Swimming with Allocators

Rethinking the Venture Co-Investment Playbook

Wed, 22 Apr 2026 08:30:00 -0000

This week on Swimming with Allocators, Juan Diego Briceno (JDB) shares his journey from New York private banking and Latin American wealth management to building and spinning out Pomifer Capital, an “extension of family office teams” focused on private equity and venture capital. He explains how sophisticated family offices think about alternatives, why many learn the hard way that they shouldn’t try to be full-time VCs, and how to avoid adverse selection in both direct deals and co-investments. The conversation covers hype cycles and climate investing, the dangers of over-concentrating in themes, what makes a family office truly institutional-ready, and how to design a durable venture program through vintage diversification, strategy mix, and manager selection. JDB also breaks down key differences between PE and VC (from GP backgrounds to data transparency), why traditional PE-style co-investing often fails in venture, and how creative structures like lower management fees with higher carry can better align GPs and LPs. Also, Michael Podolny of Sidley explains how current macro uncertainty and the AI boom are slowing some venture deals, concentrating capital into a few “prized” AI companies, driving consolidation and acqui-hires, and sparking an early comeback of SPACs for high-growth startups.

Highlights from this week’s conversation include:

Learning to Relentlessly Advocate for Clients in Wealth Management (1:10)
Climate Co Investments and Managing Venture Hype Cycles (3:26)
Why Family Offices Should Not Do All Venture Deals Direct (5:38)
Spinning Out to Create Pomifer Capital (8:02)
Designing PE and VC Programs With Patient, Flexible Capital (10:03)
Examples of Patient Capital and Holding Concentrated Winners (12:12)
Macro Environment and AI-Driven Markets (15:12)
How Startup Legal Practice Has Evolved and Globalized (18:25)
Automating Rote Legal Work and Focusing on High Stakes Advice (19:55)
Why Starting a Venture Program Is Hard for Family Offices (21:08)
Traits of Top-Performing Venture Managers (23:31)
Questions to Test GP Self Awareness and Blind Spots (25:52)
Data Transparency Differences in Private Equity and Venture (28:05)
Who Should Reach Out to Pomifer For Capital (34:23)
What Juan Wants to See More of in GP Strategy and Firm Design (35:27)
Final Thoughts and Takeaways (37:43)

Pomifer Capital Partners is a Registered Investment Adviser based in Texas, serving as an extension of family office investment teams. Pomifer focuses on differentiated venture capital and private equity fund investments, co-investment opportunities, and other distinctive private-market strategies.

Registration as an investment adviser does not imply a certain level of skill or training. The information provided is for informational purposes only and does not constitute a solicitation or recommendation. Additional information, including services, fees, and potential conflicts of interest, is available in Pomifer Capital’s Form ADV Part 2A.

Learn more at www.pomifercapital.com

Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.

Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.

The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

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What LPs Want and GPs Need to Hear

Wed, 15 Apr 2026 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa chat with Regina Green as she shares her journey from growing up as “the different one” in Georgia to spending 17 years at Goldman Sachs and leading the Launch With GS initiative focused on channeling capital to underrepresented founders and fund managers. She explains how that experience led her to Catalyze, where she now supports “capital entrepreneurs” through a GP fellowship and the GP Runway Fund, providing working capital loans to emerging managers building institutional-quality firms. Key takeaways include the importance of context and empathy in investing, why diversity strategies must start early in the capital stack, how GPs should think about firm-building beyond deal-making, and why Regina is optimistic about the rise of innovative capital products and more inclusive asset management over the next three to five years. Also, Michael Podolny of Sidley explores how secondary and tender offer markets have evolved into a standard part of late-stage private companies’ path to IPOs, highlighting who’s buying these shares, how deals are structured, and the legal/structural pitfalls GPs and companies need to navigate.

Highlights from this week’s conversation include:

Identity, Perspective, and Being Different In Predominantly White Institutions (0:21)
Southern Upbringing, Magnet Schools, and Becoming a Listener (3:04)
Launch with GS and Diversity in Venture (4:09)
Rethinking Institutional Diversity Programs in 2020 (9:44)
Equipping New Managers and Filling Early Stage Capital Gaps (12:32)
Catalyze, Capital Entrepreneurs, and Innovative Capital Products (16:02)
Firm Infrastructure, Service Providers, and GP Working Capital (19:07)
Strategic Investors and Secondary Only Funds In Growth Stage Deals (24:29)
Blended Valuations Across Primary and Secondary Rounds (27:36)
Staying High Touch with Capital Entrepreneurs at Catalyze (29:09)
GP Stakes Versus Non-Dilutive Working Capital Loans (31:55)
How LPs View GP Stakes and GP Loans (35:50)
Treating LP Outreach Like a Sales Process (39:06)
Signals of Enduring Firms and Long-Term Orientation (42:00)
Innovative Capital, Wealth Building, and Future Optimism (45:40)

Catalyze is a national platform that provides Capital Entrepreneurs with the capital and support they need to build enduring firms. Catalyze also operates capital solutions including the GP Runway Fund, extending flexible working capital loans to underrepresented and innovative investors raising funds one through three. https://catalyze.community/

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The Allocator’s Checklist: How LPs Size Up Managers

Wed, 08 Apr 2026 09:00:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Charlotte Zhang, Senior Portfolio Manager at Inatai Foundation. Charlotte shares her unconventional path from tech investment banking into LP life, her work at Inatai Foundation, and how she evaluates fund managers across asset classes. She explains Inatai’s mission-driven, endowment-style strategy centered on efficiency, innovation, and impact, and how they manage capital for other aligned foundations. She also shares how generalist allocators run thematic research sprints, why they avoid rigid asset class buckets, and how they think about biotech, crossover, and platform value creation. For venture managers, she outlines what LPs look for: real differentiation rooted in an unmet need, some form of specialization, strong networks and early access, and the “four Ps” all anchored in people with integrity and learning agility. Also, don’t miss Michael Podolny as he explains how Sidley’s emerging companies practice is increasingly busy as AI-driven and globally ambitious startups seek sophisticated, full‑lifecycle legal and tax advice from day one, with a particular focus on planning early to maximize QSBS tax benefits and founder outcomes.

Highlights from this week’s conversation include:

Charlotte’s Path From Banking to Allocator (1:12)
Inatai’s Mission and Investment Focus On Racial Justice (6:12)
Investment Strategy and The “Three I’s” (Inefficiency, Innovation, Impact) (7:54)
Managing Multiple Asset Classes W\with Thematic Research (12:23)
How Sidley Supports Sophisticated, AI-Driven Startups and QSBS Planning (18:25)
What Emerging Managers Get Wrong With Foundations and OCIOs (23:39)
Why Specialization and Differentiation Matter in Venture (24:09)
Charlotte’s Take on Venture Versus NASDAQ and Top-Decile Returns (36:38)
Charlotte’s Immigrant Background and Empathy or Underdogs (41:19)

Inatai Foundation is a 501(c)(4) philanthropy seeking to transform the balance of power to ensure equity and racial justice across Washington state and beyond. The organization is accountable to leaders and organizations building power in racially diverse communities in Washington state and seeks to primarily fund community based organizations led by people of color. With a team based throughout Washington, it works to advance four distinct areas of work: relationship building, policy and advocacy, investment management, and grantmaking. Learn more at www.inatai.org.

Inatai Investment Management Company is guided by the belief that successful investing is about more than money. The organization leverages extensive expertise, deep resources, nimble governance structure, and knowledgeable investment managers to generate long-term, sustainable returns for Inatai Foundation and other mission-aligned organizations, using a cost-sharing model. The investment options chosen are determined not just for their potential for growth but for how they support our values and the positive impact they may achieve for the world. Our goal is to become a proactive, community-driven force for change in capital markets and in the investment sector at large. Learn more at www.inatai.partners.

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Power Laws, Secondaries, and Staying Consistent: StepStone’s VC Framework

Wed, 01 Apr 2026 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa chat with Anthony Giambrone, Partner at StepStone Group. Anthony shares his unconventional path from gas station manager and nightclub worker to leading a major global venture allocation platform. The conversation covers his break into investment banking, the scaling of GreenSpring into StepStone, and why relationships, EQ, and consistency across vintages matter more than market timing in venture. Key takeaways include the power-law nature of VC returns, how emerging managers and spinouts can stand out with a real edge and long-term relationship-building, why asset quality matters more than discounts in secondaries, and how AI, liquidity pressures, and longer private company lifecycles are reshaping the next decade of venture capital. Also, Rebecca Stuart, an employment-focused partner at Sidley, explains how she helps venture-backed companies navigate complex employment and co‑founder separations, equity and vesting pitfalls, evolving worker classification and pay transparency laws, and the fast-changing regulatory landscape around AI in hiring and employment decisions.

Highlights from this week’s conversation include:

Anthony’s Background and Humble Beginnings (0:42)
Importance of Empathy and Relationships in Venture (4:16)
Applying Greenspring/StepStone Experience to Today’s Market (6:15)
StepStone Venture Team, AUM, and Global Footprint (8:07)
Why You Can’t Time Early Stage Venture (9:38)
Vintage Volatility and Power Law in Venture Outcomes (11:23)
How Founder Ambition Affects GP and Fund Diligence (14:28)
Insider Segment: Co‑Founder Divorce (18:04)
Using New Investments to Clean Up Equity and IP (21:43)
Employees Demanding Human Review in AI‑Driven Processes (25:43)
Fund Slot Constraints and LP Down‑Selection (28:33)
Advice for New LPs on Capturing Upper Quartile Returns (31:36)
Is Top Quartile Performance Still Good Enough? (33:08)
Secondaries Strategy and Asset Quality Over Discounts (34:31)
Liquidity Pressures, DPI, and GP‑Led Solutions (38:37)
StepStone’s 10‑Year Lifecycle Partner Vision (40:35)

StepStone Group is a global private markets firm focused on providing customized investment solutions and advisory and data services to its clients worldwide. The firm’s venture capital and growth equity platform, built on the foundation of Greenspring Associates, manages $25B+ in AUM across primary fund investments, secondaries, and co-investments, as of June 30, 2025. Learn more at www.stepstonegroup.com.

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DDQ: Founders, Fraud & ‘Fake It Till You Make It’

Wed, 25 Mar 2026 08:30:00 -0000

This week on Swimming with Allocators, it’s time for another discuss, debate, and question (DDQ) episode as Earnest and Alexa riff on founders behaving badly and the cultural and governance failures enabling fraud-like behavior, then dive into how enterprises will actually adopt AI and what that means for the future of SaaS and vertical software. They unpack the rise of GP-led secondaries, strip sales, and mounting impatience around liquidity, using recent market data to explain why secondary activity is accelerating. The conversation shifts to Brendan Baker’s three-tier venture framework (mega, middle, and small funds), where they debate where innovation, desperation, and real differentiation will come from. They explore whether LPs should back first-time fund managers without a traditional track record, what “track record” should really mean, and why softer skills, pattern recognition, and learning velocity matter. They also discuss treating fundraisers like enterprise B2B sales, how to qualify LPs and build authentic GP–LP relationships, and close with a playful “start, bench, cut” on SpaceX, OpenAI, and Anthropic to frame how they think about pre-IPO AI and space bets.

Highlights from this week’s conversation include:

Prediction: 2026 as the Year of Founders Behaving Badly (1:16)
Misuse of Startup Funds and Rise in Legal Issues (1:48)
Narrative-Driven Investing and Weak Governance in VC (2:28)
Enterprise AI Adoption: Rory O’Driscoll’s Five Paths (3:25)
Will Big SaaS Survive the “SaaS Apocalypse”? (5:43)
LP Liquidity Pressure and GP-Led Secondaries (9:19)
Data on Secondary Pricing, Continuation Vehicles, and Strip Sales (12:04)
Venture Splitting into Mega, Middle, and Small Funds (15:26)
Desperation, Differentiation, and Innovation Across Fund Sizes (17:52)
Should LPs Back First-Time Fund Managers Without a Track Record? (21:41)
Learning Velocity, Curiosity, Kindness, and Willingness to Schlep (24:49)
The Value of Apprenticeship and Seeing Portfolios Over Time (25:50)
Game: Start, Bench, Cut – SpaceX, OpenAI, Anthropic (30:16)
One Question to Ask a First-Time Fund Manager (34:32)
Signs of Strong GP–LP Fit: Informal Contact and Vulnerability (36:48)
Closing Remarks and Episode Wrap-Up (37:40)

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How to Separate Yourself When Everyone Has the Same Deck

Fri, 20 Mar 2026 14:39:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Zach Ruchman, Shareholder & Managing Director, Private Investments at HB Wealth. Zach shares how his unconventional path through the Middle East, international development, consulting, and BlackRock has helped shape the way he makes decisions under uncertainty and evaluates managers. He talks about why venture requires comfort with long duration and illiquidity, why fund size defines strategy, and how alignment of incentives between GPs and LPs really works. Zach explains HB Wealth’s multi-family office approach to private markets across credit, real estate, private equity, and venture, and stresses that in a crowded VC market, authentic differentiation, deep curiosity, and long-term relationship building still matter more than any tool or trend. Also, Rebecca Stuart of Sidley explains how founders and VCs should think about non‑competes, non‑solicits, and trade secret protection in a multi‑state, remote‑work world, emphasizing practical, enforceable ways to safeguard talent and IP as restrictive covenant law shifts across the U.S.

Highlights from this week’s conversation include:

Zach’s Non-Linear Path and LP as the Best Job in Finance (0:31)
Investing Into Uncertainty and the Need for 10x Venture Outcomes (2:33)
Fund Size as Strategy and How Cost of Capital Shapes Venture Models (4:44)
HB Wealth Overview, AUM, and Focus on Private Markets (7:25)
How HB Packages Private Offerings for Different Client Profiles (8:35)
Incentive Alignment, Fees, and Why Zach Prefers Smaller Managers (11:09)
What True GP-LP Partnership Looks Like Beyond Formal Diligence (12:45)
Radical Transparency, Learning Velocity, and Updating Investment Priors (15:07)
Full Life Cycle Counsel for Venture Backed Companies (17:29)
Non Competes, Regulatory Shifts, and Implications for VC Portfolios (19:31)
Non-Solicitation Agreements, Remote Teams, and Multi-State Compliance (22:32)
Trade Secrets, IP Assignments, and Layered Protection Strategies (24:59)
Differentiation in a World with Thousands of Venture Funds (27:07)
Authentic Superpowers, Avoiding Generic YC Adjacent Strategies (32:58)
Venture as an Essay Test and the Industry’s Maverick DNA (35:52)
What Drives Quick Passes and Alignment Issues for New Funds (39:18)
How LPs Triage Email, Say No, and Capacity Constraints on Commitments (41:24)
Advice To High Net Worth Families Entering Venture (44:03)
Long Term Optimism About Innovation and Private Markets (45:54)

HB Wealth is a national independent wealth management firm providing fiduciary, fee-only investment management and financial planning services. With over $28 billion in assets under management and more than 3,700 client relationships nationwide, HB helps families, executives, and entrepreneurs steward their capital with purpose. Learn more at www.hbwealth.com.

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Built for Venture: Problem-Solving Meets People Work

Wed, 11 Mar 2026 08:30:00 -0000

This week on Swimming with Allocators, Marcia Mitchell joins Earnest and Alexa to trace her path from FF Venture Capital to New York Ventures and now Mesa Lane Capital, a GP-seeding fund focused on emerging managers. She shares how her time in government shaped a broader, more responsible view of innovation and capital allocation, and discusses the increasingly crowded emerging manager landscape and where capital is still being overlooked. Marcia also breaks Mesa Lane’s differentiated model of large anchor checks, follow-on commitments, co-invest pools, no carry at the FoF level, and hands-on support, positioning the firm as a true co-builder. The conversation closes with how parenthood reshaped her approach to focus, boundaries, and investing in people who energize her.

Highlights from this week’s conversation include:

Welcoming Marcia Mitchell to the Show (0:22)
Moving Into Public Sector Allocations at New York Ventures (3:39)
Are We Capped Out on Emerging Managers in Today’s Market? (7:33)
How Mesa Lane Differentiates Its Fund of Funds Model (9:49)
Facilitating Direct Relationships Between GPs and LPs (12:07)
How Engaged Are LPs With Direct Deals and Co‑Investments? (13:22)
Radical Transparency and Hands‑On Support in Diligence (14:42)
Shifts in Founder Boards, Equity, and Employment Terms (17:54)
Power Dynamics and “Prenup” Mindset in Founder–Investor Negotiations (19:46)
Drafting Around Founder Entrenchment and Board Deadlock (20:57)
Why Rebecca Joined Sidley and the Firm’s Venture Platform (22:14)
What a Mesa Lane GP Looks Like (24:16)
Industry Maturation, Hedge Fund Parallels, and Co‑Opetition in Venture (26:07)
Back Office Platform, Service Provider Discounts, and AI in Operations (28:46)
How Parenting Changed Marcia’s Perspective and Boundaries as an Investor (30:42)
Prioritization, Structure at Home, and Investing in Energizing People (33:11)
Who Mesa Lane Wants to Hear From: Ideal Fund Size and Stage of GPs (35:46)
Sector Focus, Crypto Caveats, and Thoughts on Solo GPs (37:10)

Mesa Lane Capital is a $300M emerging manager investment platform backing early-stage VCs. The firm makes $20M anchor-style fund commitments and offers operational support across legal, tax, admin, and HR functions. Mesa Lane is not a traditional FoF: they offer access to their LP network and prioritize transparency and value-add. Founded by Scott Sherman (ex-Blackstone, Tiger) and Mark Friedman (hedge fund builder), they blend Wall Street rigor with venture approachability.

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The New Rules of Venture: What Next-Gen LPs Should Know First

Wed, 04 Mar 2026 09:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Iliana Oris Valiente, a F500 corporate executive, independent LP, and founder of the Capital Decoded program, to explore the evolving landscape of venture capital. Iliana shares insights from her global background, discusses why generalists excel in the AI era, and outlines the challenges next-gen family offices face when entering VC. The conversation also covers the importance of clear investment thesis, trends in emerging markets, and the critical need for trust and education between GPs and LPs. Listeners will gain practical frameworks and actionable advice for navigating today’s rapidly changing investment world. Also, don’t miss Sidley’s Shane Goudey discussing current trends in venture capital fundraising, with an emphasis on where LP investment is coming from and the growing interest in co-investment opportunities.

Iliana Oris Valiente, CPA, CA is an accomplished corporate executive, emerging tech pioneer, board member, author, and global citizen. She is a recognized media figure, having been featured from Bloomberg to The Financial Times, across TV and print. Iliana is an angel investor, fund LP, and regularly advises family offices on emerging trends. She built Capital Decoded — an investor education program specifically designed to demystify VC as an asset class. Learn more at IlianaOV.com

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Inside VenCap’s Data-Driven Playbook for Venture Returns

Wed, 25 Feb 2026 09:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome David Clark, CIO at Vencap, who unpacks the realities of venture capital, emphasizing a data-driven approach to understanding returns, the persistent and intensifying “power law” in VC, and why only a small percentage of funds and companies drive outsized results. The discussion covers the challenges of evaluating new managers versus established firms, the nuances of secondary investments, and the critical importance of consistent, top-tier fund performance. Listeners will gain insight into the pitfalls of confirmation bias, the difficulties facing retail investors, and why strategy, transparency, and adaptability are key for long-term VC success. Also don’t miss Rebecca Stuart of Sidley as she explains how unprecedented AI-focused acqui-hires function as talent raids that can bypass standard change-of-control protections. She also outlines legal and structural strategies VCs and startups can use like broadened definitions of change of control, retention and vesting design, and coordinated employment/comp practices, to better protect portfolios and key teams.

Highlights from this week’s conversation include:

Welcoming David to the Show and Previewing Today’s Episode (0:18)
David’s Shift From Traditional LP Diligence to Data-Driven Investing (2:48)
How Long Feedback Loops and Unknown Unknowns Shape Venture Outcomes (5:16)
Confirmation Bias, Narratives, and Doing Pre-Meeting Homework on Managers (6:55)
Pattern Recognition and What World-Class Founders Look Like (8:49)
Using Power Laws and Top 1% Companies as the Core LP Filter (10:40)
Why Singles and Doubles Rarely Add Up to Great Venture Funds (13:46)
AI Acqui-Hires, Talent Raids, and Risks to VC Portfolios (17:20)
Deal Structures That Avoid Change of Control and LP Protections (19:04)
Retention Tools, Forfeiture for Competition, and Staggered Vesting Cliffs (20:53)
Democratization of VC, 401(k) Investors, and the Risk of Disappointment (25:22)
Emerging Managers and the Myth of the Middle Class in Venture (30:58)
Venture Secondaries, Premium Pricing, and Why Discounts Can Be Misleading (36:04)
Scope Creep, Platform Expansion, and When LPs Disengage From Big Firms (42:06)

VenCap is one of the longest-running dedicated venture capital fund-of-funds globally, investing in many of the world’s leading VC firms for over three decades. The firm’s strategy emphasizes long-term consistency, deep relationship networks, and concentrated exposure to top-tier venture capital companies across cycles.

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SWA’s Best of 2025 (Part 2)

Wed, 31 Dec 2025 09:30:00 -0000

This week on Swimming with Allocators, Earnest wraps up the “Best of” moments of the year for the podcast. These moments feature insightful conversations with leading voices in venture capital and fund management. Topics include the challenges LPs face in today’s market, strategies for selecting and supporting emerging fund managers, evolving industry trends in fintech, crypto, and AI, and the critical importance of transparency, humility, and strong client relationships. Key takeaways highlight the necessity for a compelling thesis, expert communication, and adaptability in a hyper-competitive market, providing actionable lessons for both established players and new entrants in the venture ecosystem. Don’t miss the top moments from the show this year!

Highlights from this week’s conversation include:

Season Highlights and the Best Of Countdown (0:34)
Reflections on Venture Capital Lessons and Year-End Energy (3:45)
Laura Thompson and Her Impact on LP Transparency (7:37)
Challenges of Fund Underwriting and the Importance of Reference Work (11:21)
Trends in Fintech, AI, Crypto, and Their Effect on Manager Selection (15:12)
How to Approach Reserves and Portfolio Construction (18:55)
The Difficulties and Opportunities for Emerging Managers Today (22:41)
Capital Formation Insights With Guest Megan Reynolds (26:25)
Why Client Experience Is as Important as Fund Performance (30:10)
Industry Institutionalization, Reporting, and Relationship Trends (33:57)
The Evolving Retail LP Market and the Future of Venture Access (37:41)
What Makes Great Emerging Managers and Fund Builders Stand Out (41:25)
Lessons Learned, Teamwork in Investing, and Season Wrap-Up (45:12)

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SWA’s Best of 2025 (Part 1)

Wed, 24 Dec 2025 09:30:00 -0000

This week on Swimming with Allocators, it’s a bonus episode as Earnest talks about the "Best of Season Three" on the show, highlighting memorable moments and insights from the year’s most popular shows. Topics include building intentionally diverse venture portfolios, the value of connecting distinct networks in the VC space, and innovative approaches to GP seeding and strategic partnerships for fund managers. Key takeaways for listeners are the importance of focusing on quality and flexibility over rigid investment categories, embracing discomfort to foster impactful professional connections, and looking beyond the largest funds to find unique opportunities and generate true alpha in venture capital. Don’t miss a look back at some of the best moments on the podcast in 2025.

Highlights from this week’s conversation include:

Welcome and Introduction to the Best Of Episode (0:02)
Honorable Mention: Joshua Berkowitz on Venture Portfolios (3:43)
Embracing “A Mess by Design” in Portfolio Strategy (4:03)
Kevin and Raudline on Network Building and Connectivity (9:41)
The Value of Bridging Networks and Network Effects (12:36)
Capital Concentration and Middle-Market Allocators (14:33)
Trends in Venture Capital for 2025 and Beyond (17:35)
Jason Howard on GP Seeding and Strategic Partnerships (22:25)
Partnership Benefits and Advisor Roles for GPs (27:02)
Final Thoughts and Takeaways (35:57)

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From Consumer Insights to AI Upside: How LPs Win in the Next Decade

Thu, 11 Dec 2025 15:57:00 -0000

This week on Swimming with Allocators, Elizabeth Egan of TIFF Investment Management shares her journey through the investment industry, offering insights from her experiences as both an LP and GP, and highlighting the valuable lessons learned from her time in the consumer sector. The conversation also explores TIFF’s focused approach to private markets, why brand and network effects matter in venture investing, and the necessity of diligence and unique perspectives to identify emerging managers in a competitive landscape. Key takeaways include the importance of building long-term relationships, the critical role of GP talent density, and how LPs can generate strong returns by backing early-stage, specialist managers. Also, don’t miss our insider segment as Shane Goudey of Sidley discusses how fund managers are increasingly engaging with the secondary market and adopting creative structures like continuation funds and preferred equity to provide liquidity options and manage complex relationships with limited partners.

Highlights from this week’s conversation include:

Welcome, Introductions, and Elizabeth’s Career Journey (0:42)
Benefits of Early LP Experience and Investment Perspective Shift (3:07)
The Importance of Evaluating Deals with the "Sniff Test" (4:43)
How Consumer Packaged Goods Experience Informs Investing (6:39)
The Role of AI in Venture Capital and the Importance of Judgment (8:37)
Human-Centric Strategies and Network Effects in Venture Capital (10:19)
Defining Success at TIFF and Generating High Returns (14:07)
Discussion of Venture and Private Equity Liquidity Strategies (18:12)
The Negotiation Layers in SPV and Fund Structures (23:35)
Rationale Behind TIFF’s Focus on Specific Market Segments (26:19)
How TIFF Selects and Builds Relationships With Early Managers (28:43)
Communicating Early Investment Focus to Clients (31:10)
Growing With Managers Through Direct and Fund Investments (32:55)
Seeking Long-Term Vision in Fund Managers, Not Just Investors (35:09)
The Future of Venture: GP Talent Density and Market Trends (37:59)
The Importance of Finding Breakout GPs and Parting Thoughts (41:02)

TIFF Investment Management TIFF is an OCIO (Outsourced Chief Investment Office) founded by the Rockefeller and MacArthur Foundations to serve the nonprofit community. TIFF manages approximately $10 billion in assets as of September 30, 2025, including roughly $3.0 billion overseen by the private markets team across venture capital, private equity, and direct equity strategies. Learn more at https://www.tiff.org.

Elizabeth Egan is a Director at TIFF Investment Management. The views expressed on this podcast are her own and are for informational purposes only. They should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. Any examples or discussions are intended for general educational purposes and should not be relied upon for making investment decisions. Past performance is not indicative of future results. Investments in private funds involve a high degree of risk, including the potential loss of principal. TIFF does not endorse, sponsor, or approve any advertisements that may appear during this podcast.

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Rethinking Fundraising: What LPs Really Value

Wed, 26 Nov 2025 09:30:00 -0000

This week on Swimming with Allocators, Apurva Mehta, Co-Founder and Managing Partner at Summit Peak Investments, joins Earnest and Alexa to share his unique journey from institutional portfolio management to building a venture fund of funds. The discussion covers building strong networks and communities for allocators and GPs, adapting to the evolving and increasingly crowded venture landscape, and maintaining discipline in fund size and valuations. Key takeaways include the importance of deep relationships and responsiveness, rigorous diligence in a noisy market, and the advantages of staying nimble to deliver consistent returns and foster long-term partnerships. Also, don’t miss Shane Goudey of Sidley as he discusses venture funds practice, building a robust, full-service legal team for venture capital clients and the current surge in fund formation and liquidity as the venture market heats up at the end of 2025.

Highlights from this week’s conversation include:

The Journey of Apurva Mehta in Allocations and Investing (0:32)
How Apurva Built A Network-First Allocator Community (3:54)
The Inception of Summit Peak and Entrepreneurial Spirit (7:46)
The Importance of Being the Central Node in Venture (11:09)
Identifying New GPs and Evolving Venture Networks (15:13)
On The Challenges of Filtering and Iterating for Success (19:20)
The Legal and Fund Formation Landscape with Shane Goudey (22:57)
Fund Manager Trends and What Surprises Apurva (27:53)
Concerns About Market Valuations and Fund Size Discipline (30:39)
Impact of Market Dynamics on Growth Deal Approaches (34:18)
Being Proactive Versus Passive in Co-Investing (38:28)
Trends and Predictions for the Next 10 Years in Allocations (41:49)
Summit Peak’s Vision For Success and Staying Nimble (44:57)

Summit Peak Investments is a venture-focused investment platform backing the next generation of exceptional managers. With a dual strategy of investing in top-performing pre-seed and seed-stage funds alongside targeted Series B+ co-investments, Summit Peak partners with GPs and founders to generate long-term, outsized returns. Learn more at summitpeakinv.com.

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The Venture Compass: Authenticity, AI, and the Power of Congruence

Wed, 19 Nov 2025 09:30:00 -0000

This week on Swimming with Allocators, Jay Rongjie Wang, Founder and CEO of Primitiva Global, shares her journey from her pioneering upbringing shaped by her mother’s tech entrepreneurship to becoming a leading venture investor bridging Silicon Valley, Hong Kong, and Shanghai. Jay discusses the importance of authenticity and “congruence” in investment decisions, her “impossible triangle” theory for evaluating AI opportunities, and cross-border fundraising strategies. Listeners will gain actionable insight into aligning personal strengths with business practices, understanding global LP/GP dynamics, and balancing boundless curiosity with focused execution in the rapidly evolving world of tech and venture capital. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley discuss key tax incentives for venture funds, including carried interest treatment and Qualified Small Business Stock benefits, as well as recent FDA regulatory changes impacting biotech and medtech startups, offering timely guidance for VC investors and founders.

Highlights from this week’s conversation include:

Welcoming Jay to the Episode (0:22)
Impact of Parenting on Risk, Creativity, and Early Career Choices (5:24)
Lessons Learned from Running Community Website: Career Preparation (7:17)
Discussion of Gender Dynamics, Over-Preparation, and Confidence (10:00)
Traits for Successful Fund Managers: Concept of Congruence (11:38)
Practical Framework for Identifying "Winner Energy" and Reference Checks (17:55)
Consistency in Feedback About GPs (21:46)
Regulatory Topics: Carried Interest, Tax, and FDA Insights (23:54)
Energy Management, Executive Capacity, and Inner Focus (28:48)
Impossible Triangle Theory on AI Progress and Investment Filtering (30:27)
Applying the Theory: GPU and Data Center Investments (36:06)
Fundraising Successes Outside the US and Motivations of International LPs (39:09)
Balancing Curiosity with Focus for Investors (41:20)
Personal Advice on Career Methodology and Venn Diagram Specialization (44:24)
Final Thoughts and Takeaways (45:15)

Primitiva Global is a family office and investment platform operating across Silicon Valley and Hong Kong. Primitiva backs first-check venture managers and invests in companies expanding the frontiers of artificial intelligence, deep technology, and global innovation. The firm combines deep research, top-down analysis, and hands-on partnership to support the next generation of builders and allocators. Learn more at www.primitivaglobal.com

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DDQ: Due Diligence, Debate, and Differentiation: A Deep Dive into Today’s Venture Landscape with Earnest Sweat and Alexa Binns

Wed, 12 Nov 2025 09:30:00 -0000

This week on Swimming with Allocators, it’s time for another discuss, debate, and question episode as Alexa Binns and Earnest Sweat dive into the evolving venture capital landscape, examining themes like LP confidence in selecting managers versus direct deals, the changing roles of fund-of-funds, the impact of AI and storytelling for differentiation, and rising pressures on women and diverse founders. The conversation also debates whether venture is still truly venture as mega funds grow, highlights the importance of authentic branding, and explores whether geographic hubs like San Francisco are essential. Listeners will take away insights on how LPs and GPs can foster meaningful relationships, the need for differentiation, ongoing diversity challenges, why clarity of purpose and resilience are more crucial than ever in today’s VC ecosystem, and so much more. Don’t miss this episode!

Highlights from this week’s conversation include:

Welcome and Introduction to DDQ Episode (0:24)
LP Confidence in Manager Selection and Blind Spots in Direct Deal Flow (3:01)
The Push for Change in the Fund-To-Fund Model and Consolidation (6:20)
Market Timing and Advice for Maintaining Portfolio Discipline (8:34)
The Growing Importance of Technology Stacks for Fund Managers (9:25)
How Branding and Storytelling Are Evolving in Venture Capital (12:31)
Challenges of Differentiation, Authenticity, and Thought Leadership (15:05)
Addressing Disparities and the Need for Collective Action (19:08)
The Shift in How Founders Choose Capital Versus LP Expectations (23:02)
Debating Who is the Ultimate Customer: LPs or Founders (26:50)
Enriching The LP Experience With Initiatives Like Pitch Days (29:35)
The Role of GPs in Supporting Founders and Their Track Records (31:03)
In-Person Events, San Francisco’s Significance, and Industry Presence (34:14)
How LPs Rebuild Conviction After Market Downturns (37:53)
Managing Fund Terms, Anchors, and Building a Minimum Viable Fund (39:39)
Commitments, Angel Investing, and Highlights From Recent Deals (41:39)
Final Thoughts and Takeaways (44:03)

Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.

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Compounding Capital Across Cycles: A Masterclass in Venture Allocation

Wed, 05 Nov 2025 09:30:00 -0000

This week on Swimming with Allocators, Vivek Jindal, CIO at Caprock, shares his journey from risk manager to leading allocator, offering valuable insights into building all-weather, customized portfolios for ultra-high-net-worth families. The conversation covers the evolution of venture investing, the art and science of risk management, the growing role of secondary markets, manager selection, and the importance of diversification and due diligence. Listeners will gain key takeaways on how to compound capital over decades, adapt to market changes, and identify fund managers’ unique superpowers for long-term success. Also, don’t miss our insider segment as Shane Goudey highlights Sidley’s expansive, practical expertise in representing venture firms and emerging companies, emphasizing the firm’s holistic, relationship-driven approach and ability to offer clients sophisticated legal and strategic support across the entire investment and startup ecosystem.

Highlights from this week’s conversation include:

Welcoming Vivek Jindal to the Show (0:22)
Lessons from Starting on the Risk Side and the Global Financial Crisis (1:44)
Approaching Risk in Venture & Asset Allocation (5:30)
Evolution of Portfolio Construction and Blurring Asset Class Lines (10:01)
Strategies for Identifying Manager “Superpowers” (10:38)
Caprock’s Venture Investing Approach and Its Evolution (13:42)
Sectors Out of Favor and Long-term Perspective (16:36)
Selecting and Accessing Fund Managers (18:36)
Word of Mouth, Networking, and New Venture Managers (19:06)
Discussion with Sponsor Sidley’s Shane Goudey (21:52)
Ideal Client Profiles for Caprock (27:06)
Why Alternatives—and Why Venture? (29:21)
Opportunities in the Secondary Market (31:45)
Trends to Watch in Venture and Growth Equity (35:22)
What Makes a Good Fund Manager and Reference Checking (38:36)
Final Thoughts and Takeaways (41:52)

Caprock is a leading multifamily office providing independent, fiduciary advice to ultra-high-net-worth families and institutions. With a multi-asset class approach spanning traditional and alternative investments, Caprock creates fully customized portfolios designed to preserve, compound, and align wealth across generations. Learn more at www.caprock.com.

Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.

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Simple, Not Easy: The Mindset Behind Sustainable Wealth

Wed, 29 Oct 2025 08:30:00 -0000

This week on Swimming with Allocators, Peter Lazaroff, Chief Investment Officer at PlanCorp, joins Earnest and Alexa to discuss his cautious approach to investing, emphasizing minimizing mistakes, favoring rules-based strategies, and the importance of aligning investment decisions with individual client goals. The conversation covers reasons for skepticism about venture capital and alternatives, the significance of customization in wealth management, and evolving relationships between LPs and GPs. Listeners will gain insights into managing risk, the importance of purpose in portfolios, key strategies for long-term wealth-building, and so much more. Also, don’t miss Sidley’s Shane Goudey reflects on the shift from adversarial to collaborative LP-GP relationships, describes Sidley’s direct investment vehicles, and emphasizes the importance of strategic alignment and strong partnerships between law firms and their fund clients.

Highlights from this week’s conversation include:

Peter Shares His Investment Philosophy and FDA Analogy (1:24)
Early Career, First Stock, and Influences On Investing Approach (3:43)
Serving High Net Worth Clients And Market Portfolio Concept (6:55)
Portfolio Customization, Financial Planning, and Client Differentiation (9:43)
Sponsor Segment: GP/LP Relationships, Historic and Modern (10:44)
Sidley’s Investment Approach, Capital Pools, and Alignment With Clients (15:24)
Advisors Selling Complexity, CIO Forum Experiences on Alternatives (18:54)
Skepticism of Alternatives for All Investors and Emotional Side of Investing (23:16)
Personal Finance Tools and Resources Developed by Peter (27:50)
Philosophy Behind Peter’s "Perfect Portfolio" Book (30:03)
Peter on Investments He’d Make if He Won the Lottery; Personal Motivations (32:29)
Final Thoughts and Takeaways (35:10)

Plancorp Wealth Management is a privately held financial services firm founded in 1983 and headquartered in St. Louis, Missouri. The firm manages approximately $8 billion in assets, operates as a fee-only fiduciary, offers integrated wealth services including planning, investing, tax, estate, insurance, charitable giving and equity compensation, and has offices in Nashville, Sarasota, and San Francisco; it was named to Barron’s Top 100 RIA Firms (2025) and holds CEFEX certification since 2007. https://www.plancorp.com/

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Navigating the Supercluster: Finding Signal in Venture’s Noise

Wed, 22 Oct 2025 08:30:00 -0000

This week on Swimming with Allocators, David Zhou, Founder of the Superclusters podcast and seasoned investor, joins Alexa and Earnest to discuss the art of venture capital from the LP perspective. Topics include how allocators differentiate true signal from noise, the value of qualitative insights vs. quantitative data, strategies for evaluating fund managers, and the importance of founder relationships. The conversation also touches on best practices for standing out in VC, the evolution of the industry, and actionable advice on track records and building a lasting reputation. Listeners will gain practical wisdom and fresh perspectives on navigating today’s venture landscape. You won’t want to miss it.

Highlights from this week’s conversation include:

Welcoming David Zhou to the Show (0:28)
Name Origins: Superclusters & Astrophysics Analogy (1:21)
David Reflects on Curiosity and Nontraditional Paths (3:35)
Investing in People and Evaluating Managers (6:23)
Qualitative Versus Quantitative Decision Making (7:13)
Syndicate Leads: Taste Makers Versus Marketers (8:19)
Identifying Signal and Network Value (10:18)
Differentiating Managers and Radical Transparency (13:29)
When to Engage Legal Counsel as a Fund (16:33)
Placement Agents and Business Counsel Examples (20:51)
GP and LP Perspectives on Metrics and Communication (22:57)
Advice for Fund Managers on Pitching (24:02)
Value of Relationships With Founders (27:48)
The Importance of Naming and Brand (28:57)
Podcasting as a Tool for Learning and Connection (30:16)
The Appeal of VC and Allocator Roles in Mainstream (34:50)
Final Thoughts and Takeaways (38:19)

Superclusters is the podcast for emerging LPs who want to think like seasoned pros. Hosted by David Zhou, each episode explores how the world’s top allocators select and back venture capital firms—and how the next generation can learn, experiment, and play their part in shaping the ecosystem. Listen at https://www.superclusters.xyz.

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The Human Side of Venture: Lessons from a Pastor-Turned-LP

Wed, 15 Oct 2025 08:30:00 -0000

This week on Swimming with Allocators, Benedikt Langer, pastor turned family office investor and creator of “Embracing Emergence,” shares his journey and investment philosophy focused on backing exceptional people rather than just deals. He discusses the challenges and lessons of transitioning from direct investing to supporting emerging managers, the value of qualitative insights and reputation, and the importance of building trust and community within venture capital. Listeners will gain actionable perspectives on selecting partners, developing authentic investment approaches, the evolving landscape for LPs in the years ahead, and so much more.

Highlights from this week’s conversation include:

Welcome to Today’s Episode (0:32)
Benedikt’s Journey in Faith, Finance, and LP Investing (3:14)
Early Lessons from Family Office Investing (6:13)
Evolving to Fund-of-Funds and Philosophy on Backing Managers (9:20)
Framework for Evaluating GPs with Data and Intuition (11:52)
Insider Segment:Liquidity, Secondaries, and Industry Structures (14:42)
Deep Dive into Secondary Vehicles, SPVs, and Negotiations (18:54)
Brand Versus Reputation for Emerging Managers (22:54)
Approaching Firm Building and Scaling Teams (25:56)
Importance of Firm Naming and Newsletter Vision (29:14)
Journalistic Community Vision and Transparent Conversations (31:25)
Family Office Outlook and the Future of LP Function (34:02)
Book Influences and Investing Philosophy (35:23)
Reflections and Parting Thoughts (38:35)

TOV Lending is a family-owned private capital provider offering competitive rates and hands-on service to real estate investors and home flippers. Alongside TOV, Benedikt Langer leads Embracing Emergence—a platform connecting LPs and emerging managers with a focus on thoughtful, values-driven investing. Learn more at https://embracingemergence.beehiiv.com.

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The Future Starts Small: Why Emerging Managers Drive Venture Returns

Wed, 08 Oct 2025 08:30:00 -0000

This week on Swimming with Allocators, Michael Downing, serial entrepreneur and venture investor, shares his journey from founding startups to building MDSV Capital, while diving into the essential role of emerging manager funds in today’s venture landscape. The discussion covers the evolution of venture capital, key strategies for both LPs and GPs, the importance of innovative sourcing and community-building, and how the Promontory platform fosters stronger connections and investment outcomes. Listeners will take away insights on industry shifts, the value of supporting innovative early-stage funds, practical guidance for thriving amid changing venture dynamics, and so much more.

Highlights from this week’s conversation include:

Michael’s Entrepreneurial Journey & Early Startups (1:20)
Transition from Founder to Investor and Early Micro VC Experience (5:23)
Power Law, Missed Opportunities, and Emerging Manager Alpha (9:57)
Capital Extension Structure & Alignment with Managers (14:13)
Filtering and Assessing Emerging Managers in a Crowded Market (16:52)
Common LP Misunderstandings and Venture Capital Dynamics (19:22)
Insider Segment: Trends in LP Activity and Fund Composition (22:20)
Direct Investment vs. Fund Commitment by LPs (25:14)
Trends Managers Are Missing & Seed Funding Explosion (25:54)
Sourcing Methodology and the Platform Approach Advantage (28:48)
Criteria for Managers to Engage with Michael Downing (29:05)
Deep Tech/Defense Tech Priority & Generalist Outperformance (33:41)
Best Practices for Building Relationships with LPs via Promontory (35:33)
Future Vision: Programmatic LP Allocation and Software Approach (38:28)
Final Thoughts and Takeaways (40:30)

MDSV Capital is a Palo Alto-based investment firm led by Silicon Valley veterans with over two decades of entrepreneurial and venture experience. The firm has built a premier ecosystem of top-tier emerging manager funds (EMFs) and LPs through its invitation-only community, The Promontory, and its Emerging Horizons event series. MDSV’s Emerging Manager Alpha at Scale strategy targets the top 1% of emerging managers while investing directly in early-growth outliers from their portfolios. Learn more at www.mdsvcapital.com.

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Patient Capital, Bold Bets: Constructing a Venture Book That Works

Wed, 01 Oct 2025 08:30:00 -0000

This week on Swimming with Allocators, Joshua Berkowitz of Berkocorp joins Earnest and Alexa to share his journey transitioning his family office from real estate to venture capital, offering candid insights on building relationships with top VC and PE managers, the importance of patience and long-term thinking, and the realities of portfolio construction. The discussion covers how to underwrite exceptional managers, the value of GP and LP recommendations, and the evolving landscape of venture, especially the rise of young founders and AI-driven startups. Listeners will also hear from Shane Goudey from Sidley on trends in fund formation and the current state of the venture market. Key takeaways include the need for genuine interest and commitment in venture investing, the benefits of a diversified yet opportunistic portfolio, practical advice for family offices considering this asset class, and so much more.

Highlights from this week’s conversation include:

Joshua’s Background and Transition From Real Estate to Venture Capital (0:12)
Diversifying from Real Estate to Venture (1:43)
Commitment and Learning Curve in Venture Capital (3:45)
GP References vs. LP Recommendations (5:36)
Reflections on First Investments & Portfolio Design (7:24)
Deployment Strategy and Allocation Modeling (10:53)
Fund Formation Market Trends and Sponsor’s Perspective (16:21)
Underwriting Individual GPs & What Makes a Good Manager (18:11)
Suitability and Motivation for Family Offices in Venture (20:57)
Return Expectations and Investment Strategy (24:55)
Challenges with Fund Lives & Reclassifying Mature Assets (27:21)
Trends: Resurgence of Young Founders & AI (29:45)
Closing Thoughts and Next Steps for Berkocorp (33:11)

Berkocorp is a Canadian family investment office managing a Vancouver-based real estate portfolio and actively backing top venture capital and private equity managers across North America. Led by Managing Principal Joshua Berkowitz, Berkocorp takes an independent, long-term approach to capital partnerships, with a portfolio spanning micro VCs to billion-dollar growth funds. Learn more at www.linkedin.com/company/berkocorp.

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Profit With Purpose: Capricorn’s Playbook for GP Stakes & Impact

Wed, 24 Sep 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Michaela’s Career Journey and Entry into Impact Investing (1:06)
Lessons from Early Impact Experiences (3:36)
Misconceptions about Impact Investing and Returns (6:39)
Lessons from Clean Energy Investments (10:11)
Venture and Asset Class Inclusion in Impact (12:03)
Capricorn’s Ecosystem Building and Value Add (15:59)
Current Client Questions and Market Backlash (17:49)
Strategies and Dislocations in Capital Markets (19:39)
Marie-Celine’s Background and Role at Capricorn (22:40)
Asset Class Commitments (25:10)
GP Engagement and Inflection Points (26:49)
Investment Excellence and Entrepreneurial Teams (29:01)
LP Relationships and GP Support (31:17)
Mission Alignment for GPs (34:02)
Due Diligence, Regulatory Risk, and Diversification (35:49)
Connecting with Capricorn and Parting Thoughts (37:19)

Capricorn Investment Group is a $13B mission-aligned investment firm founded on the belief that sustainable investment practices can enhance risk-adjusted returns. With offices in New York City and Palo Alto, Capricorn invests across asset classes, from venture capital to GP staking, supporting scalable solutions to the world’s most pressing problems. Learn more at www.capricornllc.com.

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.

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Access, Conviction, Returns: Inside A Top Level Venture Playbook

Wed, 17 Sep 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Aram Verdiyan, partner at Accolade Partners. Aram shares his journey into venture capital and the principles behind Accolade’s top-performing fund-of-funds strategy. The discussion also covers the importance of access to elite managers, the value of portfolio concentration over diversification, and how disciplined, conviction-driven investing leads to superior returns. Aram delves into Accolade’s early and significant commitment to blockchain, the evolving landscape of liquidity and secondaries, and the firm’s hands-on approach to supporting GPs. Key takeaways include the need for LPs and VCs to focus on long-term relationships, maintain discipline in strategy, and recognize the outsized impact of a few exceptional investments in venture capital.

Highlights from this week’s conversation include:

Aram’s Background and Career Path (0:32)
Cold Emailing and Early Fund of Funds Experience (3:40)
Accolade’s Differentiation and Concentrated Approach (5:44)
Venture Returns Dispersion and Benchmarking (8:39)
Check Sizing and Manager Alignment (10:58)
Re-Up Decisions and Evaluation Vectors (13:59)
Identifying Gaps and New Strategies (16:45)
Blockchain Investment Thesis (19:13)
Advice for LPs Entering Blockchain (21:25)
Blockchain and AI Intersection (24:45)
Educating GPs and Staying Disciplined (27:59)
Supporting Managers as They Scale (29:57)
Liquidity Management in Venture (33:31)
Connecting with Aram and Parting Thoughts (36:39)

Accolade Partners is an alternative asset platform specializing in venture capital, growth equity, and blockchain fund investments. With $7B+ under management, Accolade targets top-tier returns through a highly selective approach to GP partnerships, focused on building concentrated portfolios of the 20-30 firms consistently delivering 3x net outcomes. Learn more at www.accoladepartners.com.

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Allocating in an AI Era: The Endowment Model Explained

Wed, 10 Sep 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Lara Banks, Managing Director at Makena Capital Management. Lara shares her journey from real assets to venture capital and offers an inside look at Makena’s approach to manager selection, portfolio construction, and the evolving role of LPs. The discussion also covers the endowment model, the impact of AI and market shifts on venture and private equity, and the growing importance of grit, adaptability, and unique value for emerging managers. Listeners will gain insights into current challenges like illiquidity, the rise of secondaries, and the need for cross-pollination between venture and PE, as well as practical advice for building durable firms and navigating today’s dynamic investment landscape. Don’t miss this great conversation!

Highlights from this week’s conversation include:

Lara’s Career Path and Origin Story (1:14)
Overview of Makena Capital Management (4:04)
Changes in Venture Strategy and Market Dynamics (6:06)
Investable Building Blocks Explained (9:14)
Challenges for Allocators in Today’s Market (10:18)
Goals for 2025 and Manager Selection (16:02)
Advice for Managers Navigating Market Cycles (22:36)
What Makes a Great Growth Equity Manager (26:16)
Cross-Pollination Between PE and Venture (28:16)
Opportunities in Underfunded Founders and Growth Equity (31:34)
How Emerging Managers Can Stand Out (34:02)
Final Thoughts and Takeaways (36:51)

Makena Capital is a ~$22B endowment-style investment firm founded in 2005 by alumni of the Stanford Management Company. Located on Sand Hill Road, Makena partners with world-class managers across asset classes with a legacy of early and ongoing investment in venture capital. Learn more at www.makenacap.com.

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DDQ: Is Trying to Differentiate Just Dumb?

Wed, 03 Sep 2025 08:30:00 -0000

This week on Swimming with Allocators, it’s time for another debate, discuss, and question episode as Earnest and Alexa dive into the complexities of venture capital from both LP and GP perspectives, focusing on how fund managers can differentiate themselves and the art of due diligence. They also discuss the realities of fund and startup failure rates, the evolving importance of marketing and narrative in VC, and the challenges smaller LPs face in achieving true diversification. Listeners will gain insights into what LPs look for when selecting funds, the significance of relationships and track record, and practical advice for navigating the ever-changing VC landscape. Recommended podcasts and resources round out the episode, offering further learning for aspiring allocators and fund managers. You won’t want to miss this one!

Highlights from this week’s conversation include:

VC Lab Applications & Emerging Manager Interest (0:26)
Commitment and Self-Belief in VC (1:41)
Honesty in Startup vs. Fundraising Pitches (5:02)
Pitching Preferences: Deck vs. Conversation (7:24)
Differentiation in GP Pitches (9:07)
Barriers for New GPs & LP Slot Scarcity (14:59)
Portfolio Construction & Venture Alpha (17:28)
Marketing, Narrative Control, and Full-Stack VC Firms (19:51)
Thought Leadership and Brand Building in VC (25:05)
AI Concentration and Diversification Challenges (30:01)
Differentiation for Emerging Managers (32:33)
Host’s Fund Plans: Stresswood (36:17)
Lessons Learned & Must-Listen Episodes (38:58)
Recommended LP-Related Content (41:36)
Final Thoughts and Takeaways (43:33)

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Cycles, Convergence, and Capital: Investing Wisdom from Six Continents

Wed, 27 Aug 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Vishnu Amble, Founding Director, Trustee, and Investment Committee Member at GreenBear Group. Vishnu shares insights from his global investment career, discussing his transition from traditional finance to leading a mission-driven family office. The conversation explores the importance of building strong networks, lessons from backing both startups and fund managers, and the critical role of alignment and long-term relationships between LPs and GPs. Vishnu also highlights the impact of technology and outsourcing on investment efficiency, offers perspectives on energy and infrastructure trends, and emphasizes the need for persistence, clear objectives, and risk management. Key takeaways include the value of genuine partnerships, adapting to market cycles, the continued opportunities within the US innovation landscape, and more.

Highlights from this week’s conversation include:

Vishnu’s Career Journey: From Engineering to Finance (1:13)
Global Perspective & LP Value Proposition (4:14)
Manager Selection & Partnership Approach (6:31)
LP Community & Tech Solutions (10:37)
Diligence & Risk Tolerance Evolution (12:18)
What Vishnu Looks for in Fund Managers (14:00)
Fundraising Challenges in Thematic Funds (16:19)
LP Alignment & Fund Composition (20:00)
Building Relationships in the Age of AI (23:13)
Tech, Costs, and Human Capital (24:18)
Opportunities for Early Stage Investors (27:18)
Historical Lessons & U.S. Market Endurance (28:55)
Final Thoughts and Takeaways (31:06)

GreenBear Group LLC is a single-family investment office and mission-driven philanthropic organization focused on fund partnerships, direct investments, and GP seeding. With over 20 years of global experience and deep conviction in values-aligned capital, GreenBear supports exceptional fund managers and founders advancing economic access, sustainability, and innovation.

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Backing the Next Generation: GP Seeding and Co-Investment Insights

Wed, 20 Aug 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Jason Howard, Founder and Managing Partner of New Catalyst Strategic Partners. Jason shares his journey from finance and entertainment to launching a firm focused on GP seeding and supporting emerging managers in private markets. The discussion covers New Catalyst’s innovative approach to providing seed capital, operational support, and strategic partnerships, as well as insights into co-investment, secondary markets, and the challenges facing new fund managers. Key takeaways include the importance of alignment, scalable capital, and cross-industry lessons in building sustainable investment firms, along with practical advice for both GPs and LPs navigating today’s complex private market landscape. Don’t miss this great conversation.

Highlights from this week’s conversation include:

Jason’s Background and Career Journey (1:03)
Lessons from Entertainment to Private Markets (4:27)
Genesis and Mission of New Catalyst (8:30)
New Catalyst’s Investment Approach (12:07)
Market Gaps Addressed by New Catalysts (14:20)
What is GP Seeding? (17:40)
Manager Archetypes and Investment Focus (20:45)
Trends in Fund Strategy Expansion (24:06)
Value of First Partnership in GP Seeding (28:48)
Strategic Partnership Support for Managers (31:46)
Benefits of Seeding for LPs (33:37)
Secondaries and GP Stakes (36:38)
Final Thoughts and Takeaways (40:32)

New Catalyst Strategic Partners is an independent alternative investment firm founded by industry veteran Jason Howard. Launched with significant capital from Apollo to support its growth, New Catalyst seeks to acquire economic interests and minority ownership in Next Generation private markets firms, providing them with the flexible, strategic capital and value creation resources they need to grow and succeed. To learn more, please visit www.newcatalystsp.com.

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Concentration Over Diversification: A New Era for Crypto Fund-of-Funds

Wed, 13 Aug 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Diego De Colombres, founding general partner of Dissent Capital. Diego shares his journey from equity research to launching a specialized crypto fund of funds. The discussion also explores the importance of backing emerging managers, building concentrated portfolios in a volatile market, and the evolving strategies required for success in crypto venture capital. Key takeaways include the value of specialization over generalization, the risks of over-engineered fund structures, and the growing significance of trends like stablecoins and the intersection of crypto and AI. Listeners will gain insights into how disciplined selection and a long-term perspective can drive outperformance in the rapidly changing world of crypto investing. Don’t miss this great conversation!

Highlights from this week’s conversation include:

Diego’s Background and Path to Venture (1:17)
Early Crypto Interest and Latin American Perspective (3:34)
Equity Research Skills in Venture Investing (5:55)
Founding Dissent Capital: Inspiration and Strategy (9:17)
Concentration vs. Diversification in Crypto Funds (11:52)
Cyclicality and Deployment in Crypto Venture (13:16)
Identifying and Selecting Emerging Managers (15:23)
Why “Access Is Not a Strategy” (19:33)
Common Mistakes in Crypto Fund Structures (22:50)
How LPs Should Assess Crypto Venture Risk/Reward (26:09)
Competition at Early Stages in Crypto vs. Traditional VC (29:52)
Crypto Trends: Stablecoins, AI, and On-Chain Identity (31:21)
LP Archetypes and Strategic Investors (36:34)
Lessons Learned: Narrative-Driven Markets and Distributions (39:50)
Connecting with Diego and Parting Thoughts (41:54)

Dissent Capital is a pioneering crypto venture fund of funds focused on backing the next generation of emerging crypto managers. With a disciplined, high-conviction approach to early-stage investing, Dissent Capital delivers institutional-grade diligence and access to the best opportunities in the space. Learn more at www.dissentcap.xyz.

Quote 1: "In crypto, access is no longer a strategy, and beta plays don’t cut it. To capture power-law outcomes, you need focused portfolio construction and a specialization mindset, not over-diversification."

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How to Think Like a CIO: Strategy, Structure, and Staying Power

Wed, 06 Aug 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Brian O'Neil, a veteran CIO with over four decades of investment experience, who provides a candid overview of the current venture capital landscape. Brian discusses the challenges facing venture capital, including excessive funding, prolonged private company lifecycles, and the shift from growth-at-all-costs to profitability. He also emphasizes the importance of diversification, understanding investment portfolios, and the need for patience when approaching venture investments. Key insights include the difficulty of finding top-quartile venture funds, the potential of AI and personalized medicine, and the critical role of relationship-building for emerging managers. Brian advises allocators to be selective, learn across asset classes, and recognize that venture capital requires a long-term perspective with an acceptance that many investments may not succeed. Don’t miss this great conversation.

Highlights from this week’s conversation include:

Early Days of Venture and LBOs (1:23)
Performance of LBOs and Venture Capital (2:27)
Allocator Approaches to Private vs. Public Markets (4:35)
Continuation Funds and LBO Fund Lifecycles (6:42)
Comparing Current Venture Downturns to History (8:22)
Growth Equity and Venture Stage Reclassification (11:41)
AI Hype and Venture Market Cycles (13:17)
Time Horizons and Commitment Budgets (15:43)
Advice for Allocators on Manager Selection (18:55)
Co-Investment Trends in Private Equity (21:01)
Lessons from CIO Experience (25:01)
Advice for New Allocators (26:29)
Advice for Emerging Managers (31:05)
Exciting Trends in Venture: AI and Personalized Medicine (33:20)
Final Thoughts and Takeaways (35:52)

Brian O’Neil is the former Chief Investment Officer of the Robert Wood Johnson Foundation and has served in investment leadership roles for over 40 years, including at Equitable Life and AXA Investment Managers. He currently serves on the board of the Brooklyn Public Library and is an Investment Committee member at The Wallace Foundation.

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How Institutional Investors Think and What Emerging Managers Must Know

Wed, 30 Jul 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Wendy’s Origin Story and Entry into Allocator World (1:17)
Early Lessons as an Allocator (3:59)
Gravitating Toward Private Assets (6:39)
Founding Ivy Invest: The Problem and Vision (8:06)
Trends and Tailwinds in Asset Management (11:01)
Challenges Bridging Institutions and Individuals (13:55)
Bridging Institutional and Individual Experiences (16:47)
Is Retail Capital a New Institutional Staple? (19:58)
Why Early-Stage Venture “Math Still Works” (24:00)
Institutional Governance and Fund Size Trends (27:14)
Advice for Emerging Managers Approaching Institutions (29:45)
Where Alpha Will Come From in Venture (33:13)
Intangibles and Differentiation in Early-Stage Managers (36:26)
Final Thoughts and Takeaways (39:56)

Ivy Invest brings institutional-quality portfolios to individual investors using an endowment-style investment framework. Co-founded by Wendy Li, Ivy invests across equities, income, and diversifiers—partnering with experienced asset managers to deliver performance, discipline, and access. Learn more at www.ivyinvest.com.

