In the latest ION Influencers Fireside Chats, host Giovanni Amodeo sat down with Jeffrey Collins, Managing Partner at Cloverlay, for a deep-dive discussion into the evolving landscape of private markets. Collins offered an unfiltered look at how General Partners (GPs) and Managing Partners (MPs) can strategically navigate today’s market volatility through non-traditional, uncorrelated asset classes.

Key Topics Discussed:

1. Cloverlay’s Unique Investment Philosophy

• Cloverlay specializes in esoteric, tangible and intangible assets outside traditional private equity (PE) portfolios.

• Emphasis on uncorrelated, resilient returns—independent of macroeconomic factors like wars, tariffs, or public markets.

• The firm avoids chasing high IRRs, focusing instead on predictable capital multiples and long-term performance.

2. The Search for All-Weather Assets

• Traditional “all-weather” strategies are being reevaluated due to recent underperformance.

• Collins argues for purpose-built portfolios that stay resilient across market cycles—investing in assets like media rights, professional sports stakes, and intellectual property.

3. What LPs Are Looking For Today

• LPs prioritize DPI (Distributions to Paid-In) and demand clear visibility on liquidity events.

• There’s growing interest in rolling 3-year allocations and non-traditional asset strategies.

• LPs want investments that behave predictably, without being overly exposed to cyclical trends.

4. Exit Strategy Is Part of the Entry Strategy

• Cloverlay evaluates exit scenarios at the time of acquisition, ensuring long-term demand and liquidity options exist.

• Some assets are designed to self-liquidate, while others are optimized to be sold to strategic buyers seeking predictable cash flow.

5. Examples of Innovative Asset Classes

• Professional Sports: Early investment in NFL-related assets before they became mainstream.

• Wireless Spectrum: Licensing for future use in technologies like autonomous driving and wireless-to-home.

• Intellectual Property: Acquiring and growing royalty-based assets like the Care Bears brand.

6. Custom vs. Playbook Strategy

• No rigid playbook—each investment requires a bespoke approach depending on asset type, timing, and partner capabilities.

• Key focus is on nimble, smart execution with constant re-evaluation of base case scenarios.

7. LP-GP Relationship Is Evolving

• Today’s LP-GP dynamic is more adversarial and performance-driven.

• Trends like continuation vehicles and NAV loans have changed the capital recycling landscape.

• GPs must now earn renewed trust through differentiated, transparent strategies.

Final Insight:

The secret to successful investing in this new era isn’t about predicting which trend will win—it’s about knowing what needs will never change, and building around that certainty.

Key timestamps:

00:08 Introduction to ION Influencers Fireside Chats
02:35 Jeffrey Collins’ Background and Experience
05:03 Understanding Limited Partners’ Sensitivities
07:12 Shifting Investment Strategies in Private Markets
08:14 Characteristics of All-Weather Strategies
14:13 Planning for Future Exits in Investments
17:57 Building Value in Investment Assets
20:08 Tailoring Strategies for Different Assets
22:47 Long-Term Needs in Investment Decisions
24:19 Streaming Cable Through Millimeter Wave Spectrum
25:02 Global Investment Perspective and Historical Context
25:48 Capital Allocation and Resilient Portfolios
26:35 Changes in the Private Equity Landscape
27:11 Emerging Technologies in Private Equity
27:58 Conclusion and Acknowledgments