The Growth of Alternative Financial Investments with Chuck Bauer
This week on the podcast, Matt sits down with Chuck Bauer, partner and head of investor relations for EnCap Investments. The episode begins with Chuck walking through what EnCap does as a private investment firm focused on North American energy markets. Matt and Chuck then dive into what alternative investments are as well as the importance of establishing and maintaining relationships in this industry. The conversation concludes with Chuck discussing his journey from working for a Congressman, to going back to school for his MBA, to ultimately working in alternative investments.
Transcript
People that are successful in this job are
Chuck Bauer:people that go places. Simply you cannot do it behind the
Chuck Bauer:desk. You can't do it through email. You can't do it. You have
Chuck Bauer:to go sit down and get in somebody's face.
Matt Waller:Excellence, professionalism, innovation and
Matt Waller:collegiality. These are the values the Sam M. Walton College
Matt Waller:of Business explores in education, business, and the
Matt Waller:lives of people we meet every day. I'm Matt Waller, Dean of
Matt Waller:the Walton College and welcome to the Be Epic Podcast. Today, I
Matt Waller:have with me, Chuck Bauer, who is with EnCap Investments. And
Matt Waller:he heads up fundraising, and also investor relations. Thank
Matt Waller:you so much, Chuck for joining me today, appreciate it.
Chuck Bauer:Great to be here. Great to be on campus as well.
Chuck Bauer:Beautiful campus in Northwest Arkansas.
Matt Waller:Isn't it? It's amazing. Although,
Matt Waller:unfortunately, you came on a kind of a cloudy day, it's
Matt Waller:usually sunny here and and perfect weather but,
Chuck Bauer:I told my son who's touring here today that if you
Chuck Bauer:can like it on a cold, windy and rainy day, those days when it's
Chuck Bauer:75 degrees and sunny, it's gonna be the best place on Earth
Chuck Bauer:Earth.
Matt Waller:Absolutely. It really is. Well, Chuck, I'm
Matt Waller:really thrilled to have you. You know, within most business
Matt Waller:schools, there is less emphasis, I think on alternative
Matt Waller:investments. First of all, there needs to be more, because it's
Matt Waller:becoming more and more important in the financial system. But
Matt Waller:even within the alternative investment category, and for
Matt Waller:those listening, alternative investments include things like
Matt Waller:seed funding, venture funding, private equity, these kinds of
Matt Waller:things. But even within that, to the extent they are covered,
Matt Waller:many times we don't cover fundraising. And that is a
Matt Waller:critical part. And it's an area that you have expertise. And so
Matt Waller:I want to talk to you about that today. But before I do. Would
Matt Waller:you tell us a little bit about EnCap Investments?
Chuck Bauer:Yes, certainly happy to do it. EnCaps is a 35
Chuck Bauer:year old private investment firm focused on North American energy
Chuck Bauer:markets, with offices in Houston, San Antonio, and
Chuck Bauer:Oklahoma City. We have three verticals, three investment
Chuck Bauer:verticals, three distinct teams that focus on three distinct
Chuck Bauer:parts of the energy value chain. So we have a team that invests
Chuck Bauer:in the upstream segment of the energy value chain, a team that
Chuck Bauer:focuses on midstream, and a team that focuses on energy
Chuck Bauer:transition, primarily around the decarbonisation of the power
Chuck Bauer:grid, green field opportunities around wind, solar, and utility
Chuck Bauer:scale energy storage. Midstream would be the pipeline systems
Chuck Bauer:gathering, processing, treating compression, all those things
Chuck Bauer:that after you capture the hydrocarbon at the wellhead,
Chuck Bauer:you've got to move it and get it to a market to be sold or to the
Chuck Bauer:end user. The upstream companies are the ones that are out there
Chuck Bauer:drilling for natural gas or oil. And so we we back companies, so
Chuck Bauer:we raise capital, create a fund and then those funds ultimately,
Chuck Bauer:back portfolio companies that we build and grow and hopefully
Chuck Bauer:become a strategic asset that someone else will want, we can
Chuck Bauer:sell that business to them over time.
