The David Weisburd Podcast

E112: Jake Paul: How to Build a Multi-Billion Startup Nov 15, 2024

Jake Paul and Joey Levy, Co-Founders of Betr, sits down with David Weisburd to discuss Jake Paul’s bold vision for the future of sports betting and how the company seeks to become the market leader in the space.

The 10X Capital Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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X / Twitter: @dweisburd (David Weisburd) @jakepaul (Jake) @joeyslevy (Joey)

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LinkedIn:

David Weisburd: https://www.linkedin.com/in/dweisburd/ Joey Levy: https://www.linkedin.com/in/joey-levy-5b4b00a0/

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Links: Betr: https://www.betr.app/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (0:52) Jake Paul's rise in boxing and the importance of self-belief (2:28) Jake Paul's focus and ambitions outside the ring (4:21) The inception of Jake Paul's sports betting company (6:28) The influence of psychedelics on personal and professional growth (7:37) Marketing strategies and embracing controversy (10:50) Joey Levy on partnership dynamics and equal ownership (13:35) Dedication to the success of Betr (16:23) Betr’s mission, market opportunity, and expansion (20:26) Strategies for customer acquisition and cost efficiency (24:05) The identity of Betr: Media company or betting company (25:04) Financial insights on Betr’s performance (27:31) Betr’s journey to a $100 billion valuation (29:40) Joey Levy's personal drive and background (31:43) Closing remarks

E111: KFF’s (Kaiser Family Foundation) CIO on their $700 Million Venture Capital Edge Nov 12, 2024

Dean Duchak, Chief Investment Officer at KFF sits down with David Weisburd to discuss the lessons learned from 13 years at KFF, how to create a culture of collaboration in endowments, and Dean’s perspective on diversifying investment strategies.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @KFF (KFF)

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LinkedIn:

David Weisburd: https://www.linkedin.com/in/dweisburd/ Dean Duchak: https://www.linkedin.com/in/deanduchak/ KFF: https://www.linkedin.com/company/kfforg/

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Links: KFF: https://www.kff.org/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:41) Diversification and macroeconomic impacts on assets (7:07) Exploring thematic investing strategies (8:29) Sponsor: Carta (9:21) GP relationship-building for macro insights (11:54) Evaluating GP performance versus salesmanship (15:14) Pros and cons of managing a smaller endowment (17:17) Focus on venture capital in private allocation (20:47) The contrarian stance on venture capital liquidity (22:24) Investigating the persistence of venture capital returns (23:58) Asset gathering concerns and tax policy implications (27:22) Strategies for portfolio diversification (29:43) Approaching investments in new asset classes (31:27) KFF's key lessons and insights (33:09) Developing skills for new institutional investors (36:50) Closing remarks

E110: How Legacy Knight Scaled $1.5 Billion in Under 5 Years Nov 08, 2024

David Sawyer, Chief Operating Officer & Managing Partner at Legacy Knight : Multi-Family Office sits down with David Weisburd to discuss the top mistakes investors make in GP stakes, why middle-market GP stakes could be a game-changer for investors, and how GP stakes outperform traditional investments in 2024.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @legacyknightmfo (Legacy Knight:Multi-Family Office) @DavidPSawyer (David Sawyer)

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LinkedIn:

David Weisburd: https://www.linkedin.com/in/dweisburd/ David Sawyer: https://www.linkedin.com/in/david-sawyer-a70ab912/ Legacy Knight: https://www.linkedin.com/company/legacy-knight-multi-family-office/

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Links: Legacy Knight:Multi-Family Office: https://legacyknight.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:40) Understanding GP Stakes Investing (4:46) Succession Planning with GP Stakes (6:27) Evaluating GP Stakes Investments (12:11) Revenue Streams in GP Stakes (19:26) Sponsor: Carta (20:34) Investor Mistakes and Valuation Metrics (23:33) Middle Market GP Stakes: A Growing Landscape (25:37) Emerging Trends in GP Solutions Funds (26:41) Value Addition and Governance in GP Stakes (29:26) Due Diligence Processes in GP Stakes (32:58) Opportunities in Upper Middle Market Firms (35:54) Attractive Asset Classes for GP Stakes (38:23) New Entrants and Evolution in Portfolio Construction (41:49) Closing remarks

E109: Top Tier Capital Partners ($7.9B AUM) - Lessons Learned from Investing in 450 Funds Nov 05, 2024

Ben Challgren, Principal at Top Tier Capital Partners sits down with David Weisburd to discuss what makes a top-performing fund, the surprising role of local managers in European venture success and the secrets to spotting a winning startup before it’s big.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @TTCP_SF (Top Tier Capital Partners)

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Ben Challgren: https://www.linkedin.com/in/ben-challgren-aa0b2b98/ Top Tier Capital Partners: https://www.linkedin.com/company/top-tier-capital-partners/

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Links: Top Tier Capital Partners: https://ttcp.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:17) Exploring secondary opportunities in the market (5:03) Strategies for assessing new fund managers (7:31) The impact of ecosystems on venture success (10:01) Client categories for venture fund of funds (12:33) Sector-specific vs. generalist investment strategies (14:06) Sponsor: Carta (21:14) Relationship dynamics with top-tier funds (24:03) Addressing concerns regarding market beta (25:11) The evolving landscape of fund of funds and new strategies (26:43) Chasing pure alpha in fund of funds investing (27:43) Understanding power laws in fund investing (30:05) Closing remarks

E108: What is the Future of Venture Capital? w/Charles Hudson Nov 01, 2024

Charles Hudson, Managing Partner at Precursor Ventures sits down with David Weisburd to discuss how to support first-time fund managers, innovative strategies for sourcing deals in venture capital and tips for success on building relationships with limited partners.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @PrecursorVC (Precursor Ventures) @chudson (Charles Hudson)

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LinkedIn: Precursor Ventures: https://www.linkedin.com/company/precursor-ventures/ Charles Hudson: https://www.linkedin.com/in/chudson/
David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: Precursor Ventures: https://precursorvc.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:13) Startup experience and its impact on success (4:54) Portfolio construction and startup valuations (7:20) Fundraising challenges for new founders (10:50) Realistic targets and total addressable market (12:04) Investing in ideas or founders: A critical look (13:00) Feedback openness as a success predictor (16:03) Sponsor: Carta (16:49) Pre-seed investment strategies for high returns (18:43) Case study: Carrot Fertility's market opportunity (21:08) Staying informed: Information diet and cultural trends (24:27) Screen Door's role in supporting emerging managers (27:13) Crafting a differentiated investment pitch (28:52) Screen Door's portfolio strategy discussion (31:00) Transitioning from large platforms to independent GPs (35:26) Skill development outside of established firms (38:30) Closing remarks

E107: Caltech’s CIO’s $4.6 Billion Investment Strategy Oct 29, 2024

Scott Richland, Chief Investment Officer at Caltech sits down with David Weisburd to discuss key portfolio secrets inside Caltech’s $4.5B endowment strategy, the importance of strategy discipline in asset management and how direct investments are chosen behind Caltech's opportunistic bucket.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @Caltech (Caltech)

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Scott Richland: https://www.linkedin.com/in/scott-richland-459a415/ Caltech: https://www.linkedin.com/school/california-institute-of-technology/

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Links: Caltech: https://www.caltech.edu/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (0:54) Portfolio Construction and Allocation (2:19) Team Structure and Investment Strategy (3:05) Advantages of Caltech's Endowment Size (4:21) Taxable vs. Non-Taxable Portfolios (5:55) Evergreen Funds and Their Benefits (7:08) Governance Structure and Investment Process (9:55) Sponsor: Carta (18:33) Macro Trends and Market Opportunities (22:01) Historical Market Downturns: Lessons Learned (22:43) The 2020 Market Drawdown: A Different Beast (23:24) Managing Emotions and Portfolio During Downturns (24:47) Reevaluating Investments: Best Practices (25:35) Human Nature in Investing: Avoiding Common Pitfalls (27:50) Asset Allocation and Direct Investments (30:12) Exploring New Investment Themes (35:25) The Role of Active vs. Passive Management (39:15) The Importance of Reducing Portfolio Volatility (40:59) Balancing Drawdowns and Expected Value (43:35) Leadership and Team Management (47:06) Reflections on a 14-Year Career at Caltech (49:10) Closing remarks

E106: How Pantheon ($60B) Invests Globally Oct 25, 2024

Kunal Sood, Managing Director at Pantheon sits down with David Weisburd to discuss how US institutional investors can access Indian venture capital and private equity, key trends shaping India's unicorn startup ecosystem for global investors and how to leverage local expertise to navigate asia-pacific private markets.

The 10X Capital Podcast now receives more than 170,000 downloads a month. Are you interested in sponsoring an episode? Please email me at David@10xcapital.com.

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: Pantheon: https://www.linkedin.com/company/pantheon-ventures/ Kunal Sood: https://www.linkedin.com/in/kunal-sood-9582494/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: Pantheon: https://www.pantheon.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (1:16) Pantheon's investment focus (2:02) Differentiation of Pantheon and synergies between asset classes (4:16) The importance of relationships in asset management; Defining the mid-market (6:11) Growth equity, market conditions, and revisiting the opportunity set in India (7:04) Sponsor: Carta (9:24) Update on Indian infrastructure and investing in emerging markets (12:18) Opportunities in Japan, Australia, and calibrating strategies for different markets (17:25) Reflections on 11 years at Pantheon and conclusion (18:25) Closing remarks

E105: Ryan Serhant: How Successful Entrepreneurs Manage Time (1,000 Minute Rule) Oct 22, 2024

David Weisburd speaks with Ryan Serhant, founder and CEO of Serhant, about the explosive growth following the Netflix debut of *Owning Manhattan*. They discuss how the show has transformed the business, increasing market diversification, website traffic, and lead engagement. Ryan also shares his insights on scaling a real estate business, the importance of culture in a distributed workforce, and why he sees Serhant as more than a brokerage—defining it as a sales as a service company with an innovative approach to training and technology. Throughout the conversation, Ryan reflects on his personal journey, the challenges of transitioning from broker to CEO, and the responsibility of building a brand tied to his own name.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @Serhant_ (Serhant) @RyanSerhant (Ryan Serhant)

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/
Serhant: https://www.linkedin.com/company/serhant/ Ryan Serhant: https://www.linkedin.com/in/ryanserhant/

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Links: Serhant: https://serhant.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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Timestamps:

(0:00) Episode Preview (1:16) Metrics and Growth (4:02) Sales Philosophy and Training (12:48) Balancing Roles and Responsibilities (14:34) Challenges and Successes in Real Estate (20:28) Scaling and Team Building (21:22) Understanding Personal User Manuals (21:40) Building the Right Team (22:54) The Importance of Company Culture (23:54) Leveraging Technology and AI (24:12) Becoming a Level Five Leader (25:39) The Power of Personal Branding (28:23) Defining and Building a Brand (31:13) The Thousand Minute Rule (33:05) Overcoming Challenges and Staying Focused (36:33) Final Thoughts and Reflections

E104: How to Start a Single Family Office w/Justinas Milašauskas Oct 17, 2024

Justinas Milašauskas, Investment Manager at Willgrow sits down with David Weisburd to discuss the risks and rewards of investing in spinouts, top lessons learned from investing in venture and private markets and lessons on investing in emerging managers and navigating fragmented markets.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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SPONSOR:

Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod

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X / Twitter: @dweisburd (David Weisburd) @justi_nas (Justinas Milašauskas)

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LinkedIn: Willgrow: https://www.linkedin.com/company/willgrow-uab/ Justinas Milašauskas: https://www.linkedin.com/in/milasauskas/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: Willgrow: https://willgrow.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (1:45) The strategic advantage of operating businesses in portfolio construction (3:19) Investment cadence and the importance of recognizing one's weaknesses (5:25) Evaluating fund managers and the significance of their cap table (6:26) Sponsor: Carta (7:09) Investment strategies for spinouts and emerging managers (9:40) The evolution of emerging managers and ticket sizing lessons (11:12) Transition from public markets to private markets and the current investment climate (12:47) Differentiating as an LP and perspectives on European investment geography (14:24) Insights on investing in emerging managers and advantages of family office capital (15:54) Closing remarks

E103: Alex Hormozi - Private Equity’s Next Billionaire? Oct 15, 2024

Alex Hormozi, entrepreneur and founder of Acquisition.com, joins David Weisburd to share his journey of building a $150 million net worth. He discusses the lessons learned from losing his fortune twice, the importance of controlling revenue streams, strategic risk-taking in business, insights into scaling businesses, and the mindset required for long-term success. Hormozi also explains how he leverages his social media presence to drive deal flow and growth for Acquisition.com.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @AlexHormozi (Alex Hormozi)

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Alex Hormozi: https://www.linkedin.com/in/alexhormozi/

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Links: Acquisition: https://www.acquisition.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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Timestamps

(0:00) Episode Preview (0:39) From Management Consultant to Gym Mogul (4:14) The Big Exit and New Ventures (5:09) The Birth of Acquisition.com (6:00) The Power of Social Media and Brand Building (7:16) Investment Strategies and Business Models (17:33) Skill Acquisition and Compounding (27:08) Transactional vs Relational Business Dynamics (31:15) Understanding Opportunity Costs and A-Players (31:51) The Importance of Reinforcement Loops (32:16) Unlocking Discretionary Effort (33:21) Power of Immediate Rewards (34:23) Behavioral Conditioning in Business (35:37) Hiring for Attitude and Intelligence (38:02) The Role of Trauma in Behavior (39:30) The Meta Skill of Learning (40:40) Aligning Incentives and Delegation (41:17) The Founder Mode and Soft Skills (44:32) Operationalizing Culture and Feedback (46:47) Personal Growth and Business Strategy (57:53) Closing remarks

E102: Interview w/Kellogg School of Business Dean Oct 10, 2024

Francesca Cornelli, Dean at Northwestern University - Kellogg School of Management sits down with David Weisburd to discuss how private equity firms handle CEO turnover, why private equity firms benefit from enlightened disagreement and diverse opinions, and the importance of mentorship in private equity.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @KelloggSchool (Northwestern University - Kellogg School of Management)

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LinkedIn: Northwestern University - Kellogg School of Management: https://www.linkedin.com/school/kellogg-school-of-management/ Francesca Cornelli: https://www.linkedin.com/in/francesca-cornelli/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: Northwestern University - Kellogg School of Management: https://www.kellogg.northwestern.edu/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (1:13) Path to becoming dean of Kellogg School of Business and defining its culture (4:20) Practical tips for enlightened disagreement and commonality in negotiations (5:47) Impact at London Business School and research in private equity (7:18) Insights on private equity from academic research (11:24) CEO turnover in private equity and case studies (14:36) Industry-academia collaboration and future of business education (17:35) Closing remark

E101: Lessons from University of Texas ($70B) and Stanford Endowment ($40B) Oct 08, 2024

Mark Shoberg, CIO & Partner at Capital Creek Partners sits down with David Weisburd to discuss the keys to successful institutional investing, how large should an endowment be for optimal returns, and how to build the perfect investment platform for family offices and endowments.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @shoberg (Mark Shoberg) @CapitalCreekTX (Capital Creek Partners)

