Every allocator says they're looking for great investors.

Jason Howard argues they're actually looking for something else.

In this conversation, the founder of New Catalyst Strategic Partners introduces an idea that deserves far more attention in institutional investing: fundability.

Some investors generate exceptional returns but never build enduring firms. Others create organizations that attract capital for decades. The difference isn't always the track record. It's the ability to build trust, communicate a vision, develop a culture, and convince institutional investors that what you're building will outlast you.

Jason's perspective comes from years spent backing emerging private equity managers, but the lessons extend well beyond GP seeding. Drawing on experiences at GCM Grosvenor, Goldman Sachs, Disney, and now New Catalyst, he explains why the best investment firms resemble great film productions more than they resemble lone geniuses. Producers assemble talent. They create alignment. They help others become successful.

We discuss:

• Why investment skill and fundability are two different things
• What LPs are really underwriting in first-time funds
• GP seeding, GP acceleration and strategic capital
• Why distribution remains one of the industry's greatest competitive advantages
• Building firms that survive long after their founders
• Culture, leadership, resilience and trust in private markets

If you've ever wondered why one emerging manager raises billions while another with an equally impressive track record struggles to get a first close, this conversation offers a compelling answer.