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Tilly Franklin

lines on the record: 91
first: 2024-01-22
most recent: 2024-01-22
sittings or episodes: 1
sources: podcast

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“I don't think our asset allocation is by any means the most interesting thing about us. I think it's probably fairly typical. We have about 40% in equities, about 25% in private equity, 20% in what we call absolute return, which is a sort of more market neutral subset of the hedge fund universe, and then about 10% in real assets and the rest is cash and fixed income. So definitely not going to set the world on fire with that as an allocation.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very different types of investment organizations, given that there isn't a really established endowment and foundation community here. So my colleagues come from other family offices, from outsourced chief investment offices, from pension consultancy, and also from direct security selection roles. One of my colleagues in particular is really focused on every manager having a very specific role to play in the portfolio. Another of my colleagues is very focused on having a very disciplined investment process. And I tend to be very focused on the people and whether or not the fund managers have a very particular insight into what they do that's going to allow them to potentially outperform over time. So I think what's perhaps most interesting is the fact that we all come at it from a very different place, which actually gives me a lot of confidence.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's an interesting question. I have to say, I have brought a lot of the thinking from ALTA with me. I'm not sure that the asset allocation actually is tremendously different from what we had there. I think one thing that works potentially in our favor is we're much smaller. Of there are benefits to being small. There are also obviously benefits to being large. But we are able to be very concentrated as a result of that. We are also able to access fund managers that might have smaller funds or be a bit earlier in their life cycle because we don't necessarily need to allocate a tremendous sum in order for it to be really meaningful to the endowment. I think what's actually perhaps more interesting in terms of differences are some of the perspectives that my colleagues brought. So I have colleagues from”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, as you stepped in, you were familiar with this endowment style portfolio. You mentioned diversification away from equities. Where are the places where when you wanted to impart your views on how to manage a pool of capital like this, it was a little bit different from maybe what you saw at Alta?”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tend to want to give when something's actually very inaccessible from a cost perspective. So I think that there's a mindset shift that's going on at the moment in terms of philanthropy and giving to British universities.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not sure exactly what happened over the last 800 years or so, but Cambridge was founded in 1209. It's one of the oldest universities in the world. Its endowment was only brought in house around 2008. It was about a billion pounds. team was set up as I mentioned before did really really well managing that capital over about a decade. It is a bit of a mystery why the UK endowment pools are so much smaller, but I think actually one thing to remember is that for a large period of history, education at university level here in the UK was free. Tuition was free. So for example, when I went to university, there was no charge for tuition. There is one now, but it's capped at 9,250 pounds a year. You would think that if something was free, people would value it immeasurably. But actually, I think in terms of philanthropy,”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Team member is involved throughout the decision making process so that everybody's aware and everybody gets the chance to learn as well. One thing that was really a tremendous benefit of my time at Alta was that all of the entire team were encouraged to meet any fund manager whenever they were in town or whenever we went on trips. So even though my role was primarily focused on PE, I managed to pick up a lot of information about other asset classes, other strategies, other organizations, other managers during my time there.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“I know that this has been hotly debated and a lot of organizations have gone down the more generalist route over the last five to ten years. Perhaps that's more difficult for me to contemplate because I do come out of such an asset class specific background. Not only was I a PE allocator, I also worked in PE directly for almost a decade. And so for me, I feel so much of our job is about pattern recognition. And so if I want to appoint, let's just say a PE manager because that's my background, it's really hard to do so if I haven't seen all the other PE managers that there are that could potentially fulfill a similar function in the portfolio. So I am a big fan of specialization, but only if it's combined with a lot of cross-asset class communication. And that's why it's really important for me that every single”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a reasonably small team there's eighteen of us, ten on the investment side and eight operations colleagues, and our investment teams primarily based here in London, operations team primarily in Cambridge. Then within the investment team, we have one senior colleague who's focused on leadership of each of the major asset classes and then a pool of wonderful investment analysts that are more generalist with specialization, but they spend a lot of time also working across the whole portfolio.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“We went along to a large extent. And actually the organization building part of it gave us a great opportunity to bring people together. We were always thinking about what can we actually do to just bring people together all the time so that everybody can get to know each other. So part of that was organizing workshops around things like what are our values as a team? What are our investment principles? What are our norms as an organization? So that had the double benefit of helping us to crystallize our values and our norms, but also just literally spending tons of time together discussing things that weren't necessarily related to the day-to-day of do we want to underwrite this manager or not and that kind of thing.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Each disaster occurs 10 weeks into the job, it was COVID. Suddenly we had to go completely remote. And then after that, all of our interviews were virtual. We were lucky here in the UK that it was permitted to go for walks with one other person. So we went on a lot of walks. We always met everybody at least once in person before we extended an offer. But then I think perhaps almost more challenging than the interview process was how do you build a team under remote working, looking back. It may have been less of a challenge to build in some ways what was almost completely new team than to grow a team because everybody was coming together for the first time. So it wasn't as if there were certain behaviors or norms or ways of doing things that half of the group knew about and the other half didn't. We were basically making it up as”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“A large charity. So, those were some of the things that were the same. But then in terms of what was really different were other axes. Some of us are really sociable and others of us are super introverted. Some are very creative and imaginative, not me, by the way, and some are very analytical and that kind of thing. So those were some of the areas where we really wanted people to diverge.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Want them to be diverse, but remember, you don't want them to be so diverse that you end up all going in completely different directions and sort of being unable to actually achieve anything together. So it is a really delicate balance. There are many different personality tests available, and I hadn't the foggiest idea about any of them at the time, but I was fortunate to be advised to use one called the Hogan personality inventory. Then it has quite a large number of different axes on which it evaluates the individual. What we did there was essentially think about what is the common core that we need everybody to have. So some of the things that actually are very common across the group are intellectual curiosity. Of course, you would expect that, a real interest in commerce and business and what makes businesses successful, but also combined with a really strong interest in altruism, which actually makes so much sense if you're working for an investment management organization within.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“We hear a lot about cognitive diversity. Now we're bringing in some form of testing to tease that out. What are the different aspects of analysis or assessment that you saw from the testing that would indicate that the people that you're interviewing are diverse cognitively from someone else on the team?”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Testing for all of the new recruits, which was specifically aimed at finding people who would bring very different personalities, skills and approaches to the table.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that was a really fascinating project for me. I had quite a long notice period, so I had some time to reflect on how I was going to approach it before I actually got into the seat. And somebody recommended that I should read a book called Rebel Ideas by a British journalist called Matthew Said. And it was all about the power of cognitive diversity. So I became very focused on how was I going to build a team who would have a common core of values, but that would actually bring really different perspectives to the table so that we wouldn't fall into a risk giver and groupthink. And so really instrumental in that was working with very experienced HR professional that I was fortunate to meet very early on. And we as part of our interview process introduced psychometrics.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Requirement to develop a sustainable investment strategy that would resonate with our stakeholders whilst also allowing us to achieve the financial returns that we target.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was an interesting situation to come into. The previous investment team had left. There was a need to substantially rebuild the investment management function. The portfolio was also, it actually done very well, but was much more heavily invested in public equities than what I was used to or what I would have been familiar with from the US Endowment Community. I guess there were a couple of priorities. One was obviously to rebuild the organization. Two was to reposition the portfolio by reducing equities in favor of gradually building out our private equity and absolute return portfolios to achieve that diversification that we spoke about. And then also at the same time, there was a very active divestment campaign going on amongst the student body. And so there was a very intense.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very high level, it was about having broadly diversified asset allocation, executing investments almost entirely through leading third party fund managers, so having relatively little direct security selection in-house, if any. And then, of course, one other thing that's quite fundamental, I think, to the endowment approach is a heavy allocation to alternatives, relatively high allocations to PE and also to sort of subset of the hedge fund universe. And those were areas of the portfolio that we grew quite substantially during the time that I was there.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Due diligence process. And then in terms of the actual decision, that would be in the small group of those who'd actually been working on it for a substantial part of their time plus me. And then formally, we have this classic sort of sole decision maker structure here, but it would be inconceivable for me to want to do something that wasn't supported by the team that had actually worked on it.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you had to remember that we were a pretty young organization, so I only came into this role four years ago. We are actually still iterating on that. We have an investment process that we've laid out and we regularly come together a couple of times a year as a team and say what's worked well and what hasn't worked well. As of now, what we've found is we like to bring an opportunity to the whole investment team pretty early on. When we first started, we would have these team discussions once the majority of the diligence had been completed. But what we then found was that everybody was already quite bought in to the idea of the investment going ahead. So as soon as we think something's potentially interesting now, we actually workshop it with the whole team. The people who are actually working on it still feeling very open to whether or not it proceeds and then try to really flesh out all the concerns that might arise at that stage so that they can then be fully baked into the”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“When investment decision-making groups become larger as a result of that. And I think optimizing that balance is one of the key success factors as well. So having people feel brought in, but actually keeping decision-making to a relatively narrow group, because I think one of my learnings is that really good decision making doesn't actually scale very well. And then over time, I've seen some of our farm managers actually reining back the decision-making groups in order to be more fleet of foot, as it were, in that part of their work.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“That is a really interesting question. I think in my experience, which is obviously limited to my own career path, one thing that I think has been very helpful to firms that I've backed that have been successful has been quite specific focus on some type of investment activity, whether it may be sectoral, a particular geography, a particular business type, a particular take on an industry like industries that are being affected by a digital transformation, for example. So I think being able to rally people around some specific focus is very helpful. We always talk about decision making and investing in it's completely critical. I think successful organizations that I've worked with often have a real tension between being inclusive in the decision making process because that's really key to developing their teams. But then”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I first arrived I remember vividly thinking very naively as it turned out that I had this background in security selection and that I would just go through all the materials that the managers had and if they had made good decisions about deals then they should be a good manager and that was it was all there was going to be to it so little did I know there were very many other factors involved in manager selection obviously the organizational design, the team dynamics being most fundamental in my view whether the key people who made the successful investment decisions of the past were still there, whether the investment decision making functioned well and then of course on top of that how did that manager sort of fit into the broader portfolio? What were the prospects for their particular investment style going forward and so on so the role was much more qualitative than I had anticipated but”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Alta is a large single family investment office based in London that really pursues an investment strategy that's very analogous to the large endowments and foundations. So diversified asset allocation, primarily investing through external third-party fund managers.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“This was around late two thousand seven, early two thousand eight. It just felt like the right time for a change. And I left APAX and was really attracted to the allocator side, I think, by the increased breadth of the role. I'd been very, very narrow and deep. Apex is a sectorally focused firm, so I'd been focusing on one sector, one geography, working on buyouts at that time. It was slightly less frenzied pace than it is today. So we'd be working on one business for many months. Subsequently, of course, if you own the business, you'd work on it for many years. I really, really enjoyed that. But what appealed to me about my subsequent role at Alta was just the international breadth of being able to look at different types of strategies, different types of organizations. And I found that really fascinating.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think what I found pretty quickly in my venture career was pretty short-lived due to the fact that I only started late 1999 was that I was much more suited to the later stage. I'm quite analytical. I like focusing on facts, evidence, that kind of thing. Obviously, there's plenty of facts and evidence that one can gather in venture investing as well, but I think it's much more vision-centric, very people-centric. And I found especially at a junior age, I didn't really have the confidence to invest in that way. Actually, funnily enough, now I've come much further sort of back around to focusing intensively on people and a bit less on the analytical side of things. But when I was in my late 20s, I preferred to sort of be grounded in evidence.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“The venture world you think of as optimistic dreamer types of what might happen with products and markets. And on the buyout, I tend to be established businesses. What did you find most resonated for you?”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Such an interesting question, and I think often the extent of difference between different stages with MP can be underestimated from the outside. I think for me, the thread of continuity was because I had come from the business world and my interest in investing started out with launching new products, for example, at Virgin. So for me, it was always about, will the product succeed? It was a consulting-based approach. How big's the market? Is there demand for this? Why is this product going to do better than all the other opportunities that are out there for consumers, et cetera, or for the customers? And I think that thread actually is consistently relevant for any business, for venture, for buyout. And then the different, should we say more technical aspects of the different investment types were more of a bolt-on. Business fundamentals has really, for me, always been at the heart of everything that I've done.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so that was another piece of good fortune because I then just segueed over onto the media buyout team within the same firm. So a completely different role. And I had absolutely no background in buyout investing, but I was able to learn on the job. Lots of my colleagues were very kind to me and gave me lots of coaching. And so that was how I got into the later stage side of PE investing.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I first started there as part of the internet team, of course, nineteen ninety nine, remember those days Apex was investing in a number of different internet companies in the sort of first wave, as it were, of this growth of the internet. And then, of course, 2,000 came sort of dot-com bust, as it were. And some of those companies continue to do well, but obviously some of them struggled. And it was pretty clear that there was going to be a rationalization of the team that I was in. Again, one of these pivotal random moments occurred when I happened to be having lunch with somebody from the media buyout team at the firm who was complaining that they were really struggling with a certain hire that they wanted to make. And I said, what are you looking for? Well, you know, we want somebody who's worked in consulting, has an MBA, and has worked on digital media within a large traditional media organization. I was like, how about...”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it is today, but I was very fortunate that relatively few people had experienced directly of working on digital media and the sort of business models associated with it at the time. And so it was on that basis that I got my first investing role with APAX partners, the PE firm, who were like everybody else investing a lot in digital media at that time.