How I Invest with David Weisburd

Latest Episodes:

E333: Why a $19B Allocator Is Betting on Lower Middle Market Buyouts Mar 25, 2026

Show notes

Why do most institutional investors still allocate heavily to large private equity funds? Alex Abell of RCP Advisors explains why the lower middle market has consistently outperformed, driven by less competition, faster exits, and stronger value creation. He breaks down the structural reasons LPs stay in large buyouts, including access constraints, manager selection difficulty, and career risk. The conversation also covers how top LPs evaluate managers, what actually predicts performance, and where alpha exists in private markets today.

Highlights:

Why lower middle market private equity often outperforms large buyouts over decades
How manager selection, pattern recognition, and “superpowers” drive repeatable returns
The structural advantages of smaller funds and family-owned company transactions
Why size can be the enemy of returns and disciplined capital deployment matters
How first-time and emerging managers can create alpha despite limited track records
The role of premium economics, fund discounts, and alignment in incentivizing performance
Why thorough LP diligence, reference checks, and on-site visits are critical to uncovering top managers
Alex’s approach to benchmarking deals, evaluating operational improvements, and measuring true outcomes

Guest Bio:

Alex Abell is the Managing Partner at RCP Advisors, a private equity firm managing about $19 billion in assets. With over 20 years of experience as a limited partner, including at Hewlett Packard’s pension fund, Alex specializes in identifying high-performing managers in the lower middle market. He focuses on fund selection, evaluating emerging and established managers, and analyzing deal performance to uncover consistent alpha in private equity investments.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Alex Abell:

LinkedIn: https://www.linkedin.com/in/alexander-abell-3a695/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (1:07) Challenges and roles in lower middle market investing (3:10) Career risk and characteristics of top managers (6:11) Leverage comparison in buyouts and performance (12:00) Manager identification and diligence process (15:32) Qualitative vs quantitative assessments and strategy creep (17:56) Metrics in fund performance and fundraising impacts (20:10) Benchmarking and data manipulation challenges (23:19) Identifying "phoenix" opportunities and evaluating emerging managers (28:25) Fundraising strategies: Significance of fee structures and signaling (31:27) First close discounts and LP decision-making process (33:02) Closing remarks

E332: Why Family Offices Must Go Risk-On or Go Broke Mar 24, 2026

Show notes

What if the best investors aren’t generalists at all, but operators who double down on the one place they truly have an edge? In this episode, I sit down with Nathan Cooper, Founder and Managing Partner of Barrel Ventures, to explore how a family with nearly a century in food transformed itself into a focused investment platform. From early mistakes outsourcing everything to building a differentiated edge in food and beverage, Nate shares how conviction, pattern recognition, and network-driven investing compound over time.

Highlights:

Why “money is fuel, not incentive” in operationally intense industries like food
How early family office mistakes led to a sharper focus on core competencies
The decision to insource operating expertise and outsource commoditized investing
Why elite family offices concentrate risk where they have true alpha
Lessons from backing Ollipop early and the power of doubling down on conviction
How Barrel Ventures leverages LPs as customers, advisors, and diligence partners
Why food is one of the most overlooked yet universal investment categories
How venture-scale outcomes exist in food despite lower margins
The role of pattern recognition after seeing thousands of deals
What true product market fit looks like in the wild
Why the best founders are “functional lunatics”
The math behind why family offices must eventually shift from risk-off to risk-on
How generational wealth can erode without intentional growth strategies
Why network building is a true superpower and how it compounds over time
The importance of double opt-in introductions and long-term relationship karma
How early values shape the next generation’s relationship with wealth

Guest Bio:

Nathan Cooper is the Founder and Managing Partner of Barrel Ventures, a venture capital firm focused on the food and beverage ecosystem from pre-farm to post-fork. Coming from a family with nearly a century of experience in the food industry, he helped transition their family office from a passive, outsourced model into an operator-led investment platform.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Nate Cooper:

LinkedIn: https://www.linkedin.com/in/nathan-cooper-2ba9aa19/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:18) Insourcing vs. outsourcing in family office operations (2:26) Investment strategy and areas of expertise (5:18) Food and beverage investment strategy (6:24) The inception of Barrel Ventures (7:33) Leveraging LPs for value and insights (9:17) Analyzing the food industry's landscape (10:26) Comparing venture capital and private equity in food sector (11:36) The role of deal flow and pattern recognition (12:40) Identifying product market fit and founder traits (15:28) Risk management in family offices (17:10) Values and wealth preservation in family offices (21:34) Networking and the art of building connections (23:33) Future trends in the food industry and AI impact (24:05) Closing remarks

E331: Ron Biscardi, CEO of iConnections on the Biggest Mistakes Managers Make Mar 23, 2026

Show notes

What does it take for a GP to successfully raise capital in today’s venture and private markets? In this episode, I sit down with Ron Biscardi, co-founder and CEO of iConnections, to unpack the realities of LP relationships, fund-raising cycles, and scaling a global platform for capital introduction. Ron shares insights on how humility, patience, and responsiveness differentiate managers, why business risk matters more than returns for LPs, and how building trust over years compounds into large-scale success.

Highlights:

Why capital is abundant but only flows to managers who invest in relationships over time
The trend from blind pool funds to deal-by-deal vehicles and SMAs and what it means for emerging managers
How long sales cycles depend on GP size, track record, and business infrastructure
Why emerging managers must focus on smaller funds, deal execution, and network-building before scaling
How business risk drives LP decisions more than upside potential, and the importance of transparency when performance dips
The role of humility and attitude in differentiating GPs and accessing top-tier LPs
How crises and operational challenges can be leveraged to innovate and elevate client experiences
The power of network effects in building a global capital introduction business from zero to thousands of participants
Strategic considerations for expanding to Europe and running focused events that maximize engagement and deal flow

Guest Bio:

Ron Biscardi is co-founder and CEO of iConnections, a global capital introduction and networking platform that connects GPs and LPs. Since launching from a charity event in 2018, Ron has scaled iConnections to thousands of participants and facilitated tens of thousands of meetings between top institutional investors and emerging managers. He focuses on building long-term relationships, delivering high-touch experiences, and innovating under pressure to create value for the investment community.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Ron Biscardi:

LinkedIn:https://www.linkedin.com/in/rbiscardi/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Is capital scarcity a myth? The rise of conviction over capital abundance (1:02) Shift from blind pool capital to deal-by-deal investment (4:45) The critical role of relationship building in fundraising (6:10) Fundraising challenges for new vs. established managers (6:37) LPs' emphasis on risk management (8:21) Aligning product market fit with LPs' career considerations (10:01) The necessity of institutional quality for GPs (11:55) How GPs can sustain relationships with LPs (14:03) The importance of transparency during economic downturns (16:36) GP humility and the stewardship of LP capital (20:30) The exclusivity and differentiation of top venture GPs (22:16) Venture capital fundraising: challenges and advantages (23:27) Analyzing the persistence of venture capital returns (25:55) Understanding venture capital's compounding growth (27:54) The network effect in successful capital allocation (29:08) The impact of the roadshow module on fundraising (31:18) Strategies for GPs entering the European market (33:55) Strategic resilience and response to crises (38:09) Business anti-fragility and competitive dynamics (40:09) Leveraging innovation during crises (40:55) Closing remarks

E330: EuropeanKid: The $32B Future of Influencer Marketing Mar 22, 2026

Show notes

What if influencer marketing isn’t about chasing mega-followers, but activating the creators who already love your brand? In this episode, I sit down with Aris Yeager, Founder of Storytime, to explore how he built a platform connecting brands with nano and micro creators to run highly targeted campaigns at scale. A creator himself known online as European Kid, Aris leverages his own social experience to help businesses automate gifting, engage loyal audiences, and measure campaign effectiveness while focusing on authenticity over follower count.