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Finding the North Star: The Balance Between Strategy and Returns

Wed, 23 Jul 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Jon Wolkin, Managing Director of Deloitte Ventures. Jon shares his journey from investment banking to corporate venture, highlighting Deloitte's $150 million fund strategy that balances direct and fund investments across key technology verticals like AI, future of work, and health tech. The discussion reveals critical insights into corporate venture capital, emphasizing the importance of having a clear "North Star" strategy, understanding long-term value creation, and navigating the complex ecosystem of innovation. Key takeaways include the need for corporations to move quickly, provide strategic value beyond capital, and remain adaptable in a rapidly changing technological landscape. Jon also provides unique perspectives on the Canadian venture ecosystem, noting its potential in emerging technologies and the relatively low corporate venture participation compared to the US market. Don’t miss this in-depth discussion.

Highlights from this week’s conversation include:

Jon’s Career Journey (1:18)
Transition to Corporate Venture and Deloitte (3:19)
Strategic vs. Financial Objectives in CVC (4:39)
Long-term vs. Short-term Goals in Venture (7:15)
Challenges of Launching a Venture Arm in a Partnership (9:11)
Direct vs. Fund Investing Strategy (11:53)
Fund Selection and Ecosystem Engagement (13:20)
Alignment of Direct and Fund Investment Verticals (17:29)
Corporate VC Activity in Downturns (22:56)
Misconceptions About Corporate Venture Groups (25:21)
Advice for Emerging Managers Working with Corporates (27:59)
Key Learnings and Reflections at Deloitte Ventures (30:11)
Final Thoughts and Takeaways (32:20)

Deloitte Ventures Canada is a $150M corporate venture capital fund investing in Series A and B companies across fintech, cyber, climate, data/AI, and work tech. With a dual mandate of direct investments and fund investments, Deloitte Ventures is strategically positioned to support innovation while delivering financial and strategic value. Learn more at www.deloitte.ca.

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You Can Do Both: Investing for Mission and Performance

Wed, 16 Jul 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Quincy Brown, Managing Director at FEG Investment Advisors. With 29 years of experience, Quincy discusses how his firm serves mission-driven organizations by integrating responsive investing strategies, focusing on diverse and emerging managers, and balancing financial performance with social impact. Key topics include the evolution of ESG investing, technology's role in creating new investment opportunities, and the importance of understanding client missions. Quincy also emphasizes that organizations can achieve both financial returns and social objectives by taking a long-term, strategic approach to investing, particularly in venture and private equity sectors. The conversation provides a nuanced look at how investment consultants are navigating changing landscapes of mission-aligned investing. Don’t miss it!

Highlights from this week’s conversation include:

Quincy’s Career Path (1:09)
FEG’s History and Client Base (4:44)
Building Trust and Client Relationships (7:00)
Values-Aligned and Responsive Investing (9:17)
Shift Toward Venture and Private Equity (12:26)
Identifying Diverse and Emerging Managers (14:36)
Diversity Criteria and Thresholds (17:01)
Advice for Emerging Managers (18:03)
Role of the Research Team (19:10)
Fund Performance Trends (21:55)
Mission Alignment Across Asset Classes (24:33)
Lessons from ESG and DEI Trends (28:44)
Exciting Trends in Venture and Private Markets (30:16)
Advice for Allocators on Values-Aligned Investing (35:14)
Connecting with Quincy and FEG and Parting Thoughts (36:34)

FEG Investment Advisors is a Cincinnati-based investment consulting and OCIO firm serving nonprofits, endowments, and foundations nationwide. With a legacy of research-driven diligence, values-based investing, and a deep commitment to diverse and emerging managers, FEG is a leader in aligning capital with mission. Learn more at www.feg.com.

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.

Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.

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Inside LTV Capital’s Playbook for Backing Atypical Venture Managers

Wed, 09 Jul 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Farhan Lalji and Dario de Wet, Co-Founders of LTV Capital. During the conversation, Farhan and Dario discuss their unique approach to investing in emerging fund managers. They share insights into evaluating new venture capital funds, emphasizing the importance of understanding a manager's "why," network strength, and hustle factor. The conversation also explores the challenges of venture capital scaling, the potential of managers with atypical backgrounds, and the evolving landscape of startup exits. Key takeaways include the value of investing in smaller, innovative funds, the need for differentiation in a competitive market, and the potential of legacy industries for venture investment. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley Law Firm discuss critical regulatory considerations for venture capital and startups, focusing on tax implications of carried interest, Qualified Small Business Stock (QSBS) benefits, and evolving FDA regulations in the medical and biotech sectors.

Highlights from this week’s conversation include:

Dario’s Career Journey (0:58)
Farhan’s Background and Anthem Group Experience (1:43)
Emergence of LTV Capital’s Thesis (3:36)
Influential Experiences Shaping VC Perspective (5:27)
Should Venture Capital Scale? (8:08)
Why Focus on Emerging Managers? (13:10)
Intangibles in Fund Managers (18:26)
Intentionality in Fund Construction (21:24)
Insider Segment: Regulatory and Tax Updates (23:02)
Hands-On LP Support for Emerging Managers (27:21)
First Close vs. Last Close LPs (30:37)
Why LPs Choose LTV Capital (33:53)
Venture Beta vs. Alpha and Fund of Funds Debate (36:18)
Venture Exits and Liquidity Outlook (40:43)
Parting Advice for GPs and LPs and Final Thoughts (44:10)

LTV Capital is dedicated to investing in top-tier emerging managers globally, aiming to empower the next generation of venture capital leaders. By providing support and resources, LTV Capital fosters innovation and growth within the venture capital ecosystem.

LTV Capital: Empowering Emerging Managers | Uniting the Fund Ecosystem

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The Creative Investor: Navigating Tech, Defense, and Deep Tech Investments

Wed, 02 Jul 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa sit down with Clare McLaughlin, Partner at TLI Bedrock. Clare shares her unexpected path from art history and professional harpist to VC, along with her distinctive lens on early-stage investing in sectors like material science, defense, and deep tech. She highlights the importance of founder execution, financial storytelling, and aligning investments with personal values. The episode also explores the evolving role of family offices and the need for transparency and long-term thinking. Also, don’t miss our insider segment with Jason Kropp of Sidley on tax optimization strategies and smart structuring for global VC investments.

Highlights from this week’s conversation include:

Clare’s Unconventional Path to VC (1:02)
Lessons from Arts and Nonprofit Roles (4:22)
TLI Bedrock’s Approach and Family Office Strategy (8:34)
Building Investment Strategy and Structure (10:18)
Transitioning to Offense in Investing (12:02)
Fund Manager Relationships and Communication (16:11)
What Works (and Doesn’t) in Fund Manager Pitches (21:23)
Grit and Motivation in Venture Careers (26:19)
Insider Segment: Tax Optimization for LPs and GPs (27:11)
Current Excitement and Trends in Tech & Energy (35:38)
Intentionality and Values in Investing (37:39)
Balancing Efficiency, Humanity, and Technological Change (39:13)
Simple, Impactful Innovations (43:42)
The Myth of Tier One Co-Investment (48:07)
Favorite Success Stories and Founder Qualities (49:22)
Advice for New Family Office Professionals and Parting Thoughts (52:38)

TLI Bedrock is a multi-strategy fund that invests across sectors and industries. The firm seeks high returns by backing innovative projects, responsible companies that consider customer, employee, and community needs, and sustainable approaches to commerce. Guided by the principles of trust, loyalty, and integrity, TLI Bedrock takes a holistic approach to investment. Learn more at www.tlibedrock.com.

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Investing Beyond the Coastal Elites

Wed, 25 Jun 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Brian Brackeen, Managing Partner at Lightship Capital. Brian shares his unconventional journey from tech founder to venture capital allocator. He discusses his vision for democratizing venture capital by investing in overlooked regions like the Midwest and challenging traditional investment biases, and emphasizes the importance of founder-focused investing, leveraging AI in fund management, and creating opportunities beyond coastal tech hubs. Key insights include his critique of performative DEI efforts, the potential transformative impact of AI across industries, and his belief that smaller funds in underserved regions can generate significant returns. Also, don’t miss our insider segment as Idan Netser from Sidley law firm discusses how legal firms can serve as valuable connectors and advisors in the venture capital ecosystem, helping GPs and LPs network, make introductions, facilitate deal opportunities, and provide strategic guidance beyond traditional legal services.

Highlights from this week’s conversation include:

Brian's Journey into Tech and VC (0:40)
Motivation for Starting Anchor Fund (6:27)
Geographic and Diversity Challenges in VC (8:13)
Investment Strategy and Diligence Process (9:38)
Fund Size, Target LPs, and Support Services (11:50)
Decision-Making and Fund Selection (13:17)
Insider Segment: Benefits of Legal Firms for VCs (15:57)
Trends in VC and LP/GP Terms (20:18)
How LPs Should Approach Emerging Managers (23:51)
Traits and Diligence for Fund Managers (25:56)
AI in Fund Diligence and Operations (29:36)
AI’s Future Economic Impact (32:52)
Transferable Skills and Workforce Evolution (39:58)
Anchor Fund’s Long-Term Vision (44:54)
Final Thoughts and Takeaways (45:50)

Lightship Capital Anchor Fund is a fund-of-funds strategy dedicated to driving economic growth by investing in small businesses through venture funds and direct investments. With a focus on diversity and measurable outcomes, Anchor Fund supports fund managers across the Americas, Africa, and Europe, ensuring long-term financial success and community impact. Learn more at www.lightship.capital/anchorfund.

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Venture Capital's Next Wave: Strategies for Emerging Fund Managers

Wed, 11 Jun 2025 08:30:00 -0000

This week on Swimming with Allocators, Earnest and Alexa welcome Evan Finkel and Charlotte Palmer from Integra Global Advisors. Evan and Charlotte discuss their approach to venture capital investing, focusing on emerging managers while also sharing insights into evaluating new fund managers, emphasizing the importance of transparency, unique investment theses, and consistent communication. The conversation also covers challenges in the current VC landscape, including the competitive fundraising environment and the need for succession planning. Key takeaways include the value of building strong LP-GP relationships, the potential of smaller funds to generate alpha, and the critical role of motivation and differentiation for emerging managers. Also, don’t miss our insider segment as Idan Nester and Jason Kropp from Sidley discuss the complexities of cross-border venture capital investments, highlighting the importance of tax optimization, international investment structures, and navigating regulatory uncertainties in the current global investment landscape.

Highlights from this week’s conversation include:

Evan’s Background and Journey (1:09)
Charlotte’s Journey to Allocator (3:04)
Integra Overview and Differentiation (4:41)
Geographic Focus of Clients (8:24)
Motivation and Competitive Landscape for Emerging Managers (11:13)
Market Correction and Emerging Manager Archetypes (15:29)
Diligencing Differentiated Perspectives (19:37)
Off-List References and Deeper Diligence (23:51)
Insider Segment: Complexities of Cross-Border Investments (24:48)
LPAC Involvement and Value (28:56)
How LPs Should Give Feedback (31:00)
Questions GPs Should Ask LPs (34:18)
Assessing LP Commitment and Stickiness (38:40)
Succession Planning in VC Firms (42:55)
Lessons Learned as LPs (47:31)
Final Thoughts and Takeaways (50:00)

Integra Global Advisors is a registered investment advisor (RIA) functioning like a multi-family office. The firm invests across the entire investable universe but on the venture side, the team specializes in early-stage investments across the U.S., Israel, Latin America, and Europe. Focused exclusively on emerging managers, Integra provides capital and strategic partnerships, actively engaging in LPAC positions to help funds succeed. Learn more at www.integraga.com.

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DDQ: IPOs, AGMs and Hamilton Lane’s New Venture Fund

Wed, 28 May 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Current IPO Drought Discussion (1:12)
Assessing Venture Capital Allocations (4:01)
AGM Season Insights (9:17)
Leveraging AGMs for Impact (12:47)
Debate on LP Due Diligence Frameworks (15:27)
Democratization of VC Access (20:32)
Hamilton Lane Product Introduction (21:54)
Emerging Manager Programs Challenges (24:25)
Vanguard's Private Equity Recommendation (26:39)
Technological and Economic Shifts (28:12)
Climate Fund Investment Discussion (33:12)
Market Dynamics and Differentiation (36:20)
Future of Venture Capital and Parting Thoughts (39:05)

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Investing Against the Grain

Wed, 14 May 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Introduction of Guests (0:13)
Raudline’s Journey to Allocator (1:18)
Kevin's Non-Traditional Path (2:37)
Lessons from the Allocator Perspective (4:03)
Balancing Process and Creativity (9:54)
Raudline’s Firm Inspiration (11:15)
Kevin's Firm Motivation (13:57)
Building Founder Relationships (19:10)
Embracing Discomfort for Growth (24:04)
Changes in LP Expectations (30:28)
Growth Through Discomfort (34:31)
Characteristics of a Good Investor (37:30)
Timing in Venture Capital (41:03)
Evaluating Opportunities (44:24)
Rethinking Fund of Funds (48:22)
Impact of Technology on Investment (51:08)
Building Relationships in Venture Capital (54:55)
Final Thoughts and Closing Remarks (1:00:00)

Daraja Capital is a mission-driven investment firm focused on empowering diverse and emerging fund managers across the private markets. By providing strategic capital, operational support, and long-term partnership, Daraja Capital bridges opportunity gaps and helps unlock the next generation of world-changing investors and entrepreneurs. Learn more about their work and vision at darajacapital.com.

Serac Ventures is an early-stage venture capital firm investing in the next generation of global companies. Our willingness to venture where others won’t provide access to new markets and creates differentiated opportunities for our network of founders and investors. The firm takes its name from large ice formations (seracs) that form at high altitudes in the tallest mountains in the world. Seracs are the most difficult obstacles to overcome before reaching the summit. Similarly, our mission is to guide founders to help them overcome the ‘seracs’ they encounter as they grow their companies. For more information, please visit www.seracventures.vc

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Beyond the Game: Leading Family Offices of Professional Athletes

Wed, 30 Apr 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Justin's Journey into Finance (1:11)
Changes in Investment Management (4:59)
Institutionalization of RIAs (7:47)
Overview of AWM Capital's Services (11:22)
Athletes as Clients (15:16)
Engaging Athletes as LPs (16:21)
Educating Clients on Private Markets (20:19)
Regulatory Shifts in Venture Funds (24:23)
Insider Segment: Emerging Managers and Diverse Perspectives (27:38)
Complex Fund Agreements (31:02)
Venture Capital Strategy Insights (33:11)
Evolution of Partnerships (36:16)
Due Diligence Criteria Overview (40:14)
Stewardship of Capital (44:08)
In-Person Connections (47:58)
Challenges for Emerging Managers (51:00)
Human-Centered Capital Allocation (55:39)
Final Thoughts and Takeaways (57:18)

AWM Capital is a multi-family office dedicated to providing comprehensive wealth management services to professional athletes, business owners, and multi-generational families. With a commitment to independent, conflict-free advice, AWM integrates investment management and financial planning to help clients achieve their financial goals. Learn more: https://awmcap.com/

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The Untapped Potential of Corporate Venture Capital in Canada with Paula Cruickshank of BDC Capital

Wed, 16 Apr 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Differences Between Canada and the US (1:17)
Canadian Ecosystem Growth (3:32)
LP Network Composition (4:36)
Gap in Corporate Investment (8:12)
Paula's Journey at BDC Capital (10:54)
Government Support for VC (14:05)
Advice for Attracting Capital (18:56)
Venture Ecosystem Growth in Canada (22:08)
Insider Segment: Evolving Role of Legal Counsel (24:57)
Impact of Legal Partnership (29:01)
Measuring Success in Ecosystem Building (30:34)
The Camel Metaphor (34:48)
Challenges in Scaling (37:24)
Resilience in Funding (39:49)
Investment Criteria for Canadian Funds (42:36)
Advice for Investing in Canada (46:08)
Final Thoughts and Takeaways (47:39)

BDC Capital is the investment arm of the Business Development Bank of Canada (BDC), dedicated to supporting Canada’s most innovative companies and building a thriving venture ecosystem. Through strategic investments and partnerships, BDC Capital balances financial returns with a mandate to foster long-term growth and inclusion in Canada’s economy.

https://www.bdc.ca/

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Is the Future of Venture Capital in the Hands of Emerging Managers? Featuring Laura Thompson of Sapphire Partners and OpenLP

Wed, 02 Apr 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Laura's Journey to Allocator (1:05)
Differentiators of Sapphire Partners (6:35)
Advice for New Allocators (9:54)
Shifts in Manager Selection Focus (11:41)
Understanding the Underwriting Process (14:57)
Balancing Emerging and Established Managers (16:09)
Characteristics of Successful Emerging Managers (18:04)
The Importance of Fund Size and Strategy (20:11)
Insider Segment: Trends in Venture Structures (27:11)
Consolidation of Relationships in Fundraising (29:02)
Emerging Managers and LP Categories (32:09)
Evaluating Established Firms (35:26)
Portfolio Construction Guidance (38:38)
Reserves Strategy in Venture Capital (41:20)
Challenges of Co-Investment Strategies (43:40)
Sapphire's Resources for LPs (45:11)
Importance of Feedback and Strategy (48:20)
Final Thoughts and Takeaways (49:56)

Sapphire Partners has been investing in early-stage venture capital funds since 2012 and seeks to identify and support the “New Elite'' managers across the US, Europe and Israel who are uniquely suited to invest in the next generation of technology category leaders. Through its underlying managers, Sapphire Partners has indirectly invested in over 3,200(6) companies since inception. Sapphire Partners looks to partner with managers across their journey as a GP and is focused on adding value beyond its capital commitments through value-add services, industry insights, and its efforts to demystify the ‘LP Perspective’ through the OpenLP initiative. Sapphire Partners is part of Sapphire, a specialized technology investment firm with more than $10 billion in assets under management across three distinct strategies and with team members across Austin, Menlo Park, San Francisco and London. To learn more, visit https://sapphireventures.com.

