Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437]
Episode publishedPodcast: Invest Like the Best with Patr...Invest Like the Best with Patrick O'Shaughnessy
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The best operators have a relentless focus on leverage, finding ways to multiply their impact rather than just working harder. But here's what I see happening in finance teams everywhere. Brilliant people getting buried in expense management busy work. If you think about it, you become a finance leader because you love strategic work. Modeling scenarios, optimizing capital allocation, finding the insights that actually move the business forward. But instead, you're chasing receipts and categorizing transactions. It's the opposite of leverage. This is exactly why I'm so bullish on what the team
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PositiveSum may maintain positions in the securities discussed in this podcast. To learn more, visit PSUM. VC.
My guest today is Peter Lackley. Peter is the chief investment officer for private investments at SCS Financial and has built one of the most respected private equity allocation platforms in wealth management, overseeing $50,000,000,000 for ultra high net worth families and earning the same access as top tier endowments to the world's best managers. He shares how SES's pooled vehicle structure enables them to compete with institutional giants for the best funds, avoiding the adverse selection that plagues most wealth platforms. Peter shares his investment philosophy across lower market buyouts
I believe it to my core in investing and the alpha that I believe we can generate for our clients, but I also see it firsthand, having seen multiple private equity owners as partners with the firm we invest in or that I'm a part of. I think when done well and, actually, I have a family business that was transitioned in a very great way to a private equity platform. So I've seen it a bunch of different ways. But if you think about it, I mean, private equity has major advantages to public markets because you're getting long duration capital that can take is not this thinking three to seven plus
What they're doing is they're changing system settings in a way that would be impossible probably in public markets or without real total control over the business. Is that the reason that it's possible?
To go back to the private equity is a force for good because when I say that, I'm actually talking more about, like, the companies themselves and the way it works. I'll back up. So SCS, a founder led company founded in 2002 by a guy named Pete Mattoon and a few other folks who had a vision that the private wealth space had a real gap. You had the investment banks like Goldman Sachs on one side that had great brands and investment capabilities, but were very conflicted in what they did. And then you had independent shops that were good at trust and estates advice line, but not that savvy on the
So one idea that I think is really interesting around this private equity thing and the scope of your business is to understand your specific platform, how it is so similar to all the other institutional allocator platforms in size and sophistication, and that that then can fuel a better wealth management experience for the families that trust SES, and now the broader ecosystem that you're gonna serve the ultra high net worth or whatever. One of the reasons that wealth management sucks is there's a horrible adverse selection problem. And so any alts that they get suck becau
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