Matt Waller:Does each time you each time you raise a fund, does
Matt Waller:that fund focus on one of those three areas or a combination of?
Chuck Bauer:They're three distinct funds that we have. And
Chuck Bauer:so they don't, you know, there's there's not crossover. And so
Chuck Bauer:the the individual investment teams within EnCap, are focused
Chuck Bauer:on their own specific vertical. And so they're closed end funds,
Chuck Bauer:they're typically 10 years in life. So there, they fit right
Chuck Bauer:in the middle of that alternative investment category
Chuck Bauer:that you referenced in there an illiquid asset for investors.
Chuck Bauer:And it's, as you suggest, it's a growing area. The markets been a
Chuck Bauer:growing area of the market over the last 17 years and an
Chuck Bauer:important one for public pensions, for sovereign wealth
Chuck Bauer:funds, for insurance companies, healthcare institutions, college
Chuck Bauer:endowments and foundations, a lot of college, college
Chuck Bauer:endowments and foundations actually, really were one of the
Chuck Bauer:leaders in the alternative investment space, one of the
Chuck Bauer:people that came out, following David Swensen at Yale in the
Chuck Bauer:model that he put together, really, what's the endowment
Chuck Bauer:model of investing? We're probably 30 to 40% of the
Chuck Bauer:capital goes into illiquid investments. He was the one that
Chuck Bauer:pioneered that, I think back in the 70s, maybe early 80s. I'm
Chuck Bauer:not sure when he did it, but maybe the early 80s. And this
Chuck Bauer:whole organization, whole industry has developed over
Chuck Bauer:time.
Matt Waller:So Chuck, since a key part of the purpose of this
Matt Waller:recording is to fill in the gaps around fundraising, and
Matt Waller:specifically with alternative investments. Would you talk to
Matt Waller:us a little bit about how that process works and your
Matt Waller:experience with it?
Chuck Bauer:Yeah, certainly. Think that it's, it's really a
Chuck Bauer:there's a I'm going to talk about two parts. One is the
Chuck Bauer:personal relationship side or the or the relationship side of
Chuck Bauer:that business. And then two's fundamentally the process of
Chuck Bauer:that business, the actual fundraising that takes place.
Chuck Bauer:And so you'll have a firm that just has decided they're going
Chuck Bauer:to raise capital to pursue to build a fund to pursue
Chuck Bauer:investments in a specific sector, specific strategy, they
Chuck Bauer:will need to go identify sources of capital, the sources of
Chuck Bauer:capital are what I've talked about, historically, it could be
Chuck Bauer:public pension plans, could be college foundations and
Chuck Bauer:endowments, healthcare institutions, sovereign wealth
Chuck Bauer:funds, insurance companies, high net worth individuals, who are
Chuck Bauer:all looking to deploy a portion of their balance sheet or
Chuck Bauer:portion of the assets that they have under management into
Chuck Bauer:alternative investments. And so it's important that you have
Chuck Bauer:someone within the firm or the leadership of the firm that
Chuck Bauer:begins establishing relationships with these groups,
Chuck Bauer:helping them understand and identify who you are, what you
Chuck Bauer:do, why you're differentiated in the market, how what your
Chuck Bauer:product is going to be different than other things that they
Chuck Bauer:have, why you're better positioned in this market to
Chuck Bauer:take advantage of the opportunity set, and create
Chuck Bauer:value for your investors. You know, your what you're selling
Chuck Bauer:to them, ultimately, is a 10 year illiquid investment, it's
Chuck Bauer:not you're not selling them public equities that they can
Chuck Bauer:trade in and out of, if you make it, they make a determination,
Chuck Bauer:they don't want to be with you anymore, they can't trade out of
Chuck Bauer:it the next day, there is a secondary market for it. But
Chuck Bauer:that takes time to sell, sell at a discount. And sometimes it's
Chuck Bauer:not an avid not a very advantageous exit for you. And
Chuck Bauer:so these people want to earn your trust. And they want to
Chuck Bauer:know that who they're investing with, they're going to be in
Chuck Bauer:partnership with you for at least 10 years. And most of
Chuck Bauer:these funds, even other 10 year funds, take 12 and 13 and 14
Chuck Bauer:years to ultimately wind down. And so it's very important that
Chuck Bauer:you you have one on one relationship time with those
Chuck Bauer:individuals who are ultimately making the investment decision.
Chuck Bauer:So what what begins with that, is you'll put together some type
Chuck Bauer:of pitch book or deck, PowerPoint presentation that
Chuck Bauer:kind of outlines some of those things I just talked about who
Chuck Bauer:you, who you are, what your investment strategy is, what
Chuck Bauer:differentiates you against your competition? Why, what is the
Chuck Bauer:market opportunity? What are the types of investments you're
Chuck Bauer:going to make? Maybe some case studies of what you've done. And
Chuck Bauer:then most importantly, what is your track record? What have you
Chuck Bauer:done in the history of your career, whether if this is the
Chuck Bauer:first time you're creating a fund, or whether you've had
Chuck Bauer:multiple funds, to go and demonstrate to that investor,
Chuck Bauer:that you have the experience, you have the team that can go
Chuck Bauer:deliver the type of returns that you're advertising in your in
Chuck Bauer:your pitch book. And so you take that pitch book, and then you'll
Chuck Bauer:begin calling investors going out seeing them, you have an
Chuck Bauer:official legal document called a private private placement
Chuck Bauer:memorandum, which outlines the investment thesis, and you have
Chuck Bauer:legal documents surrounding it called a limited partnership
Chuck Bauer:agreement and subscription documents. And then you have you
Chuck Bauer:go meet with an investor the first time, they're likely going
Chuck Bauer:to engage in some form of due diligence, and you have to
Chuck Bauer:prepare, they will have a lot of questions, it will require
Chuck Bauer:information, and you have to fulfill those data request and
Chuck Bauer:help understand and shepherd them through the process. So at
Chuck Bauer:the end of the day, they're going to have an investment
Chuck Bauer:committee, they're going to have trustees likely they're going to
Chuck Bauer:have to answer to and so from determining what is their
Chuck Bauer:process, what does it take for them to get to a decision? But
Chuck Bauer:also importantly, what is a timetable? How long does it take
Chuck Bauer:someone to get from an introductory meeting, to
Chuck Bauer:ultimately making a decision. That's vastly different from a
Chuck Bauer:family office who has a sole decision maker, to a large
Chuck Bauer:public pension who has, who doesn't move at the same rate
Chuck Bauer:that a family office could move. It could be a six to nine month
Chuck Bauer:process with the state of California and the state of
Chuck Bauer:Florida and state of Arkansas, very different than dealing with
Chuck Bauer:someone who invest money for the Walton family as an example.
Matt Waller:Let's take a couple of examples, a University
Matt Waller:Endowment Foundation, how do you contact the right people? How do
Matt Waller:you find them? How do you develop a relationship with them
Matt Waller:and approach them?
Chuck Bauer:Certainly, yeah, it's definitely evolved over the
Chuck Bauer:I've been doing this for 17 years now. So it's evolved over
Chuck Bauer:17 years. Certainly technology has helped immensely. There are
Chuck Bauer:databases that you can purchase, online databases that are
Chuck Bauer:services that call the University of Arkansas and find
Chuck Bauer:out what they're interested in who the people are that work
Chuck Bauer:there who covers what asset classes. And so that's probably
Chuck Bauer:the biggest help is to be able to go out and utilize a database
Chuck Bauer:to figure out who's the right person to call. Secondarily
Chuck Bauer:they're public. You know, anything that's public, a public
Chuck Bauer:university, public pension plans, most of them are required
Chuck Bauer:by state law to have a lot of that that information online.
