Terry Purcell, CAIA

Terry Purcell has seen the manager-selection process from every seat, a Connecticut pension fund, a $20 billion fund of funds, and now Longwall Family Office, where emerging and specialist managers are a feature, not a risk. In this conversation he lays out how Longwall actually qualifies hedge funds, why personal capital commitment matters more than pedigree, and where managers quietly disqualify themselves.

“Emerging managers should spend a lot of time on their DDQs.”
— Terry Purcell

In this conversation

• How Longwall qualifies hedge funds, and why they prefer emerging managers
• What the 2008 crisis taught him about manager behavior
• Why style drift is a dealbreaker
• The DDQ: where emerging managers should spend far more time
• Fee structures and personal capital commitment
• The infrastructure allocators expect before they wire

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