Billion Dollar Backstory

“Be authentic.” “Own your story.” “Sharpen your edges.”We say these things at Havener Capital all the time (and Stacy says them a lot). But here’s the real question: do they actually move the needle?Mike Denklau, founder of Dorset Agriculture, is here to tell you they do. Today, he’s giving us a behind-the-scenes look at what happens when you stop code-switching… and start building from your real story.Before launching Dorset, Mike was part of Harvard’s endowment, helping manage a $4B+ agriculture and timber portfolio. Long before that, he was an Iowa farm kid. The journey from flannel in the fields to fund meetings in Boston is full of lessons for any founder navigating identity, fundraising, and first-time firm-building.Here’s what you’ll hear in this episode:How a kid from Iowa ended up managing billions at Harvard and how that full-circle moment sparked Dorset’s launchThe overlooked opportunity in ag investing most firms ignore (and where meaningful, steady alpha may actually be hiding)How Mike landed his first investor without a pitch and without trading his comfy flannel in for a stiff suit to fit in Why boutique founders need to stop hiding behind polish and let LPs see the messy middle (because that’s where conviction is built)What early-stage fundraising actually feels like and how to keep going when the uncertainty feels personal and loudThis isn’t just a story about agriculture. It’s a case study in what happens when you own your different, build what the market didn’t even know it needed, and let your backstory do what it does best: open doors that fitting in never could. More about Mike Denklau: Mike was born into a third-generation farming family and raised on a farm in Iowa. He has 14+ years of investment and finance experience and was involved with $8B+ of transactions.Prior to Dorset, Mike was an agriculture investor at Solum Partners and Harvard Management Company. Previously, Mike held investment and investment banking roles at Hudson Advisors, Barclays, and Lehman Brothers.Mike earned a MBA and JD from Northwestern University and a BBA in Finance and a BS in Political Science from the University of Iowa. Mike is also a member of the Illinois State Bar Association.Mike enjoys golf, skiing, and Hawkeye football. He currently lives in Boston with his wife, two children, and golden retriever. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

In this industry, everyone talks about innovation. But innovation rarely starts in a conference room. It starts when a client hits a wall. When they’re overwhelmed, under pressure, or staring at an opportunity they can’t quite reach alone.That’s where Ultimus Fund Solutions steps in. This team doesn’t just throw tech at the problem. They roll up their sleeves, pick up the phone, and build real solutions, side by side with their clients.In this episode, you’ll hear what that actually looks like:A multi-billion-dollar RIA streamlining 400+ SMAs and mutual funds into a single ETF that’s now at $1.2B and climbingA $20B alternatives manager slashing launch time nearly in half with Ultimus GatewayA private credit strategy that didn’t exist until Amanda’s team built it, piece by pieceA middle office crew turning “random one-off asks” into a well-oiled machineA data team translating challenging requests into crystal-clear, decision-ready KPIsIf you’ve ever wondered what a true partnership feels like in financial services, this is your peek behind the curtain.More About Ultimus:Ultimus Fund Solutions delivers fund servicing, middle and back office support, and one-of-a-kind solutions across ETFs, mutual funds, private funds, and alternatives, with real people who actually listen, collaborate, and deliver.Learn more at billiondollarbackstory.com/ultimus

Panels are weird. Everyone’s trying to look smart without sounding rehearsed. And somehow you’re supposed to introduce yourself and tell memorable stories in just a matter of minutes. It’s not easy, and it’s not something you want to wing (especially if you want to make sure your participation is worth your while). That’s why, in this episode, Stacy’s breaking down her top dos and don’ts for showing up sharp and human on a panel. Whether you’re intro’ing yourself or riffing off someone else’s point, these moves will help you actually make your time on stage count.You’ll learn:What makes a 90-second intro landHow to make a panel feel less like a meeting that should’ve been an emailA better way to add to someone else’s point (without just repeating it and blending in)This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Most people love to talk about the “boutique advantage,” but very few can show you what it actually feels like from the allocator’s side of the table.Seb Stewart can.Seb is Partner and Head of US Institutional BD at Pacific Asset Management (~$20B AUM) and Chair of IMI, the global think tank for specialist firms. In this episode, Seb and Stacy sit down at NASDAQ Studios to discuss what allocators actually value, why boutiques win when they stop acting like large platforms, and how human behavior (not products or performance) raise real funds. In this episode, you’ll hear about:Why fundraising is really about selling people and behavior, not productsThe underestimated trust dynamic between PMs and fundraisersThe behavioral cues allocators read before they ever open your deckWhy boutiques win on access, alignment, independence, and specializationKey insights from IMI’s landmark research on what truly sets boutiques apartWhy distribution and story remain the biggest choke points for boutiques More About Seb:Prior to joining Pacific as Head of US Institutional Sales, Seb spent 11 years at emerging market specialist, Somerset Capital Management LLP where he had been a Partner, Head of Client Services and latterly Deputy Head of Marketing. Seb helped grow the firm from $1.5bn to $10bn in AUM, working with institutional and wholesale clients across the world, with a particular focus on pension funds, foundations, endowments, family offices and investment consultants in the US. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

If your firm’s outside the U.S. and you’re thinking about bringing your fund here, you’ve probably already started googling and found yourself a million new to-dos. But before you start checking off all of the boxes (structure, fees, compliance, product, etc.), make sure you’re not skipping the vital first step most fund managers miss.In this episode, Stacy breaks down the underrated first step that sets successful firms apart when they expand into (or out of) the U.S. and why the smartest managers start with who, not how.You’ll learn: • The mindset shift that saves months of frustration • How co-creating with investors builds traction early • Who to call when you’re entering or exiting the U.S. market • A smarter way to test your idea before spending a dimeThis is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap