What if enterprise software as we know it is dead in five years? A family office insider explains why AI might make traditional SaaS obsolete.
In the 8th installment of our Private Markets Series, host Angelo Calvello interviews Brad Bryndal, Senior Managing Director at Huizenga Capital Management, about his unconventional approach to private markets. Brad discusses why venture capital remains their best-performing asset class despite extended exits, shares concerns about AI overcapitalization while acknowledging rising valuations, and explains his early conviction in defense technology and cryptocurrency. The conversation explores enterprise software disruption, tokenization of real-world assets, and the case for democratizing private market access in retirement plans. Brad's candid perspective offers institutional investors an unfiltered look at emerging opportunities.
Brad Bryndal is Senior Managing Director and member of the Investment Committee at Huizenga Capital Management, a family office based in the Chicago area. At Huizenga, Brad is responsible for sourcing, analyzing, and managing private and direct investment opportunities across venture capital, defense technology, cryptocurrency, and tokenized assets. Prior to joining Huizenga, Brad worked as a Portfolio Manager at Man Group Plc, where he developed expertise in alternative investments and risk management. He received his undergraduate degree from Miami University in 1995. Brad is known for his early conviction in emerging technologies and contrarian investment approach.
In This Episode:
(00:00) Brad Bryndal and his unconventional investment approach
(03:32) Brad's early career, crypto journey, and libertarian philosophy
(05:03) Venture capital returns and the extended exit environment
(08:06) AI's impact on enterprise software and future business models
(13:43) Defense tech investing and the changing military-industrial complex
(22:12) Tokenization of real-world assets and blockchain infrastructure
(29:39) Workforce implications and democratization of private market access
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Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.
As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.
Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunit...
Chapters
- (00:00:00) - The Institutional Edge: AI, Money, and More
- (00:01:02) - Private Markets
- (00:02:27) - Favorite Place to Vacation?
- (00:03:33) - Private Equity and the VC Bubble
- (00:06:36) - WSJDLive: 40% of VC Capital is going into AI
- (00:08:44) - Are We Overcapitalized for AI?
- (00:10:42) - Will AI Change the Defense Tech?
- (00:14:23) - Is Dual Use Important for Defense Tech?
- (00:17:30) - Defense Tech's Dynamism
- (00:20:17) - Private Equity's Secondaries Boom
- (00:23:32) - Top Executives: Tokenization
- (00:26:09) - What is Tokenization Disrupting the Financial Services Industry?
- (00:29:39) - How Tokenization Will Change Asset Owners' Hiring
- (00:33:07) - Private Investments in the 401K
- (00:37:34) - The Worst Pitch You've Heard
- (00:39:21) - PNI: The Super Trio
- (00:40:32) - Sponsored: Th
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