Chuck Bauer:And so you can go pull public records to determine who to
Chuck Bauer:call.
Matt Waller:And I would guess since you've been doing this for
Matt Waller:17 years, you probably know a lot of these people.
Chuck Bauer:Absolutely, yeah. So, you know, a big part of
Chuck Bauer:business school, a big part of the education you gain not is
Chuck Bauer:not just within the classroom, but it's learning how to
Chuck Bauer:network, learning how to communicate, learning how to
Chuck Bauer:build relationships with people within the business school
Chuck Bauer:today, that will benefit you for life. And that is understanding
Chuck Bauer:that a lot of the people that I talked to today, ultimately come
Chuck Bauer:from referrals, or determining, hey, I need to get, I need to
Chuck Bauer:find somebody at the University of Arkansas to talk to who might
Chuck Bauer:I know that is connected to that person that could facilitate an
Chuck Bauer:introduction for me. Because we know in our personal lives, if
Chuck Bauer:your friend calls you and ask you, Hey, will you take a phone
Chuck Bauer:call from my friend, you're much more willing to take accept that
Chuck Bauer:phone call than if some someone cold calls you, you may likely
Chuck Bauer:ignore it or never respond to it. So that's, that's a critical
Chuck Bauer:networking, and building relationships that you can then
Chuck Bauer:lean on throughout your career is a critical component of the
Chuck Bauer:success in this role.
Matt Waller:And in so many roles, I know many of our most
Matt Waller:successful alumni, and I would think that almost all of them
Matt Waller:are quite good at developing relationships and maintaining
Matt Waller:relationships. And you know, it's more than just meeting
Matt Waller:someone. It's learning how to relate to them, and then stay in
Matt Waller:contact. It takes a lot of work, doesn't it?
Chuck Bauer:Yes. Takes a lot of work. One's, communications key,
Chuck Bauer:following up on what you said, you're going to do, delivering
Chuck Bauer:on what you said you're going to do is key if someone asks you
Chuck Bauer:for information, and what you have to determine how do I
Chuck Bauer:remember how to do that? Do I need to write that down? Can I
Chuck Bauer:remember it in my head? When do I need to follow up? How often
Chuck Bauer:do I follow up without becoming a pest to them? All of those
Chuck Bauer:things are critical. And then over time, you'll learn that
Chuck Bauer:it's, you'll learn things about that person, you'll want it then
Chuck Bauer:the next time you communicate with them, ask them what was
Chuck Bauer:important in that last meeting, talk about your family, talk
Chuck Bauer:about their family, those things that can relate to you. And the
Chuck Bauer:most important part of I've learned probably my 17 years, as
Chuck Bauer:I've matured and my career's evolved, is to become a good
Chuck Bauer:listener. And I will tell you, most of the times I meet
Chuck Bauer:somebody for the first time 95%, if I'm going to talk about
Chuck Bauer:EnCap, a meeting for EnCap. The first time I've met somebody, my
Chuck Bauer:goal is for 95% of the conversation not to be about
Chuck Bauer:EnCap. I want to learn about that I want to learn about their
Chuck Bauer:program, I want to learn about the institution, I want to learn
Chuck Bauer:about that person. So I can understand what their needs are,
Chuck Bauer:what they're trying to come to accomplish within their end
Chuck Bauer:their institution, and how we might complement that. And the
Chuck Bauer:EnCap stuff can come like if I'm successful in that first
Chuck Bauer:meeting, then I'm definitely gonna get the second meeting
Chuck Bauer:where we can spend time talking about EnCap.
Matt Waller:You know, that's true in all kinds of sales as
Matt Waller:well. And even in interviewing for jobs. You know, a lot of
Matt Waller:times I think, when people are interviewing for jobs, they want
Matt Waller:to just spill everything out in terms of what they're good at
Matt Waller:what they've accomplished. But, you know, a lot of times, you're
Matt Waller:better off asking questions and learning about the person
Matt Waller:interviewing you. Sometimes they will hire you based on they'll
Matt Waller:talk themselves into it in some cases. So when you're raising
Matt Waller:funds like this, from, say, a big pension, public pension,
Matt Waller:versus a home office to your point, the processes take
Matt Waller:different lengths of time. And I would imagine that you have to
Matt Waller:do a lot of nurturing of the process for something like a
Matt Waller:large pension fund that is has more bureaucracy to deal with
Matt Waller:more policies and even state laws, in some cases,
Matt Waller:regulations. So those are two very different situations. How
Matt Waller:do you manage them differently? What do you do?
Chuck Bauer:Yeah, part of it is, as you suggest, you really
Chuck Bauer:have to understand their process. You can't you need to
Chuck Bauer:understand, and I will tell you, in many cases when dealing with
Chuck Bauer:an entity or an organization that's going to move slower or
Chuck Bauer:has more bureaucracy has more steps that they have to get to
Chuck Bauer:through an approval process. Many times it's let's go set a
Chuck Bauer:date, a goal of when we're going to be finished. And then let's
Chuck Bauer:work backwards and create some key milestones and I'm talking
Chuck Bauer:about if you've gotten to the point where you know that that
Chuck Bauer:individual that you're working with at that institution is
Chuck Bauer:going to move forward, going to engage in diligence, they're
Chuck Bauer:going to take this forward with a with a goal towards committing
Chuck Bauer:capital to the fund you're raising, then let's go say that
Chuck Bauer:you want to be finished by October the 15th. What are the
Chuck Bauer:key milestones that we need to hit and so that we can make sure
Chuck Bauer:that we're on target to hit October the 15th. And the reason
Chuck Bauer:I say that is, you know, at some of these institutions, the legal
Chuck Bauer:side, so you've gotten an official commitment out of a
Chuck Bauer:board of trustees at a public pension plan, well some of
Chuck Bauer:there, there may be a legal review, that takes three or four
Chuck Bauer:months. So if you know, you have to have this by October, the
Chuck Bauer:15th. And you know, you better be through committee by June the
Chuck Bauer:30th, or July the 15th, or you're not going to hit that,
Chuck Bauer:that target. Now, family office, as we just discussed, you could
Chuck Bauer:go sit down with the principal, have a cup of coffee. And as you
Chuck Bauer:even like you were talking about an end job, it's almost like a
Chuck Bauer:job interview. Right? If that person trust you, they believe
Chuck Bauer:in the sector you're investing in, they may, they may make a
Chuck Bauer:commitment on the spot. And they could turn legal documents in,
Chuck Bauer:in two days. You know, and so it's really, it's really the key
Chuck Bauer:is understanding the process that the people that you're
Chuck Bauer:working with have to go through. Also recognizing and something
Chuck Bauer:that I that I have to continue to remind myself every day is
Chuck Bauer:the stuff I'm calling them about isn't I'm not the only person
Chuck Bauer:they're working on, I'm not the only person they're talking to.
Chuck Bauer:And so they're being torn in 20, 30, 40 different directions on a
Chuck Bauer:daily basis. So there's you need to learn to be patient, and
Chuck Bauer:guide them and help them and determine what are some steps,
Chuck Bauer:things that I can do to help alleviate any challenges you're
Chuck Bauer:having getting the work accomplished. As an example, you
Chuck Bauer:know, this person may have to write in an investment committee
Chuck Bauer:memo. And they may be getting the time to dedicate to writing
Chuck Bauer:the investment memo may be challenging for them. So maybe
Chuck Bauer:you can send them some examples that they can cut and paste
Chuck Bauer:certain portions of that will help them you know, make that an
Chuck Bauer:easier process for them. So there's certain things that you
Chuck Bauer:can help along the way, can't write it for him, obviously, but
Chuck Bauer:you can help provide them some guidance on.
Matt Waller:Back to the large public pension fund, in addition
Matt Waller:to being a good relationship builder, a good listener, you've
Matt Waller:got to be a good project manager in that case, it sounds like.
Matt Waller:And there's lots of tools to help with project management,
Matt Waller:you were talking about if they have a deadline and a certain
Matt Waller:point, they may need to be through some other milestone
Matt Waller:before they get to that point. You have to think about the
Matt Waller:milestones and the key events that need to occur, and tasks
Matt Waller:that need to be done. How long will those tasks take? That
Matt Waller:sounds fairly complicated with some of these funds and I would
Matt Waller:imagine many of them have different rules and regulations.
Matt Waller:So you have to adjust your project, I'm calling it a
Matt Waller:project, based on the funds. So that takes a lot more time. And
Matt Waller:so I'm thinking about it from a ROI perspective. You know, if
Matt Waller:you can get a family office and, you know, make a decision more
Matt Waller:quickly, that could be a higher ROI on your time. But on the
Matt Waller:other hand, the big public pension funds have more money usually.
Chuck Bauer:Matter scale as well, right. So big public
Chuck Bauer:pension could write 100 to $300 million commitment, family
Chuck Bauer:office might write a five to $10 million commitment. So it's also
Chuck Bauer:an allocation of time, allocation of resources. And
Chuck Bauer:really, the what I love about what I do in the role that I
Chuck Bauer:play is it really touches upon many of the disciplines within
Chuck Bauer:the business school. We're not, we're not one discipline focus.
Chuck Bauer:So there's a huge component of my job that's communications.
Chuck Bauer:It's a huge component of sales and marketing. But there is
Chuck Bauer:project management. There's, you've got to understand the
Chuck Bauer:business, the law, in many cases, the regulations, the
Chuck Bauer:rules, you have to operate by, back to your point you you know,
Chuck Bauer:there are some people that want to be go have dinner, like they
Chuck Bauer:would prefer to have that conversation in a social
Chuck Bauer:setting, that initial conversation, in social setting
Chuck Bauer:a family office or someone like that. They're comfortable in
Chuck Bauer:that environment. Well, there are a lot of people that work
Chuck Bauer:for a public university or a public pension, that have rules
Chuck Bauer:that prohibit them from even accepting a bottle of water in
Chuck Bauer:your office, or a cup of coffee. And so you have to understand
Chuck Bauer:that regulation. You have to understand if you want to do
Chuck Bauer:business in the State of California, you'd have to go
Chuck Bauer:register as a lobbyist. If you want to do business in LA, you
Chuck Bauer:have to go register as a lobbyist in the city of Los
Chuck Bauer:Angeles. So there's there are just so many dynamics around
Chuck Bauer:that entire role that it's really interesting. I'm
Chuck Bauer:interesting to see how many portions of the business school
Chuck Bauer:and what you learned in business school you actually now applying
Chuck Bauer:in that role.
Matt Waller:At what point did you realize this would be a
Matt Waller:strength of yours to manage something like this?
