategic direction
13:18 The team
16:32 Endowment pitfalls
17:59 Asset allocation model
22:13 Balancing public and private markets
23:09 Indexing early-stage venture
27:40 Due dilligence for early stage venture
29:32 Manager research process
34:36 Investing in the right people
36:36 Geography of early stage venture
37:45 Current macroeconomic environment
39:00 Active management in public equities
41:19 Market-cap weighted indexing
43:06 Co-investments
45:00 Importance of LP network
47:03 Democratization of private markets
49:01 Advice for manager's seeking partnership with Verdis
52:18 Biddle family history
53:50 Importance of The Andalusia Foundation
58:15 Outro

In this episode of the Dakota Live! Podcast, host Robert Morier sits down with Alex Band, Chief Investment Officer of Partners Capital, for an in-depth discussion about the evolving landscape of institutional investing and Outsourced Chief Investment Officer (OCIO) services.

Alex shares his journey from biochemical sciences to finance, pivotal lessons from his career, and how these experiences have shaped his contributions at Partners Capital.

Discover how Partners Capital approaches OCIO services with a focus on dynamic strategies, emerging managers, and innovative investment structures. Alex also provides a sneak peek into the key elements of their investment program, exploring features such as talent acquisition, manager selection, and risk management.

Packed with valuable insights, this episode offers a forward-looking perspective on investment opportunities for 2025 and advice for young professionals entering a complex world.

Tune in to learn how discipline, curiosity, and adaptability drive success in investment management.