December 11, 2025
The Long View—a series from GEM’s Co-CIO, Matt Bank— explores a range of topics relevant to the fiduciaries and allocators of institutional capital.
Despite buoyant markets and tight credit spreads, long-term investors face an environment defined by uncertainty, structural shifts, and persistent bouts of volatility. In this installment of The Long View, Matt argues that risk management is not a defensive add-on—it is the central craft of investing.
Bank examines how today’s conditions underscore the need for a holistic risk framework centered on:
• A well-articulated investment policy,
• A disciplined approach to rebalancing,
• The flexibility to act when odds temporarily shift, and
• A culture that enables clarity, candor, and decisive action.
The result is a practical guide for institutions seeking to steward capital across generations.
Kelly Barofsky, a Managing Director in GEM’s Investment Research Group, spoke with PitchBook about the continued momentum behind independent sponsors and why deal-by-deal structures can create strong alignment between sponsors and investors.
Head of Venture Capital, Kate Simpson, joined the Swimming with Allocators podcast to discuss how GEM constructs its venture portfolio, why the market has bifurcated, and where disciplined manager selection creates the most compelling opportunities.
Our 2025 Impact Report explores a key question shaping the future of impact investing: how can investors support AI’s development and deployment in ways that maximize its benefits while mitigating its risks?
Let’s start a conversation about how we can help.
