In a recent ION Influencers fireside chat hosted by Giovanni Amodeo, Christopher Zook, Founder and CIO of CAZ Investments, shared his insights into how his firm identifies and capitalizes on trends in alternative assets. The conversation illuminated Zook’s investment philosophy, strategies, and what it takes to succeed in today’s evolving capital markets.

Key Discussion Topics:

1. CAZ Investments’ Approach to Thematic Investing

• Zook shared that CAZ Investments is a high-conviction, thematic investment firm based in Houston, Texas.

• The firm targets macro themes with the best risk-reward profiles, deploying capital in vehicles, sectors, or partnerships that align with those themes.

• CAZ evaluates over 1,500 investment opportunities annually, selecting only those that fit their thematic conviction and investment criteria.

• Core Principle: CAZ invests its own capital first—over $650 million of internal capital is deployed alongside client investments, ensuring strong alignment with investor interests.

2. Identifying and Reviewing Investment Themes

• Themes are driven by long-term macro trends and are continuously reviewed as markets shift.

• CAZ’s global network of 6,700 investors across 36 countries helps the firm source, diligence, and execute opportunities quickly.

• Zook emphasized speed and decisiveness in deal-making, summarizing CAZ’s approach as being “the fastest ‘no’ in the West.”

3. Continuation Vehicles and Market Segmentation

• Zook highlighted the increasing use of continuation vehicles (CVs) in private equity, allowing sponsors to extend ownership of high-performing assets.

• This trend may lead to a bifurcation of portfolio companies into:

  • “First-league” companies (those retained in CVs)

  • “Second-league” companies (those left behind or sold traditionally)

• He warned that LPs should scrutinize how sponsors manage both groups, asking:
  “How are you continuing to grow and exit the companies that didn’t make the CV cut?”

• Zook believes continuation vehicles are not inherently negative but require thoughtful execution to avoid conflicts of interest.

4. Lessons from The Holy Grail of Investing

• Co-authored with Tony Robbins, the book blends foundational financial education with deep interviews from leading investors. The interviews reveal recurring traits behind successful investing, yet also highlight the distinct strategies used across sectors like tech and energy.

Conclusion

Zook’s conversation revealed a disciplined, network-driven approach to investing in alternative assets. From theme identification to exit strategy, his insights offer a practical framework for investors navigating a complex private markets landscape.

Key timestamps:

00:07 Introduction to the Fireside Chat
02:15 Identifying Investment Themes
04:01 Trends in Private Markets
05:27 Outlook on Private Equity
07:41 Specialization in Private Equity
09:27 Investing in Sports and Entertainment
13:05 Identifying Opportunities in Global Sports
15:46 Applying Sports Insights to Other Sectors
18:46 The Concept of Moats in Business
19:48 The Importance of Domain Expertise in Energy Investments
20:33 Defining Our Competitive Advantage
22:24 Future Trends in Co-Investment
23:31 The Growth of Continuation Vehicles
27:20 Insights from Industry Experts