Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast takes us to the heart of London, where we sat down with Maggie Fanari, the CEO of J. Rothschild Capital Management Limited, investment manager for RIT Capital Partners plc.
RIT blends a rich heritage with a modern approach to both asset allocation and private markets.
Lord Jacob Rothschild founded Rothschild Investment Trust in 1971. RIT listed on the London Stock Exchange with total assets of £280M. Today, the firm stands tall as one of the UK’s largest investment trusts with over £4.7B of total assets.
The firm’s permanent capital and family office heritage have enabled the firm to think long-term, according to Maggie. “Permanent capital is a privilege,” she said.
Maggie has brought an institutional allocator’s background to RIT. She joined as CEO of RIT from Ontario Teachers’ Pension Plan in 2024, where she was Senior Managing Director, Global Group Head of High Conviction Equities at OTPP, which has a global mandate to invest in public and private companies.
Maggie and I had a fascinating discussion about how the firm invests across public and private markets, balancing both top-down portfolio construction and bottom-up asset selection. We covered:
How RIT has aimed to compound wealth over time.
Why top-down portfolio construction and bottom-up asset allocation are equally important.
How can investors capture as much growth, limit market volatility, and compound growth over a long period of time?
How RIT finds unique and different managers in private markets, which includes some of the top investors in the world.
What market structure changes mean for investing across public and private markets?
How to invest when the world order has changed.
Taking a family office mindset and applying that investment mindset for investors in RIT.
Why permanent capital is a privilege.
How to be early to a theme rather than chase the trend.
Why RIT decided to invest in SpaceX, Anthropic, OpenAI, Databricks, and Epic Systems.
Where do investors bucket RIT into their asset allocation?
What is a manager’s edge and how can they apply that edge with consistency?
Why depth of network matters for private markets managers.
Why RIT invested in firms like Thrive, Greenoaks, and Ribbit.
This podcast was recorded on 15 June 2026, and therefore all RIT data is provided as at 31/05/2026.
Maggie Fanari is the CEO of J. Rothschild Capital Management Limited (JRCM) , investment manager for RIT Capital Partners plc. She is Chair of JRCM’s Investment Committee.
Maggie was previously Senior Managing Director, Global Group Head of High Conviction Equities at Ontario Teachers’ Pension Plan, which has a global mandate to invest in public and private companies.
At Ontario Teachers’, she served as a member of many of the pension plan’s investment committees. She was involved in the execution of investments across a variety of asset classes (private and public), including supporting the development and execution of the venture and growth business.
Before joining Ontario Teachers’, Maggie worked at KPMG and Scotia Capital. Maggie is a chartered accountant and a CFA charter holder. She also holds a BBA from the Schulich School of Business at York University and ICD.D certification from the Institute of Corporate Directors.
Maggie served as a non-executive director on the Board of RIT Capital Partners plc from April 2019 to February 2024.
Thanks, Maggie, for sharing your wisdom, expertise, and passion across public and private markets and your thoughtful perspectives from your experiences as an institutional investor.
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Show Notes
00:00 RIT Edge And Heritage
02:49 Maggie Fanari’s Career Path
04:38 Teachers’ Lessons On Allocation
06:04 New Market Paradigm
07:39 RIT Strategy And Track Record
10:36 Backing Top Private Managers
12:31 Co-Invest Playbook
17:27 SpaceX And Public Private Value
21:59 Moats Data And Permanent Capital
26:45 Oversubscribed Funds And Size
28:22 AI Rounds And Valuations
30:05 Fund Size Expansion Debate
31:58 Avoiding FOMO Staying Disciplined
34:00 Private Allocation And Liquidity
35:20 Holding Winners Post IPO
37:36 Retail Investors And Market Structure
39:20 Listed Trusts Discounts And NAV
41:07 Long Term Holders And Asymmetry
43:03 Sentiment Cycles In Private Markets
44:39 Picking Managers And Edge
47:53 AI And Venture Consolidation
50:50 Being A Valuable LP Partner
52:51 Cross Asset Insights One Team
54:43 Risk Geopolitics And Resilience
58:39 Permanent Capital Best Of Both
01:00:18 Closing
Disclaimer: Alt Goes Mainstream is an independent podcast and newsletter focused on the private markets industry. It is published for informational and educational purposes only and does not constitute investment advice, financial advice, legal advice, or any other form of professional advice. Nothing contained herein should be construed as a recommendation to buy, sell, or hold any security or investment product. Some companies, individuals, or organizations featured or mentioned in this newsletter may be current or past sponsors of Alt Goes Mainstream. Sponsorship does not influence editorial coverage, but readers should be aware that a relationship might exist. The author may hold direct or indirect investments in companies, funds, or other entities mentioned in this podcast or newsletter.
Editing and post-production work for this episode was provided by The Podcast Consultant.
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