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

Three Key Criteria for Evaluating Venture Capital Managers: Decision-Making, Specialization, and Operations with Michael Ashley Schulman of Running Point Capital: This week on Swimming with Allocators, Earnest Sweat and Alexa Binns welcome Michael Ashley Schulman, Chief Investment Officer and Founding Partner of Running Point Capital. Michael discusses his journey into investment management and the founding of Running Point. He emphasizes the importance of tailored financial solutions for families, highlighting the opportunities in alternative assets. Schulman delves into his criteria for evaluating emerging managers in venture capital, emphasizing intelligence, specialization, and efficient operational systems. He also addresses the distinction between ESG and impact investing, provides advice for allocators new to venture capital, and stresses adaptability as a key trait for manager survival in the industry. The episode also features Tyler Kirtley, partner at Gunderson Dettmer, who r by Swimming with Allocators

32 min listen

The Overlooked Alpha in This Next Decade of Venture with Claude Grunitzky and Adrienne Rees of The Equity Alliance: This week on Swimming with Allocators, Earnest and Alexa welcome Claude Grunitzky and Adrienne Rees of the Equity Alliance fund. During this conversation, Claude and Adrienne discuss their mission to invest in VC funds and startups founded by women and people of color. They discuss their strategy, the importance of a strong team and network, and the criteria they use to select managers. They also highlight the unique value proposition of the Equity Alliance, which offers more than just financial resources. The episode also covers the future of venture capital, the challenges faced by large institutional limited partners (LPs) in investing in funds led by people of color, the importance of building a diverse portfolio, and more. by Swimming with Allocators

35 min listen

How 2023 Has Reshaped the Landscape for VC Firms with Winter Mead of Coolwater Capital: This week on Swimming with Allocators, Earnest and Alexa welcome Winter Mead, Founder of Coolwater Capital. During this conversation, Winter shares his journey from working in tech startups to becoming a venture capitalist. He discusses the challenges faced by emerging managers and the importance of training for aspiring fund managers, the changing landscape of venture capital investments, and the difficulties faced by limited partners (LPs) in assessing talent. Winter also emphasizes the importance of transparency, accountability, and accurate pricing in building a successful venture capital firm, the need for better management and increased specialization, and more. by Swimming with Allocators

44 min listen

Investing in Change: Making the Case for Investing in Venture Capital Featuring Alifia Doriwala of RockCreek: This week on Swimming with Allocators, Earnest and Alexa welcome Alifia Doriwala, Co-Chief Investment Officer at RockCreek Capital, a global investment firm shaping a more balanced future. During this conversation, Alifia shares her journey in finance and the importance of outsourced CIO services. She highlights common mistakes fund managers make when fundraising, which sectors have the most growth opportunities, the biggest blind spot for institutional investors, and the importance of focusing on long-term growth. The group discusses the changing landscape of venture investing, noting a shift towards impact and mission alignment in portfolios. During the episode, we also hear from Tim Flannery, Co-Founder CEO of Passthrough, a company aiming to simplify fund closing processes. Don’t miss these insights from allocators and industry experts! by Swimming with Allocators

36 min listen

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

1 min listen

How Nomad's Thinking Has Changed in Manager Selection with Jordan Nel of Hummingbird Ventures: This week on Swimming with Allocators, Earnest and Alexa welcome Jordan Nel, on the investment team at Nomads, part of Hummingbird Ventures, where they invest in emerging managers with funds sub $150M. During the conversation, the group discusses how Nomad’s fund of funds strategy has changed, how they identify outlier managers, and the challenges and opportunities of investing in deep tech. Jordan also talks about the value of managers networks, the need for diligence adaptation, and the significance of backing experts in a competitive market. The conversation also covers the types of limited partners playing in venture, the importance of managing expenses for a good investor experience, and more. by Swimming with Allocators

32 min listen

The Future of Funding: Outlining the Female VC Advantage with Renata Aráuz-DeStefano of Pivotal Ventures: This week on Swimming with Allocators, Earnest and Alexa welcome Renata Aráuz-DeStefano, Investor at Pivotal Ventures. Renata shares her career journey from investment banking, to microfinance, to this high impact family office. She discusses Pivotal Ventures' strategy of empowering women through investment, the importance of diversity in founders, and advice for emerging managers on fundraising. We’re also joined by Rachel Waddell from Silicon Valley Bank (SVB) for our insider segment as Rachel shares current market trends in venture and the increased popularity of NAV loans by VCs. by Swimming with Allocators

