The average diverse manager closes 8% of the calls they make — and Bob Greene says that's not a talent problem, it's a capital-access problem.

In this episode of Against Consensus, host Angelo Calvello sits down with Bob Greene, President & CEO of NAIC (the National Association of Investment Companies), for a data-backed case that diversity is a performance driver, not a trade-off. Bob and Angelo unpack research showing diverse-owned alternative managers have outperformed by 300 to 600 basis points over the last 25 years, and explore why capital still hasn't caught up: consultant gatekeeping, brand bias, and the politicization of DEI. They close with Bob's advice for emerging managers navigating their first fundraise.

Robert Greene is President & CEO of the National Association of Investment Companies (NAIC), the premier trade association for diverse-owned alternative investment managers spanning private equity, venture capital, hedge funds, and real estate. Bob previously served as Chairman of the Board of Trustees for the Virginia Retirement System, one of the nation's largest public pension plans. Earlier in his career, he was Director of Private Equity at Arthur Andersen's Transaction Advisory Services Practice, advising firms including Allied Capital, Texas Pacific Group, and The Carlyle Group.

In This Episode:
(00:00) The data: diverse managers outperform by 300-600 basis points
(12:12) Real friction points: market size, muscle memory, and brand bias
(19:07) Investment consultants as gatekeepers and the mandate problem
(26:48) DEI backlash, the Fearless Fund lawsuit, and manager labels
(32:09) Graduation stories: Vista, Clearlake, and the common thread of success
(35:17) The next five years and advice for emerging managers
(39:14) NextGen mentorship, A.G. Gaston's philosophy, and closing thoughts
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Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
Produced by Castos Productions
NAIC website: https://naicpe.com
Bob Greene's NAIC bio: https://naicpe.com/naic-leaders/robert-l-greene/
Bob Greene LinkedIn: https://www.linkedin.com/in/robertgreene/
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