Angeles Advisors | Blog



Thank you for joining the conversation on private markets investing at the 2018 Angeles Foundation Symposium. For anyone who missed it, we hope you will be able to join us next year.


The symposium begins with Angeles’ Chief Investment Officer, Michael Rosen, reviewing the history of bull and bear markets in the US, noting important distinctions among bear markets, and identifying three categories with similar characteristics. He does not (yet) see present the conditions for a bear market, and offers some signposts to watch. Michael then illustrates the enormous opportunity cost of missing out on the tail-end of bull markets, and the impossibility of timing markets. He concludes with the proposition that we are in the midst of a structural bull market, with years to run.

Following Michael’s presentation, esteemed investor, James Williams, Chief Investment Officer of the Getty Trust, and Jose Feliciano, co-founder of the private equity firm, Clearlake Capital, discuss the role private equity holds in institutional portfolios and the current investment environment. Jim Williams asserts that the Getty’s 8% return target would be unattainable without a meaningful allocation to private equity. Most important to him in evaluating investment opportunities is an alignment of interest between general and limited partners, and demonstrable operational improvements to generate strong results. Supporting new team and emerging strategies has been very successful for the Getty Trust over the past 16 years that Jim has led the $7 billion endowment.

Clearlake Capital recently closed its 5th oversubscribed fund and has historically posted some of the best returns in the private equity universe by focusing on special situations in the middle-market. Jose acknowledges that valuations in the market are high, but he is still finding opportunities with limited competition and reasonable prices.

We invite you to watch a video from our annual 2018 Angeles Investment Symposium on private markets investing. The first video is a two-minute highlight clip of the symposium, and the second video is the full presentation.

You can follow our thoughts on the conditions affecting your portfolios at our blog at

To download a copy of Michael Rosen’s Bull Markets, Bear Markets, and Mis(Timing) presentation, please click here.