28 min listen

DDQ: Discuss, Debate & Question VC Predictions for 2024 with Alexa Binns and Earnest Sweat: This week on Swimming with Allocators, your hosts Earnest and Alexa share their first DDQ style episode -- where they Discuss, Debate & Question one another on trends in venture. This episode Alexa and Earnest make their personal predictions for venture in 2024. They reflect on 2023's key events, such as the rise of AI, banking changes, tech layoffs, and remote work's evolution. The hosts predict more VC spin-outs, a contraction of key talent at the pre-seed, and the rise of a consumer juggernaut in the 2024 vintage. They also explore the potential for a non-software B2B tech renaissance and address audience questions on fund operations and diversity's impact on the industry. by Swimming with Allocators

50 min listen

Mastering Venture Capital in Public Pensions with Tony Meadows: This week on Swimming with Allocators, Earnest Sweat and Alexa Binns welcome Tony Meadows, a portfolio manager formerly for the private equity team at the Pennsylvania Public School Employees Retirement System (PSERS). During the episode, Tony shares his journey into institutional investing, his experience leading co-investments, misconceptions about investing in Asia, and the math behind manager selection in a $70 billion pension plan and process and portfolio construction. He also discusses the future of venture capital, the importance of track record, challenges of being a fund manager, the potential of emerging managers, solutions to streamline fundraising, and more. The episode also features Tyler Kirtley, partner at Gunderson Dettmer, speaking to what emerging managers can learn from more established VC firms. by Swimming with Allocators

30 min listen

Beyond the Hype: Inside the Realities and Opportunities in Venture with Chris Douvos: This week on Swimming with Allocators, Earnest and Alexa welcome Chris Douvos, Founder and Managing Partner of Ahoy Capital. During this episode, Chris takes us on a compelling journey through the intersection of hype and history within the venture landscape. He delves into the essence of value, highlighting the dichotomy between perceived opportunity and intrinsic worth. Where his investing strategy initially came from and how it’s changed with time. Key questions GPs should be asking LPs to help determine who is window shopping and who is worth following up. And he concludes by emphasizing the importance of authenticity and passion, urging listeners to embrace their true callings, whether within venture or other impactful roles in the world. The episode features Gunderson Dettmer Partner Tyler Kirtley giving his two cents on long term prospects for Venture Capital this next decade. by Swimming with Allocators

45 min listen

Strategies for Overcoming Bias in Asset Management with Daryn Dodson of Illumen Capital: This week on Swimming with Allocators, Earnest and Alexa welcome Daryn Dodson, Managing Partner at Illumen Capital. During the conversation, Daryn talks about his firm's efforts in combating systemic inequality in the investment sector. He discusses strategies to mitigate racial and gender biases in venture capital and private equity, emphasizing the importance of diversity for better financial outcomes. He also shares insights on the historical context of economic disparities and the significance of continuous learning to recognize and address biases in asset management. The episode also touches on the role of environment in shaping behavior, the importance of recognizing untapped value in underestimated asset managers, and the need for a persistent commitment to learning and adapting within the finance industry. This episode also features Renuka Kumar of Silicon Valley Bank as she shares the futu by Swimming with Allocators

45 min listen

Investing Ahead of the Curve: Wisdom from a Futurist with Roxane Googin: This week on Swimming with Allocators, Earnest and Alexa welcome Roxanne Googin, an LP and Futurist investing her personal capital. Roxanne shares why she tracks the 10 Year Treasury and what it tells her for the future. What opportunities she is holding dry powder for now that the low cost growth era is over. And the fate she predicts for legacy businesses and infrastructure like local banks and credit rating agencies. Roxanne underscores the necessity for bold, high-pressure decision-making to navigate the impending chaos and capitalize on revolutionary opportunities. Our sponsor and partner Tyler Kirtley also shares trends Gunderson Dettmer is seeing in fundraising and term sheets. by Swimming with Allocators

31 min listen

Eric Sippel the Emerging Manager Mentor: Guidance from the Family Office Investor on Twelve LPACs: This week on Swimming with Allocators, Earnest and Alexa welcome Eric Sippel, Philanthropist and Investor at Sippel Farb Family Office. During the episode, Eric shares his journey from being a private equity and hedge fund lawyer to operating a multi-billion-dollar hedge fund firm and eventually running his family office. He discusses his focus on backing emerging managers and acting as a mentor in the venture capital space. He also provides insights into his investment strategies, including the significance of consistent investing through cycles and seeking mismatches between capital and opportunity. Additionally, don’t miss our insider segment from Hugh Barran of Armstrong International as he discusses how to break into venture. by Swimming with Allocators

46 min listen

The Case for LP Allocation and GP Conviction in Venture with Sam Sadowsky: This week on Swimming with Allocators, Earnest and Alexa welcome Sam Sadowsky, Partner at Twelve Hundred (1200 VC). During this episode, Sam shares his unconventional journey into venture capital, drawing from his operational and digital marketing background. He discusses the value of empathy in VC, the benefits of operator experience in fund management, and the importance of vision in selecting fund managers. The conversation also explores investment strategies, the potential in overlooked industries like construction tech, and lessons from past investments, and more. Don’t miss our insider segment as Rachel Waddell from Silicon Valley Bank shares their latest data on the fate of Unicorns heading into 2024. by Swimming with Allocators