Highlights:

How Storytime turns influencer marketing into a scalable, data-driven platform
Why nano and micro creators often drive more authentic engagement than celebrity influencers
The power of activating hyper-local creators to reach targeted markets efficiently
How AI is used to optimize campaigns and match creators to brands
Why authenticity and alignment with a brand matter more than sheer reach
The shift from traditional advertising spend to rewarding everyday brand advocates
How Storytime reduces inefficiency in influencer campaigns for SMBs and large chains
The strategy behind building a network effect through creator trust and community
Why founder-led brands are better positioned to take creative risks on social
Lessons from scaling from SMBs to larger national brands while maintaining authenticity

Guest Bio:

Aris Yeager is the Founder of Storytime, a platform that connects brands with nano and micro creators to run targeted influencer campaigns at scale. A creator himself known as European Kid, Aris built a substantial social following before launching Storytime, and he focuses on helping businesses automate influencer gifting, activate loyal audiences, and run campaigns that prioritize authenticity and data-driven results over sheer follower count.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the market intelligence platform trusted by 85% of the S&P 100 that helps you make confident, data-driven decisions faster than your competitors. With powerful search capabilities designed for hedge funds, mutual funds, and private equity investors, AlphaSense gives you the edge to elevate your research. Visit: alpha-sense.com/howiinvest.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Aris Yeager:

LinkedIn: https://www.linkedin.com/in/arisyeager/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Why Distribution Is Everything in Modern Business (1:08) What Storytime Actually Does (1:46) Why Micro Influencers Beat Big Creators (3:42) Solving the Chicken-and-Egg Problem in Marketplaces (5:04) The Unfair Advantage of Being a Creator-Founder (6:23) Turning Influence Into a New Currency (8:15) Why Authenticity Wins in Influencer Marketing (10:54) The Broken, Manual World of Influencer Marketing (13:01) Why Brands Need to Be Daring on Social (19:16) The Most Underrated Skill: Delegation

E329: How Oaktree Is Positioning $223 Billion for a Credit Cycle Shift Mar 20, 2026

Show notes

What if the best way to navigate credit markets is not about chasing yield but controlling risk? In this episode, I sit down with Danielle Poli, Co-Portfolio Manager of Global Credit at Oaktree, to explore how she manages a $20 billion portfolio within a $223 billion firm. Danielle shares how focusing on core income, rigorous underwriting, and a flexible toolkit allows her team to navigate complex markets while remaining defensive or opportunistic as conditions change.

Highlights:

Why a “core plus alpha” strategy balances steady income with opportunistic credit
How to underwrite borrowers through leverage, cash flow, and sector fundamentals
Why AI disruption is creating caution in software but opportunity in cybersecurity
The framework for finding mispriced assets in distressed or overlooked sectors
How the K-shaped economy is shaping credit allocation and risk management
Why flexibility across bonds, loans, and structured credit is critical in credit portfolios
Why private credit must deliver excess yield to justify illiquidity
Danielle’s career advice: compound relationships and trust alongside investment returns

Guest Bio:

Danielle Poli is Co-Portfolio Manager of Global Credit at Oaktree Capital Management, a $223 billion investment firm, where she helps oversee a $20 billion portfolio focused on income, total return, and high-conviction sub-investment-grade opportunities across bonds, loans, structured credit, and emerging markets. She played a key role in launching the firm’s Global Credit strategy in 2017 and emphasizes bottom-up research, risk control, and flexible allocation to generate consistent returns across market cycles.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

Thank you iConnections for hosting us!

