This week, we speak with Michael Carmen, co-head of private investments at Wellington Management Co. LLP, which has more than $1 trillion in assets under management. Carmen, who manages the diversified late-stage growth equity business, previously managed institutional portfolios in the multi-cap growth style. He has written papers on topics concerning investment trends in late-stage growth and small-cap equity portfolios and is a chartered financial analyst. Wellington has been around for nearly a century and manages $1.4 trillion in client assets. Carmen and his colleagues manage $8.0 billion in 166 diversified investments.
Wellington has been expanding into private investments to take advantage of their research and investing expertise, and to find greater diversification and steady returns.
Carmen discusses how his background in public small-cap stocks led to his work on the private side. A lot of the analytics used in small cap can be applied to late-stage growth equity. We also discuss why companies have been staying private for longer — Sarbanes-Oxley is part of it, but it’s much more than SarBox alone.
A list of his favorite books is here; A transcript of our conversation is available here Tuesday.
You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with Zeke Faux, award-winning investigative reporter at BusinessWeek and Bloomberg News. He is the author of the new book, “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall.” The book is a hilarious deep dive into the many characters and scammers that have beset crypto.
Michael Carmen Current Reading
The Silent Patient by Alex Michaelides
The Human Stain: American Trilogy by Philip Roth
The Color of Water: A Black Man’s Tribute to His White Mother by James McBride