35 min listen

From the Other Side: What Sapphire Partners Wishes More VC Managers Knew Featuring Nate Leung: This week on Swimming with Allocators, Earnest and Alexa welcome Nate Leung, Partner at Sapphire Ventures. During this episode, Nate shares his journey in venture capital and the firm's investment approach. He discusses the significance of long-term relationships and trust in evaluating fund managers and the evolving venture capital landscape, including the role of secondaries. The episode also reflects on the importance of navigating challenges and remaining optimistic about future opportunities in the industry, the criteria for emerging managers and LPs interested in secondaries, and more. The episode also includes a Q&A with Canopy founder and CEO John Ling on how fee structures are adjusting in the current economy for co-investments and SPVs. by Swimming with Allocators

36 min listen

Continuous Improvement: How to 10x Your LP and VC Processes with Jason Calacanis: This week on Swimming with Allocators, Earnest and Alexa welcome Jason Calacanis, founder of LAUNCH and host of This Week in Startups and The All-In Podcast. Known for his early angel investments, Jason also is an active LP. He shares his framework for selecting funds, focusing on deal flow, decision-making, and doubling down on successful investments. Jason gives examples of how his role as LP has informed his own fund strategy. He describes how he’s approaching the marketing of his own fund, considering smaller annual funds, to avoid exhaustive roadshows and make capital-raising more fluid. He stresses his commitment to continuous improvement, particularly in operations, aiming to make the LAUNCH fund's process 10% better every quarter to maximize returns. We also hear from industry expert Hugh Barran, a head hunter for venture, who provides advice to those interested in breaking into VC. by Swimming with Allocators

51 min listen

Translating Silicon Valley Venture for Brazilian Multifamily Offices with Avanish Sahai: This week on Swimming with Allocators, Earnest and Alexa welcome Avanish Sahai, a board member of HubSpot and venture partner at Synapse. During this episode, Avanish discusses his transition from tech to investing in VC funds and startups, emphasizing the importance of networking and building relationships in venture capital. He details the due diligence process, the significance of risk assessment, and the role of trusted advisors in venture investments. In addition to investing his own capital, Avanish works as a Venture Partner for Synapse Ventures, a group investing on behalf of Brazilian Multifamily Offices, making recommendations onco-investments with top firms in Silicon Valley and direct investments in high-potential companies. He shares his global perspective on portfolio construction, the analytical approach to identifying emerging managers, and the importance of long-term engagement and by Swimming with Allocators

38 min listen

The Deck Deluge: Boris Wertz’s Journey Through 200 Decks from Emerging Managers Raising Today: This week on Swimming with Allocators, Earnest Sweat and Alexa Binns welcome Boris Wertz, Founding Partner at Version One, about his experience as an LP investing in emerging fund managers. Boris discusses his motivations, such as giving back to the VC community, learning from innovative spaces, and achieving good returns. He also shares insights on the importance of having a differentiated strategy and the potential of areas like crypto and climate tech. Additionally, don’t miss our insider segment as Martin Armstrong of Armstrong International talks about the importance of nailing talent to build successful products and teams, emphasizing ownership and accountability. by Swimming with Allocators

44 min listen

Venture Capital: Build a Profitable VC Position through a Correction Featuring David York of Top Tier Capital Partners: This week on Swimming with Allocators, Earnest and Alexa welcome David York, Founder and Managing Director at Top Tier Capital Partners. Top Tier is not just an investment manager; it's a powerhouse with a laser focus on venture capital. With families of funds dedicated to primary commitments, venture fund investments, LP and direct secondaries, and direct investments, Top Tier has been a key player in the global investment landscape for over two decades. In this conversation, David shares his transition from investment banking to venture capital, discusses Top Tier’s strategies in fund of funds, secondaries, and co-investments, and the opportunities arising from market corrections and technology consumption. David also addresses the private equity secondary market, the importance of liquidity, the evolution of seed managers, the impact of COVID-19 and the balance bet by Swimming with Allocators

53 min listen

How Company Creation Funds Outperform Traditional Venture Capital with Sarah Anderson: This week on Swimming with Allocators, Earnest and Alexa welcome Sarah Anderson, Founding Partner of the Vault Fund. During this episode, Sarah shares her experience at Centrifuge Syndicate Fund and the challenges of corporate innovation. She explains the venture studio model, its advantages, and the criteria for selecting fund managers. The episode also addresses the state of the venture ecosystem, the potential of early exits, emerging opportunities in the company creation asset class, and more. Also, don’t miss our insider segment with John Ling of Canopy talking about the role of SPVs and opportunity funds. by Swimming with Allocators