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LinkedIn: Capital Creek Partners: https://www.linkedin.com/company/capital-creek-partners/ Mark Shoberg: https://www.linkedin.com/in/mark-shoberg/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: Capital Creek Partners: https://www.capitalcreek.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:19) Comparing solo and team approaches in investment management (4:18) Venture investments and the allure of spinouts (6:57) Analyzing the pros and cons of anchoring a fund (8:29) Exploring first call alpha and the dynamics of LP relationships (11:29) Balancing economic arrangements between LPs and GPs (14:29) The critical role of partnerships in successful investing (17:06) Strategies for portfolio construction in large endowments (18:15) Delving deeper into market timing and portfolio allocation (21:40) Tailoring real estate investments for tax-exempt entities (24:26) Understanding scale in endowments and its impact (28:38) Introducing Capital Creek Partners and their objectives (30:04) Customized portfolio construction for diverse clients (31:51) The art of sourcing managers and managing legacy relationships (34:57) Closing remarks

E100: CIO of $2.9 Billion University of Illinois Endowment Oct 03, 2024

Travis Shore, CIO at University of Illinois Foundation sits down with David Weisburd to discuss how CIOs can adapt to the next big change in time, the critical mistakes made in mastering risk in uncertain markets, and identifying which strategy may save your endowment in the next crisis.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @uofi_foundation (University of Illinois Foundation)

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LinkedIn: University of Illinois Foundation:https://www.linkedin.com/company/universityofillinoisfoundation/ Travis Shore: https://www.linkedin.com/in/travis-shore-cfa-34a05712/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: University of Illinois Foundation: https://uif.uillinois.edu/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (1:28) Evolution of University of Illinois endowment and investment philosophy (3:09) Navigating herd behavior and the financial crisis impact on strategy (6:32) Evaluating venture managers and approach to asymmetric risks (8:34) Investor vs. allocator roles and decision-making in teams (11:18) Leadership principles and the value of iterative decision meetings (14:28) Developing institutional knowledge and asset allocation flexibility (17:49) Managing market cycles, risk, and liquidity (22:21) Adapting to market changes and liquidity management strategies (25:36) Governance's impact on endowment performance and board relations (30:36) Addressing bias in growth strategies and investor re-ups (33:11) Transition challenges to a CIO role and asset allocator decision-making (36:41) Closing remarks

E99: How to Pick Top Decile Venture GP’s Oct 01, 2024

Albert Azout, Managing Partner at Level Ventures sits down with David Weisburd to discuss how to spot unicorn founders early in Venture Capital, what separates great fund managers from the rest, and digging deep into the role of data in unpacking venture fund performance.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @levelvc (Level Ventures)

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LinkedIn: Level Ventures: https://www.linkedin.com/company/level-ventures/ Albert Azout: https://www.linkedin.com/in/albertazout/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: Level Ventures: https://levelvc.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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(0:00) Episode Preview (1:39) Data-driven approach to investing and predicting top-performing managers (3:20) Building social capital and early investment indicators (4:38) Follow-on investments, market timing, and macro factors (6:33) Ownership strategies and discipline in seed investments (8:13) Offensive strategy and value-add for GPs (10:18) Evolution of Level VC's value-add approach (13:16) Flywheel effect in investment networks (14:31) Learnings from Coda Capital and systematic sourcing (16:03) Recognizing great founders and contextual quality of GPs (17:07) Fund size control, co-investing, and portfolio construction (20:28) Collaboration, differentiation, and venture capital insights (22:11) Closing remarks

E98: How the $3.5 Billion University of Rochester Endowment Invests Sep 26, 2024

Rob Rahbari, Senior Investment Officer and Assistant Treasurer at University of Rochester sits down with David Weisburd to discuss the hidden potential that diverse fund managers offer, the missing ingredient in a successful investment strategy, and what role will diversity, equity, and inclusion play in the future of institutional investing.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @UofR (University of Rochester) @RobRahbari (Rob Rahbari)

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LinkedIn: University of Rochester: https://www.linkedin.com/school/university-of-rochester/ Rob Rahbari: https://www.linkedin.com/in/robrahbari/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: University of Rochester: https://www.rochester.edu/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (3:17) Portfolio construction and generalist strategy pros and cons (6:27) Macro factors and their impact on investments (7:37) Real assets, fixed income, and real estate strategies (8:52) Venture portfolio insights and GP relationship management (11:21) Selection criteria for new managers and common pitfalls (13:34) Addressing bias and complexity in investment strategies (15:40) Doug Phillips' unique approach to investing (18:13) Investing at the University of Rochester and IADEI initiative (20:51) Embracing market cycles and diverse managers (22:27) Closing remarks

E97: How Institutional Investors Access Crypto Sep 24, 2024

Drew Myers, Co-Founder and Managing Partner at CrossLayer Capital sits down with David Weisburd to discuss the key to small funds thriving in pre-seed investing, how time diversification tame crypto volatility, and identifying persistent top quartile crypto funds.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: CrossLayer Capital: https://www.linkedin.com/company/crosslayer-capital/ Drew Myers: https://www.linkedin.com/in/drew-myers-8764aa22/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Links: CrossLayer Capital: https://www.crosslayercap.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:01) Investment strategy: emerging vs. established managers and fund structures (4:20) Identifying alpha in venture and liquid crypto investments, comparison to biotech (6:12) Diligence and alignment in GP-LP relationships; lessons from Makena Capital (10:37) Approach to VC China strategy and parallels in crypto; early market mistakes (16:01) Divergent interests between GPs and LPs; systematic frameworks and investment theses (18:27) Portfolio construction and diversity with idiosyncratic bets (22:12) Pre-seed investments and their impact on return profiles (24:11) Managing risk in volatile markets and differentiating managers (27:26) Persistence of top quartile returns and market cycle impacts (29:30) Advice for institutional LPs entering crypto; regrets and lessons at Crosslayer (33:33) Closing remarks

E96: “100% Alpha Portfolio” - Levy Family Partners Sep 19, 2024

Michael Wallach, Vice President of Investment at Levy Family Partners sits down with David Weisburd to discuss the unexpected challenges of working at a family office, how to leverage expert insights to drive high-impact investments, and critical mistakes LPs should always avoid.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: Michael Wallach: https://www.linkedin.com/in/mike-wallach-8b75291/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (1:51) Investment strategy and differentiation in alpha/beta strategies (3:34) Sourcing and diligence process for direct deals (6:31) Managing portfolio drawdowns and liquidity (8:12) Importance of data room contents for decision making (9:45) Emphasis on reputation in investment decisions (10:53) Asset class allocation and planning (11:47) Key takeaways from experiences at Levy Family Partners (14:21) Pain points for GPs and LPs' leverage points (15:57) Unique advantages and advice for family office operations (17:25) Closing remarks

E95: How to Raise Private Equity in 2024 Sep 17, 2024

Les Baquiran, Founder of Alpine Capital Advisors, sits down with David Weisburd to discuss insights on building LP relationships globally. In addition, they discuss reasons GP’s hire placement agents, benefits of family offices as LPs, and non-traditional structures LPs like to invest in.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: Les Baquiran: https://www.linkedin.com/in/les-baquiran/ David Weisburd: https://www.linkedin.com/in/dweisburd/ Alpine Capital Advisors: https://www.linkedin.com/company/alpine-capital-associates/

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LINKS: Alpine Capital Advisors: https://alpineca.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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(0:00) Episode Preview (2:22) Lessons learned working at Park Hill (5:31) The life cycle of working with a GP (8:02) Geographical reach and strategy for Latin America (11:54) Raising capital from LPs in different regions (19:12) Common problems LPs face in the current market (21:22) The impact of illiquidity on LP investment strategies (23:34) Examples of bad behavior by GPs (29:27) Building strong LP-GP relationships (33:10) Les Baquiran's LP roundtables and gatherings (36:47) The nuances of being a placement agent (40:25) Closing remarks

E94: How to Invest $70 Billion Sep 12, 2024

Tony Meadows, Partner at Sinefine sits down with David Weisburd to discuss what initial investment choice could make or break your portfolio, when to dive into early-stage investments, and how strategic timing can turn ordinary investments into extraordinary gains.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: Tony Meadows: https://www.linkedin.com/in/tonymeadows/ Sinefine: https://www.linkedin.com/company/sinefine/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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LINKS: Sinefine: https://www.sinefine.co/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:44) Asset class selection and adverse selection in investments (3:25) Partnering strategies and execution in co-investments (4:35) Governance, decentralization, and GP relationships (6:54) Portfolio construction and strategy within private equity (8:34) Impact of check size on venture capital investments (11:20) Pension funds' role and challenges in venture capital (13:10) Benefits, returns, and market coverage for pension funds (14:06) Building a venture capital portfolio for pension funds (15:51) Multistage funds, emerging managers, and fund twos (18:17) Outsourcing strategies and manager performance data (23:52) Criteria and challenges of investing with Sinefine (26:37) Gender dynamics in sourcing and generating alpha (31:16) Portfolio construction and diversification at Sinefine (35:16) Working with pension funds and compensation structures (39:14) Closing Remarks

E93: Why Do Most VC’s Underperform? Sep 10, 2024

John Gleeson, Founder & General Partner at Success Venture Partners sits down with David Weisburd to discuss the underappreciated secret to Venture Capital success, why operator LP’s outperform, and the math behind portfolio concentration.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @JohnGleeson10 (John Gleeson)

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LinkedIn: John Gleeson: https://www.linkedin.com/in/johngleeson10/ Success Venture Partners: https://www.linkedin.com/company/success-venture-partners/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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LINKS: Success Venture Partners: https://successvp.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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(0:00) Episode Preview (1:43) Introduction to Success VP and its founding story (3:43) The role of customer success in increasing startup value (6:00) Common mistakes founders make in customer success (7:40) Specialization in customer success roles (8:43) Metrics for balancing sales and customer success efforts (12:28) The importance of empathy and customer feedback in product development (14:54) Why customer success often gets less attention than sales in Silicon Valley (17:54) Success VP fund thesis and investment strategy (20:05) How Success VP gets into top deals and the value of customer success (23:31) Building operator LP capacity and leveraging networks (26:25) Portfolio construction and strategy alignment (29:28) Closing remarks

E92: How FT Partners Beats Bulge Bracket Banks (Steve Mclaughlin) Sep 05, 2024

Steve McLaughlin, CEO at Financial Technology Partners sits down with David Weisburd to discuss the hidden values and success of top fintech companies, insider perspective on the work-life balance myth, and the powerful face-to-face strategies that elite companies swear by.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @FTPartners (Steve McLaughlin)

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LinkedIn: Steve McLaughlin: https://www.linkedin.com/in/stevemclaughlinftpartners/ FT Partners: https://www.linkedin.com/company/financial-technology-partners/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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LINKS: FT Partners: https://ftpartners.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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(0:00) Episode preview (3:45) Exclusively focusing on fintech and its challenges (5:16) How FT Partners differentiates from larger banks (11:41) Strategies for incentivizing employees and business growth (17:03) Scaling the organization and preserving culture (19:27) Utilizing data for operational insights and investor storytelling (22:33) Case studies: Revolut's valuation and the role of bankers (27:09) Insights on valuing companies in the fintech space (30:31) Work-life balance and the importance of in-person interactions (33:33) Delegating responsibilities and evolving business focus (36:02) The significance of team and client relationships in fintech (37:16) Closing remarks

E91: How Elite Endowments Invest in 2024 Sep 03, 2024

Renee Hanna, Managing Director of Investments at Baylor University sits down with David Weisburd to discuss how Baylor balances allocation between public and private investments, how its private investments are built around returns hurdles, and thoughts on appropriately sizing commitments.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: Renee Hanna: https://www.linkedin.com/in/renee-hanna-cfa-474749a/ Baylor: https://www.linkedin.com/school/baylor-university/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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LINKS: Baylor University Endowment: https://investments.web.baylor.edu/baylors-university-endowment

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:32) Growth and Evolution of Private Investments (4:15) Long-term Sector Focus and Diversification Strategies (7:31) Investment Durations and Venture Fund Selection (9:19) Smaller Venture Funds: Alignment and Incentives (13:13) Venture Capital: Correlation and Diversification (17:02) Manager Assessment: Referencing and Qualitative Factors (18:05) Investing in Spinouts: Benefits and Challenges (19:53) Career Reflections and Starting at Baylor Pre-Crisis (21:57) Beating Ivy League Endowments and Governance Role (24:34) Closing Remarks

E90: Lessons from Diligencing 3,000 Venture Capital Funds Aug 29, 2024

Marius Weber, Founding Partner, and Jocke Martelius, Investment Solutions Manager of Alpha Q Venture Capital sits down with David Weisburd to discuss the comparison between US and European VC markets, strategies for conducting due diligence on emerging VC funds, and the impact of political and economic factors on European VC.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd) @alphaqvc (Alpha Q Venture Capital)

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LinkedIn: Marius Weber: https://www.linkedin.com/in/mariusweberaqvc/ Jocke Martelius: https://www.linkedin.com/in/jocke-martelius-6226035a/ Alpha Q Venture Capital: https://www.linkedin.com/company/aqvc/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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LINKS: Alpha Q Venture Capital: https://www.aqvc.com/

-- Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

(0:00) Episode Preview (1:00) Founding and background of AQVC (4:05) Benchmarking, quantitative and qualitative fund evaluation (8:18) Data standardization and capital formation challenges (10:55) Evolution and best practices in fundraising communication (17:27) Maintaining LP relationships (23:59) Insights from diligence of impact funds (26:07) Timeframe and economics for GPs to achieve wealth (28:12) Product differences for high net worth and family office network (32:31) AQVC's value to GPs (35:47) Constraints in the European VC ecosystem (36:51) Closing remarks

E89: How a Fund of Funds backed by one of the world's largest insurance companies is revolutionizing venture capital Aug 27, 2024

Iyan Unsworth, Vice President of AXA Venture Partners sits down with David Weisburd to discuss about on how a Fund of Funds backed by one of the world's largest insurance companies is revolutionizing the venture capital landscape.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter: @dweisburd (David Weisburd)

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LinkedIn: Iyan Unsworth: https://www.linkedin.com/in/iyan-unsworth-1016a896/ AXA Venture Partners: https://www.linkedin.com/company/axavp/ David Weisburd: https://www.linkedin.com/in/dweisburd/

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LINKS: AXA Venture Partners: https://www.axavp.com/

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS:

(0:00) Episode Preview (2:25) Key Investment Regions and Geographical Distribution of AVP's Portfolio (4:01) Ideal GP Characteristics and Decrease in Funding for First-Time Funds (7:42) Full-Time Commitment and Historical Performance of Venture Capital (9:02) Principal-Agent Problem and Market Contraction Analysis (11:07) Profiles and Importance of Partnership in Emerging Managers (12:04) Evaluating Teams, Dynamics, and Performance in Venture Capital (15:00) Sensitivity in Performance Discussions and Incentive Reassignment (18:54) Conservative Fund Strategies and Transparency in Track Records (20:05) Complexities of Deal Attribution in Diligence Processes (22:03) Discussion on Secondaries (24:22) Closing Remarks

E88: Lessons from Investing in 81 Venture Capital Funds - Dave Neumann Aug 22, 2024

Dave Neumann, investor at Molten Ventures, sits down with David Weisburd to discuss fund of funds deployment strategies, how GPs should approach fund size and interesting power law data derived from Molten’s 2,500 underlying portfolio companies. (2:08) Identifying successful managers and the prime years of a GP's career (4:00) Common mistakes of GPs (6:45) The venture capital ecosystem and strategies for success (8:10) Concentrated vs. diversified portfolios in VC (9:43) Molton Ventures' investment strategy and portfolio insights (13:15) Closing remarks and the future of venture capital

E87: Lessons from Investing in 1,400+ Startups - Jamie Biddle and Steve Kim Aug 20, 2024

Jamie Biddle (Founding Partner and CEO) & Steve Kim (Partner, Investment Strategy and Risk Management) of Verdis Investment Management, sit down with David Weisburd to discuss how Verdis has managed to invest into 41 unicorns by indexing early-stage venture capital funds, how they came up with the venture index thesis, and the practical considerations of executing on their venture index strategy. They also discuss the purpose of venture in a diversified portfolio, the benefits of QSBS for taxable investors, and avoiding adverse selection in venture capital. (0:00) Episode preview (1:18) Overview of Verdis (3:18) Shifting investment focus and tax considerations in asset selection (4:39) Verdis’s approach to venture capital (5:24) Indexing early-stage venture capital (7:22) Key factors influencing venture capital returns (8:35) The role and tax benefits of venture investments in a portfolio (11:02) Performance of the venture capital index strategy (13:23) Family office dynamics (14:26) Follow & subscribe to the 10X Capital Podcast (14:47) Unicorn capture rate and venture capital power laws (16:32) Comparing generalist and sector-specific funds (18:48) Loss ratios and execution of the venture index strategy (21:10) Developing and reflecting on the venture index thesis (25:45) Key learnings from Verdis & investing as a family office (26:52) Practical constraints on over-allocating to venture (29:39) Closing remarks

E86: Investing $20+ Billion for Nonprofit Institutions - Michael Miller Aug 15, 2024

Michael Miller, CIO at Crewcial Partners, sits down with David Weisburd to discuss how nonprofit institutions invest, how they think about portfolio construction, and how they manage liquidity. (0:00) Episode preview (1:14) Overview of Crewcial Partners (2:18) Portfolio breakdown across private assets (3:23) Investing in asset classes when they’re out of favor (4:41) Managing portfolio liquidity (6:42) Optimization of private and public equity exposure (7:33) Role of fixed income in the portfolio (8:44) Diversification strategies of top LPs (10:00) Investing discretionary and nondiscretionary assets (11:12) Embracing inefficiency (13:25) Securing GP allocations (15:22) Manager selection (17:27) Understanding LP psychology and priorities (19:01) Political activism in VC (22:25) Fund distributions and liquidity (24:44) Investment committee dynamics at nonprofits (27:20) Follow & subscribe to the 10X Capital Podcast (27:41) Managing fund investment concentration risks (30:07) Pros & cons of spinouts (31:59) Advantages to investing in funds early (34:45) The importance of non-conformity for high returns (35:55) Closing thoughts

E85: Raising $6 Billion in Institutional Capital - Mikhail Blancovitch Aug 13, 2024

Mikhail Blancovitch, Co-Founder of Unicorn Strategic Capital, sits down with David Weisburd to discuss strategies for raising capital from different types of LPs, how fund managers can craft a compelling story that resonates with LPs, and sources of growth for alternative asset AUM. (0:00) Episode preview (1:12) Overview of Unicorn Strategic Capital (2:29) Emerging managers & sector specialists (3:59) Portfolio strategies in Latin America (5:24) Comparing portfolio strategies by geography (6:39) Which institutional investors are most innovative (8:55) Reputation dynamics (9:35) Raising $6B from institutional investors (12:32) Follow & subscribe to the 10X Capital Podcast (12:53) Strategies for building LP relationships (14:11) Importance of meeting LPs in person (17:13) Crating and telling compelling stories to LPs (21:29) Sources of growth for alternative asset AUM (23:31) Impact of generational wealth transfer on investments (24:19) Client selection criteria (26:04) Perfecting the fund manager pitch

E84: How NFL, NBA, and MLB Players Invest Aug 08, 2024

Justin Dyer, Chief Investment Officer of AWM Capital, sits down with David Weisburd to discuss how AWM manages investments for professional athletes. Justin details AWM’s adherence to liability-driven portfolio construction, how it invests in venture and unique considerations when investing capital for athletes. (0:00) Introduction to Justin Dyer and AWM Capital (2:25) Wealth management challenges for athletes (4:45) Venture capital investment preferences at AWM Capital (7:07) Fund of funds structure and geographical tilts in venture investments (10:31) Balancing concentration and diversification in venture capital (13:02) Portfolio simulation and flexibility in strategy (17:09) Venture fund diligence and the weight of references (20:52) The role of disruption in venture capital (23:03) Philosophies on money, happiness, and living a flourishing life (27:19) Final thoughts and reflections

E83: Tax Benefits of Investing in Venture Capital w/ Michael Schulman Aug 06, 2024

Michael Ashley Schulman, Chief Investment Officer at Running Point Capital, sits down with David Weisburd to discuss Michael’s views on venture capital, manager selection across private asset classes, and risks/benefits of investing in spinout managers. (0:00) Episode Preview (1:31) Overview of Running Point Capital (3:36) Venture Capital Strategy, Challenges, and Metrics (6:08) Managing Capital Calls and Accessing Top VC Funds (10:06) Manager Selection Across Private Asset Classes (14:47) Follow & Subscribe to The 10X Capital Podcast (15:07) Risks and Benefits of Investing in Spinout Managers (17:36) Michael’s Personal Career Insights (20:04) Pre-Liquidity Tax Strategies (20:59) Final Thoughts and Closing Remarks

E82: Why LPs Use Fund of Funds to Invest into Venture Capital w/ Fernando Saiz Aug 02, 2024

Fernando Saiz, Co-Founder of Azet Capital, sits down with David Weisburd to discuss Azet Capital’s fund of funds strategy in venture capital. Fernando shares his diligence process for selecting venture funds, what differentiates the funds Azet invests in vs. the ones they pass on, and Azet’s strategic value-add to venture GPs. (0:00) Episode preview (1:01) Intro to Azet Capital (2:40) Views on fund reserves and diligence process for fund investments (7:44) Evaluating emerging managers (10:40) Tools for benchmarking and selecting funds (13:44) LP relationships, co-investments, and fund of funds (17:12) Educating LPs on venture capital (20:07) Strategic reasons to take capital from LatAm (23:09) Value-add from seed stage managers (24:56) Final thoughts and closing remarks

E81: Ryan Serhant: The #1 Sales Mistake You’re Making Jul 30, 2024

Ryan Serhant is the Founder & CEO at SERHANT., a star in the Netflix show “Owning Manhattan” and Bravo show “Million Dollar Listing New York”, and a 3x bestselling author. In this episode, Ryan and David Weisburd discuss SERHANT.’s meteoric rise as a top real estate brokerage in New York City, Ryan’s unique approach to sales, sales training, and branding, and what it’s like for a founder scaling a business in hyper-growth. (0:00) Episode preview (1:50) The impact of new Netflix show “Owning Manhattan” on SERHANT.’s business (4:41) Sales-as-a-Service and sales training (7:44) Common sales mistakes (11:27) Why Ryan started SERHANT. (15:18) Reflecting on “Owning Manhattan” (19:34) Recognizing potential in people (21:54) Strategies for scaling in hyper-growth (26:45) Branding (33:12) The 1000-minute rule (34:52) Follow & subscribe to The 10X Capital Podcast (35:20) Handling setbacks and maintaining perspective (39:38) Business expansion, success, and finding balance (42:20) Closing remarks

E80: How ~$16 Billion Multi-Family Office WE Invests Jul 26, 2024

Matt Farrell, Senior Investment Manager at WE Family Offices, sits down with David Weisburd to discuss how families with $50M-$1B+ invest their capital. They also cover balancing risk tolerance and liquidity needs, where alpha is in the market today, and characteristics of an ideal private fund manager. (0:00) Episode preview (0:51) Overview of WE Family Offices (3:05) Typical family office portfolio construction (6:12) Behavioral finance and illiquidity as a feature (9:36) Investment strategies for ultra high net worth families (13:33) Manager selection attributes and importance of transparency (16:22) Diligence process for spin-out managers (18:24) Approach to venture capital as an asset class (21:14) Follow & subscribe to The 10X Capital Podcast (21:34) General guidance on co-invest (23:37) Value-add for venture capital managers (25:07) Hierarchy of the reference process

E79: Mike Maples on How to Return 100X+ on Seed Investments Jul 23, 2024

Mike Maples, Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas. (0:00) Episode preview (1:23) Introduction to "Pattern Breakers" (2:22) The role of startup capitalists (5:01) The Twitter story and insights on early-stage investing (7:24) The importance of founder future fit (15:33) Product market fit: deciding when to pivot vs. stay the course (21:54) Insights empowering new business models (27:21) Creating movements and the role of passion (32:02) Building relationships with LPs (37:14) Advice for new VCs raising money (39:10) The importance of pursuing non-consensus ideas (43:18) 10X Capital Podcast Newsletter (43:40) Lessons from David Swensen (47:14) Benefits of a compatible partnership (49:06) Circle of competence and competitive advantage in VC (51:41) How to find Mike’s new book "Pattern Breakers"

E78: Fmr. CIO of CalPERS ($495 Billion) on Private Markets Investing Jul 18, 2024

Dr. Russell Read, current CIO at 10X Capital, and former CIO at CalPERS, CIO of Alaska Permanent Fund and CIO of the Gulf Investment Corporation sits down with David Weisburd to discuss his extensive career as a premier investment professional. They dive into how large scale pensions allocate to private markets, how those plans structure co-investment programs and design a theoretical allocation strategy. (1:06) Introduction of Dr. Russell Read and his role at CalPERS (1:47) Diversifying investments internationally (3:24) Challenges of allocating to private markets (4:25) Venture capital investment strategies (5:35) Structuring co-investment programs (7:33) Alaska Permanent Fund's success story (11:49) Addressing understaffing in pension funds (13:27) Utilizing external resources effectively (15:03) Economics of co-investment opportunities (17:23) Strategies for new Sovereign Wealth and pension funds (19:40) Impact of fund size on alternative investment success (21:52) Discussing liquidity premium and retirement funding reforms (24:08) 10X Capital's strategic approach to asset management (25:04) Investment objectives variation among organizations (27:35) Re-evaluating the 60/40 investment model

E77: Justin Pollack on PineBridge’s ($168 Billion AUM) Investment Thesis Jul 16, 2024

Justin Pollack, Managing Director at PineBridge Investments, sits down with David Weisburd to discuss PineBridge’s investment thesis. They also breakdown the secondary markets, discuss the structural differences between private equity & public market investing, and ways to analyze spinouts. (1:12) Introduction of Justin Pollack and PineBridge Investments (1:55) Evolution and growth of the private equity market (4:39) Secondary market dynamics (12:02) Differentiating strategies in secondary investing (15:33) Emphasis on downside protection in secondary markets (19:12) Fund of funds and emerging manager strategies (22:29) Adapting private equity strategies to fund growth (26:18) PineBridge's approach to venture capital (27:26) Evaluating spinouts (30:31) Identifying traits of top-performing fund managers (34:05) Closing remarks

E76: How FirstLook Picks the Top 10% of Venture Funds Jul 11, 2024

Josh Porter, Co-Founder & General Partner at FirstLook Partners, sits down with David Weisburd to discuss FirstLook’s process for evaluating and selecting emerging managers. They also cover typical terms for co-invest, managing conflicts of interest, and the importance of strong personal relationships in venture capital. (0:00) Episode preview (0:11) FirstLook’s strategy (1:12) Co-investment dynamics (3:06) Typical co-invest terms (4:33) Managing conflicts of interest (6:24) Impact of personal background on investment decisions (9:10) Fostering relationships and trust in venture capital (11:28) Importance of trust and honesty in VC (12:27) Key criteria for selecting managers (15:33) 10X Capital Podcast Newsletter (15:54) Investment diligence and adding value (20:18) Insight into hiring for venture roles (21:34) Lessons learned and time management (23:26) Closing remarks

E75: Insight Partners’ Direct and Fund of Funds Strategy Jul 09, 2024

Dionne Chingkoe and Samer Yousif of Insight Partners sit down with David Weisburd to discuss Insight’s direct and fund of funds investment strategies. They cover the importance of adding value beyond capital to both founders and emerging managers, the landscape of multi-stage VCs investing in emerging managers, and check size driving fund strategy for GPs. Insight Partners’ 20/20 Vision Capital Fund supports diverse-led, top-tier, early-stage venture funds providing growth and seed capital to companies in the US and abroad. Insight believes that partnering and investing with these GPs is an effective way to drive much needed diversity in the venture capital industry. (0:00) Episode preview (0:56) Insight Partners’ strategy (2:08) Providing value-add and flexible capital (3:48) Samer Yousif's journey to Insight (6:09) Adding value to emerging managers (8:39) How emerging managers differentiate (12:09) Check size driving fund strategy (16:14) Evaluating GP performance (17:38) Closing remarks

E74: How the $4B Kresge Foundation Invests into Venture - Venus Phillips Jul 02, 2024

Venus Phillips, Managing Director at Kresge Foundation, sits down with David Weisburd to discuss the Kresge Foundation’s venture strategy. They cover mission-driven investing, opportunities and risks investing in China and India, and building true partnerships between general partners and limited partners. (0:00) Episode preview (0:34) Introduction to Venus Phillips and Kresge Foundation (1:21) Mission-driven investing (2:19) Revitalizing Detroit (3:36) Kresge’s venture strategy (4:04) Opportunities and risks investing in China & India (7:41) Accessing premier venture funds (10:38) Building LP relationships (18:46) Closing remarks

E73: John Merrill on GroveStreet’s $10.5 Billion Investment Strategy Jun 25, 2024

John Merrill, Partner at GroveStreet sits down with David Weisburd to discuss GroveStreet’s $10.5B SMA model. In addition, they talk about the keys to building long-term SMA relationships, a highly selective set of criteria for managers and reasons why GP’s should prefer rigorous, discerning LPs vs. fast-followers. (0:00) Introduction and background of John Merrill and Grove Street (1:34) Benefits of separately managed accounts (SMAs) for institutional investors (3:39) The problem Grove Street is solving for clients (5:03) Importance of alignment in asset management (6:30) Investment process and criteria for selecting funds (10:13) Client management and characteristics Grove Street looks for in clients (13:25) Benefits of a boutique client model (16:17) Studying under David Swenson and his impact (20:14) The give and take in LP-GP relationships (22:27) Importance of landing an anchor investor for new funds (24:25) Characteristics of a good partnership between LPs and GPs (29:43) Characteristics of a top limited partner (33:17) Global investment insights and local biases (35:09) Final thoughts and closing remarks

E72: Investing in Top Emerging Managers with Jamie Rhode Jun 18, 2024

Jamie Rhode sits down with David Weisburd to discuss Screendoor’s strategy of backing emerging managers. In addition, they discuss friction points between LPs and emerging managers, leveraging insights from GPs and LPs in manager selection, and how to diligence a first time fund. (0:00) Episode preview (0:43) Jamie joining Screendoor (2:35) Friction between LPs and emerging managers (4:38) Fragmentation at the seed stage (6:44) Importance of grit and endurance in founders (8:17) Underwriting first time funds (12:39) Expanding beyond first time funds (24:36) 10X Capital Podcast Newsletter (26:17) Portfolio construction as a venture LP (34:35) Final thoughts

E71: Interview with RAISE Global Summit & Akkadian Founder Ben Black Jun 11, 2024

