Clarke Futch is a co-founder, Managing Partner and Chairman of the Investment Committee at Healthcare Royalty Partners, an investment firm that purchases royalties and uses debt-like instruments to generate non-correlated return streams from biopharmaceutical assets. The firm is a leader in the space and has invested over $3 billion in 70 investments since its founding 14 years ago. Our conversation covers Clarke’s background in investment banking and path to pharmaceutical royalties in the earliest days of the business. We discuss the nature of the opportunity, the reason why it exists, and how it works, and the team in place at Healthcare Royalty Partners that makes it happen. We then turn to the investment process, covering sourcing, screening criteria, due diligence, deal structure, portfolio construction, competitive landscape, risks, and opportunities in the current market. Clarke offers an inside look at one of the more intriguing modern investment strategies with great insight and examples along the way.

Paul Rabil is the co-founder and CEO of the Premier Lacrosse League or PLL, a new tour-based league of the top professional lacrosse players in the world that will debut on June 1st.  Paul was the #1 player in the draft for Major League Lacrosse in 2008 after winning a national championship at Johns Hopkins.  He is a 7-time Champion and 3-time MVP.  Alongside his on-the-field accomplishments, Paul is a passionate entrepreneur who was the first lacrosse player to earn $1 million in endorsements. Our conversation covers Paul’s early interest in lacrosse, developing a social media fan following, the importance of sponsorship revenue for athletes, and the leverage athletes have over teams. We then turn to the formation of the PLL, including Paul’s attempt to purchase the MLL with a search fund, his shift in business model from private equity to venture capital, the tour-based model, operations, distribution, and the on-field product.  We close by discussing Suiting Up, Paul’s podcast where he interviews top professional athletes and coaches, and the Paul Rabil Foundation, which brings lacrosse to schools for children with learning differences. Paul is as savvy off-the-field as his is skilled on it, and as the PLL takes off as I suspect it will, this conversation may well mark an important moment in time for this fascinating start-up league. Tune in to NBC to watch the first games from Gillette Stadium in Foxboro, Massachusetts on the first weekend in June. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast