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

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 recent fund performance insights (0:42) Chris Prestigiacomo's career and private debt's impact on VC (2:20) Venture debt market overview and pension plan strategies (4:01) Selecting GPs and constructing a venture portfolio (7:11) Sponsor: Deal (8:03) Venture capital's role and diversification in large portfolios (9:17) Direct investment strategies and governance advantages (11:18) Managing liquidity and the importance of DPI in venture investments (13:39) Re-upping criteria with managers and portfolio considerations (15:32) Evaluating managers: disagreements and reference checks (17:11) Conclusion and openness to new investment opportunities