Ben Black, Co-Founder of Akkadian Ventures, sits down with David Weisburd to discuss the RAISE Global Summit, the largest LP/GP conference. This is a masterclass on how venture capital GPs can raise venture capital funds and develop long-term relationships with LPs. David and Ben also delve into what differentiates the top venture funds, the importance of operational excellence in fund entrepreneurship, and prioritizing and managing relationships. (0:00) Episode preview (0:46) The origin and growth of the RAISE Conference (3:40) Fundraising as a continuous relationship-building process (6:28) Effective strategies for GPs to add value to LPs (12:38) What differentiates the top venture funds (14:14) Importance of ecosystem creation in VC (16:02) Common mistakes in fund presentations (28:36) Current state of the secondary market (29:16) 10X Capital Podcast Newsletter (39:31) Prioritizing and managing relationships (41:04) Surviving downturns as a VC (43:01) Closing thoughts from Ben Black

E70: How VC Fund of Funds Work with Alex Edelson Jun 06, 2024

Alex Edelson, Founder of Slipstream Investors, sits down with David Weisburd to discuss the benefits and tradeoffs of investing in venture capital fund of funds. They also touch on Slipstream’s investment thesis, portfolio construction, and due diligence process. (0:00) Episode preview (2:16) Discussion on portfolio diversification (4:41) Benefits & trade-offs in fund to funds strategy versus single fund investing (7:13) Ideal number of funds for diversification in venture capital (8:46) Life cycle of a diligence process when vetting a manager (12:05) Assessing a fund manager (13:05) Importance of founder references (14:09) Essentials in a fund data room (16:17) Value of transparency with GPs (18:25) Gaining access to oversubscribed funds (19:22) Closing remarks

E69: How Texas Municipal Retirement System Deployed $1B into Venture Capital May 29, 2024

Peter Teneriello, former Senior Portfolio Manager at Texas Municipal Retirement System, sits down with David Weisburd to discuss how TMRS deployed $1B into venture capital. In addition, they discuss institutional allocation pacing models, the importance of aligned investment teams and why investors may allocate to median performing managers. (0:00) Introduction (0:55) Diversification strategies in venture capital investing (3:32) Co-investment practices and fee management (6:58) Importance and role of pacing models (9:39) Incentives for LP Consultants and their impact (12:25) Strategy for setting up a billion-dollar single family office (15:39) Building effective LP / GP relationships (16:22) Career insights and investment philosophy from Peter Teneriello

E68: The Smithsonian Institution’s Venture Capital Edge May 21, 2024

Jeff Smith, Managing Director of Private Investments at the Smithsonian’s endowment, sits down with David Weisburd to discuss the Smithsonian endowment’s advantage in accessing the best managers in venture capital. They also discuss the importance of continually allocating throughout cycles, knowing when to exit, and communicating effectively with LPs. They conclude by covering what Jeff looks for when evaluating new venture managers. (0:00) Episode preview (0:57) How Jeff’s startup experience influences his perspective as an LP in venture capital (1:54) Capital allocation, exit strategies, and market trends in VC (6:12) The Smithsonian endowment’s advantage in venture capital (11:17) Criteria for investing in venture managers (15:28) Smithsonian's venture strategy (19:55) Considerations for investing in first time funds (21:40) The mission of the Smithsonian and closing remarks

E67: Children’s Healthcare of Atlanta CIO - Muthu Muthiah May 16, 2024

Muthu Muthiah, CIO of Children’s Healthcare of Atlanta sits down with David Weisburd to discuss how he developed the governance, systems, and team to deploy $2 billion dollars at Inatai Foundation. They also delve into the endowment style investment philosophy, the importance of asset allocation relative to manager selection, and the venture strategy at Children’s Healthcare of Atlanta. (0:00) Episode preview (1:35) Muthu’s path to mission-driven investing (5:36) Building a team of generalist at Children’s Healthcare of Atlanta (8:03) Deploying $2B at Inatai Foundation (11:37) Sponsor: Deel (13:44) Importance of asset allocation strategy (17:28) Navigating the Principal-Agent Problem in asset management (20:41) Investment approach at Children's Healthcare of Atlanta (21:46) CHOA’s venture philosophy and portfolio (26:04) The mission and values of CHOA

E66: Melinda Gates’ Pivotal Ventures on Investing in VC - Erin Harkless Moore May 14, 2024

Erin Harkless Moore, Senior Director of Pivotal Ventures, sits down with David Weisburd to discuss Pivotal Ventures’ $1B mission to drive equality and returns. In addition, they discuss how Pivotal works to close the gender gap, ways to manage teams more thoughtfully and the capability of venture dollars to drive exponential impact. (1:06) Erin Harkless Moore's Background and Pivotal Ventures' Strategy (5:26) Balancing Collaboration and Consensus in Decision-making (8:26) Common Mistakes made by Venture Asset Managers (10:28) How Mission-oriented Organizations View Performance (14:31) Sponsor: Deel (16:05) Refining the Investment Strategy at Pivotal Ventures (23:08) Discussion on VC Track Record (24:36) Value of Unexpected References in Due Diligence (32:48) Aligning Personal Values with Career Goals

E65: CEO of Bitwise on How Institutions Access Crypto May 09, 2024

Hunter Horsley, CEO of Bitwise Asset Management, sits down with David Weisburd to discuss the institutional investment case for Bitcoin and digital assets. In addition, they discuss the diversification benefits of digital assets for portfolio construction, bull arguments for Bitcoin, and expanding the GDP of the internet through increasing use cases of public blockchains. (0:00) Episode Preview and Overview of Bitwise (5:29) Discussion on the Bitwise Bitcoin ETF (10:53) Exploration of Institutional Investment in Crypto (18:49) Sponsor: Deel (20:53) Use Cases of Public Blockchains (25:52) The Role and Impact of Developers in Crypto (30:40) 10X Capital Podcast Newsletter (31:06) Future of Bitwise and its Role in the Digital Asset Space

E64: How Startups Can Access $13 Trillion in Retirement Capital - Eric Satz May 07, 2024

Eric Satz, CEO of Alto, sits down with David Weisburd to discuss how startups can access $13 trillion in retirement capital. In addition, they discuss why to invest in alternative assets via retirement capital, strategies for personal venture portfolio construction and how cryptocurrency fits into alternative asset investing. (1:03) Guest introduction: Eric Satz and Alto (2:45) Role and user experience of Alto in self-directed investing (5:15) The problem with alternative IRA investments and Alto's solution (7:16) Alto's platform, integrations and partnerships (10:25) Discussion on investable assets in the US and the evolution of Alto's thesis (13:15) The need for democratization in investing (17:42) Discussion on Peter Thiel's Roth IRA story (20:17) Sponsor: Deel (21:00) Suggestions for portfolio diversification and investing in crypto (25:37) The psychological struggle of trading and advantages of alternative asset investments (30:06) The future of Alto (32:07) Importance of timing, luck and people in startup success and closing remarks

E63: Chris Rizik on The Rise of Midwest LPs May 02, 2024

Chris Rizik, CEO of Renaissance Venture Capital sits down with David Weisburd to discuss Renaissance’s unique approach to venture. In addition, they discuss how large corporations participate in venture, when to admit a loss vs. doubling down and signals of a strong fund manager. (0:44) Introduction of guest Chris Rizik and overview of Renaissance Venture Capital (2:36) The Innovator's Dilemma and evolution of large tech companies (4:18) Challenges and opportunities of promoting startups in the Midwest (6:06) The growth of unicorns in the Midwest and the importance of consistent returns (9:36) Importance of growth when investing in fund managers (10:21) Sponsor: Deel (12:19) Lessons learned and mistakes made in venture capital (19:11) Chris Rizik discusses the ideal fund to invest in (21:15) Importance of patience and networking in investing (24:48) Potential of underserved geographies for startup communities

E62: Babson College's $700M Endowment on Venture Capital Apr 30, 2024

Trish DiGirolomo, investment manager at Babson College sits down with David Weisburd to discuss scaling Babson College’s endowment via disciplined strategy and process. In addition, they discuss the advantages of patience and a focus on cash on cash returns, criteria for manager selection, and leveraging experienced alumni in the investment process. (0:00) Trish DiGirolomo discusses the investment strategy and process at Babson Endowment (4:57) Role of private equity in Babson's portfolio and philosophy on holding positions post IPO (10:34) Importance of patience, conviction, and timing in venture capital investments (13:08) The role of secondaries market in venture capital (16:11) Leveraging relationships and the value Babson brings to a fund (20:16) The structure of Babson's investment office and criteria for assessing potential managers (26:27) Sponsor: Deel (28:31) Diversified alpha and return thresholds (33:07) Importance of conviction and thesis in strategy (41:59) Dealing with difficult personalities in GPs

E61: Erik Iverson and Mike Partsch on WARF’s $3B Endowment Strategy Apr 25, 2024

Erik Iverson and Mike Partsch of the Wisconsin Alumni Research Foundation (WARF) sit down with David Weisburd to discuss how WARF supports innovation while driving financial returns. In addition, they discuss the case for investing in life sciences, how inventions turn into portfolio companies and the importance of maintaining relationships through market cycles. (0:00) Introduction and overview of Wharf (1:45) Investment strategy and portfolio construction (4:08) Correlation between industry hype and venture returns (7:00) Sponsor: Deel (8:40) Process of spinning out companies from the University (12:45) Sourcing and developing new relationships in venture capital (15:06) Discussion on unfair practices in valuation and liquidation (16:38) Challenges of venture capital (17:04) The mission and highlights of WARF

E60: Emerging Manager Alpha At Scale with Michael Downing Apr 23, 2024

Michael Downing sits down with David Weisburd to discuss emerging manager venture funds, the MDSV Capital Extension Program, and the effect of market conditions on fundraising. They also discuss the role of MDSV in the venture capital landscape, portfolio construction, LP expectations, and Michael’s background as an entrepreneur and investor. The conversation wraps up with a discussion on the importance of not overlooking emerging managers as a key part of the venture ecosystem. (0:00) Episode preview and discussion on outliers in emerging manager funds (6:00) Overview of the MDSV Capital Extension Program (9:45) Sponsor: Deel (13:13) Impact of market conditions on fundraising (16:37) Role of MDSV in the venture capital landscape (20:27) Portfolio construction and expectations of LPs (23:31) Michael Downing's background as an entrepreneur and investor (25:32) 10X Capital Podcast Newsletter (26:27) The importance of not overlooking emerging managers in venture capital (27:38) Please visit & subscribe to the 10X Capital Podcast YouTube channel

E59: How Jordan Nel Spots Winning Venture Funds Apr 16, 2024

Jordan Nel sits down with David Weisburd to discuss how to spot winning venture funds. In addition, they discuss portfolio construction and concentration, the scalability of venture funds and difficult conversations with GPs. (0:00) Introduction and Overview of the Episode (1:12) Genesis of Jordan Nel's Fund and Current Strategy (3:21) Evaluating Founders and the Importance of their Background (6:38) Importance of Urgency in Management and Entrepreneurship (8:17) Portfolio Construction and Concentration (10:47) Sponsor: Deel HR and Payroll Platform (11:13) Why Small Funds Outperform Large Funds (14:10) Understanding the LP Base and LP Demands (17:32) Providing Value-Add as an LP and Tackling Challenging Conversations with GPs (21:07) Interacting in the LP Ecosystem and Strategy for Follow-On Investments (24:54) The Role of Judgment and Diligence in Investment Decisions (28:52) Insider Investing and Differentiating Between Saving an Investment and Doubling on an Asymmetric Edge (30:51) Conclusion and Invitation to Subscribe to the 10X Capital Podcast on YouTube

E58: Claude Grunitzky on Democratizing Access to Venture Capital Apr 11, 2024

Claude Grunitzky sits down with David Weisburd to discuss Claude's journey as a venture-backed founder, securing an investment from Goldman Sachs, the importance of mentorship in venture capital, and Claude’s approach to spotting potential. They also delve into the creation of The Equity Alliance, the firm’s investment process, and their involvement with Serena Ventures. (0:00) Episode Preview (0:44) Journey to starting Trace TV (2:16) Sponsor: Deel (5:26) Securing an investment from Goldman Sachs (7:52) Founding of The Equity Alliance (11:39) 10X Capital Podcast Newsletter (12:03) Mentorship in venture capital (14:23) Claude's approach to spotting potential (21:14) Importance of relationships and strategy (22:21) Investing in Serena Ventures and the investment process at Equity Alliance (27:05) Claude's personal mission (27:49) Please visit & subscribe to the 10X Capital Podcast YouTube channel

E57: Eric Poirier CEO of Addepar on Lessons from $6 Trillion in Assets Apr 09, 2024

Eric Poirier sits down with David Weisburd to discuss insights from the platform’s investment data on nearly $6 trillion in assets. They also talk about the top performing asset classes, the future of asset management and how to manage talent to scale a business. (0:00) Introduction and Eric Poirier's journey to becoming the CEO of Addepar (4:56) Insight into Addepar's impressive dataset and its sophisticated capabilities (8:22) Venture Capital as the best performing asset class and Addepar's business model (11:10) Eric Poirier's vision for Addepar in 5, 10, 20 years and the building of its infrastructure (14:32) Building a team and setting company culture at Addepar (17:25) Comparing Eric's experiences at Palantir and Addepar (18:22) Sponsor: Deel (19:08) Employee attrition and client-centric approach at Addepar (20:07) Importance of showing up as a CEO and the impact of a CEO's decisions (22:09) The role of empathy and compassion in leadership and its impact on Addepar's growth (23:40) Closing remarks with Eric Poirier and introduction of the 10X Capital Podcast Newsletter

E56: Robert Rodriguez on Hollywood, Artificial Intelligence, & Film Finance Apr 04, 2024

Robert Rodriguez sits down with David Weisburd to discuss the role of creativity in filmmaking, cost-effective film production, and the influence of technology and AI in film. The discussion also covers Rodriguez's film fund, strategies for creating profitable movies, and the importance of living a creative life. (0:00) Episode Preview (1:41) Strategy for producing cost-effective films (5:19) Bootstrapping in film (10:05) Sponsor: Deel (10:20) Adoption and impact of technology in film production (13:29) AI in film production (16:18) The Robert Rodriguez Experience (20:10) The power of creativity (22:47) The Film Fund (29:07) Creating profitable movies (30:03) The importance of living a creative life (32:04) Please visit & subscribe to the 10X Capital Podcast YouTube channel

E55: Eric Sippel - Lessons from Investing in 45 Venture Capital Funds Apr 02, 2024

Eric Sippel sits down with David Weisburd to discuss criteria used to identify top quartile managers, GP follow-on strategies and how LP value-add can increase alpha. (0:00) Introduction and Welcome Eric Sippel (1:16) Eric Sippel's Investment Strategy and Check Sizes (4:04) Providing Value and Building Relationships Before Investing (5:20) Sponsor (Deel) (7:23) Time Spent with a GP Before Committing (10:36) Investing in Different Tiers of Companies (12:00) Importance of Sticking to Strategy (15:04) Patterns Among Highest Performing Funds (17:26) Sourcing Mechanisms and Networking Strategies for LPs (21:23) Building Relationships in the Venture Capital Space (24:36) Final Words from Eric Sippel

E54: Morgan Creek Capital’s Endowment Style Investing – Frank Tanner Mar 28, 2024

