Continuation Vehicles from the LP Seat – Scott Ramsower (EP.523)
Capital Allocators – Inside the Institutional Investment IndustryShow Notes
My guest on today's show is Scott Ramsower, Head of Private Equity Funds at the Teacher Retirement System of Texas, where a 27-person team manages $33 billion in private equity for the $250 billion pension plan. Scott started his LP career at AlpInvest and joined Texas Teachers sixteen years ago, when the private equity program was six people and $7 billion. He also chairs the board of ILPA.
Our conversation covers Scott's path from equity research to the LP seat and the growth of the Texas Teachers program. We then turn to continuation vehicles and the reasons LPs have grown wary of them, from conflicted pricing and misaligned economics to the loss of the right tail. We close with zombie funds, retail capital in private equity, and how a slower exit market is changing the way LPs underwrite their GPs.
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