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The Secret Sauce of Allocating: Endurance is Key with Lockwood Holmes of Vincimus Capital

Wed, 19 Mar 2025 08:30:00 -0000

Highlights from this week’s conversation include:

Lockwood's Background and Journey (0:46)
Vincimus Capital Overview (2:09)
Democratization of Private Markets (3:51)
Transition to Private Equity (4:52)
Influence of Shackleton's Endurance (7:43)
Current Market Opportunities (8:40)
Criteria for Ideal Clients (14:26)
Opportunities in Larger Investments (17:09)
Slow Dating in Manager Selection (20:26)
Evaluating Deal Opportunities (22:07)
Insider Segment: SVB's Approach to Innovation (26:10)
Diversification in Venture Capital (31:07)
Investment Buckets (36:02)
Philanthropy in Wealth Management (39:00)
Fund Manager Dynamics (41:55)
The Importance of Patience in Investment (46:28)
Connecting with Contacting Vincimus Capital and Final Thoughts (48:22)

Vincimus Capital is an investment platform and community founded upon shared values and trusted relationships. As a team of capital allocators, we seek to deliver risk-adjusted returns that support the present and future needs of the values-aligned families we serve. Learn more: https://www.vincimus.com/

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Investing for Justice: How Capital Drives Change with Ian Fuller of Westfuller Advisors

Wed, 05 Mar 2025 09:30:00 -0000

Highlights from this week’s conversation include:

Ian’s Journey in Wealth Management (0:41)
Founding Westfuller Advisors (5:05)
Challenges in Early Days (10:36)
Current Differentiation and Pitch (12:18)
Long-term Strategic Asset Allocation Model (14:37)
Ownership Lens Focus (16:57)
Advocacy for Due Diligence (18:16)
Economic Mobility and Career Decisions (22:32)
Insider Segmeng: Catalyst 2045 Initiative Overview (25:59)
Investment Focus Areas (28:32)
Challenges in Supporting Underrepresented Founders (32:16)
Future of Values-Aligned Investing (35:04)
Investment in Generative AI (40:56)
Incremental Impact in Investment (43:46)
Active Ownership and Corporate Stewardship (46:43)
Building Long-Term Partnerships (48:39)
Final Thoughts and Takeaways (50:55)

Westfuller Advisors is a values-driven investment advisory and wealth management firm dedicated to providing advice, strategy, and investment management for mission-aligned individuals, families, nonprofits, and foundations globally. Committed to fostering a just and equitable society, Westfuller integrates clients' values into tailored financial solutions. Learn more: https://westfulleradvisors.com/

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Capital Formation Secrets: Unlocking the Power Law in Venture Capital with Meghan Reynolds of Altimeter Capital

Wed, 19 Feb 2025 09:30:00 -0000

Highlights from this week’s conversation include:

Meghan's Background and Journey (1:18)
Capital Formation Insights (7:39)
Lessons from Goldman Sachs (9:05)
Advice for Emerging Managers (11:11)
Importance of Client Experience (17:00)
The Competitive Landscape of Venture Capital (19:14)
Changing GP and LP Relationships (23:29)
Creativity in Investor Relationships (28:19)
Insider Segment: Florida’s Diverse Venture Ecosystem (31:10)
Challenges and Opportunities in Florida Startups (35:40)
Talent Access and Flexibility (39:08)
Institutional Reporting Challenges (41:02)
Trust and Transparency in Fundraising (45:23)
Institutional LP Process Advice (49:35)
Power Law in Venture Capital (54:35)
Understanding Capital Allocation (56:49)
Fund Sizes and Venture Capital Dynamics (1:00:12)
Final Thoughts and Takeaways (1:05:10)

Altimeter Capital Management is a leading investment firm specializing in technology-focused public and private market investments. By integrating insights across markets, Altimeter aims to drive innovation in the financial industry.

http://www.altimeter.com/

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Investment Strategies Through Cycles with Samir Kaji of Allocate

Wed, 05 Feb 2025 09:30:00 -0000

Highlights from this week’s conversation include:

Samir’s Background and Journey (0:31)
Founding Allocate (1:09)
Emerging Managers Focus (4:26)
Market Cycles and Investment Strategies (8:11)
Current Market Trends (12:22)
Illiquidity in Venture Capital (14:04)
Misconceptions About Venture Capital (16:05)
Direct Investments vs. Fund of Funds (19:51)
Operational Needs of Wealth Advisors (22:13)
Building Infrastructure for Investment (24:16)
Insider Segment: Nico Toro of Silicon Valley Bank (27:00)
Customization in Different Markets (28:55)
Understanding Local Ecosystems (30:07)
Opportunities in Fintech (32:26)
Consolidation in Private Equity (36:49)
Investment Strategies for Family Offices (40:43)
Responsible Participation in Venture Capital (44:50)
Ideal Investor Profile (47:05)
Market Growth and Challenges (50:04)
Current Investment Climate (52:00)
Connecting with Samir and Final Thoughts (53:12)

Allocate is a platform designed to modernize and democratize private market investing by providing accredited investors with curated access to top-tier private capital funds and direct investment opportunities. Allocate’s mission is to empower a broader audience of investors to participate in private markets while emphasizing transparency, efficiency, and inclusivity. https://www.allocate.co

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Building Europe’s First Tech-Focused Fund of Funds with Ertan Can of Multiple Capital

Wed, 22 Jan 2025 09:30:00 -0000

Highlights from this week’s conversation include:

Insider Segment: SVB’s Role in the Innovation Economy (1:14)
Challenges for Emerging Managers (4:31)
Global Innovation and Connectivity (6:15)
SVB's Offerings Beyond Financing (8:41)
Treasury Services and Liquidity Solutions (10:59)
Ertan Can’s Background and Journey into VC (13:45)
The Birth of Multiple Capital (17:41)
Pan-European Portfolio Strategy (20:38)
Investment Jurisdictions and Structures (24:06)
Opportunities for US Investors (28:27)
Exit Markets and Valuation Benefits (30:01)
The Rise of European Startups (33:08)
Identifying Outliers in the Ecosystem (35:10)
Focus on Small and Seed-Stage Funds (38:31)
Adapting to Market Changes (42:26)
Advantages of Solo GPs (45:24)
Future of the European Market (50:27)
The Randomness of Venture Success (54:25)
Final Thoughts and Takeaways (1:01:09)

Multiple Capital is Europe’s first tech-focused fund of micro funds, founded in 2018 by Ertan Can. The firm invests in emerging and solo fund managers across Europe and the U.S., focusing on overlooked opportunities in niche geographies and verticals. With a portfolio spanning over 1,000 companies, Multiple Capital aims to democratize access to early-stage tech investments and foster innovation. Learn more: https://www.multiple.capital/

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DDQ: OCIO Acquisitions, Family Office Co-Investments, and 2025 Predictions

Wed, 04 Dec 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Reflections on Season 2 (0:45)
Discussion on Industry Changes (2:18)
Concerns Over Capital Allocation (6:05)
Emerging Trends in Allocator Careers (8:18)
Co-Investments Trend (10:23)
Challenges of Co-Investing (12:43)
Allocator Self-Awareness in Co-Investing (17:52)
Debate on Valuation Processes (19:02)
Challenges of Fundraising (22:00)
Impact of AI on the Industry (23:21)
Targeting the Right LPs (25:02)
Predictions for 2025 (29:51)
Future Guests for the Podcast (32:08)
Recommended Reading (34:41)
Final Thoughts and Reflections (37:12)

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The Water Is Fine: Debunking Common Investment Fears

Wed, 27 Nov 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Bob’s Background and the Best and Worst of Running a Coffee Shop (0:11)
Transition to Nonprofit Work (1:59)
Formative Experiences in Finance (3:47)
Transforming Nathan Cummings Foundation (5:43)
Shifting Organizational Culture (7:36)
Convincing Skeptics of Impact Investing (11:53)
Defining Impact Investing (15:03)
Mission-Aligned Investing Toolkit (16:28)
Insider Segment: AI Solutions for Today’s Financial Institutions (18:43)
Custom AI Solutions (20:36)
Multi-Channel Strategies (22:39)
Investment Team Reflection (25:02)
Due Diligence 20 Pledge (27:49)
Accountability in Search Processes (32:02)
Impact America Fund Investment (35:53)
Understanding Allocator Decisions (37:26)
Pay It Forward Mindset (38:02)
Encouragement for Impact Investing (39:17)
Flexible Capital Initiative and Parting Thoughts (41:38)

Nathan Cummings Foundation is a multigenerational family foundation, rooted in the Jewish tradition of social justice, working to create a more just, vibrant, sustainable, and democratic society. We partner with social movements, organizations and individuals who have creative and catalytic solutions to climate change and inequality. Learn more: http://nathancummings.org

Bottega8 offers secure and cost-efficient AI Model Training and Fine-Tuning tailored for financial institutions. If you're concerned about the expense and complexity of building in-house AI teams, or worried about the privacy and security risks inherent in Big Tech AI APIs, we provide the ideal solution for your proprietary data.Bottega8's solution is specifically designed for institutional financial clients, including PE/VC funds, hedge funds, broker-dealers, traders, investment banks, and fintechs. By partnering with us, you eliminate the need for expensive AI engineers, hefty API fees, and complex technical roadmaps—reducing your AI development costs by up to 85%. If you're seeking AI Model Training and Fine-Tuning services that prioritize security and cost-efficiency without sacrificing Big Tech fidelity, we'd love to talk to you. Learn more at bottega8.com/swimming.

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Your Investor Path to Greatness

Wed, 20 Nov 2024 09:30:00 -0000

Highlights from this week’s conversation include:

The Story of the Ford Foundation (1:05)
Development of Mission Investment Criteria (4:08)
Results of the Investment Strategy (7:21)
Complexity of Impact Investing (10:16)
Importance of Long-Term Perspective (12:57)
Learning and Adapting in Impact Investing (17:08)
Quality Jobs Impact Investing (21:41)
Insider Segment: AI-Driven Solutions for VC Funds and Portfolios (24:09)
Successful Engagements and Outcomes (27:55)
AI Integration in Business Strategies (29:53)
Public Recognition of AI Efforts (33:29)
Capital Access Imbalance (35:14)
Impact of Diversity on Economic Growth (37:02)
Portfolio Diversity Challenges (40:39)
The Weaponization of Quotas (42:52)
The Role of Behavioral Insights (48:43)
Strategies to Reduce Bias (52:02)
Advice for Diverse Fund Managers (57:55)
Mergers and Consolidation Opportunities (1:00:14)
Final Thoughts and Takeaways (1:04:46)

The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.

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The CIO Mindset Every VC Needs

Wed, 13 Nov 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Sarah's Background and Career Journey (0:18)
Importance of Capital Allocation (5:09)
Investment Philosophy (8:30)
Manager Selection Framework (9:41)
Framework Adaptability (12:54)
Team-Based Decision Making (15:51)
Investment Edge and Sustainability (16:43)
Insider Segment: Enhancing Fund Thesis Through Custom AI Solutions (18:14)
Impact of AI on VC Firms (21:03)
The Role of Discipline in Fund Management (23:10)
Importance of Mentorship in the Industry (27:38)
Supporting Emerging Fund Managers (30:33)
Explorer Rating Platform (32:45)
Community Foundations' Impact (33:49)
Braving Our Savings (35:05)
Advice for Emerging Allocators (37:24)

NEPC, LLC is one of the industry’s largest independent, full-service investment consulting firms, serving more than 400 clients with over $1.7T assets under advisement. Our mission is to help governments, institutions, families, and individuals preserve and grow their capital across different asset classes and market cycles. Our research-driven investment solutions are tailored to support your unique financial goals, constraints, beliefs and time horizons. As trusted and thoughtful stewards of capital, we measure our accomplishments by the success of our clients. As an employee-owned company, we know our greatest strength is our people, an exceptional and diverse group of professionals united in their commitment to fulfilling your long-term financial objectives. Our goal is to deliver objective investment advice and the highest level of service. We invite you to experience the NEPC difference. Visit nepc.com to learn more.

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Adopting Marketing and Client Services Best Practices in Venture

Wed, 06 Nov 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Christina's Accidental Career Path (0:51)
Entry Into Hedge Funds (2:43)
Storytelling in Venture Capital (3:22)
Market Research Importance (5:54)
Lessons from Bridgewater (7:55)
Consulting at FBG (11:28)
Education's Role in Consulting (13:03)
Client Needs for Reliable Data (15:32)
Understanding Venture Goals (17:39)
DPI vs. IRR Narrative (18:43)
Insider Segment: Custom AI Model Training (21:10)
Data Security Risks (26:11)
Cost-Effectiveness of Custom Solutions (28:14)
Renaissance Venture Capital Overview (30:36)
Overview of Startup Event Success (35:07)
Investment Culture in Michigan (37:45)
Criteria for Fund Selection (39:11)
Importance of Risk Management (41:24)
Final Thoughts and Takeaways (44:15)

The Renaissance Venture Capital Fund was formed with the philosophy that venture capital is important for economic growth and that many major industrial and business regions such as the State of Michigan are underserved in the amount of venture capital available to fund exciting new ideas and technologies. Success is often built by a combination of innovation, capital and strong working relationships. Our belief is that by providing much needed capital to top tier venture capital firms that are active in Michigan and by building bridges between young innovation companies and Michigan's established business community, we can achieve regional success in the form of strong investment returns and economic growth.

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Do Most LPs Like Their Job? Featuring Grady Buchanan

Wed, 30 Oct 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Grady Becoming a Limited Partner (0:52)
Networking and Mentorship (3:14)
Understanding LP Dynamics (5:29)
Job Satisfaction Among LPs (9:03)
Understanding Corporate Innovation Needs (13:57)
Connecting Startups with Limited Partners (15:22)
Value Addition in Fund Manager Selection (18:30)
Local Corporate LPs vs. State Money (20:22)
Outside-In Investment Approach (22:51)
Insider Segment: Implementing AI in VC and Portfolio Companies (24:14)
The Importance of Data and Culture (28:35)
Misuse of AI Terminology (30:54)
AI Playbook for Executives (32:59)
Key Qualities for GPs (34:51)
The Role of Co-Investment (37:04)
Avoiding Shiny Objects (38:58)
Final Thoughts and Takeaways for Allocators (40:38)

Grady Buchanan is an institutional and risk-based asset allocation professional. His focuses include venture capital fund investments as well connecting startup ecosystems across the globe. NVNG is focused on establishing stronger venture capital presences in regions throughout the US - managing a venture capital fund of funds tailored to meet the needs of local corporations and institutional limited partners. As a Founding Partner, Grady is responsible for the fund of funds portfolio, venture capital fund sourcing and diligence, and for investment allocation decisions.Grady is also the founder and CEO of OmniValley, an online social community exclusively for those looking to establish the right connections within entrepreneurial ecosystems. He’s built a strong and growing platform housing institutional investors, venture capital firms, accelerators, and individuals in efforts to connect under-ventured communities to sophisticated, strategic, and engaged investors, sponsors, and mentors.

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Capitalizing on Counter-Cyclical Valuations in Venture

Wed, 23 Oct 2024 16:00:00 -0000

Highlights from this week’s conversation include:

Darren's Background and Career Journey (1:09)
Thesis on Private Markets (5:11)
History and Focus of Provenio Capital (6:42)
Investment Structuring for Clients (10:22)
Investment Process for New Managers (13:44)
Current Interests in VC Managers (15:08)
Building Relationships with VC Fund Managers (16:28)
Understanding Venture in Portfolio Context (18:26)
Insider Segment: Setting Institutional-Grade Back Offices (19:13)
Operational Diligence in Fund Management (24:10)
Minimum Investment Criteria for Clients (28:09)
Trends for Allocators to Watch (30:12)
Lessons Learned in Venture Investing (31:40)
Parting Thoughts on Venture Portfolio (33:01)
Current Opportunities in Early Stage Investments (34:34)

Provenio Capital: Our specialization and expertise is the sourcing and diligence of alternative investment strategies across hedge funds, private equity, venture capital, real estate and direct deals. Our focus is to build portfolios that are less correlated to the broader markets, and our aim is to generate outperformance during periods of dislocation in order to produce excellent risk-adjusted returns for our clients with significantly less volatility. As part of the overall investment process, we will aim to incorporate the appropriate planning and structure to maximize after-tax returns.

Aduro Advisors is a trusted partner for venture capital fund managers, offering comprehensive and expert fund administration services. Known for being agile, responsive, and focused on making fund operations seamless, Aduro enables fund managers to concentrate on investing. With deep expertise across a variety of fund sizes and strategies, Aduro provides a full suite of services, including fund accounting and compliance. The firm understands the fast-paced nature of venture capital and prides itself on being as innovative and driven as the funds it supports. Aduro doesn’t just manage operations—they help funds scale. https://www.aduroadvisors.com.

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The “Approachable LP” Investing on Behalf of 120 Families

Wed, 16 Oct 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Sean’s Background and Journey in VC (1:07)
First Deal Learning Experience (3:22)
Conviction in Allocating (5:08)
User-Friendly LP Approach (7:35)
Openness to Manager Relationships (11:19)
Overview of Gresham Partners (12:14)
Strategy on Smaller Investments (14:10)
Macro Trends Influencing Venture Strategy (15:57)
Influence of Families on Investment Strategy (19:52)
Capital Pool Structure (22:00)
Insider Segment: Best Practices for Emerging Managers (25:24)
Identifying Client Needs (27:34)
Distribution Trends (29:45)
Investment Process Transparency (31:55)
Adapting to Market Changes (33:48)
Miscommunication in LP-GP Relations (37:05)
Understanding GP-LP Dynamics (40:15)
Building Relationships in the LP Community (42:06)
Changes in Fund Strategies (45:28)
AI's Impact on Investments (48:17)
Final Thoughts and Takeaways (49:22)

Sean Warrington is the Head of Private Investments at Gresham Partners where he seeks to build portfolios of world-class private equity and real asset managers. His primary responsibilities include developing, sourcing and executing private investments around the world. Prior to joining Gresham, Sean served as co-head of private markets for the Alfred I. duPont Charitable Trust, a $6.5 billion foundation based in Jacksonville, FL. He previously held positions in corporate finance at Lockheed Martin as well. Sean’s personal interests include watching sports (including esports!), reading science fiction and regular workouts.

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Turning Around a Pension Fund with a Modern Venture Strategy

Wed, 09 Oct 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Anurag’s Background and Experiences in VC (1:05)
Understanding Venture Capital Dynamics (2:26)
The Importance of Transparency (5:33)
Expectations of Returns (9:06)
Emerging Manager Trends (11:30)
Family Offices and Investment Strategies (12:49)
Exploring Emerging Geographies (15:56)
The Importance of Risk in Venture (17:53)
Learning from Allocators (22:56)
Insider Segment: Trends in Fund Structures (25:48)
The Role of Fund Administrators (29:22)
Benchmark Data in Fundraising (30:18)
Investment Strategy Focus (32:17)
Current Regulatory Landscape (35:01)
Pension Fund's Venture Program Development (36:36)
Investment Decision-Making Processes (40:02)
Building Relationships with Pension Plans (42:06)
Differentiating Fund Proposals (43:45)
Overview of Race Global Conference (45:49)
Trends in Fund Proposals (47:01)
Criteria for Advising Family Offices (50:00)
Final Thoughts and Takeaways (55:14)

Anurag Chandra’s background encompasses billions of dollars of institutional investing and venture capital experience. He has also held three hi-tech startup senior operating roles reporting directly to founders/CEOs (two M&A exits to public companies). He has expertise in equity and debt and early and later-stage investments and has advised dozens of funds and family offices. His experience includes structuring principal transactions, including SPVs, debtor-in-possession purchases, and asset purchases/acquisitions.

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The Remaining Massive Opportunities in Fintech with PayPal’s Lisha Bell

Wed, 02 Oct 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Lisha's Background and Journey in VC (1:44)
Inspiration for Equity Charge (2:38)
Angel Investing Data (4:36)
Access to Venture Capital (6:02)
Role of LP Investing (9:32)
Advice for First-Time LPs (11:07)
Valuing Early Backers (15:04)
Economic Opportunity Fund at PayPal Ventures (16:14)
Team Collaboration and Initiative (17:24)
Advice for Other Organizations (20:00)
Insider Segment: How Adoro Provides Scalable Solutions for VC Firms (21:09)
Naming Adoro Advisors (23:27)
Evolution of Fund Administration (25:37)
Adoro's Unique Positioning (28:13)
Synergy with Portfolio Companies (30:51)
Building Synergistic Relationships (32:47)
Diversity in GP Representation (33:39)
Legacy of Racial Equity Movement (35:20)
Investment Strategy and Portfolio Balance (37:42)
Fintech Opportunities and Challenges (39:52)
Adoption of Financial Technologies (42:10)
Podcast "Sisters with Ventures" and Parting Thoughts (44:54)

Lisha Bell has over 20 years of experience in technology innovation, specializing in digital money movement. She currently leads PayPal Ventures' Economic Opportunity Fund, a $100M investment in diverse emerging fund managers. Previously at PayPal, she led Product for the Financially Underserved Segment and Pay with Venmo. Prior roles include payments-related positions at Wells Fargo, Kohl’s, and Feedzai, where she developed early digital financial products like online banking and digital wallets. Lisha is cofounder of BLXVC, an angel syndicate supporting Black and Brown founders, and host of the Sisters with Ventures podcast. She previously led deal flow at Pipeline Angels and serves as board chair for Black Girl Ventures. Lisha holds a BSc from USC and MBAs from UC Berkeley and Columbia, and enjoys traveling, cooking, and dancing, all while balancing motherhood duties with her daughter.

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Election 2024: What Tech Investors Are Missing When It Comes to Regulatory Risks and Rewards

Wed, 25 Sep 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Bradley's Background and Journey in Politics and VC (1:08)
Regulatory Challenges in VC (3:18)
Understanding Political Dynamics (4:18)
Investment Strategies in Regulated Industries (6:00)
Importance of Local Politics (9:33)
California AI Bill Overview (11:25)
Political Implications of the AI Bill (13:17)
AI in Government Processes (16:08)
Impact of AI on Legal Marketplaces (18:51)
Sector-Specific Growth in GovTech (20:38)
Political Influence on Tech Regulation (22:19)
FTC's Mixed Impact on Innovation (24:13)
Concerns Over Economic Policies (27:29)
Mobile Voting Discussion (29:27)
Impact of Low Primary Turnout (31:38)
Political Survival vs. Public Safety (32:36)
Mobile Voting Project Origins (34:15)
Building Secure Voting Tech (35:26)
Engaging Younger Generations (37:20)
Impact of Technology on Voting (38:12)
Final Thoughts and Takeaways (39:10)

Bradley Tusk is a venture capitalist, political strategist, philanthropist and writer. He is the CEO and co-founder of Tusk Holdings, the world’s first venture capital fund that invests solely in early stage startups in highly regulated industries, and the founder of political consulting firm Tusk Strategies. Bradley’s family foundation is funding and leading the national campaign to bring mobile voting to all U.S. elections. Tusk Philanthropies also runs and funds anti-hunger campaigns that have led to the creation of anti-hunger policies and programs (including universal school breakfast programs) in 22 different states, helping to feed over 12.5 million people. Bradley is the author of The Fixer: My Adventures Saving Startups From Death by Politics and Obvious in Hindsight, writes a column for New York Daily News, hosts a podcast called Firewall about the intersection of tech and politics, and is the co-founder of the Gotham Book Prize. He recently opened a bookstore, podcast studio, event space and cafe called P&T Knitwear on Manhattan's lower east side. He is also an adjunct professor at Columbia Business School.

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Fundraising from Family Offices and Maximizing Those Relationships with Malcolm Robinson

Wed, 18 Sep 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Malcolm’s Background and Experience (0:10)
Experience as an Allocator (2:43)
LP Perspective on Investment Risks (4:07)
Advantages of Smaller Check Writers (6:43)
Criteria for Assessing Fund Managers (8:44)
Exciting Opportunities in Healthcare and Deep Tech (12:09)
Challenges of Sourcing Family Offices (15:06)
Insider Segment: The Impact of AI on Hardware Ecosystems (18:30)
Interest in Hardware Financing (21:15)
Diversifying Capital Stacks (22:20)
Formation of the Black LP Association (24:12)
Growth of Diverse Emerging Managers (27:27)
Challenges in Fundraising (30:34)
Differentiation in Asian Markets (32:12)
Value Addition as an LP (37:05)
Internship Opportunities in VC (39:33)
Building a Talent Pipeline (42:04)
Final Thoughts on Market Opportunities (44:20)

Malcolm Robinson founded and serves as the executive director of the Black Venture Capital Consortium (BVCC), which educates, trains and places top students from HBCUs into the venture capital and startup ecosystem. In addition, Mr. Robinson co-founded and is the executive director of the Black LP Association (BLPA). Prior to BVCC and BLPA, Mr. Robinson was a general partner at Avenue Capital Group where he launched Avenue's Asia investment management business in 1999 and grew it to over $5 billion AUM, opening 9 offices in 8 countries and building and managing a team of over 110 employees throughout China, India and Southeast Asia. The fund invested in private equity, distressed debt, nonperforming loans and mezzanine investments. Prior to joining Avenue in 1999, he was the chief investment officer for the Richmont-Parley Investment Company, a Hong Kong based investment company. Before that, he was a portfolio manager at The Pacific Group’s Asia Hedge Fund based in Hong Kong and affiliated with the U.S. based hedge fund, Tiger Management Corporation. The Asia Hedge Fund directly invested in long/short equities, convertible bonds, fixed income securities, currencies and derivatives. Prior to that, Mr. Robinson was an investment professional with the Prudential Investment Corporation. During his seven years at Prudential, he participated in $600 million of direct investments in private credit and private equity. Mr. Robinson founded the New Jersey Advocates for Education, a college scholarship program which has awarded scholarships to over 300 students from the greater Newark, NJ area. Mr. Robinson graduated with Honors with a B.S. in Business Administration from Florida A&M University in 1987 and received an M.B.A. from the Wharton School of the University of Pennsylvania in 1994.

Camber Road is the most cost-effective, flexible and nimble leasing company for venture-backed businesses. We are experienced, but not stodgy. We're hungry, like the startup companies we serve. And we hold every lease on our balance sheet. We finance business-essential equipment for venture-backed companies. We do one thing, and we do it better than the rest. Learn more at www.camberroad.com.

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30 Years of Lessons Learned Investing in Emerging Managers with Aakar Vachhani

Wed, 11 Sep 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Aakar's Career Journey (1:27)
Evolution of Fairview's Investment Strategy (2:56)
Impact of the Great Recession (3:06)
Fairview's Investment Activities (5:22)
Partnerships and New LPs (7:31)
Direct Co-Investment Strategy (8:30)
Differentiation from Other Fund of Funds (11:23)
Chip on the Shoulder Mentality (13:31)
Overlooked Opportunities in Diversity (15:01)
Emerging Managers and Deal Flow (16:46)
Insider Segment: Camber Road's Business Overview (00:17:37)
Navigating Large Funding Offers (19:30)
Strategic Work in Venture Capital (22:19)
Anticipating New Fund Formation (25:20)
Challenges of Starting a Fund (28:27)
Understanding GP Counseling (31:00)
Assessing Non-Traditional Managers (34:30)
Maintaining LP Relationships (37:05)
Current Investment Opportunities and Parting Thoughts (39:25)

Fairview curates dynamic relationships for institutional investors, providing unparalleled access across the most compelling segments of the private markets: venture capital, diverse and emerging managers, and co-investment. Learn more: https://www.fairviewcapital.com/.

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How MetLife Won Allocation in Top GPs with Matt Curtolo

Wed, 04 Sep 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Matt’s Background and Experience in VC (0:10)
Challenges in Venture Capital Allocations (2:20)
Understanding the Allocator's Perspective (4:32)
Technology's Impact on Allocators (7:02)
Direct Investments vs. Outsourced CIOs (10:04)
Using Third-Party Reports for Performance Measurement (14:14)
Understanding Performance Metrics (16:12)
Venture Capital Landscape (17:50)
Insider Segment: The Importance of Diversifying Funding Sources (19:31)
Extending Your Runway and Preserving Equity (22:06)
Engaging with Camber Road (22:57)
Insurance Allocators' Strategy (24:55)
MetLife's Venture History (26:40)
Innovation Office Impact (27:53)
New Pools of Capital (31:29)
Balanced Portfolio Insights (34:25)
Investment Strategies for New Investors (34:52)
The Challenge of Investor Sentiment (37:00)
The Importance of Manager Selection (40:09)
Contrarian Investment Strategies (41:36)
Final Thoughts and Takeaways (44:14)

Matt Curtolo is a seasoned investor with 20+ years covering all functional areas of the private markets from both an allocator and investor lens. Most recently, he built the investment capability from the ground up at a fintech start-up called Allocate, focused on offering high-quality venture capital and alternative investment opportunities to a broader investor base. Previously, he was a co-manager of MetLife's Alternative Investments Portfolio and Head of Private Equity at a large independent OCIO. Matt began his career at Hamilton Lane (NASDAQ: HLNE) during its early growth, before it became the world's pre-eminent private markets allocator.

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How Screendoor Underwrites First-Time Fund Managers with Lisa Cawley

Wed, 28 Aug 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Lisa's LP Career Journey (1:05)
Changes in the Venture Capital Landscape (4:21)
Introduction to Screendoor (6:16)
GP Advisory Services Explained (8:47)
Portfolio Construction Approach (13:20)
Analyzing Fund Ones (15:53)
Investment of Time (17:44)
Common Pitfalls for First-Time Managers (21:22)
Legal and Operational Considerations (25:14)
Insider Segment: Starting a New Venture (00:27:06)
Understanding Equipment Financing (30:07)
Lessons from the 2020-2022 Debt Cycle (31:55)
Importance of Diversifying Funding Sources (36:10)
The Value of Personal Stories in Fundraising (38:39)
The Future of Venture Capital Evolution (00:44:17)
Understanding Fund Management Challenges (46:17)
Challenges Faced by LPs (48:04)
Risk Management in Fund Commitments (50:16)
Encouragement for Younger LPs (51:27)
Final thoughts and takeaways (52:09)

Lisa Cawley is the Managing Director at Screendoor, an investment platform that invests in new managers raising early institutional venture funds and building an enduring firm. At Screendoor, Lisa leads efforts to reshape the VC landscape by supporting new fund managers. Lisa leads the firm and is responsible for the entirety of Screendoor’s operations and investments. Her commitment extends beyond her professional roles, actively participating in initiatives like Global Women in VC, advocating for economic empowerment, transparency, and inclusivity in the ecosystem. Prior to Screendoor, Lisa worked with a private multi-billion-dollar global investment firm where she was involved in all aspects of managing the firm’s private market portfolio, including sourcing and manager due diligence, asset allocation and forecasting, and creating and implementing the firm’s investment data tools and analytics. Lisa started her career at Ernst & Young, & earned an MBA, MSF, and BBA from Loyola University Maryland. She is a CFA Charterholder and holds a CPA.

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Foundry's Approach to Investing in Early-Stage VC Funds with Jaclyn Freeman Hester

Wed, 21 Aug 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Jaclyn’s Background and Journey in VC (0:50)
Early Experiences in Venture Capital (1:55)
Finding Edge in Venture Investing (5:16)
Decision to Institutionalize Fund Investments (8:09)
Evolution of Foundry's Investment Strategy (10:38)
Building Networks in Venture Capital (15:16)
Initial Impressions of the Venture World (16:14)
Understanding the LP World (17:51)
Evaluating People in Venture (20:39)
Adapting to a Growing Number of Funds (23:01)
Insider Segment: Advice for Fund Managers (25:49)
Opportunities for Limited Partners (27:22)
Outlook for 2024 (28:28)
Transition to Direct Investing (32:08)
Importance of Manager Relationships (35:37)
Value of a Focused Strategy (39:10)
Future of Venture Capital (43:37)
Connecting with Jaclyn and Final Thoughts (44:10)

Jaclyn Freeman Hester is a Partner at Foundry. She joined in 2016 with a passion for supporting the next generation of entrepreneurs and investors. Jaclyn leads direct investments in early-stage companies, often collaborating with Foundry’s partner funds. She loves working closely with founders to solve hard problems and think about the human elements of business. She invests across B2B and consumer companies that exhibit strong end-user empathy and use technology to empower individuals, unlock potential, and improve experiences. Jaclyn helped launch Foundry’s partner fund strategy, building the portfolio to nearly 50 managers. Bringing her unique GP + LP perspective, Jaclyn has become a go-to sounding board for emerging VCs. Jaclyn first fell in love with entrepreneurship while earning her JD/MBA at CU Boulder (Go Buffs!). There, she served as Executive Director of Startup Colorado, where she got to know Foundry and the incredible Boulder/Denver startup community the firm helped catalyze. In her brief stint as a practicing attorney, Jaclyn advised clients in M&A transactions and early-stage financings. She also witnessed the founder's journey first-hand, working closely with her husband and his family as they built a B2B SaaS company, FareHarbor (acquired by BKNG). Learn more at foundry.vc

Gunderson Dettmer is the preeminent international law firm with an exclusive focus on the innovation economy. The firm serves market-leading venture capital and growth equity investors and pioneering companies through inception, growth and maturity, as well as groundbreaking public companies that result from the global venture capital ecosystem. The firm’s clear-cut focus and well-honed technical skill enables an accelerated pace and unmatched efficiency, delivering best-in-class value at each phase of a client’s business. Learn more: www.gunder.com.

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A Novel Solution for LPs to Access Emerging GPs Biggest Winners with Sunil Pai

Wed, 14 Aug 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Sunil’s background in venture capital (0:11)
First Contact with DFG (2:07)
Transition to AngelList (5:02)
Insights Leading to the Collective (6:57)
Shifts in Investment Strategy (10:05)
Insider Segment: Regulatory Changes Impacting VC (12:08)
Emerging Managers and Established Firms (15:31)
Angel Collective Opportunity Fund Overview (18:19)
Manager Selection Criteria (21:11)
Pitching to Founders (23:06)
Opportunity Funds in Context (27:15)
Rate of Deployment Expectations (28:25)
Emerging Manager Market Fit (30:12)
Starting as an Angel Investor (31:43)
Challenges for LPs in Small Funds (33:51)
Advice for Aspiring VCs (35:53)
Trends Among Emerging Managers (37:42)
Final Thoughts and Takeaways (39:46)

Angel Collective Opportunity Fund is a generalist opportunity fund composed of thematic specialists. Managers are selected annually, so the fund is not anchored to any one player and the team consistently aims to achieve the best access across the venture ecosystem. For investors, this approach works with proven emerging managers and maintains steady exposure to the top technology sectors each year. For more information, please visit: www.angelcollective.com.

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Today’s Opportunities and Landscape in Canadian Venture Capital

Wed, 07 Aug 2024 08:30:00 -0000

Highlights from this week’s conversation include:

John’s journey from operator to allocator (0:49)
Misalignment in the Market (3:30)
RBCx’s Venture Capital Approach (5:40)
Key Insights on Fund Investing (8:33)
Strategic Advantages of RBCx (10:14)
Advice for Corporates on Fund Practices (12:47)
Building Anchor Partnerships (14:00)
Insider Segment: Challenges for Emerging Managers (17:20)
Navigating Due Diligence Processes (19:04)
LPA Considerations for Institutional Investors (21:44)
Mortgage Challenges for Founders (25:59)
Surprises of Being an LP (27:37)
Understanding the Capital Food Chain (28:26)
Exit Value Insights (30:22)
Canadian Venture Market Dynamics (34:15)
Government Support in Early Stages (36:38)
Fundraising Trends in Canada (39:14)
Exit Value to Fund Size Ratios (41:09)
Future Outlook for Canadian Venture (42:06)
Canadian Life Sciences Focus (44:08)
Exit Opportunities in Venture (46:23)
Liquidity Challenges Ahead (48:05)
Final thoughts and takeaways (49:11)

John Rikhtegar is the Director of Capital at RBCx in Toronto, Ontario, Canada. Prior to joining RBCx, John was the Chief of Staff & VP of Strategic Operations at Kognitiv Corporation for 10 months, where he contributed significantly to the company's strategic initiatives. Before that, he was the Head of Commerce Revenue, EMEA, at VaynerCommerce in London, United Kingdom, for 9 months, focusing on expanding the company's revenue streams across Europe, the Middle East, and Africa. John also worked as an Enterprise eCommerce Consultant at Shopify Plus in the Waterloo, Canada area, where he advised high-growth, high-volume merchants on scaling and succeeding in the competitive eCommerce space.

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Building Relationships with Asian Limited Partners with Chris Shen of Revere VC

Wed, 31 Jul 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Chris Shen's Background and LP Career Journey (0:52)
US-China Geopolitics, History, and MacroEconomics (3:27)
Developing Relationships with Asian Allocators (8:02)
Flavor of GP and Navigating Family Offices in Asia (11:31)
Understanding LP Motivations (16:52)
Importance of Liquidity for Investors (18:35)
Working with Corporate Venture Capital Groups (22:15)
De-risking Perception for Corporates (24:28)
Diversity of VC Ecosystem (30:53)
Insider segment: Focusing on the Innovation Economy (32:01)
Learning the ropes of venture capital (38:18)
Advice for junior investors (40:30)
Personal experiences and growth in investing (43:27)
Asian American foundation and the Committee of 100 (45:33)
C100 organization (49:57)
Connecting with Chris and Final Takeaways (50:27)

Chris Shen has over 15 years of financial services, investments and legal experience in both the United States and Asia. He is the co-founder of Revere, which is building a tech-enabled, data-driven platform specializing in emerging managers – like Cambridge Associates for the modern allocator. l. Previously, Chris was a managing director at LQ Pacific Partners, a Hong Kong based merchant bank focusing on tech investments. Chris was also a founding partner of West 22nd Capital Advisers, a Hong Kong-based single family office and SFC-licensed investment firm. Chris led investments in external asset managers, established the firm’s operations and was a member of the investment committee. Before moving to the buy side, Chris was a senior corporate finance and investment funds lawyer with Baker McKenzie, with a pan-Asia practice representing large corporates, financial institutions, and fund managers.

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Opportunities in Today’s Secondary Market with Christopher Johnson of Knightsbridge Advisers

Wed, 24 Jul 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Christopher’s Background and Journey in Venture (0:13)
Venture Capital as a Place of Hope (4:33)
Macroeconomic Trends in Venture (5:50)
Activity in the Secondary Market (7:44)
Platforms and Working with Them (12:30)
LPs' Preferences in the Market (14:37)
The role of venture capital in the global economy (16:43)
Working with institutional LPs (17:38)
Tailoring services for different client types (19:00)
Structural approach to client services (22:19)
Navigating the slow-moving venture capital landscape (24:41)
Insider Segment: Vested’s API integration (27:29)
Cold emails vs. Warm intros (00:31:55)
Looking beyond current AI trends (33:45)
Meeting etiquette and deal pitches (35:29)
Long-term relationships in venture capital (39:07)
Transitioning within venture capital firms (42:32)
Fundraising advice and market entry strategy (45:52)
Final thoughts and closing remarks (47:22)

Knightsbridge Advisers has dedicated more than four decades to building premier portfolios of venture capital relationships in the industry and providing institutional investors access to strong performing venture managers. Knightsbridge focuses on fund of funds and separately managed accounts for primary, secondary, and opportunistic investments in venture capital and growth equity partnerships. Learn more: knightsbridgevc.com/

Vested empowers startup employees to capitalize on their hard-earned equity, primarily by providing funding to help exercise stock options. The company’s overarching mission is to democratize access to equity, ensuring that startup employees both understand and have a real chance to tangibly benefit from the shares they’re granted.

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DDQ: Megafunds Are Back; Adjusting Your LP and VC Strategy Accordingly with Earnest Sweat and Alexa Binns

Wed, 17 Jul 2024 08:30:00 -0000

Highlights from this week’s conversation include:

The Series A Crunch (0:59)
Concentration of LP Capital in Mega Funds (4:22)
Partnership Questions in VC (12:24)
Start, Bench, Cut of Alternative Investment Products (21:34)
Emergence of Solo GPs and Potential Mergers (27:56)
Debate on the Potential of 2024 as a Breakout Vintage Year (30:28)
LP Update Strategies and Being a Better Ally (33:20)
The Power Law (41:22)
The Next Novel Approach (42:53)
Venture Capital's Future (44:30)

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Venture Capital for the State of California with Derrick Tang of IBank California

Wed, 10 Jul 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Derrick’s background in venture capital (0:19)
Transition to public sector (2:27)
The Government's role in innovation (4:55)
Public perception of government in venture capital (8:40)
Government programs for venture capital (10:48)
Constraints of public funding (13:11)
Coordination among state programs (15:18)
Purpose of public venture funds (17:14)
Supporting Underrepresented Small Businesses (17:34)
Investing in Diverse Teams (22:41)
Insider Segment: Vested’s Differentiation from Competitors (24:59)
Considerations for Pre-IPO Shares (25:35)
Thought Leaders in the LP Community (27:11)
Allocation for Diversity and Climate (29:16)
Definition of Climate Justice (31:01)
Unique Aspects of Climate Investing (34:02)
Mission and Returns in Inclusive Investing (37:30)
Fund Size and Deployment (40:35)
Final thoughts and takeaways (42:15)

Derrick Tang serves as the Deputy Director of Venture Capital at IBank California, a role he was appointed to by Governor Gavin Newsom. With a rich background in climate change, venture capital, and government leadership, Derrick has dedicated his career to increasing access to capital for entrepreneurs. His work focuses on supporting underrepresented fund managers and entrepreneurs, with an additional emphasis on climate justice investments. Derrick's previous roles include leading the Climate Investments team at the Bay Area Air Quality Management District and managing grants at the California Clean Energy Fund (CalCEF). He holds a B.S. in Chemical Engineering from Cornell University and is passionate about leveraging venture capital to drive social and environmental change.