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Danielle Poli:

LinkedIn: https://www.linkedin.com/in/daniellepoli/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Inside Oaktree’s $20B Global Credit Strategy (1:16) How Top Investors Allocate Across Credit Markets (2:29) Core vs Alpha: The Portfolio Construction Framework (3:17) Why Lending Standards Are Getting Risky Again (4:27) How AI Is Changing Credit Risk Overnight (6:19) Finding Opportunities in “Unloved” Sectors (6:59) What a K-Shaped Economy Means for Investors (9:36) When to Go Defensive vs Aggressive in Credit (11:51) Private vs Public Credit: Where to Allocate Today (17:23) Why Avoiding Losses Matters More Than Big Wins

E328: Why Most Funds Get Rejected in the First Five Minutes Mar 19, 2026

Show notes

What if the best venture returns come from managers no one else can access? In this episode, I sit down with Jorge Felippe, CEO of Almulla, a Dubai-based single family office, to explore how he builds high-conviction private markets portfolios while managing a multi-generational family and complex governance. Jorge shares why alignment, patience, and process matter more than flashy deals, and how a thoughtful approach to fund selection can capture early-stage alpha without the chaos of direct investing.

Highlights:

Why GP commitments below 2% are a red flag, and why 10–30% signals real alignment
How fund size, management fees, and carry structures shape incentives and performance
The discipline required to scale AUM without strategy drift
Why first-time managers often outperform and how to underwrite emerging GPs
The challenge of verifying track records and true attribution in fund performance
How family offices collaborate on references and diligence without competing for deals
Why Almulla often prefers funds over direct deals for efficiency and oversight
Jorge’s advice: play to your strengths, build complementary teams, and leverage emotional intelligence

Guest Bio:

Jorge Felippe is the CEO of Almulla, where he has built a diversified private markets portfolio focused on venture, private equity, and pre-IPO opportunities while establishing governance frameworks for multigenerational wealth. Previously working in strategy consulting and investment roles, he focuses on disciplined fund underwriting, strong alignment with managers, and leveraging networks to capture alpha in early-stage and private markets.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

Thank you iConnections for hosting us!

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Jorge Felippe:

LinkedIn: https://www.linkedin.com/in/jorge-felippe/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Why LPs Reject Funds Before Seeing IRR (0:37) The 2% GP Commitment Rule (Minimum) (1:10) Why Rapid Fund Growth Is a Red Flag (2:14) When Funds Become Fee Businesses (3:03) Why Fund Ones Generate the Best Returns (5:13) The Truth About Track Records and Attribution (8:49) Why References Can Mislead Investors (12:58) Why Family Offices Avoid Direct Deals (15:33) The Problem With Capital Calls and Cash Drag (19:26) Why DPI Matters More Than IRR

E327: $7B CIO: The Right Way to Invest in Emerging Markets Mar 18, 2026

Show notes

What if emerging markets aren’t a trap, but most investors just approach them wrong? In this episode, I sit down with Robert Koenigsberger, Founder and CIO of Gramercy, to explore how he has built a $7 billion emerging markets platform by focusing on high conviction, structured private credit, and long-term partnerships. After nearly four decades in emerging markets, Robert has pioneered strategies that capture the upside while managing risk, proving that careful underwriting, local knowledge, and disciplined execution outperform passive index approaches.

Highlights:

Why emerging markets are often misunderstood and mishandled by passive, late-cycle investors
How index investing can mislead with forced exposure to high-risk countries like Argentina or Russia
The importance of “high conviction” and planning multiple entry and exit points to avoid reactive trades
Why structured private credit to suppliers of major companies (e.g., Pemex) can yield 16–17% with collateral
How to manage currency risk opportunistically and avoid unnecessary volatility
Why underwriting people and credit culture is often more important than laws, contracts, or jurisdictions
How Gramercy partners with LPs who already have EM exposure to optimize returns, not convince them to take new risks
The evolution from distressed hedge fund to public credit to private credit to capture structural alpha
How local teams and platform partners in emerging markets provide actionable information that beats what’s visible in global markets
Timeless advice: seek mentorship early and often to accelerate learning and avoid repeating mistakes

Guest Bio:

Robert Koenigsberger is the Founder and Chief Investment Officer of Gramercy, a $7 billion firm focused on emerging markets across debt, private credit, and special situations. Since founding Gramercy in 1998, he has led the firm through multiple market cycles, combining top-down macro insights with bottom-up local expertise to pursue high-conviction, structured opportunities while managing downside risk.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Robert Koenigsberger:

LinkedIn: https://www.linkedin.com/in/robert-koenigsberger-77884510/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Why Emerging Markets Are Not a “Trap” (0:59) The Biggest Mistake: Treating EM as Yes or No (2:10) Why Index Investing Fails in Emerging Markets (3:14) The 200% vs -95% Dispersion Opportunity (4:08) High Conviction vs Passive Allocations (6:17) Plan the Trade, Trade the Plan (9:58) Why Private Credit Beats Liquid EM Debt (12:05) Why Currency Risk Is Usually Unnecessary (14:17) Getting Paid for Market Failures (21:35) Why People Matter More Than Contracts

E326: What Happens When AI Starts Replacing Analysts? Mar 17, 2026

Show notes

Will AI soon write investment memos, analyze deals, and run workflows inside investment firms? In this episode, I speak with Chaz, founder of Model ML, about the rise of agentic AI and how investment firms are beginning to automate complex workflows across private markets. Chaz explains how Model ML originally started as an internal tool built inside his family office to manage investments more efficiently — before evolving into a fast-growing AI platform used by asset managers, banks, and consulting firms. We discuss why chat-based AI tools have limitations for professional workflows, how firms can achieve major productivity gains through automation, and why the next phase of AI will shift from productivity toward generating investment insight.

Highlights:

Why chat-based AI tools have limits for complex professional workflows
How agentic AI can automate tasks like investment reporting and monitoring
Why investment firms still manually process huge amounts of information
The difference between productivity tools and insight-generating AI
Why 2025 is the productivity year for AI — and 2026 may unlock true insight
How one private equity firm automated 80% of its investment committee memos
Why capturing more internal data today is critical for future AI advantage
The cultural changes firms must make to successfully adopt AI
Why early adopters are redesigning team structures around AI workflows
The importance of forward-deployed engineers in building enterprise AI tools
How firms can identify workflows that deliver 60%+ efficiency gains
Why AI adoption in finance is roughly a year behind legal tech

Guest Bio:

Chaz Englander is the founder of Model ML, an agentic AI company that automates complex workflows and generates actionable insights for investors, asset managers, and professional services firms. Previously, Chaz co-founded YC-backed startups and built software to support family office investing. He focuses on embedding AI into organizational culture, structuring processes, and unlocking productivity and insight for high-performing teams.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Chaz Englander:

LinkedIn: https://www.linkedin.com/in/chazenglander/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Why We Built AI for Our Family Office First (1:03) The Messy Reality of Investor Reporting (2:45) Why ChatGPT Isn’t Enough for Real Workflows (4:35) When AI Will Start Generating Real Investment Insight (7:25) The One Thing Every Investment Firm Should Do Today (10:11) The Coming 50% Productivity Explosion in Finance (11:50) How Firms Find AI Workflows With 60% Efficiency Gains (17:50) Why AI Companies Focus on “Fewer, Happier Customers” (22:32) The Real Cost of AI Tools for Investment Firms (30:37) The One Trait Every Successful Founder Shares

E325: Inside the $100B Continuation Vehicle Boom Mar 16, 2026

Show notes

What if the most compelling private equity opportunities aren’t brand-new deals, but the ones other investors have already “vetted” and are leaving on the table? In this episode, I sit down with Michael Woolhouse, Head of Continuation Vehicles at TPG Capital, to explore how he approaches the rapidly growing single asset continuation vehicle (CV) market—a space where sponsors can roll their most successful companies into new structures, creating liquidity while maintaining upside potential.