Frank Tanner sits down with David Weisburd to discuss Anthony 'Pomp' Pompliano's role at Morgan Creek as well as the company's origin, growth, and guiding principles. They dive into understanding power laws in venture capital, early-stage investing, and Morgan Creek's manager selection process. (0:00) Episode Preview (0:49) Anthony 'Pomp' Pompliano's Connection to Morgan Creek (2:13) Origin and Growth of Morgan Creek (5:04) Sponsor: Deel (6:50) Background on Mark Yusko & Morgan Creek's Guiding Principles (9:00) Understanding Power Laws in Venture Capital (13:27) Portfolio Construction and Early-Stage Investing (16:28) 10X Capital Podcast Newsletter (17:00) Morgan Creek's Manager Selection Process (20:24) Providing Value and Accessing Top Funds (22:33) Please Visit & Subscribe to the 10X Capital Podcast YouTube Channel

E53: Northwestern University - Harisha Haigh on Manager Selection Mar 26, 2024

Harisha Haigh sits down with David Weisburd to discuss the art of building and managing relationships in venture capital. They delve deep into Northwestern's venture and crypto strategies, dissect common mistakes made by top VCs, and evaluate the ideal characteristics of a venture manager. They also discuss the leading indicators of success of a venture fund, investment decision-making processes within VC firms, and how to approach underwriting the track record of a spin-out manager. (0:00) Episode Preview (2:30) Building and managing relationships in venture capital (4:29) Northwestern's crypto strategy (7:45) A deep dive into Northwestern's venture strategy (11:41) Common mistakes made by top VCs (14:51) Venture portfolio valuations and the secondary market (17:28) Evaluating the success of a venture fund (18:55) Sponsor: Deel (20:19) Investment decision making within VC firms (22:43) Underwriting track record for spin-out managers (25:09) 10X Capital Podcast Newsletter

E52: StepStone's Hunter Somerville on How to Scale LP Capital Mar 21, 2024

Hunter Somerville sits down with David Weisburd to discuss StepStone's unique approach to venture capital, their transition to leading deals, and their full life cycle approach to investing. They delve into accessing companies in the secondary market, identifying potential in emerging managers, and StepStone's value-add to funds and companies. (0:00) Episode Preview (1:52) The strategy behind StepStone's diverse approach to venture (5:13) The transition from passive co-investing to leading (8:26) The strategy of being a full life cycle investor (10:13) Different ways to access companies in the secondary market (15:10) What to look for in emerging managers (19:20) Sponsor: Deel (21:36) StepStone's value-add (23:47) Current market trends (25:02) Interview wrap-up: David Weisburd and Hunter Somerville discuss StepStone (25:38) 10X Capital Podcast Newsletter

E51: How $1B+ Family Offices Generate Alpha in Venture Capital - Ron Diamond Mar 19, 2024

Ron Diamond sits down with David Weisburd to discuss how $1B+ family offices generate alpha in venture capital, the #1 way family offices can avoid adverse selection, how family offices may disrupt private equity, and venture capital vs. private equity. (0:00) Introduction and Discussion on Private Equity and Venture Capital with Ron Diamond (2:21) Overview of Ron Diamond's Venture Fund Investment Process (4:28) How Family Offices are Disrupting Private Equity (7:32) Advantages and Structures of Family Offices in Venture Space (10:01) Concept of a Minimum Viable Family Office (12:59) Sponsor: Deal (14:12) Motivation Behind Conference Speakers and Concept of Giving Back (18:11) Insights into Ron Diamond's Business and Personal Life (20:33) Ron Diamond's Five Most Important Things in Life (21:07) Invitation to Subscribe to the 10X Capital Podcast Newsletter

E50: Founding GLG and Growing it into a $600 Million Revenue Powerhouse — Mark Gerson Mar 14, 2024

Mark Gerson sits down with David Weisburd to discuss founding GLG and growing it into a $600 million revenue powerhouse, 3i and its community of world-class private investors and the importance of an ROI driven approach to non-profit work. (0:00) Introduction and discussion on building a marketplace business (1:29) Founding and growth of GLG (5:58) Importance of transactions and relationships in business (7:49) Role of Africa Mission Healthcare (10:24) The importance of an ROI driven approach to non-profit work (17:25) Sponsor: Deel (18:08) Impact and habit of giving (20:44) Business model of United Hatzalah and concept of habitual giving (22:18) Importance of relationships and advice on living a fulfilling life (24:29) Reflection on the interview with Mark Gerson and announcement of the 10X Capital Podcast Newsletter

E49: Top Tier Capital Founder David York on 30 Years in Venture Mar 12, 2024

David York, Founder of Top Tier Capital Partners, sits down with David Weisburd to discuss Top Tier Capital's history of success, the value of partnership, and generational transfers. They also delve into their experiences with Limited Partners, the risks and rewards of backing GP "spinouts", and share reflections on David York’s 30 years in the VC industry. (0:00) Episode Preview (3:06) How Top Tier Capital Has Grown AUM (5:25) Improving Economic Development and Tech Growth in Europe (10:06) Effective Partnership Approach and Generational Transfers (13:54) Navigating Relationships with Limited Partners (14:38) Sponsor: Deel (16:38) Risks and Value of Backing Venture Capital "Spinouts" (21:29) Reflections on Being in Venture Capital Since 1993 (24:13) The Future of Tech and Top Tier's Outlook (25:23) 10X Capital Podcast Newsletter

E48: The Ford Foundation on Returning 28% CAGR While Improving Society Mar 07, 2024

Roy Swan and Christine Looney from Ford Foundation's Mission Investments team sit down with David Weisburd to discuss patriotic capitalism, their investment themes, and strategy impact. They discuss balancing financial return with social impact, Swan's advisory role with the Church of England, and the importance of fairness and morality in capitalism. (0:00) Episode Preview - Patriotic Capitalism (1:09) Ford Foundation's Mission Investments team and their investment themes (3:54) Impact and returns of Ford Foundation's strategy (7:42) Sponsor: Deel (8:25) Ford Foundation's goals and balancing financial return and social impact (11:25) Roy Swan's role advising the Church of England and discussion on shared prosperity (15:07) Importance of fairness and morality in capitalism (15:40) Message to listeners from Roy and Christine (16:50) 10X Capital Podcast Newsletter (17:13) Recruiting and roles at Ford Foundation

E47: Sean Warrington of Gresham Partners on Avoiding False Signals in Investing Mar 05, 2024

Sean Warrington of Gresham Partners sits down with David Weisburd and Erik Torenberg to discuss his investment decision-making process, extreme risk factors in diligence, and his approach to investing in emerging managers. The episode also covers reference processes in fund management, the impact of social proof and momentum in investing, and best practices of cutting-edge family offices. (0:00) Episode Preview (0:41) Introduction and Sean Warrington's journey to Gresham Partners (1:27) Sean Warrington discusses the strategy of Founders Fund (4:06) Sean Warrington's process of making investment decisions (5:47) Discussion on extreme risk factors in diligence (9:04) Sponsor: Deel (9:49) Sean Warrington's approach to investing in emerging managers (13:02) Process for references in fund management (15:06) 10X Capital Podcast Newsletter (17:03) Impact of social proof and momentum in investing (18:22) Best practices of cutting-edge family offices

E46: Atul Rustgi of Accolade on What is LP Value-Add and Can it Lead to Alpha? Feb 29, 2024

Atul Rustgi sits down with David Weisburd to discuss his role as a GP & LP, the paradoxes of selling and building relationships in VC, and the strategy of focusing on funds under $100 million. They also delve into including biotech as a diversification strategy, the importance of blockchain and crypto exposure, family office investments, and the challenges and rewards of raising a fund during a market downturn. (0:00) Episode Preview (0:45) Introduction of Guest - Atul Rustgi: Role and Responsibilities as a GP (3:30) Discussion on the Paradoxes of Selling and Relationship Building in VC (6:03) Strategy Behind Focusing on Funds Under $100 Million and the Math Behind Ownership (11:14) Biotech as a Means to Diversify and Generate Alpha in VC (16:01) Sponsor: Deel (16:43) Blockchain and Crypto: The Importance of Exposure (21:03) Family Office Direct Investments and The Value of Reference Calls (24:57) Raising a Fund During a Market Downturn: Challenges and Rewards (26:17) 10X Capital Podcast Newsletter (26:42) Lessons Learned from a Long Career in Venture Capital by Atul Rustgi

E45: Lindel Eakman on Whether Venture Capital Returns are Higher than Hedge Funds, Private Equity, and Buyout Feb 27, 2024

Lindel Eakman sits down with David Weisburd to discuss his journey in the industry, the sustainability of a GP style, and the importance of culture fit in venture capital. They delve into generational transitions, conflicts in venture firms, and the persistence of LP returns, as well as Lindel’s investment strategies, views on search funds, and thoughts on seeding platform opportunities. (0:00) Introduction and Lindel Eakman's journey in the industry (6:58) Sustainability of a GP style and the role of culture fit in venture capital (12:00) Generational transitions and conflicts in venture capital firms (17:59) Sponsor: Deel, HR and Payroll platform for global work (18:31) Persistence of LP returns and backing Michael Kim and Cendana (22:36) Personal investment strategies and views on search funds (25:04) 10X Capital Podcast Newsletter (25:11) Benchmarking and financial conservatism in venture capital investing (30:03) Seeding platform opportunities in the VC, LP space (31:15) Investment opportunities in secondaries (34:06) The future for Lindel Eakman and the role of founders in venture capital

E44: Chris Prestigiacomo of SWIB ($140B AUM) on What Pensions Look for in VCs Feb 22, 2024

Chris Prestigiacomo, Portfolio Manager at the State of Wisconsin Investment Board (SWIB) sits down with David Weisburd and Erik Torenberg to discuss his journey, the role of private debt in venture portfolio management, and the Wisconsin Investment Board's asset allocation strategy. They delve into backing criteria for General Partners, venture capital's role in SWIB's strategy, and the unique governance structure of Wisconsin's retirement system. (0:00) Introduction and Chris Prestigiacomo's journey to becoming a portfolio manager (1:48) The role of private debt portfolio in venture portfolio management (3:02) The State of Wisconsin Investment Board's asset allocation strategy and venture returns (4:08) Criteria for backing General Partners and types of managers backed (7:27) Sponsor: Deal, an all-in-1 HR and payroll platform (8:03) Venture capital's role in SWIB's asset management and strategy for direct investments (10:19) The unique governance structure of the Wisconsin retirement system and SWIB (12:09) Chris Prestigiacomo's philosophy on portfolio management and re-up decisions (15:03) Erik Torenberg's perspective on VCs backing founders and portfolio construction (15:57) Sponsor mention: Carrie Alabs (16:19) Assessing managers through referencing and building relationships over time (17:30) Final thoughts from Chris Prestigiacomo on dynamic investing and openness to new opportunities

E43: Sasha Pieterse (Alison) of Pretty Little Liars Reveals Her New Venture Backed Startup Feb 20, 2024

Sasha Pieterse of Pretty Little Liars and now Co-Founder and CEO of Hippie Water, sits down with David Weisburd to discuss her journey from child actor to entrepreneur, her experiences working with renowned actors, and her new venture backed startup. They delve into the cannabis beverage market, Hippie Water's D2C strategy, and the importance of authentic representation. (0:00) Introduction and welcome with David Weisburd and Sasha Pieterse (2:45) Sasha Pieterse's journey from acting to entrepreneurship (5:43) Introduction and discussion about Hippie Water (9:41) Sponsor: Deel (10:06) Insights on going into business with family or friends (13:14) Spreading awareness and the new way to consume cannabis with Hippie Water (16:24) Exploring distribution strategies for Hippie Water (20:37) Challenges and opportunities of being a female founder in the cannabis industry (21:12) 10X Capital Newsletter (23:31) Breaking barriers and translating acting skills into entrepreneurship (26:21) Importance of genuine product endorsement and network utilization for business development (28:21) Future of cannabis beverages and Sasha's vision for Hippie Water (30:47) Importance of healthier alternatives and desired legacy for Sasha's son

E42: 6 Hard Questions You Should Ask LPs When Raising Your Venture Capital Fund with Katie Riester Feb 15, 2024

Katie Riester, Managing Director at Felicis sits down with David Weisburd to discuss venture capital fund strategies, building relationships with GPs, and the math behind venture capital. They discuss the importance of clear communication with LPs, common red flags, and advice for new LPs. (0:00) Episode Preview (1:06) Katie Riester's unique blend of experiences and origin story (3:53) Discussion on Felicis’ fund of funds (7:18) Evolution of GP relationships - Katie Riester's perspective (8:00) 10X Capital Podcast Newsletter (9:45) Understanding the complexities of managing a fund (14:05) Sponsor: Deel (16:17) The role of LPs in providing insights into the venture capital space (20:24) Bad behavior seen from LPs (23:19) Best practices for GPs communicating with LPs (26:40) Advice for LPs making their first venture capital investments (29:11) Katie Riester shares what drives her in the venture capital ecosystem

E41: How Everyday Investors Can Access Blackstone, Apollo, and KKR? Feb 13, 2024

Michael Sidgmore of Broadhaven sits down with David Weisburd to talk about the growth of the wealth channel and its link to private equity. They discuss iCapital's role in the venture world, access issues for family offices, and the strategies of Broadhaven Ventures. The conversation also covers GP stakes, the future of emerging managers, and the potential of IRA funds for venture capital and real estate investments. (0:00) Introduction and background of Michael Sidgmore (3:05) Examination of the wealth channel and its growth (7:16) Role of private equity in the growth of the independent channel (12:05) Role of II Capital in the venture world and relevance to smaller funds (15:30) Access issue in the venture space and proposition for family offices (17:41) Introduction of Broadhaven Ventures and its investment strategy (21:38) GP stakes, benefits for GPs and trends in asset management (24:55) Future of emerging managers in venture capital (28:57) Potential of unlocking trillions in IRA funds for venture capital and real estate (30:48) Reimagining portfolio construction with private and public markets (32:01) Closing remarks and introduction of the 10X Capital Podcast newsletter

E40: Dave McClure on Delivering a 60x & 40x fund and Founding 500 Startups Feb 08, 2024

Dave McClure sits down with David Weisburd to discuss his journey into venture capital, including luck, his investment strategy, and the challenges he faced breaking into the industry. He provides an analysis on his two 40x+ funds, 500 Startups, and the misalignment between LPs and GPs. (0:00) Introduction to Dave McClure and his journey in Silicon Valley (4:00) McClure's entry into venture capital and creation of the Start-Up Metrics for Pirates model (12:14) Dave McClure's investment strategy and the role of luck in venture capital (20:09) McClure's struggle to break into the venture capital field and his rejection from Sequoia (23:10) The premise and analysis of 500 Startups' investment outcomes (27:34) The misalignment between LPs and GPs and the math behind achieving breakout success (33:07) The aggressive investment pace and international strategy of 500 Startups (37:16) The concept of practical venture capital and the challenges of long hold times (44:29) The competition in the secondary market and the trade-off between unrealized TVPI and realized DPI (47:12) Wrap up and introduction of the 10X Capital Podcast Newsletter