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Mentioned that I was doing my MBA at night basically and on the weekends, right up until that time, I really didn't know that investing was a thing that one could do as a job. I'd always been really drawn to the parts of business life that were like investing, like for example, making capital allocation decisions or deciding to launch a new product or that kind of thing, but I didn't really know that you could separate that out and just do that. And at business school, I was really lucky to take a course that was called Financing the Entrepreneurial Business. It was basically about venture capital with this wonderful professor, Martin Williams, who's still a really good friend today. And that was when the light bulb went off. I just thought, this is why I have to do. And so from there, I was really scouting around. Investing was a much less established career path in those days, basically around 1999.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“About just the difficulty of actually getting things done. It's interesting when I had a long subsequent career working with private equity firms. And I always ask a question when we're talking about value creation of who did what to who to actually get it done because there's really one thing to say our value creation plan is X, but it's a huge gulf from that to achieving the value creation plan. And I think I have a very visceral appreciation of that from having worked within a couple of different large organizations.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“The power of brand, obviously with Virgin, Virgin was able to really disrupt some very established industries on the basis of its brand and doing things in a very different way. I had relatively limited interactions with Richard, but I learned a lot from just seeing how he would laser focus on the one or two elements of a business proposition that were really fundamental to whether it would work or not. He had this uncanny ability to really do that. Stiff drew lots of information and say this is going to work only if we can achieve X or Y. So that was absolutely fascinating and very entrepreneurial. Small SWAT teams doing lots and lots of different things. Then moving into the BBC, it was a little bit the opposite in terms of a very established large organization where there was a huge amount of process and lots of different decision making layers. And I think from that, I learned a lot of”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Out their properties, their magazines and cable TV stations into the digital realms we're building very early websites, doing deals with advertisers, etc. So I went to do that for a couple of years as well. And while I was doing that, I was also doing my MBA part-time. Then after that was when I made my first foray into investing.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“All been a little bit random. I feel like my career has been a bit like threading a needle a hundred times by accident in the sense of what brought me to this point. But I was very fortunate again that one of my managers at McKinsey actually invited me to go with him when he left for a role at Virgin Management, which was the holding company for Richard Branson's Virgin Group. So I worked there for a couple of years working on business development, looking at new business plans that the group was formulating. So one of them, for example, was a chain of fitness clubs that were being developed at the time. And then I became really fascinated by digital media. So this was in the late 1990s with the very, very early origins of the first internet boom. I really wanted to learn more about that. So I then got a role at BBC Worldwide, which was the commercial arm of the BBC here in London. And that was focusing on rolling.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really wasn't sure what to do. I came back to the UK. I'd actually been studying in the US and I had one of those pivotal moments indeed when I was having coffee with a friend who also recently graduated and was working in consulting. And I said, I really don't know what to do. And he said, oh, if you don't know what to do, you should obviously do consulting. So I was then fortunate to get a job with McKinsey, one of the large consulting firms. And I really look at that as my sort of conversion course to the business world, as it were. And I had a good chance. Is there and then moved on into some corporate roles.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I studied English literature, which is a bit of an unusual one perhaps for an investment manager. I've always really loved literature in the UK system. You only study one subject at university, as you may know. So yeah, I was fortunate enough to study at Cambridge where I now work with a degree in English. And my initial ambition actually was to do a Ph And become an academic Which went awry when I actually started postgrad studies and I just realized it wasn't quite for me. It was too solitary. I realized then that I work much better when I'm part of a team and not when I'm on my own. My original career aspiration to become an academic was out the window and I had to reinvent my plans from then on.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“I grew up a really nerdy little kid. I was the only child of older parents. And so at certain point, they decided I'd better go to school because I was spending way too much time on my own. So I went to school a year early. I think the result of that was I was incredibly small, completely physically uncoordinated, socially inept. And the only thing I could actually do was schoolwork. So I double down on that. And that was basically the story of my early childhood very focused on my studies basically.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source
“I guess on today's show is Tilly Franklin, the CEO and Chief Investment Officer at University of Cambridge Investment Management, where she oversees the £4 billion Cambridge University Endowment Fund. USIM applies an endowment model approach primarily investing in managers and with an overall emphasis on sustainability. We discussed Tilly's background that Canvas's operating roles, direct private equity at Apex, investing at Yale Cub, Alta Advisors, and the perspective she brought to Cambridge four years ago. Recover her work at USIM across developing the team, portfolio, manager selection, and sustainability. And lastly, we talk about Tilly's experience with gain, where girls are investors, a nonprofit organization that introduces women to careers in finance.”
2024-01-22 · Capital Allocators · Tilly Franklin – Endowment Model at Cambridge University (EP.363) · IDENTIFIED FROM THE TRANSCRIPT · source