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

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).

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(0:00) Introduction to Joshua Berkowitz and fund return expectations (0:23) Underwriting to a 20% IRR and Joshua's background (2:09) Transitioning to venture capital and managing capital flows (4:14) Comparing IRR and MOIC in investment evaluation (5:31) Best practices for managing capital calls and time diversification (10:25) Strategies to stay in market and evaluate top emerging managers (15:52) Sponsor: Bidav Insurance Group (17:34) GP success stories and portfolio strategies (20:51) Consolidating return expectations for venture funds (23:00) Balancing portfolio concentration and diversification (24:50) Evaluating GP personalities and strategies for established funds (30:50) Differences between founder CEOs and operator CEOs (32:13) GP diligence and operational due diligence expectations (36:46) Fund documentation and portfolio construction for new managers (42:03) LP communication, strategy creep, and expectation management (47:12) Quarterly updates and LP versus VC value add (49:00) Follow on investment strategies and technical risks (55:20) Seed to series A graduation rates and LP lessons learned (59:03) Co-investment evaluation and LP portfolio management (1:01:31) Joshua's venture dexa.ai and data-driven decision making (1:10:45) Attracting talent and scaling strategies for tech startups (1:15:30) The significance of mentorship and early fundraising challenges (1:25:20) Learning from failed ventures and closing thoughts (1:38:00) Sponsor message: Wealthfront