How Elite RIAs Evaluate Private Markets | Dhruv Maniktala, CIO of True North Advisors

The lines between institutional investing and wealth management are disappearing.

In this episode of Dakota Live, Robert Morier sits down with Dhruv Maniktala, CFA, Chief Investment Officer and Partner at True North Advisors and CIO of Western Alternative Strategies, to discuss how a nearly $6 billion wealth management platform evaluates private markets, constructs institutional-quality portfolios, and sources differentiated investment opportunities.

For asset managers, consultants, RIAs, family offices, endowments, and institutional allocators, this conversation provides a rare behind-the-scenes look at how one investment committee evaluates managers across private equity, private credit, venture capital, hedge funds, infrastructure, and real assets.

Among the topics discussed:

• How institutional due diligence differs from traditional RIA manager selection
• Evaluating more than 1,500 managers annually to identify only a handful of investments
• Building an institutional private markets platform inside a wealth management firm
• Private equity, private credit, venture capital, infrastructure, real estate, and hedge fund allocation
• Why liquidity management matters more than most investors realize
• The growing convergence between institutional allocators and sophisticated RIAs
• GP seeding, GP stakes, co-investments, and negotiated fee structures
• How AI is changing investment research—and where human judgment still creates alpha
• Why emotional intelligence, humility, and process matter in manager selection

Dhruv also shares thoughtful perspectives on private market access, investment committee decision-making, governance, behavioral finance, and why many private wealth solutions simply repackage institutional products without adapting them for taxable, high-net-worth investors.

Whether you're an asset manager raising capital, an allocator evaluating managers, or an RIA building a modern alternatives platform, this episode offers valuable insights into how sophisticated investment organizations think about manager research and portfolio construction.