Tim Recker is the Chief Investment Officer of the $2.4 billion James Irvine Foundation. He joined the foundation in 2016 after spending a decade in private equity and real assets for the University of California Regents, four years overseeing Alternatives at the Michigan Retirement System, and his early years at GE Asset Management.

Our conversation covers Tim’s career path, the culture and structure at GE and Michigan Retirement, and co-investments at UC Regents. We then turn to the intricacies of managing a highly concentrated portfolio of managers at Irvine, including effective governance. flexibility, team structure, due diligence, and decision making. We close with Tim’s perspectives on hedge funds, real estate and fixed income, and the tradeoffs in preparing for a downturn.