Highlights:

Why approaching continuation vehicles like a private equity buyout is critical
How positive selection bias and prior ownership reduce risk in CV deals
Why general partners often roll 100% of proceeds back into continuation vehicles
The outsized GP commitments that align incentives and maximize upside
How CV economics, including tiered carry and lower management fees, structure risk and reward
The discipline of staying in the “fairway” and avoiding the siren call of fringe deals
Why being a partner in CVs requires both trust and transparency with existing LPs
How single asset CVs offer higher returns with lower realized losses compared to traditional buyouts
The growth trajectory of the CV market from $30B in 2024 to record volumes in 2025
Lessons on building an entrepreneurial, apprenticeship-driven culture within a large firm
The importance of acting quickly, learning from mistakes, and giving junior investors real exposure

Guest Bio:

Michael Woolhouse is Head of Continuation Vehicles at TPG Capital, where he leads investments in single-asset continuation vehicles focused on long-term upside. Previously, he held leadership roles at Canada Pension Plan Investment Board, developing secondary market and portfolio construction strategies while emphasizing disciplined underwriting and strong investor alignment.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Michael Woolhouse:

LinkedIn: https://www.linkedin.com/in/mwoolhouse/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Why Great Companies End Up in Continuation Vehicles (1:04) Avoiding Adverse Selection in CV Deals (2:15) Why CV Investors Underwrite Like Buyout Firms (4:36) The Unique Skills Needed in the Secondaries Market (8:05) The Incentive Conflicts Between GPs and LPs (11:07) Why Most LPs Sell Instead of Rolling Their Stakes (13:46) What Returns Investors Expect From CV Deals (17:12) Why Continuation Vehicles Can Be Lower Risk (21:44) Why GPs Actually Want to Do CV Deals (30:33) The Investment Discipline That Prevents Costly Mistakes

E324: How The University of Cambridge Built Their Privates Portfolio Mar 13, 2026

Show notes

What does it take to build a world-class private equity portfolio for an 800-year-old institution? In this episode, I sit down with Sam Sturge, Head of Private Equity at the University of Cambridge endowment, to discuss how he rebuilt the program with a mandate to generate inflation plus 5% returns for generations. Before joining Cambridge, Sam worked at Morgan Stanley and Partners Capital, and today he oversees a concentrated portfolio of buyout and venture relationships within the university’s £4.5 billion endowment.

Highlights:

Why Cambridge targets inflation plus 5% and what that implies for private equity allocation
The belief that buyouts and ventures offer structural advantages over public markets
Why private equity is ultimately a people business built on 15-year relationships
How to assess whether a GP is motivated by returns or asset gathering
The ego divide between great investors and great fundraisers
Venture scale versus focus and when capital is an advantage or a constraint
How endowments can leverage long-term capital and university ecosystems as competitive edges
The DPI slowdown and why fewer LPs competing may create opportunity
Managing liquidity without relying on distributions
How Cambridge underwrites NAV marks and detects aggressive valuation behavior
Why simplicity and strategy discipline drive sustainable alpha
Structural alpha in venture and the challenge of persistence
Lessons from managers who expanded too far, learned, and rebuilt trust
Why networking compounds over decades in private markets

Guest Bio:

Sam Sturge is Head of Private Equity at the University of Cambridge endowment, where he has helped build a concentrated, long-term private equity portfolio across buyouts and venture capital since joining in 2020. Earlier in his career, he worked at Morgan Stanley and Partners Capital, and now focuses on manager alignment, structural alpha, and cultivating long-term GP relationships designed to compound capital over decades.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Sam Sturge:

LinkedIn: https://www.linkedin.com/in/sam-sturge-6211a762/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Why Cambridge Increased Its Private Equity Allocation (0:55) Building a World-Class PE Portfolio From Scratch (3:10) The Incentive Test for Great GPs (5:30) Venture Capital: Scale vs Capacity Constraints (7:10) Cambridge’s Structural Advantage as an LP (9:34) Why the DPI Crisis Is Actually a Buying Opportunity (10:45) Can You Trust Private Equity NAV Marks? (14:50) Incentives All the Way Down in Private Markets (19:03) When a GP’s Mistake Builds Trust With LPs (24:55) Where Venture Capital Alpha Actually Comes From

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Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

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