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Starting a Public Venture Program from Scratch with Peter Teneriello

Wed, 03 Jul 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Peter’s background and journey Into finance (0:58)
Strategy of Institutional LPs (2:30)
Bandwidth Constraints and Time Management (5:53)
Lessons Learned from Early Stage Programs (8:01)
Criteria for Fund Managers (10:11)
Transition to Institutional LP and Governance Structure (12:56)
Challenges Faced by Institutional LPs (16:10)
Excitement about certain investment strategies (19:24)
Overview of the Kauffman Fellows program (23:04)
Insider Segment: Vested's target audience and investor interest (24:32)
Ingredients for successful LP-VC partnership (30:45)
Role of limited partners in the future of venture capital (33:24)
Proud venture capital investment (35:49)
Investing with Creativity and Conviction (38:03)
Final thoughts and takeaways (38:50)

Peter Teneriello is a multifaceted professional with a rich background in finance and private equity. At 33, he boasts a B.B.A. from the University of Notre Dame, complemented by his participation in the Kauffman Fellows Program. His career includes significant roles at Sapient Capital, Stifel Financial Corp., and the Texas Municipal Retirement System. As a Kauffman Fellow, Peter has demonstrated a commitment to innovation and leadership in the investment field. His interests in technology and ethical considerations in AI highlight his forward-thinking approach.

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Impact Investing: Past, Present, and Future with Margot Kane of Spring Point Partners

Wed, 26 Jun 2024 08:30:00 -0000

Highlights from this week’s conversation include:

The Growth and Evolution of Impact Investing (0:47)
Misconceptions about Impact Investing (3:34)
Impact Investing in Political Climate (7:59)
Spring Point Partners' Mission (11:07)
Venture Capital and Impact Strategy (12:28)
Assessing and Vetting Fund Managers (14:41)
Impact Labeling for Fund Managers (16:47)
Fundraising Strength and Networked Wealth (19:13)
Silicon Valley Diversity (23:03)
Shared Ownership and Participatory Investment Models (28:31)
Insider Segment: Stock Option Funding (33:33)
Climate Investment Opportunities (42:13)
Intersection of Planetary and Human Well-Being (44:06)
Community Ownership in Renewable Energy (46:04)
Industries and Investment Trends to Avoid (49:47)
Applying Historical Frameworks to Investing (55:04)
Final Thoughts and Takeaways (57:02)

Spring Point Partners is a social impact organization that invests in the transformational leaders, networks, and solutions that power community change and advance justice. We do this by:

Seeking out and supporting community leaders who have the vision to see what’s possible and the drive to make that real.
Connecting the experience of partners with comprehensive and flexible supports for shared learning and impact.
Investing in innovative ideas and adaptive solutions that can spark and scale change for all.

Whether we’re partnering on youth development, human-centered learning, animal welfare or water sector leadership or investing in new business models that close opportunity gaps and boost social and economic mobility, we center equity and justice in all we do — supporting individuals and ideas that can have a catalytic impact in their communities and on our society.  Together, let’s change the way social impact is achieved. Learn more: www.thespringpoint.com.

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QED Chronicles: Lessons Learned from a Top VC for Selecting New Managers with Alex Edelson

Wed, 29 May 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Alex's experience as a VC turned LP (0:51)
Insights into evaluating smaller funds (2:20)
Characteristics of a good LP (6:44)
Role of an LP as a sounding board (8:06)
Constructing an LPAC (10:39)
Continuing relationships with funds (12:15)
Pitch to LPs for Slipstream Investors (14:17)
Evaluating Emerging Managers (18:53)
Sector-Focused Funds (24:05)
Insider Segment: Navigating Venture Capital’s Evolution (25:45)
Diversification of Investment Opportunities (28:35)
Future of Venture Capital (30:38)
Fund Management and Responsibilities (34:45)
Active Investing and Fund Sourcing (35:33)
Optimal Time for Venture Investment (37:08)
Final thoughts and takeaways (38:26)

Alex Edelson is the Founder and General Partner of Slipstream Investors. Before starting Slipstream, he worked at QED Investors, a top fintech-focused venture capital firm with $4.3 billion in assets under management. Alex joined as Nigel Morris's Chief of Staff and became the Chief Operating Officer and General Counsel. He previously worked at a fintech startup and spent seven years practicing law. Alex holds a J.D. and B.A. from the University of Michigan. Learn more at www.slipstream investors.com.

Sydecar.io is a frictionless deal execution platform for venture investors. Our platform handles back-office operations for venture investors, automating banking, compliance, contracts, and reporting so that customers can focus on making deals and building relationships. Learn more at www.sydecar.io.

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Expanding Your Investment Strategy to Include Venture Capital with Kate Nevin

Wed, 22 May 2024 08:30:00 -0000

Highlights from this week’s conversation include:

The Origin Story of TSWII (1:04)
Kate entering the finance industry (6:07)
Family dynamics and alignment in investing (8:28)
Transition to private investments (00:11:02)
Exploring the full spectrum of investments (15:14)
Sourcing and Early Stage Investment (18:58)
Investing in Female Managers (22:26)
Innovating for Parity (24:02)
Insider Segment: Simplifying SPVs for fund managers (26:47)
Trends in Special Purpose Vehicles (29:53)
Negotiating Terms and Warehousing Deals (32:34)
Sustaining Interest in Venture Capital (35:59)
Investing in Diversity and Community Building (36:41)
Solving Big Problems and Impact Investing (40:00)
Sourcing and Supporting Emerging Managers (43:03)
Wealth Transfer and Women's Investing (50:32)
Encouraging Women to talk about money and investing (55:31)
Final thoughts and takeaways (58:07)

Kate Nevin is President and Portfolio Manager at TSWII Capital Advisors, a role she has held for over 20 years. She is active with many industry groups (such as The Academy of Institutional Investors and Nexus) and community organizations focused on conservation and gender equality. She was a Riley Diversity Fellow. Both in her work at TSWII and as a diversity fellow, Kate has ensured that female founders have access to mentoring, networks, and coaching in order to thrive. Learn more: tswii.com.

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The Strategy for Selecting Top Co-Investments as a Limited Partner with Josh Porter

Wed, 15 May 2024 08:30:00 -0000

Highlights from this week’s conversation include:

The LA venture ecosystem (0:43)
Unique investment opportunities in LA (3:54)
Leveraging entertainment and deep tech in LA (6:42)
The Partnership between Josh and Ankeet (7:47)
Finding the right partner (9:23)
The goal of FirstLook Partners (11:35)
Fee structure of fund of funds (15:47)
Strategy Shifts and Market Validation (18:13)
Co-Investment Strategy (20:05)
Investment Thesis and Co-Investment Opportunities (21:30)
Insider Segment: Fund Administration and the Rise of Hybrid Fund Models (24:42)
Product Development and Core Focus (27:18)
Future of Venture Capital and Hybrid Fund Models (31:36)
Sourcing new managers (36:46)
Criteria for manager selection (37:41)
Unique investment strategies (38:24)
Venture allocation and market dynamics (43:40)
Challenges in decision-making and final takeaways (44:57)

Founded in 2023, FirstLook Partners is a hybrid fund of funds investing in venture capital firms under $50M and software companies. FirstLook is managed by Josh Porter in Los Angeles, CA and Ankeet Kansupada in Chicago, IL. Visit their website at firstlookpartners.com.

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How Should Fund Managers Approach Pension Plans in Private Market Investing? Featuring Edward Comerford

Wed, 08 May 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Edward and Earnest’s Basketball Memories (0:47)
The importance of pension investments (5:42)
How fund managers should approach pension plans (7:59)
Unique challenges of pension plans (10:41)
Role of venture in the portfolio (13:02)
Impact of public markets on venture deployment (14:14)
Looking for new managers in 2024 (16:11)
Investment vehicles (18:17)
Insider Segment: Revolutionizing Venture Capital Operations (20:44)
Fund administration best practices (23:24)
Trends in SPVs (24:52)
Warehousing deals (28:33)
Comparison and tracking of managers (31:02)
DPI and Valuation Accuracy (32:50)
Liquidity and Capital Strategies (35:06)
Zombie Funds and Succession Planning (37:44)
Venture Capital and Portfolio Diversification (44:08)
Final Thoughts and Takeaways (45:38)

The San Francisco Employees’ Retirement System (SFERS) is dedicated to securing, protecting, and prudently investing pension trust assets, administering mandated benefits programs, and providing promised benefits to more than 77,000 active, vested, and retired City and County of San Francisco employees and their survivors. SFERS administers two benefit programs, a $33 billion Pension Plan (defined benefit plan) and a voluntary employee 457(b) Deferred Compensation Plan. For more information, visit their website.

Sydecar.io is a frictionless deal execution platform for venture investors. Our platform handles back-office operations for venture investors, automating banking, compliance, contracts, and reporting so that customers can focus on making deals and building relationships. Learn more at www.sydecar.io.

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Private Detective to Private Investments: Life Lessons from Caprock’s Chris Schelling

Wed, 01 May 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Chris’ background and expertise in private market investments (0:12)
Challenges of Venture Capital (2:14)
Multifamily Offices and Client Demographics (4:42)
Advice on Participating in Alternative Investments (6:16)
Sourcing of Fund Managers (8:22)
Behavioral Finance and Market Behavior (9:45)
Opportunities in Private Credit (12:37)
Behavioral Finance in Due Diligence (13:17)
Insider Segment: Matching Team Talent to Capital (15:59)
Valuing People and Operations in Startups (17:36)
Market Bubbles, Crashes, and Underwriting Strategies (19:10)
Networking, Learning, and Building Brand (24:39)
Impact of Institutionalization on Private Investments (26:31)
Negotiating with Fund Managers (29:36)
Adapting Criteria for Fund Managers (32:21)
Fun Fact: Chris’ Private Detective Days (33:15)
Final Thoughts and Takeaways (35:45)

Caprock, founded in 2005, provides aligned management of complex wealth for ultra-high-net-worth individuals and families. Caprock goes beyond investment execution, managing each client’s entire balance sheet for true alignment with their objectives. The firm is a privately held, multi-family office with more than $8.6 billion in assets under advisement. Caprock specializes in non-public markets, managing more than $4 billion in private market investments. Furthermore, Caprock adheres to a longstanding and principled approach to integrated impact investing. The firm serves as a full-service outsourced Chief Financial Officer and Chief Investment Officer, offering clients unique portfolios that secure their financial legacy, free from Wall Street’s constraints and conflicts. The firm is an SEC-registered investment advisor and a founding B-Corporation with locations in Boise, Seattle, San Jose, Newport Beach, Park City, New York, and Austin. This site is intended to provide general information about Caprock and is not a solicitation or offer to sell investment advisory services except in states where we are registered or where an exemption or exclusion from such registration exists. All content is for informational purposes only and may not constitute a complete description of available investment services. Registration with the SEC does not imply a certain level of skill or training.

Armstrong International is a specialist financial services executive search firm with 30 years' experience across Public and Private Markets. Our consultants possess deep subject matter expertise within; Fixed Income, Equities, Private Equity, Private Debt, Digital (Data Science & Technology), Private Wealth, Corporate Finance, Real Estate, Infrastructure, Emerging Markets, Credit, FX, Emerging Markets & Commodities We are trusted by some of the world's leading financial institutions, who use us for 3 primary reasons: industry expertise, speed of hire, and ease of doing business. We like to innovate and have been at the forefront of some of the most profitable and exciting changes in the industry, including the technology revolution and the ever-expanding world of Private Markets.

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Continuous Improvement: How to 10x Your LP and VC Processes with Jason Calacanis

Wed, 24 Apr 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Jason’s background as an LP (0:27)
Learning as an LP (3:00)
Deal Flow and Decision Making (4:54)
LP Archetype and Relationship Building (9:07)
Venture Investment Strategy (10:55)
Communication and Strategy (14:48)
Different Investor Preferences (16:25)
Predatory Behavior in Acquisitions (18:49)
Insider Segment: Advice for Entering the Venture Capital Industry (23:53)
The Future of Venture Capital (26:40)
Jason's Fund Strategy (30:39)
Defining Success and Legacy (32:45)
Early Success and Process (35:14)
The Future of Startups (40:31)
LPs and GPs Relationship (43:10)
Jason's Philosophy on Success (46:44)
Jason's Process and Parting Advice (49:29)

Jason Calacanis is an American Internet entrepreneur, angel investor, and podcaster known for his keen insights into the tech startup ecosystem. With a net worth of approximately $100 million, he invests in over 100 startups annually through Launch.co. Calacanis also educates aspiring founders at Founder University and hosts the popular podcasts “All in Podcast” and "This Week in Startups." His notable investments include Uber and Robinhood.

Armstrong International is a specialist financial services executive search firm with 30 years' experience across Public and Private Markets. Our consultants possess deep subject matter expertise within; Fixed Income, Equities, Private Equity, Private Debt, Digital (Data Science & Technology), Private Wealth, Corporate Finance, Real Estate, Infrastructure, Emerging Markets, Credit, FX, Emerging Markets & Commodities We are trusted by some of the world's leading financial institutions, who use us for 3 primary reasons: industry expertise, speed of hire, and ease of doing business. We like to innovate and have been at the forefront of some of the most profitable and exciting changes in the industry, including the technology revolution and the ever-expanding world of Private Markets.

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Start, Bench, or Cut: Which Emerging Manager Archetype Do You Want on Your Team?

Wed, 17 Apr 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Themes from Allocators (1:29)
Opportunities and Market Trends (5:49)
Debate on Venture Returns and Fund Strategies (8:22)
Opportunity and Market Bifurcation (13:13)
Game: FMK - Fund Manager Scenarios (15:24)
Discussion of the value of a founder's experience and relationships (19:35)
Investor Archetypes (20:48)
Flight Risk of GPs (22:55)
VC Contraction (25:50)
LPs and Founders' Perspective (29:06)
Sourcing, Selection, and Support (32:23)
Support for Founders (33:11)
The AI tool for due diligence (34:05)
First-time fund manager's dilemma (35:19)
What LPs should ask GPs (38:14)
Nostalgia in the VC industry (42:17)
Reflection on the industry's inflection point (44:34)
Final thoughts and takeaways (45:27)

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Eric Sippel the Emerging Manager Mentor: Guidance from the Family Office Investor on Twelve LPACs

Wed, 10 Apr 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Eric’s background in venture and investing (0:02)
Lessons from a Bottom Decile Experience (2:20)
Motivation to Enter the Venture Capital Space (3:45)
Challenges for New LP Allocators (6:08)
Supporting Emerging Managers (7:35)
Specialists vs. Generalists (10:53)
Judging New Fund Managers (16:24)
Attributes for Winning in Fund Management (18:57)
Insider Segment: Building Teams in Venture Capital (21:00)
Starting in Venture Capital (27:02)
Future of Venture Capital (28:14)
Finding Family Offices (31:16)
Investing through fund of funds (34:32)
Engagement with LPAC (38:02)
Follow-on strategy and tiered investment (40:24)
Challenges and advice for emerging managers (45:03)

Eric Sippel is an esteemed philanthropist and investor. He currently runs his family office and is an active investor and adviser to real estate, venture capital, and hedge funds. Previously, he was the COO of Eastbourne Capital Management, a multi-billion dollar hedge fund firm, and a Partner at Shartsis, Friese & Ginsburg, where he was a nationally recognized hedge fund and venture capital lawyer.  Eric graduated from Stanford Law with Distinction and Wesleyan University with Honors in General Scholarship. Eric has served on many nonprofit boards, including his current role as Chair of Goodwill of San Francisco, San Mateo, and Marin Counties.

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The Deck Deluge: Boris Wertz’s Journey Through 200 Decks from Emerging Managers Raising Today

Wed, 03 Apr 2024 08:30:00 -0000

Highlights from this week’s conversation include:

Boris’ Reasoning for Investing in Emerging Managers (0:57)
Wrong Reasons for VC Investment in Emerging Managers (3:15)
Funding Strategy at Version One (4:28)
Motivation for GP Level Investments (5:27)
Areas of Interest for Investments (6:59)
Relationship with Fund Managers (8:24)
How One Tweet Generated an Overwhelming Response (11:56)
Insider segment: Building Successful Teams with Ownership and Accountability (14:13)
Trends in VC (24:32)
Climate and Tech Funds (26:48)
Investing in Climate (28:55)
Fundraising Strategies (29:53)
Advice for Emerging Managers (32:10)
Fundraising Tactics (35:40)
The LP Investment Mindset (37:53)
Importance of Conviction in Risky Asset Classes (39:28)
Success Stories and Non-traditional Paths (40:02)
Selecting Emerging Managers (41:13)
Final thoughts and takeaways (43:33)

Boris Wertz is an entrepreneur turned investor. He is Co-Founder of AbeBooks, which sold to Amazon. And an early-stage investor and founding partner at Version One. Their Current portfolio of 100+ investments, includes Ada, Booster Fuels, Coinbase, Dapper Labs, Jobber, Outreach, Shippo, and Uniswap.

versionone.vc

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Why Invest in Early-Stage Key-Node VCs with Frank Tanner

Wed, 06 Mar 2024 09:30:00 -0000

Highlights from this week’s conversation include:

The Venture Landscape (0:23)
Investing in Venture (3:18)
The Evolution of Venture (5:16)
Rise of Key-Nodes (8:38)
Challenges and Opportunities for Key-Nodes (12:36)
Criteria for Micro VCs (18:35)
Selecting and Supporting Venture Capitalists (18:51)
Examples of Successful Fund Managers (25:14)
Misconceptions in Working with Organizations (27:38)
Insider Segment: The Role of Technology in AltAssets (31:25)
The syndicate vs fund structure (36:08)
Misconceptions about venture capital (37:26)
Selecting and evaluating early stage funds (39:32)
Challenges in selecting venture capital managers (41:44)
Novel strategies and considerations in venture capital (44:31)
Hype cycles and emerging trends in venture capital (45:54)
Connecting with Frank and Morgan Creek Capital (48:20)
Final thoughts and takeaways (49:57)

Morgan Creek Capital Management, LLC is an SEC-registered investment adviser founded with a vision of offering institutional and family office investors the same forward-looking strategies that made the large university endowments its leadership had previously managed so successful: integrating alternative investments into traditional equity and fixed income portfolios. Morgan Creek provides a customized outsourced investment office to clients in need of a targeted solution, as well as discretionary strategies to assist clients in building investment programs based on the University Endowment Model. Many members of our senior investment team have a fiduciary pedigree, having previously worked at some of the top university endowment programs in the country (Notre Dame, UNC-Chapel Hill, Duke and Stanford), and with this experience of allocating capital across all asset classes, the firm has built a global network with access to what we believe to be top-tier investment managers.

Canopy is a fintech company on a mission to democratize access to private investments. We believe early access to world-changing projects should not be limited to the ultra-wealthy. By automating the process of private investment with a technology-first approach, we are building a future where investing in alternative assets is simple and streamlined for both managers and individual investors alike. Learn more at www.heycanopy.com/.

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How Company Creation Funds Outperform Traditional Venture Capital with Sarah Anderson

Wed, 28 Feb 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Sarah's background in innovation and corporate partnerships (1:02)
Challenges with Corporate Partners and Innovation (5:06)
Strategic Corporate LPs and their Sustainability (7:23)
Recognizing a Different Business Model (9:54)
Insider Segment: The Role of SPVs and Opportunity Funds (15:56)
Venture studio landscape (17:57)
Advantages of company creation (19:12)
Criteria for Selecting Fund Managers (22:09)
Backed funds and their qualities (23:56)
Mistakes in company creation (26:37)
Gender disparities in company creation (32:09)
Benchmarking founder worth (35:11)
Early exits and company creation (36:02)
High potential asset class (38:27)
Final thoughts and takeaways (39:14)

Vault Fund was founded in 2021 and invests exclusively in company creation entities (“company creators”), otherwise known as venture studios. Vault defines a company creator as an entity that serves as the founder or co-founder across their portfolio. Investing in this space since 2015, the leaders of Vault Fund strongly believe that company creation funds have business model advantages to scale innovation and build high quality, resilient companies that create portfolio level alpha more efficiently. Learn more at www.vaultfund.com.

