Brad Briner - Family Office to Public Service (EP.413)

Strategy Evolution

Brad Briner's career in investment has been marked by significant evolution in strategies, influenced by market changes and asset class dynamics. He reflects on his early years at UNC, where endowments were transitioning from traditional stock and bond allocations to more diverse portfolios, driven by the tech boom of the late 1990s 1. This shift required a deep understanding of asset classes and factors, especially as interest rates rose dramatically in 2022 2.

We had never bought credit before. It wasn't really in our mandate, will it as a high risk, high return investor, equity oriented, perpetual life, all those things.

--- Brad Briner

Briner emphasizes the importance of adapting strategies to leverage team strengths and market opportunities, ensuring a balanced approach between asset classes and factors.

   

Secondary Markets

The secondary market presents unique opportunities and challenges, as Brad Briner highlights through his experiences at Willett Advisors. He notes that secondary investments often involve sellers motivated by non-investment reasons, providing a competitive edge to knowledgeable buyers 3. Briner's strategic approach involved leveraging interpersonal relationships and networking to effectively sell capital and secure advantageous deals 3.

It's always good setup when you know more than the seller about the assets and when the seller has to do so for the wrong reasons.

--- Brad Briner

He also points out the undervaluation of energy secondaries during 2021-2022, which were trading at significant discounts due to a lack of natural buyers 4.