E39: Guy Perelmuter on Generating Alpha in Deeptech Feb 06, 2024

Guy Perelmuter of GRIDS Capital sits down with David Weisburd to discuss his investment strategy, the unique portfolio construction of deep tech companies, and the potential of DeepTech. They delve into the paradox of AI, its impacts on the labor force, and discuss the ideal GP relationship and transparency. They also touch on LP value-add and the importance of overcommunication. (0:00) Introduction and Guy Perelmuter's investment strategy (4:06) Introduction of GRIDS and what sets it apart (6:33) Discussion on DeepTech and its potential (13:20) Paradox of AI and its impacts on labor force and job market (20:00) Unique portfolio construction of deep tech companies (23:13) Strategy for consistent returns and downside protection in investing (27:03) Ideal GP relationship and transparency (33:55) LP value-add and overcommunication (39:18) Wrap up and Guy Perelmuter's multi-talented, likable GP image (40:43) 10X Capital Podcast Newsletter

E38: Carrie Thome & Grady Buchanan of NVNG on How to Raise Capital from Corporate LPs Feb 01, 2024

Carrie Thome and Grady Buchanan of NVNG sit down with David capital to talk about the importance of startups, and portfolio construction. They discuss the competitive landscape for talent, their transition to venture capital, and strategies at Wharf. The conversation also covers strategic investment, liquidity management, and the inception and building of NVNG Investment Partners. The episode wraps up with insights on raising a fund during COVID, network building, assessing emerging manager quality, and the value of fund of funds. (0:00) Introduction and Background of Carrie Thome and Grady Buchanan (5:26) Importance of Startups, Mentorship, and Portfolio Construction (9:35) Competition for Talent and Passion for Building Portfolios (12:40) Transition to Venture Capital and Strategies at WARF (17:10) Strategic Investment and Liquidity Management in Venture Capital (25:35) Inception and Building of NVNG Investment Partners (28:37) Raising a Fund during COVID and Network Building (31:08) Portfolio Construction and Assessing Emerging Manager Quality (34:54) Value of Fund of Funds and Closing Remarks

E37: Errik Anderson on Co-Founding 20 Biotech Startups Cumulatively Worth $10B+ Jan 30, 2024

Errik Anderson sits down with David Weisburd to discuss Pro-noia, the potential of the biotech industry, and the 82VS Seed Fund investment approach. They discuss practicing Pro-noia, the value of building a portfolio of relationships, and the idea of a forever company. (0:00) Introduction to Errik Anderson and his concept of Pro Noya (10:22) The potential scale of platform building in the biotech industry (20:22) Leading with work and following with capital - the approach at 82VS Seed Fund (28:13) Practicing Pro Noya: Cultivating optimism and generosity (33:35) Building a portfolio of relationships and the compounding value (40:01) Errik Anderson on involving his family in his work (46:00) Errik Anderson's management style: micro-managing or detailed involvement? (54:09) Errik Anderson explains the concept of a forever company (57:00) Collaborating with big pharmaceutical companies like Pfizer (1:00:56) Launch of the Tenex Capital Podcast newsletter powered by Carrie Alabs

E36: Masterclass on Portfolio Construction with Anubhav Srivastava, CEO of Tactyc Jan 26, 2024

Anubhav Srivastava, CEO of Tactyc, sits down with David Weisburd to discuss iterative portfolio construction, portfolio size impact, fund recycling and check size, reserve strategies, and follow-on investments. They also explore the future of Tactyc and lessons from clients. (0:00) Introduction and discussion on typical reserve ratios for pre-seed and seed funds (1:03) Anubhav Srivastava's journey to founding Tactic and its pivot into a forecasting and planning software for VCs (3:41) Overview of Tactic user base and its global reach (5:27) Tactic's role in fund management, optimization, and as a fundraising tool (9:04) Significance of portfolio size and tracking of actual vs projected performance in funds with Tactic (12:24) Strategies for navigating fund recycling and target ownership (14:43) Impact of graduation rates on reserve strategies and the importance of number of investments in portfolio construction (16:09) Discussion on typical reserve ratios for pre-seed and seed funds (19:10) Considerations for deploying into breakouts and thinking quantitatively about follow-on investments (20:52) Future of Tactic and best practices for funds considering secondaries (23:10) Introduction to the Tenex Capital Podcast newsletter powered by Carrie Labs

E35: Ben Gallacher of Cannonball on "Value per Dollar Invested" and How it Predicts Fund Performance Jan 23, 2024

Ben Gallacher sits down with David Weisburd to discuss venture capital, his journey as an LP, and the challenges emerging managers face. They discuss check sizes, diligence processes, and the impact of a GP leaving during an investment life cycle. They also cover the role of CFO/COO in GP operations and the importance of supporting emerging managers. The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and Ben Gallacher's perspective on venture capital (1:00) Journey and lessons from being an LP in the venture and emerging manager space (3:26) Spinouts in venture capital vs private equity and challenges for emerging managers (9:35) The dilemma of varying check sizes for LPs and decision-making process for follow-on funds (13:12) Ben Gallacher's diligence process and approach to founder questions (14:13) Sponsor: Bedav Insurance Group (17:11) Use of other LPs in the diligence process and building relationships (21:24) Choosing emerging managers, sources of alpha, and ideological lines in venture capital (27:14) Follow-on strategy, role of honesty and selectivity, and shifting reserve strategies (33:40) Fund size in venture capital, stewardship of capital, and the role of CFO/COO in GP operations (38:38) Impact of a GP leaving during an investment life cycle and value of GPs leaving to start a company (41:07) Closing remarks, supporting emerging managers, and introduction to Cannonball Capital (41:53) Introduction to the 10X Capital Podcast newsletter by Carriea Labs

E34: Aakar Vachhani of Fairview on What The Top 1% of GP’s Share in Common Jan 18, 2024

Aakar Vachhani sits down with David Weisburd to discuss the role of data in venture capital, Fairview's unique structure, and their co-investment program. They also delve into the discipline of making investment decisions, the advantages of a fund of funds, and the importance of team cohesion in VC firms. Vachhani also shares best practices for data rooms and advice for LPs as Fairview celebrates its 30th anniversary. The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and Aakar Vachhani's background (1:43) The role of data in decision making and returns in venture capital (6:55) Fairview's history, unique structure, and co-investment program (15:58) The discipline and strategy in making investment decisions (20:18) The advantages and arguments for a fund of funds (26:50) Qualitative factors and enduring culture in venture capital firms (33:30) Re-investing in tenured firms and the diligence process for emerging managers (39:44) The importance of team cohesion and the ability to adapt in VC firms (42:41) Best practices for data rooms and creating an ideal emerging manager deck (53:23) Continual engagement with GPs and adjusting investment strategies for potential risk (58:17) Celebrating Fairview's 30th anniversary and advice for LPs (1:00:04) Launch of the 10X Capital Podcast Newsletter

E33: Charmel Maynard, CIO of University of Miami on Building a Venture Book Jan 16, 2024

Charmel Maynard, CIO of University of Miami, sits down with David Weisburd to discuss asset allocation, diversification strategies, and the process of assessing venture funds. The conversation also covers unique VC challenges, tracking emerging managers, and the importance of diversity in asset management. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and Charmel's role as CIO of University of Miami (5:11) Asset allocation and diversification strategies in investment (8:37) Charmel's first venture into venture capital and building relationships (15:05) Assessing venture funds: DPI, TVPI, and diligence process (20:06) Unique challenges and strategy considerations in venture capital (26:09) Tracking emerging managers and the myth of proprietary deal flow (28:10) Charmel's journey to CIO and the importance of diversity in asset management (34:23) Sponsor: The Limited Partner Podcast newsletter

E32: Ashby Monk, Stanford Professor on How to Become a Billionaire in Private Equity Jan 11, 2024

Ashby Monk, Executive and Research Director at Stanford sits down with David Weisburd to discuss the role and operation of asset owners like pension funds, endowments, and more. They delve into compensation in these fields, the state of pension funds in the US, and their impact on private equity. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and discussion about billionaires in the alternative industry (2:05) Conversation about studying a $140,000,000,000,000 asset class (8:23) Conversation about compensation in pension funds and asset management (15:50) Sponsor: Bedav Insurance Group (16:16) Differences in pension plan strategies and asset allocation (24:56) The role of unions in pension plans (29:10) The journey of starting a private equity fund (37:11) Celebrating entrepreneurial individuals in institutions and foundations (40:43) Advice for venture capital managers starting out: From angel investing to fund 1 (50:08) David Weisburd asking about Ashby's tool sold to Atapar (55:57) David Weisburd thanking Dr. Russell Reed and Ashby Monk for their participation in the podcast

E31: David Friedberg on How To Build a Billion Dollar Startup Jan 09, 2024

David Friedberg sits down with David Weisburd to discuss the role of concentrated capital, venture capital's future, and the impact of capital saturation. Friedberg shares his experience joining Ohalo, the evolution of investment strategy, and the transition from VC to operator. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and discussion on venture performance vs public companies (1:18) Guest Introduction: David Friedberg's early career and lessons learned (7:59) The power of big thinking in companies like Google and Tesla (14:08) Challenges and counter incentives in venture capital (16:39) Sponsor: Bedav Insurance Group (21:27) The power law of returns and talent concentration in successful companies (28:15) The changing definition of 'founder' and the challenge of institutional foundry programs (34:02) The importance of investing in winners and adjusting portfolio construction (37:12) Introduction to Ojalo: mission, business model and global impact (42:03) Transitioning from investor to operator: pros, cons and psychological impact (45:33) Words of wisdom for founders, operators, and investors and critique of LPs' approach (48:06) Introduction of the Limited Partner Podcast newsletter

E30: Alan Feld, Co-Founder of Vintage Investment Partners on How to Handle Succession in VC Jan 04, 2024

Alan Feld sits down with David Weisburd to talk about his experience founding Vintage, the significance of product-market fit in VC, and how Vintage has thrived over two decades. They discuss the impact of personal history on investment decisions, building an enduring VC firm culture, and engaging with General Partners. They also touch on successful GP cultures, investment allocation, and VC-LP relationship transparency. (0:00) Introduction and Alan's journey to founding Vintage (6:37) Importance of product-market fit and sector-based fund structure in venture capital (8:57) Sponsor: Bedav Insurance Group (9:46) Lessons learned from managing and growing Vintage over 20 years (17:05) Role of personal history in shaping successful entrepreneurs and investment decisions (21:29) Building an enduring venture capital firm: Culture, succession, and economic sharing (28:27) Regrets, reflections, and Vintage's approach to engaging with General Partners (33:40) Cultures at GPs that consistently return alpha and importance of humility and honesty (41:30) Allocating investments, follow-on investing, and the value of transparency in VC-LP relationships (46:36) Wrap-up: Reflections on building a lasting venture fund

E29: Lo Toney, Plexo Capital on How He Raised Capital from Google, the Ford Foundation, Mass Mutual Jan 02, 2024

David Weisburd interviews Lo Toney about his transition from angel investor to fund manager, his role at Plexo Capital, and his approach to working with founders. They discuss the importance of patience in early-stage investments, the diligence process for managers, and the strategy behind selecting LPs. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Evaluating young firms and the role of GP (1:00) Introduction to the guest, Lo Toney and his journey to Plexo Capital (9:34) Transition from angel investor to fund manager (11:44) Sponsor: Vidal Insurance Group (14:58) Importance of delivering DPI and patience in early stages of investment (20:21) Diligence process for a manager that's on strategy and importance of feedback for GPs (26:44) Role of a VC and the approach to working with founders (32:37) Building an LP base: the journey from GV to Alphabet and the strategy behind selecting LPs (40:27) Managing GP-LP relationships and deciding on future fund inclusion (45:37) Assessing diversity within venture capital and the impact of fund/check sizes on returns (48:40) Introduction of GPX: A platform for transitioning investors to fund managers (54:29) Global perspective and investment scope of Plexo Capital and closing remarks

E28: Roland Reynold, Industry Ventures on Investing $7 Billion into Startups & Venture Funds Dec 14, 2023

Roland Reynolds, Senior Managing Director at Industry Ventures, sits down with David Weisburd to discuss being one of the first investors in emerging managers and how he uses secondaries to drive alpha. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:40) Overview on Industry Ventures (4:21) Industry’s direct and secondary focus on emerging managers (9:28) Episode Sponsor: Bidav Insurance Group (10:17) How to evaluate secondary fund opportunities (16:46) Industry’s portfolio construction (21:52) How direct investments return risk adjusted alpha (23:44) The importance of knowing macroeconomic headwinds (25:05) The history of Industry Ventures (27:46) Why Roland likes extension rounds (30:58) Utilizing SPVs for pro-rata allocations (34:14) Starting a relationship with a direct investment? (35:18) Why every emerging manager needs a PPM (39:37) What is operational due diligence? (43:47) Closing thoughts

E27: Fernando Pontaza of Invariantes on Why 25% IRR is the Gold Standard in Venture Dec 12, 2023

Fernando Pontaza, Co-Founder of Invariantes sits down with David Weisburd to discuss setting up the first Guatemalan Venture Capital Fund and why he targets a 25% IRR. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:25) The genesis of Invariantes, the first Guatemalan venture fund (3:11) The fund strategy (5:19) How Fernando won over Latin American investors (6:57) Powerlaw distributions and how they impact returns (8:36) Episode Sponsor: Bidav Insurance Group (9:48) The importance of smoothing out returns (10:55) What to look for in a fund manager (12:30) How to build LP/GP relationships (14:47) Common mistakes when investing in emerging managers (18:46) Diligencing co-investments (21:58) Is signal important? (23:30) The importance of open communication (24:57) The purpose of the LPAC (25:41) Best practices when fundraising in Latin America (28:02) The dangers of direct deals (33:58) How to reach Fernando

E26: Winter Mead of Coolwater on Building the YC for GPs Dec 08, 2023

Winter Mead, Founder and CEO of Coolwater Capital sits down with David Weisburd to discuss the importance of emerging managers and how Coolwater Capital is building the YC for GPs. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:01) Genesis of Coolwater Capital (3:11) Learnings from Hall Capital (4:24) Why venture is fundamentally different than other asset classes (5:10) The proliferation of venture capital (8:45) What is Coolwater Capital (9:53) How Coolwater scaled their emerging manager program (13:20) Avoiding adverse selection (14:15) Episode Sponsor: Bidav Insurance Group (14:57) Operator vs Founder mentality (16:15) GP Mentality (21:30) Coolwater Academy (24:53) How Coolwater helps emerging managers (25:47) Common mistakes emerging managers make (28:49) Minimum viable dataroom emerging managers need (33:38) Operational Due Diligence (35:43) Is there an ideal follow-on policy? (42:39) Coolwater’s mission (44:05) How to find committed GPs (44:33) LP value add

E25: Jeff Galvin, CEO of Addimmune on Finding a Cure for HIV Dec 06, 2023

Jeff Galvin, CEO of Addimmune, sits down with David Weisburd to discuss cell and gene therapy, and how Addimmune is working on a functional solution for HIV. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (2:21) Jeff’s background (5:08) Teaching at MIT as a teenager (8:22) What is gene therapy? (11:53) Episode Sponsor: Bidav Insurance Group (12:39) Gene therapy success stories (16:11) What is HIV? (20:14) AGT103 and the quest for a functional HIV cure (23:22) AGT103’s Phase I results (29:43) How gene therapy could revolutionize pharmaceuticals (30:52) How to contact Addimmune

E24: Joshua Berkowitz of Berkocorp on Why LP's Should Care about IRR% not TVPI Nov 30, 2023