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From the Other Side: What Sapphire Partners Wishes More VC Managers Knew Featuring Nate Leung

Wed, 21 Feb 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Nate’s background and journey in VC (0:46)
Sapphire’s Approach (1:36)
Emerging Managers Program (4:30)
Criteria for Evaluating Managers (8:02)
Assessing Established Fund Managers (11:58)
Partnership Dynamics (14:48)
Market Trends and Observations (16:50)
Increasing Specialization in Allocators (17:54)
Impact of Liquidity on Secondaries (18:56)
Perception and Reality of Secondaries (22:18)
The Partnership Principle in Investments (24:34)
Trends in Fund Formation (28:39)
Building Long-Term Relationships (32:43)
Early Investments and Relationship Building (33:20)
Outlook on Venture Landscape (35:10)
Criteria for Engagement (37:33)

Sapphire Partners looks to partner with managers across their journey as a GP and is focused on adding value beyond its capital commitments through value-add services, industry insights, and its efforts to demystify the ‘LP Perspective’ through the OpenLP initiative. Sapphire Partners is part of Sapphire, a specialized technology investment firm with approximately $11 billion in assets under management across three distinct strategies and with team members across Austin, Menlo Park, San Francisco and London. To learn more, visit the Sapphire Partners website.

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Translating Silicon Valley Venture for Brazilian Multifamily Offices with Avanish Sahai

Wed, 14 Feb 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Avanish’s background and experience in venture (1:16)
Diligence and Relationship Building (3:21)
Allocation and Time Horizon (5:32)
Insider Segment: Exploring the Canopy Platform with John Lang (8:17)
Investment Comfort and Expertise (15:23)
LP Investments in Venture Capital (18:47)
Venture Partner Role (20:18)
Portfolio Construction and Investment Philosophy (23:51)
Trends in AI and Cybersecurity (26:40)
International Market Opportunities (29:51)
Bullish on Venture Capital and Macro Events (32:11)
Final thoughts and takeaways (35:38)

Avanish Sahai is a former technology executive with experiences in product, marketing, and ecosystems. He has held leadership positions at both early-stage and established companies including Oracle, Salesforce, ServiceNow, and Google Cloud. Avanish has served on the boards of tech companies HubSpot, Birdie.ai, and Scribe, as well as of nonprofits World Affairs and BayBrazil. Born in India, raised in Brazil, Avanish is a venture partner at Synapse Ventures, a corporate Brazilian Fund of Funds.

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Venture Capital: Build a Profitable VC Position through a Correction Featuring David York of Top Tier Capital Partners

Wed, 07 Feb 2024 09:30:00 -0000

Highlights from this week’s conversation include:

David’s background and journey to founding Top Tier (1:38)
Confidence in Fund to Fund Strategy (6:35)
Technology Consumption and Venture Capital (11:53)
Insight into the Secondary Market (15:22)
Private Equity Secondary Space (17:23)
Investing in Emerging Managers (22:33)
Seed Investing and Portfolio Construction (25:42)
Understanding Underlying Portfolios (29:18)
Generalist vs. Specialist Strategies (31:11)
The technology stack reinvention (00:34:41)
Venture capital and exciting changes (35:42)
Insider Segment: SVB's commitment and offerings (40:29)
Advice for emerging managers (41:19)
Venture capital allocation and duration (45:06)
Minority-based managers and diversity (47:28)
Connecting with Top Tier (52:29)

Top Tier Capital Partners is a venture capital specialist managing niche-focused funds of funds, secondaries, and co-investment strategies. We make primary and secondary investments in venture capital funds and co-invest in select portfolio companies. Our team creates diverse portfolios that are built to spot emerging trends early and to deliver optimal venture returns. Learn more at ttcp.com.

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The Case for LP Allocation and GP Conviction in Venture with Sam Sadowsky

Wed, 31 Jan 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Sam’s journey into VC (1:33)
Underwriting for financials and human beings (4:04)
Value add and vision for the firm (7:54)
Opportunity in non-trendy categories (12:09)
Lessons from Climate 10 (13:17)
Insider segment: State of markets for the innovation economy (15:39)
Venture Ecosystem Model (19:23)
Underwriting and Conviction Building (21:54)
Advice for Allocators (24:09)
LP's Management Process (26:43)
Predictions for the Venture Asset Class (29:31)
US Managers and International Markets (32:47)
Final thoughts and takeaways (33:39)

Sam Sadowsky is a Partner at Twelve Hundred, an early-stage investment platform investing in fund managers and founders building companies shaping the future of humanity. The long-term vision of Twelve Hundred is to be a systemic value creator by becoming a leader at partnering from the Seed stage towards regional, global and planetary impact.

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Strategies for Overcoming Bias in Asset Management with Daryn Dodson of Illumen Capital

Wed, 24 Jan 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Illumen Capital's Approach (0:48)
Research on Biases in Investment Process (1:23)
Influence of Historical Figures (3:37)
Previous Experiences Shaping Approach (5:39)
Illumen Capital's Strategy (7:19)
Challenges and Recommendations for Managers (10:07)
Personal Stories and Motivations (14:02)
Criteria for New Managers (16:36)
Learning from Fund One to Fund Two (20:27)
Bias reduction and systemic inequality in investing (21:01)
Challenges and opportunities for overlooked asset managers (25:49)
Insider segment: Future of venture and market trends (29:06)
Venture landscape and impact of interest rates (37:13)
The systemic inequality in investing (42:47)
Final thoughts and takeaways (44:58)

Illumen Capital is a Black-owned and led manager dedicated to achieving racial and gender equity across investing. Illumen Capital invests in venture, growth, and private equity funds, and then works closely with fund managers to install a set of strategies and tools designed to reduce racial and gender bias in the hiring, investment, and company support processes. This research-informed bias reduction program – supported by a strategic relationship with Stanford SPARQ - empowers fund managers to expand their investable landscape and better support entrepreneurs who have historically been overlooked and underestimated.

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The Future of Funding: Outlining the Female VC Advantage with Renata Aráuz-DeStefano of Pivotal Ventures

Wed, 17 Jan 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Renata’s journey into investing (1:21)
Impact of Previous Experiences on Renata's Role (4:22)
Pivotal Ventures' Unique Approach (7:56)
Relevance in Current Market (10:34)
Market Trends and Venture Trends (11:54)
Innovative Approaches in VC (15:17)
Challenges for Women in Fundraising (18:26)
Women-led funds facing challenges (19:14)
Supporting fund managers (21:12)
Tracking data points for managers (22:58)
Misconceptions about impact investing (24:51)
Remaining open-minded and evolving (26:30)
Final thoughts and takeaways (28:02)

Founded by Melinda French Gates, Pivotal Ventures accelerates social progress in the United States by removing barriers that hold people back. Pivotal Ventures expands opportunity and accelerates equality in the United States through high-impact investments, partnerships, and advocacy. We focus on areas where social progress has stalled—and where we can have the biggest impact. Like Melinda, we’re clear-eyed about the stubborn problems our country faces. But we also see those problems as potential turning points in our nation’s story. Our impatience with the status quo is fueled by an optimism that progress is always possible—especially when we seize the moment together.

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DDQ: Discuss, Debate & Question VC Predictions for 2024 with Alexa Binns and Earnest Sweat

Wed, 10 Jan 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Discussing the Changes in 2023 and Lessons Learned (0:02)
Mapping LP Slots and Strategic Time Spending (4:22)
Momentous Changes in the Venture Capital Asset Class (7:55)
Uncovering Unspoken Messages from Allocators (9:17)
Venture Capital Predictions for 2024 (12:21)
Expectations for Seed and Pre-Seed Investors in 2024 (17:24)
The counter to VC and America (21:10)
Consolidation in the VC ecosystem (22:58)
Managing a zombie fund (24:34)
The rise of consumer investors (28:50)
Vertical applications for AI (33:55)
VC firms reopening funds (37:41)
Questions allocators should ask VCs (40:18)
Expansion and Experience (41:13)
Generational Change (42:12)
Emerging Managers and DQ's (44:08)
Diversity in Venture Capital (45:55)
Progress and Challenges (48:17)
Final thoughts and takeaways (48:44)

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Beyond the Hype: Inside the Realities and Opportunities in Venture with Chris Douvos

Wed, 03 Jan 2024 09:30:00 -0000

Highlights from this week’s conversation include:

Chris’ Journey to VC (1:49)
The Vision for Micro VC (4:50)
Perspective on Finding Good Firms (6:36)
The journey in venture capital (7:31)
Changes in micro VC strategy (8:24)
Finding differentiation in investments (11:07)
The Intimate Nature of Venture Capital (15:18)
Understanding Behavioral Footprint in Venture Capital (16:11)
The Struggles of Entrepreneurs in VC (17:21)
The challenges of diligence and developing relationships (25:42)
The principal-agent problem in financial markets (29:40)
Insider Segment: Law firms and changing services for GPs (30:37)
The future of venture (32:30)
Venture as a business of heartbreak (37:42)
Finding the Balance (38:59)
Considering Alternative Paths (40:41)

Ahoy Capital is a boutique fund manager specializing in early-stage venture capital funds and start-ups, actively seeking exceptional opportunities in the application of emerging disruptive technologies. With a legacy in pioneering the micro-VC investing movement, Ahoy Capital's experienced team navigates the dynamic innovation landscape, offering investors access to unique opportunities. Renowned for their engagement and helpful partnership approach, the team's decades of experience guide a conviction-based and concentrated portfolio strategy, aiming to maximize returns with appropriate diversification. Committed to making their investors better investors, Ahoy Capital stands at the forefront of innovation in the entrepreneurial finance space.

Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape.

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Investing Ahead of the Curve: Wisdom from a Futurist with Roxane Googin

Wed, 27 Dec 2023 09:30:00 -0000

Highlights from this week’s conversation include:

The Ten Year Treasury and its Role in Booms (1:51)
The End of an Era and the Impact of COVID-19 (5:09)
Shocking Revelation of the Ten-Year Yield (9:31)
Reset and Retooling (11:05)
LP Perspective on Venture (13:11)
Investing in Legacy Assets (15:21)
Insider Segment: New and Emerging Trends for LPA (16:37)
Raising capital in the current market (19:25)
Limited partner agreement terms (20:38)
Necessary skills for managers in the next decade (22:05)
The time of opportunity (29:50)
Safety is danger (30:52)

Roxane Googin is a world renowned authority on macroeconomic technology trends and the Chief Futurist of the fintech venture firm Group 11. Previously, Roxane was the editor of High Tech Observer, a long running invite-only publication read by institutional portfolio managers focusing on disruption in the technology sector. Her bold predictions included an inflation-free stock market boom in the 1990s, culminating in the Internet boom from the depths of the LTCM credit crisis in 1998, the internet bubble demise in September 2000, and the introduction of smartphones and cloud computing in May 2002 through her much acclaimed article “Six Simultaneous Equations”, to name a few. In addition to engineering experience in development and manufacturing, Roxane has experienced finance from the cradle to the grave: from venture capital, through equity analysis, to term and finally to asset-based lending. She uses her broad experience to envision the disruptions that are bound to come our way. Roxane Googin has a BS-EE from the University of Tennessee and an MBA from the University of Virginia.

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Mastering Venture Capital in Public Pensions with Tony Meadows

Wed, 20 Dec 2023 09:30:00 -0000

Highlights from this week’s conversation include:

Tony's background and entry into institutional investing (1:26)
Approaching co-investments and the process at PSERS (3:16)
Manager selection process and portfolio construction (6:07)
Constructing the private equity portfolio (10:45)
Timing and relationship with new managers (12:52)
Insider Segment: How could emerging managers benefit from general counsel? (15:27)
The importance of track record for LPs (16:48)
The first female-owned private equity fund (18:22)
The GP Selection Process (18:58)
Importance of Deal Flow and Proprietary Deal Flow (23:08)
LP to LP Relationships (24:42)
Consolidation in Distressed Markets (28:59)
Final thoughts and takeaways (00:29:42)

Tony Meadows, a seasoned Portfolio Manager with over 17 years of experience in investment accounting, research, and management, most recently worked as Portfolio Manager for the Private Equity team at PSERS, one of the world's largest state-sponsored benefit pension funds. In this role, he oversees a substantial portfolio comprising over $7 billion in commitments and a net asset value of $4 billion, strategically diversified across geographies, strategies, and sectors. Tony's impressive professional qualifications include holding the CPA and CAIA credentials, exemplifying his commitment to financial excellence. His core competencies encompass sourcing, evaluating, recommending, and diligently monitoring private equity fund investments and co-investments, complemented by his adeptness in market analysis, due diligence, and risk assessment. Tony's remarkable achievements include pioneering investments in the Japanese and Korean private equity markets, as well as facilitating PSERS' first foray into a female-owned private equity fund. Furthermore, he has played a pivotal role in institutionalizing the co-investment underwriting process, resulting in over 35 co-investment commitments totaling more than $800 million.

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Three Key Criteria for Evaluating Venture Capital Managers: Decision-Making, Specialization, and Operations with Michael Ashley Schulman of Running Point Capital

Wed, 13 Dec 2023 09:30:00 -0000

Highlights from this week’s conversation include:

The origin story of Running Point Capital (1:11)
Transition from public stocks to venture (4:30)
Running Point's unique investment philosophy (7:13)
Building a Due Diligence Network (8:57)
Fostering Long-Term Relationships (10:23)
Advice for Managers Launching Their First Fund (14:07)
Challenges and opportunities for family offices (19:21)
Criteria for selecting venture capitalist managers (21:42)
ESG vs. impact investing (24:18)
Building and Selling Companies in Challenging Times (30:35)
Final thoughts and takeaways (31:35)

Running Point Capital is a multifamily office that provides a comprehensive and personalized approach to financial management. Their team of experts, covering various disciplines, collaborates to address the diverse financial needs of their clients, including wealth management, financial planning, estate and trust planning, tax preparation, insurance, and more. The firm stands out for its one-stop-shop model, offering a range of services under a single roof, focusing on personalized service, clear communication, and a lifelong connection with their family clients. Emphasizing a true family office approach, Running Point Capital is committed to understanding the unique objectives of each client, constantly evaluating innovative strategies to drive intended financial results.

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How Nomad's Thinking Has Changed in Manager Selection with Jordan Nel of Hummingbird Ventures

Wed, 06 Dec 2023 09:30:00 -0000

Highlights from this week’s conversation include:

The background for Hummingbird and Nomad (1:10)
How to identify outlier venture funds (3:30)
The shift from winning to picking (6:16)
The signal in the track record (9:08)
Changing the venture landscape (12:26)
Competitive edge in venture investing (14:46)
Limited Partner expectations for reupping (17:56)
Scaling VC Funds and Staying Generalist (18:59)
Effective Communication and Brand Strategy (22:21)
The argument against most fund of funds (26:08)
Opportunities in deep tech (28:30)
Advice for fellow LPs and fund managers (31:26)

Hummingbird Ventures is a global generalist seed investment fund, investing in outlier founders at the earliest stage of their journey. With a mission to identify and support innovative entrepreneurs, Hummingbird Ventures has established itself as a key player in the venture capital landscape. The firm is known for its strategic approach to investing, providing not only capital but also valuable expertise and guidance to help startups navigate the challenges of growth and development. Hummingbird Ventures has a diverse portfolio across various sectors and geographies, contributing to the advancement of groundbreaking ideas and technologies in the ever-evolving startup ecosystem.

Passthrough turns investor onboarding into a solved problem – it seamlessly manages subscription document distribution, execution, and compliance in minutes. As a leader in fund workflow automation for investors, fund managers, and other fintechs, Passthrough provides an integrated platform solution that makes the subscription document process turnkey for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a full service KYC/AML product that streamlines collecting information from investors and screening them against sanctions lists so fund managers can remain compliant.

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The Overlooked Alpha in This Next Decade of Venture with Claude Grunitzky and Adrienne Rees of The Equity Alliance

Wed, 29 Nov 2023 09:30:00 -0000

Highlights from this week’s conversation include:

The Equity Alliance Origin Story (2:22)
Starting with a Proof of Concept Fund (4:41)
Investment Strategy and Manager Selection (6:23)
Platform Management and Supporting Emerging Managers (11:29)
The Equity Alliance's Special Sauce (12:58)
Tracking Data for Success (14:51)
Insider Segment: The Future of Venture Capital (18:04)
The reversion to a focus on cash (22:07)
Consolidation in the market and potential opportunity (23:57)
The pressure on diverse managers and the increase in overall quality (27:03)
The challenge for institutional LPs in investing in diverse emerging managers (30:23)
The benefits of a fund of funds strategy for institutional LPs (31:32)
The importance of authenticity when talking to LPs (33:57)

The Equity Alliance was founded in 2021 and invests in exceptional venture capital fund managers and startup founders who are people of color and women. By investing in undercapitalized diverse fund managers and founders, we are unlocking access to superior returns that the rest of the venture market continues to overlook. Our strategy of investing in funds and identifying the standout portfolio companies within those funds offers a risk mitigated return.

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How 2023 Has Reshaped the Landscape for VC Firms with Winter Mead of Coolwater Capital

Wed, 22 Nov 2023 09:30:00 -0000

Highlights from this week’s conversation include:

The journey in institutional investments (2:04)
Perspectives on Venture Captial (3:50)
Becoming a coach for emerging managers (5:50)
The Manager Accelerator Program (9:18)
Functions of a VC Firm (12:42)
Insider Insight: Tim Flannery on the need for Electronic Subscription Documents (13:27)
Finding investors (16:45)
The Evolution of Venture Capital (19:37)
Supporting Emerging Managers (22:24)
The rise of fund formation (24:38)
Shift in market dynamics (26:36)
The selection process for managers (33:00)
Trends and shifts in the industry (35:19)
The mismanagement of portfolio construction and reserves (40:43)
The need for increased specialization in fund formation (41:35)
The potential rise of specialized venture funds (42:36)
Final thoughts and takeaways (45:45)

Coolwater Capital focuses on emerging managers and technology investments. The firm has worked with over 240 emerging managers in the last four years by focusing on a model to build, launch and scale emerging fund managers.

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Investing in Change: Making the Case for Investing in Venture Capital Featuring Alifia Doriwala of RockCreek

Wed, 15 Nov 2023 09:30:00 -0000

Highlights from this week’s conversation include:

The importance of outsourced CIO services (0:24)
Common mistakes fund managers make when fundraising (2:02)
The future of venture investing and sectors to get disrupted (6:35)
The importance of talking to people across different fields (8:36)
Managing portfolios with an asset allocation that includes private equity (10:28)
Changing views on venture investing among institutional investors (12:59)
The importance of understanding fund strategy (16:46)
The need for a premium return in private markets (17:20)
Vetting managers in the venture space (17:42)
Special Segment from Our Industry Expert: Tim Flannery of Passthrough (19:05)
The importance of focus in portfolio management (28:12)
Challenges for established firms and the importance of succession planning (29:09)
Investing in emerging markets and understanding currency impact (32:14)
Final thoughts and takeaways (36:12)

RockCreek is a global multi-asset investment firm that applies innovation, data, and technology to sustainable investing. With over $15 billion in assets and decades of experience investing in the energy transition, health, mobility, affordable housing, and fintech, RockCreek partners with university endowments, foundations, pension plans, sovereign funds, and family offices to generate long-term value and make business and financial models more inclusive and sustainable. RockCreek’s private markets teams invest in early stage, growth, and late-stage companies, and its Outsourced Chief Investment Officer (OCIO) and multi-asset class teams invest with leading partners in hard to access opportunities and emerging talent.

Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts by Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. In each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!

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Welcome to Swimming with Allocators!

Mon, 23 Oct 2023 08:30:00 -0000

Swimming with Allocators dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

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