Raff Arndt is the Chief Investment Officer of Australia’s AUZ$145 billion Sovereign Wealth Fund, the Future Fund.  He trained as an engineer and dove into infrastructure policy at the beginning of Australia’s privatizations in the late 1990s. After investing in the space for six year, he joined the Future Fund in 2008 to head the infrastructure team. Six years later, Raff became CIO. Our conversation spans all aspects of the management of a next generation institutional portfolio, including a one team, one portfolio philosophy, disaggregating beta and factors from skill in public markets, separating the impact of leverage and timing from skill in private markets, venture capital and co-investment opportunities in a large pool of capital, the option value of flexibility, the team required to make decisions in this format, compensation, fees, views on China, and the current market environment. Australia created the Future Fund only eleven years ago with a mandate to compound capital for 20 years before even contemplating withdrawals. It has been described to me as a pool of capital with the size and transparency of CalPERS and the sophistication of Yale. I’m sure you’ll soon understand why. Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Tilly Franklin is the CEO and Chief Investment Officer at University of Cambridge Investment Management, where she oversees the £4.0B Cambridge University Endowment Fund. UCIM applies an endowment model approach primarily investing in managers and with an overall emphasis on sustainability. We discuss Tilly’s background that canvasses operating roles, direct private equity, at Apex, investing at Yale cub Alta Advisors, and the perspectives she brought to Cambridge four years ago. We cover her work at UCIM across developing the team, portfolio, manager selection, and sustainability. Lastly, we talk about Tilly’s experience with GAIN, or Girls Are Investors, a non-profit organization that introduces women to careers in finance. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership