The OCIO Playbook with Prime Buchholz

What’s changed—and what still matters—in the OCIO model? In this episode of the Dakota Live! Podcast, host Robert Morier sits down with Adam Lerner, Senior Director of Investments at Prime Buchholz, to unpack how a research-driven OCIO and consulting platform evaluates managers, constructs portfolios, and serves nonprofit clients across endowments, foundations, healthcare systems, and more.

Founded in 1988, Prime Buchholz is one of the industry’s leading independent investment consulting firms, advising on over $80 billion in assets for a diverse range of clients, including colleges and universities, foundations, endowments, hospitals, pension plans, and other long-term investors.

We dig into sourcing, underwriting, and ongoing due diligence; active vs. passive in public equities; portfolio concentration; operational red flags; and how client service and technology shape today’s OCIO experience.

In this conversation:
The OCIO landscape and Prime Buchholz’s client mix (education, foundations, healthcare) and footprint from Portsmouth (NH), Boston, and Atlanta.
Research philosophy: why qualitative conviction drives the “A-list,” and how holdings-based questioning tests process discipline.
Common diligence pitfalls: process drift, team turnover (culture tells), and capacity creep—especially in less-liquid segments.
Balancing quant screens with judgment (including niche screens like risk-aware 130/30) and aligning manager roles inside the total portfolio.
Technology’s role: the Prime Plus portal for scenarioing managers, tracking characteristics, and improving meeting-to-meeting clarity with committees.
Endowment model realities: liquidity, governance, and mission-aligned investing—what’s evolving and what endures.

Whether you’re considering an OCIO platform, running due diligence, or managing client relationships, this conversation is a reminder that consistency, transparency, and conviction remain the hallmarks of enduring investment leadership.


Adam Lerner:   / adam-lerner-1a63881  

Robert Morier:   / robertlmorier  

Our Website: https://dakota.com

Prime Buchholz: https://primebuchholz.com/

🎙️ Listen to the Podcast:

Spotify: https://open.spotify.com/show/3NUXRMz...

Apple Podcast: https://podcasts.apple.com/us/podcast...

Chapter Markers:
00:00 Intro
01:37 At the desk
02:51 Prime Buchholz intro
03:33 Adam Lerner intro
04:34 Lunch in Portsmouth
05:24 Career journey
07:31 Baseball rosters
08:24 Important experiences
14:27 Prime Buchholz overview
19:25 Prime Buchholz's competitive edge
25:12 Manager research
30:42 Consultant relationships
31:25 Balancing quantitative and qualitative
33:13 Common manager pitfalls
35:20 Effective questions
37:25 Portfolio concentration
39:14 Active versus passive
41:52 Technology and evolution
45:07 Tools
46:30 The endowment model
49:03 Advice for college students
50:24 Baseball
51:55 Outro