In this episode of How I Invest, I dive deep into a conversation with Charlotte Zhang of Inatai Foundation. Charlotte shares her approach to managing a $2.4 billion private investment program, the importance of market inefficiencies, and how she strategically builds GP relationships. We explore how Inatai identifies top managers, why LPs are increasingly interested in fundless sponsors, and what makes a great investment philosophy. Whether you're an LP, VC, or just curious about institutional investing, this episode is packed with insights on capital allocation, conviction-based investing, and long-term partnership building.

Highlights:
Building a $2.4 Billion Investment Program: How Charlotte structured Inatai’s approach without rigid asset allocation targets.

GP Selection Strategy: The four P’s—People, Philosophy, Process, and Performance—that guide investment decisions.
Market Inefficiencies & Innovation: Why Inatai prioritizes global opportunities in venture, buyout, and select real assets.

Fundless Sponsors: Why LPs are increasingly backing fundless sponsors and the advantages of doing so.

Investment Discipline: How to evaluate managers over time and avoid the pitfalls of FOMO-driven investing.

Handling Market Downturns: The characteristics of managers who thrive in turbulent markets.

The Role of LPs as Value-Added Partners: How LPs can help GPs beyond just providing capital.

Diversification vs. Concentration: How Inatai balances a high-conviction portfolio while maintaining risk-adjusted returns.

The Future of Inatai: How the foundation is expanding its impact through its outsourced CIO platform.

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Guest Bio:
Charlotte Zhang is a Senior Portfolio Manager at Inatai Foundation, where she leads private investments within the $2.4 billion portfolio. She has previously held roles at Medley Partners and Iconiq Capital, developing expertise in manager selection, portfolio construction, and market inefficiencies. Charlotte is passionate about long-term investing, identifying top-tier GPs, and fostering meaningful LP-GP relationships.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at dweisburd@gmail.com.

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Stay Connected:
X / Twitter:
David Weisburd: @dweisburd

LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Charlotte Zhang:https://www.linkedin.com/in/charlotterzhang/

Links:
Inatai Foundation: https://inatai.org/

Questions or topics you want us to discuss on How I Invest? Email us at dweisburd@gmail.com.

(0:00 ) Episode preview
(1:20 ) Creating and executing a lower middle market PE strategy
(3:39 ) Spending years on investment decisions and handling market downturns
(8:08 ) Exploring interest in fundless sponsors and largest deals
(11:09 ) Inatay team structure and the generalist team approach
(13:17 ) Managing infinite opportunities and diversification strategies
(16:38 ) Sourcing and adding value to GP relationships
(21:30 ) Closing remarks