39 min listen

Expanding Your Investment Strategy to Include Venture Capital with Kate Nevin: This week on Swimming with Allocators, Earnest and Alexa welcome Kate Nevin, President and Portfolio Manager at TSWII Capital Advisors. Kate, who brings over two decades of experience, delves into the firm's history, originating from a family business in wood-burning stoves to investing in Julian Robertson's Tiger hedge fund, which laid the groundwork for their current investment strategy. She highlights the firm’s evolution towards private investments and the significance of diversity in venture capital, particularly focusing on women and people of color as the next big opportunity. Nevin also discusses the importance of building a trusted network and the challenges of scaling investments in female managers. Nik Talreja also joins to explain how Sydecar.io simplifies SPVs for fund managers, evolving terms negotiation, and considerations when warehousing deals. by Swimming with Allocators

58 min listen

Why Invest in Early-Stage Key-Node VCs with Frank Tanner: This week on Swimming with Allocators, Earnest and Alexa welcome Frank Tanner, Director at Morgan Creek Capital Management. During the episode, the group explores the historical evolution of venture capital, and the concept of key-node VCs. The episode also covers the criteria for selecting micro VCs, the importance of the three "S's" (source, select, and support), and the role of networks in deal selection. Also, don’t miss our special insider segment with John Ling of Canopy as he makes the argument for why VC should not be a part-time job and clarifies the differences between running a syndicate and a fund. by Swimming with Allocators

50 min listen

The Strategy for Selecting Top Co-Investments as a Limited Partner with Josh Porter: This week on Swimming with Allocators, Earnest and Alexa welcome Josh Porter, Co-Founder and General Partner at FirstLook Partners. During this conversation, the group discusses how the LA venture ecosystem has evolved from an entertainment-centric hub to a diverse tech industry landscape. The conversation also covers how Porter and his co-founder Ankeet Kansupada came to know one another and build their hybrid Fund of Fund strategy. Josh explains FirstLook’s focus on smaller funds under $50 million, filling a gap for institutional-grade partnerships. He details their fee structure, aiming to be more attractive by offering lower fees compared to typical fund of funds. Josh concludes by highlighting the firm's strategy of consistent investment and the importance of being a fiduciary, while also sharing some niche fund investment strategies. Nik Talreja, CEO of Sydecar.io, also joins us this episode to d by Swimming with Allocators

47 min listen

Start, Bench, or Cut: Which Emerging Manager Archetype Do You Want on Your Team?: This is a special DDQ episode of Swimming with Allocators, in which Earnest and Alexa Discuss what they’ve been hearing in the LP community, debate where the biggest opportunities are ahead in venture, and answer Questions from the podcast audience. They discuss how to better prepare to raise your next fund and regions where allocators are actively making new venture commitments. They debate whether early-stage investors should be raising opportunity funds. And propose one question LPs should be asking GPs and similarly, one question GPs should be asking LPs. Alexa surprises Earnest with a game of Start, Bench, or Cut: laying out three common emerging manager archetypes. And envisions a future where high schoolers commonly raise VC funds. Earnest concludes with a new segment answering the DDQ question: is there any additional information? If you love your co-hosts, you’ll love this episode. by Swimming with Allocators

46 min listen

Private Detective to Private Investments: Life Lessons from Caprock’s Chris Schelling: This week on Swimming with Allocators, Earnest and Alexa welcome Chris Schelling, Director of Private Investments at Caprock. During the episode, the group explores venture capital, private markets, and the role of behavioral finance in investment decision-making. Chris, who has allocated around $7 billion across various asset classes, shares his affinity for venture capital due to its role in driving innovation and creative disruption. He also addresses the challenges of venture capital's longer duration and the implications for investors, his approach to advising multifamily offices, and the importance of being conservative and building safety margins in investments. Chris emphasizes the need to be aware of and mitigate biases in decision-making, the value of networking with other allocators, and the impact of family offices becoming more institutionalized. He also discusses the importance of rigor by Swimming with Allocators

38 min listen

How Should Fund Managers Approach Pension Plans in Private Market Investing? Featuring Edward Comerford: This week on Swimming with Allocators, Earnest and Alexa welcome Edward Comerford, Director of Private Markets at the San Francisco Employees’ Retirement System (SFERS). They delve into Edward’s role in managing San Francisco's private market portfolio, his experience with private markets investing, and the unique mission of pension plans. The conversation covers the significance of venture capital in pension portfolios, the challenges of market fluctuations, and the importance of consistent investment strategies. Edward also reminisces about his business school days with Earnest, including their shared passion for basketball. The episode provides insights into the thoughtful approach required for pension plan investment management and the evolving landscape of venture capital. Also, don’t miss our insider segment as Nik Talreja of Sydecar.io talks about how Sydecar is revolutionizi by Swimming with Allocators

47 min listen

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

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

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