Joshua Berkowitz of Berkocorp, sits down with David Weisburd to discuss investing in venture capital as a family office and why all investors should care about IRR (and not TVPI). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:27) Joshua’s background (3:25) How venture fits within a family office (4:22) “Everyone’s an IRR investor” (5:41) How to invest in venture and manage capital calls (8:02) Why time diversification is important (10:42) The importance of always being in market (12:44) How to find and evaluate venture managers (14:41) GP strategy fit (15:52) Episode Sponsor: Bidav Insurance Group (16:45) How to predict whether a manager can pick a powerlaw company (17:34) Joshua’s powerlaw GPs (18:48) Messy (or diversified) portfolio (21:04) Aiming for 20% IRR (22:22) Why Joshua likes diversified over concentrated (24:01) GPs need to be “rough around the edges” (26:25) The difference between early and late stage collaboration (27:27) The different ways to win (29:09) Can anyone beat Sequoia and Andreessen? (29:45) Generational transfers (31:05) Founder vs Operator CEOs (32:44) How Joshua diligences emerging managers and what you need in a dataroom (40:41) Portfolio construction (41:25) How to communicate with LPs (48:56) Joshua’s view on follow-on strategy (52:05) The difficulty of succeeding across all stages (54:30) Change in graduation rates (56:17) Venture investing mistakes to avoid (57:50) How to approach co-investments (1:01:31) Dexa.ai (1:01:54) Why Joshua is a great LP

E23: How Israel’s Largest Hospital Delivers Care to Palestinians through “Peace Through Health" Nov 28, 2023

Brian Abrahams, CEO of American Friends of Sheba Medical Center, sits down with David Weisburd to discuss its “Peace through Health Initiative” and how the hospital has been helping Israeli and Palestinian citizens during the current conflict. (0:00) Episode Preview (0:30) Brian Abrahams’ Background (0:51) Rice Powell’s Background (2:05) Sheba Medical Center’s History (4:43) The Peace through Health Initiative (6:14) How to Combat the War of Propoganda (7:22) How Sheba responded to the attacks of 10/7 (9:30) Sheba’s partnership with Nuvo to help pregnant mothers (11:11) Firsthand impact of 10/7 (17:48) www.standwithsheba.com (18:42) How Sheba is helping heal national trauma (21:32) How Sheba has helped patients

E22: Alex Edelson of Slipstream on The 4 Sources of Alpha for Emerging Managers Nov 21, 2023

Alex Edelson of Slipstream Investors, sits down with David Weisburd and Erik Torenberg to discuss the four sources of alpha for emerging managers (Sourcing, Picking, Winning, and Value-Add). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:20) Episode Preview (1:46) Slipstream’s fund strategy (2:57) What to look for when diligencing a GP (6:32) The typical Slipstream diligence process (7:34) What Alex wants to hear on a GP reference call (10:05) Why does fund performance decline in later vintages? (12:31) Episode Sponsor: Bidav Insurance Group (16:00) How should family offices approach venture? (18:15) Why concentration drives performance (19:23) Alex’s value add to GPs (21:47) The folly of optimizing on special economics (23:30) Generalists vs. Specialists (26:32) Ranking of Sourcing, Picking, Winning, and Value Add by importance (28:07) How to be a good sourcer (30:59) How to be a good picker (32:25) How to win deals (33:32) Fundraising and investing are different skills (39:51) Lessons from working at QED (47:51) The difference between a good LP and a great LP (49:40) How to optimize portfolio construction (57:00) Are GPs penalized for not doing pro-rata? (58:04) “I want to help venture firms, whether or not I invest.”

E21: Jake Paul and Joey Levy of Betr on How to Build a $100 Billion Company Nov 16, 2023

Jake Paul and Joey Levy, co-founder of Betr, sit down with David Weisburd to discuss the sports betting industry and how to build a $100 billion company. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:29) Mike Brown’s, Head Coach of the Kings, thoughts on Jake Paul (1:59) The importance of self belief (3:12) What drives Jake Paul? (4:50) Living life like it’s monopoly (7:06) Jake’s views on psychedelics (8:38) “Good news travels fast, bad news travels faster” (10:28) Why Joey chose to partner with Jake (11:05) Joey’s experience with founding Simplebet (11:29) Aligning ambitions and incentives (13:06) The benefits of a 50/50 partnership (13:50) Episode Sponsor: Bidav Insurance Group (14:57) The interpersonal dynamics of being co-founders (16:06) The Betr tattoos (18:02) The market gap that Betr is filling (19:03) Creating a more intuitive sports betting platform (19:55) Capturing the casual sports fan (21:56) Why high marketing costs hurt current incumbents and how Betr capitalizes on the inefficiencies (25:54) “Betr is first and foremost a gaming business” (26:47) Digging in to Betr’s financials (29:33) Betr’s path to being a $100 billion company (31:41) What drives Joey Levy?

E20: James Heath, dara5 on How Family Offices Access Top Venture Funds Nov 14, 2023

James Heath, Investment Principal at dara5, sits down with David Weisburd to discuss early stage venture. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:36) How PwC evaluates venture companies (3:25) Non-consensus learning about VC (4:30) Look for entrepreneurs that are trying to solve a critical problem (6:25) What is dara5? (8:36) How can information provide alpha? (11:01) The importance of data when co-investing (12:32) Warm versus cold intro co-investments and how to implement a double gated process (15:53) Episode Sponsor: Bidav Insurance Group (17:22) Smaller funds and ownership levels (19:06) Build long term relationships with GPs: education and casual conversations (24:13) The changing power structures in fundraising (25:34) The competing dynamics of a challenging market and investor friendly terms (28:16) How family offices should invest in venture (31:19) How to unlock the mean venture IRR of 50% (34:29) Which is a better investment: top decile backed company or an emerging manager? (35:45) Reaching Series B increases likelihood of unicorn status to 24% (37:27) AGM best practices (39:45) The importance of sharing knowledge (41:40) Why only early stage venture is non-zero sum (45:46) What’s actually going to happen in the VC reset (50:21) The emergence of European VC (51:52) Don’t be scared of emerging managers

E19: Raja Doddala, Head of VC at Churchill ($47 Billion AUM) on How LP’s Should Diligence GP’s Nov 09, 2023

Raja Doddala, Head of VC at Churchill Asset Management, sits down with David Weisburd to discuss how Churchill diligences managers, and the importance of integrity in a GP. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:53) Churchill background (3:08) Pulling the curtain back on the IC process (5:24) The quantitative and qualitative nature of Venture (7:00) The importance of integrity in a manager (10:33) The correlation between price sensitivity and DPI (13:22) Right companies. Right time. (14:17) Episode Sponsor: Bidav Insurance Group (15:15) How Venture fits in a portfolio (17:57) Smaller fund historically have better returns (18:53) Raja’s ideal fund (19:57) Khosla’s bet on OpenAI (20:55) Why Vinod Khosla is a great VC (21:52) Why Keith Rabois is a great VC (22:39) Operator vs Non-Operator (23:08) Specialist vs Generalist (26:02) Opportunity funds and staples (26:56) Doubling down on outliers through co-investments (29:23) How Churchill supports their GPs (37:22) “We’re open for business”

E18: Avlok Kohli, CEO of AngelList on How He Turned AngelList into a $4 Billion Dollar Company Nov 07, 2023

Avlok Kohli, CEO of AngelList sits down with David Weisburd and Erik Torenberg to discuss how he grew AngelList into a $4B dollar company. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (0:59) Why Founders need to be resilient (2:49) Why it’s rational to double down on yourself (4:57) Founder vs Operator mentality (11:07) Why empathy can hold leaders back (13:21) Episode Sponsor: Bidav Insurance Group (14:16) Do MBAs matter? (16:39) Avlok’s views on emerging managers (19:27) How AngelList services large funds (21:34) AngelList Data Room and why it’s been mass adopted by funds (22:48) How managers should utilize Treasuries (25:04) AngelList’s product philosophy (27:31) How CFOs balance CEOs (29:50) What we can learn from CashApp and Square (32:08) The importance of “disagree and commit” (34:41) The fallacy of the 10% turnover rule (36:24) AngelList’s wealth of data (38:35) “Power law is a hell of a thing” (41:44) Gauging investor skillset (44:09) “The primary place where Naval lives is in building great products” (48:48) AngelList’s plans to be the system of record for all private market transactions (50:51) How to reach Avlok

E17: Tracy Fong, Albourne Partners $700B+ AUA, on How Endowments Access Emerging Managers Nov 02, 2023

Tracy Fong, partner at Albourne Partners sits down with David Weisburd to discuss how emerging VC managers can unlock institutional investors. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (1:06) What is Albourne and How do LP consultants work? (1:41) What Tracy has learned since joining the industry in 1999 (2:41) Learnings from the dot com bubble (5:45) Are companies now making the same mistakes present in the early 2000s? (7:03) Tracy’s tensure on the M&A team at Yahoo (10:28) Episode Sponsor: Tactyc (12:04) Yahoo’s rumored Facebook acquisition offer (14:46) How the market adjusted with YouTube and WhatsApp (17:31) How top endowments are investing (19:01) Do access constrained funds still exist? (22:22) Why being a hybrid manager is unique (23:13) Finding greenshoots in bear markets (24:38) Main investing mistakes family offices make (26:45) How to understand the market before making a venture investment (29:57) Albourne’s mission and reach (32:35) Why it’s critical to always be in the market (33:19) Why Albourne is differentiated (33:56) How to engage an LP consultant (37:48) Why fund of funds have grown in number and popularity (40:27) How to reach Tracy

E16: Beezer Clarkson on her new $1.4B Emerging Manager Fund with CalSTRS Oct 31, 2023

Elizabeth "Beezer" Clarkson, Partner at Sapphire Partners, discusses how their new partnership with CalSTRS will allow them to expand their ability to support the next generation of VC managers – all while continuing to focus on investing in the established. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (0:57) The Importance of LP Voices and Sapphire’s Partnership with CalSTRS (2:15) Why Investing in Emerging Managers Have Such a Unique Dynamic (4:09) The Role Emerging Managers Play in the Construction of a Compelling Portfolio (6:16) Thousands of Emerging Managers vs Forty Established Funds (7:30) Does Excess Capacity Translate to Adverse Selection? (8:17) “LPs are like Snowflakes and They’re all Different.” (10:49) Common Reasons Why LPs Don’t Re-up (13:48) What Makes for a Great Manager? (16:27) Episode Sponsor: Tactyc (17:34) What Sapphire Looks for When Evaluating a New Manager (19:00) Who Wins: Generalist v. Specialist (21:57) Will Solo GPs be able to Survive in this Market? (24:38) Beezer’s Predictions on Spinouts (26:34) The Bias and Rationale Behind Institutional LPs Desire to Re-up in Existing Managers (28:14) The New CalSTRS Program’s Investment Rubric on Checksize, Fund Size, Return Profile and Audit Requirements (30:37) How LPs Can Bring Value to a Fund (34:31) Why LPs are All Examining Their Portfolios (36:42) Should GPs Focus on DPI or TVPI? (39:01) Why Venture Needs More Innovation (40:19) How LPs Diligence Managers (44:15) The Importance of Transparency within the LP Ecosystem (51:57) What Sapphire Invests In (53:26) Lessons Learned from Previous Downturns

E15: Scott Painter on His Relationship with Elon Musk and the Future of Mobility Oct 26, 2023

Scott Painter, CEO of Autonomy sits down with David Weisburd to discuss how he creates value as a serial entrepreneur and why Elon Musk has been able to be successful through all his ventures. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (1:12) Scott’s Background and Focus on the Automotive Industry (3:15) The Highs and Lows of Being an Entrepreneur (5:01) Invest in Yourself if you Believe in Yourself (7:00) Scott’s Definition of Success (7:42) What being a “Visionary” in the Automotive Industry Means (8:59) Owning a Car Shouldn’t Equate to Soul Crushing Debt (10:26) Accessibility is a Way to Unlock Affordability (11:49) What Autonomy is at its Core (12:28) Episode Sponsor: Tactyc (14:39) Autonomy’s Business Model (17:35) Scott’s Friendship with Elon Musk (21:47) How Autonomy Benefits from EV Tax Credits (26:17) The Secret to Elon Musk’s Success (28:39) Empowering Employees by Decoupling Risk and Reward (30:21) The Future of SpaceX? (38:53) The Flywheel of Wealth Creation (39:49) Autonomy’s $100B Mission (44:25) Is An Autonomy IPO on the Horizon? (47:23) How to Contact Scott

E14: Jason Calacanis on How He Returned 4,000X ($25K into $100MM) on a Single Investment Oct 23, 2023

Jason Calacanis, founder of LAUNCH and host of the All-In Podcast and This Week in startups, sits down with David Weisburd to discuss his new fundraise and his views on the venture capital landscape. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (1:15) Fundraising for LAUNCH and LP investing experience (2:10) Sequoia’s investments in Twitter and Zynga (3:12) Being Sequoia’s first venture scout and earning 50% carry (4:28) Venture wealth bombs (8:06) Jason’s 4,000x investment in Uber (9:44) Loyalty in venture (10:07) Investing in Superhuman (13:15) How Jason got a 200x on an AngelList syndicate deal (14:20) Episode Sponsor (14:59) Unlocking value through secondaries (15:41) Qualities of top managers (16:23) Jason’s current fund (17:21) Aligning incentives through a GP commitment (20:54) Sourcing deals through Syndicate investments (23:56) The importance of social proof (25:04) Why deal flow is destiny (28:23) The importance of ownership (29:51) Sharp elbows in Series A and beyond (31:28) Jason’s current portfolio construction (32:29) YC's impact on venture (34:05) Playing for carry, the importance of a techstack and the myth of work life balance (36:19) Venture is a competition (37:06) Why early stage venture is not zero-sum

E13: Shai Goldman on What Differentiates Venture Funds that Generate 3X+ DPI? Oct 16, 2023

Shai Goldman, an investor, writer, and Brex ambassador sits down with David Weisburd to discuss the future of VC from his vantage point. We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Special message (1:10) Episode preview (3:00) Brex's billboard campaign (5:05) Shai's SVB experience (6:00) Venture activity: comparing 2002, 2008 and 2022 (7:15) did VC firms fare in the last 2 downturns? (8:43) Where is VC going in the next 5 years? (10:50) Competing with a company that has a war chest (12:38) Emerging managers data resource (14:23) Thoughts on startups (15:21) What makes successful emerging managers? (18:50) Sponsor: AngelList (19:53) When being boring is good for the business (22:33) Balancing investing and deploying capital (24:00) 3x DPI and making good money (26:06) Fund returners, grand slams, and outliers (28:54) is the secret sauce in finding the next emerging market? (31:01) On generalists capturing their early stage home-runs (33:10) fundraising in the LP community (35:17) in fund of funds (38:17) LPs exploring emerging managers

E12: Jamie Rhode on Why 95% of LPs Can Only Achieve a 10% IRR when the Mean Return is 50% IRR Oct 02, 2023

Jamie Rhode, Principal at Verdis Investment Management, sits down with David Weisburd to discuss data-driven investing, compounding returns, Jamie's investing philosophy, and more. We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Episode Preview (1:07) Jamie’s data driven approach (2:20) Using duration as an advantage (4:37) Jamie’s first principles approach to VC portfolio construction (7:00) The mean return in venture is 4-5x greater than the median (10:54) Jamie’s strategy and proprietary deal flow (15:30) Sponsor: AngelList (16:50) Comparing Jamie’s philosophy with past guests LPs Michael Kim and David Clark (19:25) Disciplined investing (21:20) Jamie’s red flags for GPs (22:50) Data stack: PitchBook, CB Insights, Burgiss (24:00) Ideal GPs (27:40) Compounding returns (29:40) percentage of venture investors are able to access a strategy that results in 25% compounding? (30:55) Co-investing with other LPs (32:43) Other top tier LPs shoutouts (34:05) Investing in life sciences (38:00) #OpenLP movement and transparency (40:10) Who will be the next great GPs? (44:00) Management fees (46:00) What Jamie would change about the industry

