How to Diligence a Manager’s Track Record

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

Highlights from this week’s conversation include:

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

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

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

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

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

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