Chuck Bauer:Yeah, well, interestingly, I began my career
Chuck Bauer:in politics. So I was a political science major,
Chuck Bauer:graduated from TCU in 1994, immediately went to work for a
Chuck Bauer:gentleman running for Congress, and knew that I, kind of my base
Chuck Bauer:skill set was relationship development, I knew I could
Chuck Bauer:communicate, I was pretty natural at developing
Chuck Bauer:relationships with people. And so I became, spent 11 years
Chuck Bauer:working for the Congressman, speaking at Rotary Clubs,
Chuck Bauer:Chambers of Commerce on his behalf, cutting ribbons and
Chuck Bauer:getting to know people in the district. But then I identified
Chuck Bauer:that this was there was a role of raising capital, in financial
Chuck Bauer:firms, that I didn't really at that, until that point, I didn't
Chuck Bauer:realize the role existed. And so I put, I correlated the fact
Chuck Bauer:that what I do for the congressman, and being his
Chuck Bauer:person in the district, and and being out, kind of in front of
Chuck Bauer:him being his flagbearer, I guess, carrying his story in the
Chuck Bauer:district, and being the flagbearer for a financial firm
Chuck Bauer:and telling their story, rather than but not in a congressional
Chuck Bauer:district, but around the world, to just a different audience was
Chuck Bauer:very similar actually, and the process of raising capital was
Chuck Bauer:similar to the process of running for office. And so I put
Chuck Bauer:those two together. And some people said, you know what, you
Chuck Bauer:need to go back to business school. So I went back and got
Chuck Bauer:my MBA, and then ultimately found a job with a firm in
Chuck Bauer:Dallas. And I've been doing that for 17 years.
Matt Waller:It's amazing how many people really pivot through
Matt Waller:an MBA. MBAs are a great way to pivot into business. So it seems
Matt Waller:to me, and I'm no expert on this, but it seems to me that
Matt Waller:the number of family offices has increased dramatically over the
Matt Waller:past 30 years. Is that, have you notice that, is that true?
Chuck Bauer:Yes. Yeah, they're every day, we see more and more
Chuck Bauer:family offices that are becoming interested in alternative
Chuck Bauer:investments, particularly.
Matt Waller:So there's probably is there a database out there
Matt Waller:for family offices? Or how do you find them.
Chuck Bauer:They're, they're trickier. That's a trickier
Chuck Bauer:universe to uncover. A lot of them don't want to be
Chuck Bauer:identified. A lot of them want to do direct deals, they don't
Chuck Bauer:want to invest in funds. A lot of them if you think about the,
Chuck Bauer:the genesis of their wealth in most cases, it's an entrepreneur
Chuck Bauer:that took risk and built a business and sold it to someone
Chuck Bauer:and created a generational amount of wealth that now he or
Chuck Bauer:she needs to manage. And they want to create capital
Chuck Bauer:preservation and then wealth, create continued wealth
Chuck Bauer:creation. There is a database out there that you that we
Chuck Bauer:utilize, that does a really nice job of uncovering family
Chuck Bauer:offices. But typically, that is a place where networking and
Chuck Bauer:word of mouth referrals is going to be the key to success.
Chuck Bauer:Because once they, you know, if they've done business with you,
Chuck Bauer:they like what you've done, then they'll they'll want to make
Chuck Bauer:sure their friends have an opportunity to or people that
Chuck Bauer:they've done deals with will have an opportunity to look at
Chuck Bauer:what you're doing as well.
Matt Waller:Well Chuck, thank you so much for taking time to
Matt Waller:visit with us about fundraising for alternative investments. I'm
Matt Waller:sure there's many students listening that have not really
Matt Waller:thought about that as an option, but they're probably geared
Matt Waller:towards that naturally, and others that might be interested
Matt Waller:in it after listening to this. So I really appreciate you
Matt Waller:explaining this.
Chuck Bauer:Thanks, glad to be here. I think you're gonna be
Chuck Bauer:stuck with me for four more years. So anytime you need me to
Chuck Bauer:come to campus or our students or anybody that wants to learn
Chuck Bauer:more about the role that investor relations and
Chuck Bauer:fundraising plays within the business community, on the
Chuck Bauer:private investment side, very happy to spend more time helping
Chuck Bauer:the Walton School of Business.
Matt Waller:On behalf of the Sam M. Walton College of
Matt Waller:Business, I want to thank everyone for spending time with
Matt Waller:us for another engaging conversation. You can subscribe
Matt Waller:by going to your favorite podcast service and searching Be