E11: Neil Datta, The Forbes Family Trust's Approach to VC | Is there Alpha in Due Diligence? Sep 26, 2023

David Weisburd sits down with Neil Datta, Managing Director of Optima Asset Management managing the wealth of some of the world’s most important people (including the late Queen Elizabeth II). We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Episode Preview (1:43) Neil’s diverse background (3:00) Why is Optima a management company? (4:47) Why Neil is VC-skeptic (6:35) Diligence and hype (8:09) Institutional diligence on VC (12:00) Which stage to invest into venture capital? (13:15) Portfolio construction for an institutional endowment (16:06) Sponsor: AngelList (17:30) Diversification (18:40) Correlation and lesson from the last crisis (20:40) Diversification within different stages? (21:45) Bullish on healthcare (25:20) LP Advice for Emerging Managers (28:55) Are top LPs comfortable with losing money in the correct way (30:35) Balancing reputation with diligence (32:00) The new SEC guidelines (33:35) Investors complaining about fund expenses (36:00) Fees and carry in VC (37:10) Optima's Star program

E10: Michael Kim | Founder of Cendana Capital on How Small VC Funds Can Return 200X+ Sep 18, 2023

Michael Kim, founder and Managing Partner of Cendana Capital sits down with David Weisburd and Erik Torenberg to discuss his thesis of creating a fund of funds at seed stage, insights into the changing landscape of VC from the 90s to today, and whether VC should recycle capital. Cendana Capital has invested in Forerunner Ventures, K9 Ventures, and IA Ventures. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (1:00) Episode Preview (2:15) Michael’s journey from international relations, to investment banking, to Silicon Valley (5:07) Why Michael started Cendana and the opportunity he saw (7:30) How has Michael’s thesis changed with the influx of capital? (8:30) Nano program (13:15) Challenges of scaling funds (16:50) Sponsor: AngelList (17:55) Economic tradeoffs for different fund sizes (19:20) Management fees as non-recourse loans (20:30) Ownership percentages and returns (23:17) Contrasting fund of funds platforms with a concentrated portfolio approach. (26:27) Bringing institutional capital into early-stage and esoteric strategies. (33:11) The LP reset and the current VC landscape (34:00) The denominator effect and dry powder in the market (41:00) The paradox of VC success and importance of fund selection (44:57) Portfolio construction (49:00) Which fund managers Michael will bet on, and why.

E9: David Clark | Investment Director at VenCap on What Every LP Gets Wrong About Power Laws Sep 12, 2023

David Weisburd sits down with David Clark, Investment Director at VenCap International PLC to discuss his viral post about power laws in venture capital, manager predictability, adverse selection in VC, and what percent of startups go to zero. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode Preview (2:40) David Clark's data set of over 250 early-stage funds (4:40) Power laws and fund returns (9:20) Survivorship data and challenges in emerging managers data (12:30) Succession in VC (14:36) Sponsor: AngelList (18:43) How do you back the top 1% of companies (21:30) Ownership percentages and returns (29:00) Follow on that a fund should reserve at every stage (36:30) Ten year predictions for VCs and LPs

E8: Apurva Mehta of Summit Peak on Why Fee Sensitivity Leads to Adverse Selection in Venture Sep 05, 2023

David Weisburd sits down with Apurva Mehta, the co-founder of an early stage fund of funds at Summit Peak and formerly an institutional investor at endowments (Juilliard, Cook Children’s Hospital) to discuss power laws in portfolios, alpha in early stage investing, and what differentiates a great LP. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (1:00) Episode Preview (1:44) Why Apurva went from the institutional world to co founding Summit Peak Partners (2:57) How can early stage funds compete with Andreessens and Sequoias (3:28) How do you separate alpha in early stage investing? (8:06) Inefficiencies in the early stage market (16:24) Sponsor: AngelList (14:06) Generalist vs Specialist firms in portfolio construction (19:39) What is Apurva looking for in reference calls when doing diligence on emerging managers? (24:29) What differentiates a great LP? (29:14) Asset classes from most to least desirable (31:20) What fees and carry is Apurva seeing from the top quartile managers (34:13) What will happen to new firms? (36:18) Founders Fund’s strategy (36:45) Power law returns in Fund one portfolio (38:43) Apurva’s preferred ownership model (41:00) Summit Peak’s niche

E7: Samir Kaji | Founder and CEO of Allocate on How the Top 5% of LP’s Invest in VC Aug 28, 2023

David Weisburd and Erik Torenberg sit down with Samir Kaji, the co-founder and CEO of Allocate. In this episode, they talk about what differentiates truly elite emerging managers, what VCs get wrong in portfolio construction, what fees VCs are charging today, and his predictions about where the venture ecosystem is going by 2025. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (1:00) Episode preview (1:33) The evolution of Samir’s perspective on the venture market from his early days at SVB and First Republic, to founding Allocate with a mission to make private markets more accessible (3:46) In Samir’s experience, what separated Kirsten Green (Forerunner Ventures) and Joe Londsale (8VC) from other emerging managers? (4:46) Samir’s critical advice to emerging managers not on the same level as the Kirsten Greens and the Joe Lonsdales (8:14) Is VC a contrarian game?Or an access game? (10:17) Does valuation matter? (11:44) Is there a need for another investment platform? (13:30) How Samir evolved the product with LPs in mind (15:30) Sponsor: AngelList (18:00) How Samir would advise a customer to invest in venture and what percentage would he put in a venture portfolio among the different strategies and funds (20:00) Venture is actually a combination of different sub asset classes (22:00) The market in Q3 2023: top managers, management fees and carry? (25:30) Where Samir sees venture going by 2025 (30:50) What to avoid when pitching LPs (32:06) Minimum viable fund size (32:20) Tools that emerging managers can use to help them scale (33:20) How much staffing do emerging managers need? (35:30) How to get in touch with Samir

E6: Steve Chasan | Head of Investments - Rothschild Foundation on how GPs Can Navigate the VC Reset Aug 21, 2023

David Weisburd sits down with Steve Chasan, the Head of Investment at the Rothschild Foundation and for other philanthropic endowments led by Lord Jacob Rothschild. In this episode, they go deep into the LP mindset, covering the best practices he looks for in GPs and emerging managers, whether pricing discipline exists in VC, and describing the conversations LPs are having internally that GPs never get to hear. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:51) Steve’s evolution from philosophy to finance to the endowment side (2:51) Steve describes his approach and the challenges of being an LP at an endowment (4:13) Why is it that now is a good time to invest while people are having trouble fundraising? (5:41) Diversification and the Swensen approach, which many institutional investors follow (6:51) The principal-agent problem for LPs and GPs (9:22) What are some best practices that LPs look for in GPs, outside of returning 10x? And what should GPs avoid? (10:12) Style drift (12:56) What are some ways LPs can differentiate themselves in the market? (13:58) Steve’s LP perspective on co-investing (15:28) Does studying philosophy offer an investing advantage? (16:47) Sponsor: AngelList (17:52) Which things do VCs systematically get wrong? (20:50) Steve’s predictions for venture over the next 5-10 years (22:00) How can VCs prepare themselves for this reset (23:20) What technologies and sectors is Steve really interested in right now, with great upside. (25:51) Investing in AI (27:25) Advice and best practices for emerging managers

E5: Jonathan Hsu | Co-Founder of $1.6B AUM Tribe Capital on What Data Shows is Product Market Fit Aug 14, 2023

David Weisburd sits down with Jonathan Hsu, Co-Founder and General Partner of Tribe Capital and one of the top data scientists in the space. Hsu is a physicist-turned tech entrepreneur-turned VC. In this episode, they discuss the importance of growth patterns and product market fit (PMF) in venture capital. Tribe conducts intensive data work on approximately 400 companies annually, a unique dataset that cannot be purchased or obtained from other sources. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:15) Jonathan’s evolution from a physicist to a founder to FAANG operator to VC (3:00) The big data revolution in Silicon Valley (4:35) Jonathan’s learnings from early Facebook and what differentiated the company for its success (6:17) Pattern recognition around Product Market Fit (10:17) Using data in Venture investing (12:17) What experienced VCs all regret (15:04) Sponsor: AngelList (17:09) Hardcore benchmark analytics for startups (23:27) Venture capital efficiency (25:57) AI and investing (27:27) Jonathan’s prediction for future of VC

E4: Dr. Abe Othman of AngelList | Data, Research, and Quantitative Investing in Venture Capital Aug 07, 2023

David Weisburd and Erik Torenberg sit down with Dr. Abe Othman, the Head of Data Science at AngelList and the Head of the Investment Committee at the AngelList Quant Fund. Dr. Abe has one of the largest and most granular private market data sets in the world of nearly 15,000 startups. In this discussion we dive deep into the data: power laws, what Dr. Abe’s research tells us about which companies to avoid at all costs, and whether alpha truly exists in venture capital. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:37) Unintuitive impact of power laws in venture capital (12:02) Explaining Power Laws to the layperson or finance professional in other asset classes (14:17) Sponsor: AngelList (18:50) Does the research reveal what percentage of early stage companies are identifiable as top 1% opportunities? (20:21) The value of signals (i.e. founders alma maters) (23:23) Pricing efficiency of startups (29:00) Markup rates and loss ratios (32:45) How does the quant fund fit into the model? (37:31) Solo Gp's tend to hustle harder than traditional incumbent funds (39:36) Dr. Abe’s view on how the LP community and broader ecosystem has evolved on these topics (46:28) AUM drift in venture capital

E3: Ramzi Samara of MASIC | The Rise of Saudi Arabia and the MENA Region in Venture Capital Aug 01, 2023

David Weisburd sits down with Ramzi Samara, Co-Head of Private Funds (VC) at MASIC, one of the few family owned investment firms in Saudi Arabia that has a dedicated venture capital program. Ramzi is also an active angel investor in early-stage startups in the US and MENA. In this conversation they discuss the vibrant dynamics of the region, Ramzi’s investing thesis and multi-year power-law driven strategy, and looking at passive vs active early-stage fund managers. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:45) How does VC view the market dynamics in Saudi Arabia? (7:16) How should Venture Capitalists think about navigating MENA? How does Saudia Arabia differ from the UAE, Bahrain, Qatar, etc. (10:27) Ramzi’s investing thesis at MASIC (14:15) Ramzi’s portfolio strategy (15:56) Sponsor: AngelList (19:12) Criteria for evaluating a fund (21:41) Looking at passive vs. active fund managers (27:41) Risks and downsides of investing in micro VCs (29:12) How Ramzi thinks about concentration risk (30:05) What VCs should know about MASIC as one of the earliest adopters of the venture capital asset system in Saudi Arabia

E2: Jordan Stein | How Cresset Partners Raised $40B, Invested in Andreessen Horowitz + Founders Fund Jul 24, 2023

David Weisburd sits down with Jordan Stein, Director of Venture Capital at Cresset Partners. a large multifamily office with over $45 billion in assets under management and a prolific limited partner and storied venture franchises, including Andreessen Horowitz, Lightspeed, and Founders Fund.

This podcast is proudly sponsored by Angellist. Visit www.angellist.com/tlp if you’re ready to level up your startup or fund.

RECOMMENDED PODCAST:

Founding a business is just the tip of the iceberg; the real complexity comes with scaling it. On 1 to 1000, hosts Jack Altman and Erik Torenberg dig deep into the inevitable twists and turns operators encounter along the journey of turning an idea into a business. Hear all about the tactical challenges of scaling from the people that built up the world’s leading companies like Stripe, Ramp, and Lattice. Our first episode with Eric Glyman of Ramp is out now: https://link.chtbl.com/1to1000

RECOMMENDED PODCAST:

Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff

The Limited Partner Podcast is part of the Turpentine podcast network. Learn more: Turpentine.co

X:

@dweisburd (David)
@eriktorenberg (Erik)
@cresset_capital (Cresset)

LINKS:

https://cressetcapital.com/

SPONSOR:

The Limited Partner Podcast is proudly sponsored by AngelList. -If you’re in private markets, you’ll love AngelList’s new suite of software products. -for private companies, thousands of startups from $4M to $4B in valuation have switched to AngelList for cap table management. It’s a modern, intelligent, equity management platform that offers equity issuance, employee stock plan management, 409A valuations, and more. -If you’re a founder or investor, you’ll know AngelList builds software that powers the startup economy. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started.

(0:00) Episode Preview (1:28) Allocating the venture capital space (5:29) Building his portfolio (8:56) Evaluating emerging managers (13:05) Main mistakes for first-time LPs (15:20) Sponsor: AngelList (16:27) Concerns of VC in 2023 (18:40) Range of allocators (23:30) Practices and mistakes in co-investing (27:04) Co-invest programs (31:03) Cresset Partners

E1: Chris Douvos | Venture compared to other asset classes, the Solo GP phenomenon, and Chris's investing thesis Jul 16, 2023

David Weisburd and Erik Torenberg sit down with LP Chris Douvos, founder of Ahoy Capital and formerly Princeton Endowment.

If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started.

RECOMMENDED PODCAST

Founding a business is just the tip of the iceberg; the real complexity comes with scaling it. On 1 to 1000, hosts Jack Altman and Erik Torenberg dig deep into the inevitable twists and turns operators encounter along the journey of turning an idea into a business. Hear all about the tactical challenges of scaling from the people that built up the world’s leading companies like Stripe, Ramp, and Lattice. Our first episode with Eric Glyman of Ramp is out now: https://link.chtbl.com/1to1000

RECOMMENDED PODCAST

Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff

The Limited Partner Podcast is part of the Turpentine podcast network. Learn more: Turpentine.co

SPONSOR

The Limited Partner Podcast is proudly sponsored by AngelList. -If you’re in private markets, you’ll love AngelList’s new suite of software products. -for private companies, thousands of startups from $4M to $4B in valuation have switched to AngelList for cap table management. It’s a modern, intelligent, equity management platform that offers equity issuance, employee stock plan management, 409A valuations, and more. If you’re a founder or investor, you’ll know AngelList builds software that powers the startup economy. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started.

(0:00) Episode Preview (0:56) Introducing The Limited Partner podcast (1:55) Why does Chris love venture? (3:12) What differentiates venture from other asset classes? (5:03) Risk premiums (7:40) Why is venture capital still a good asset class today? (8:50) Why does a fund of funds make sense? (10:50) Chris' fund manager thesis? (13:45) The ecosystems Chris finds potential managers to back in (16:47) Sponsor: AngelList (18:00) Will venture be needed as companies become easier to build? (23:05) Data scientists as the best investors in the next decade (25:10) Is AI a revenue-generator or a cost-cutter? (26:03) Solo GPs over the next few years (27:58) The lifecycle of a venture fund (33:45) Large fund sizes and their returns (35:15) Chris' reflections on crypto (37:14) Unintuitive venture capital hacks (40:41) Questions to ask fund managers before investing (43:01) Will we see another YC? (46:11) Advice for family offices or institutions direct investing alongside funds (47:35) #OpenLP and transparency in the LP ecosystem