The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Inside Carnegie Mellon's $4BN Endowment | Why 90% of LPs Shouldn't Invest in VC | The $140BN Problem with Multi-Stage Funds | The Hidden Math Behind DPI, TVPI, and Illiquidity with Miles Dieffenbach
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Aug 4, 2025 
Miles Dieffenbach, the Managing Director of Investments at Carnegie Mellon University, oversees a $4 billion endowment. He shares how surviving cancer reshaped his perspective on resilience and investment decisions. The discussion dives into why 90% of limited partners might not benefit from venture capital, the pitfalls of seed funds, and the significant issues multi-stage funds face. He also addresses the evolving dynamics of founder-friendly approaches and the critical role that brand plays in LP decisions.
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Cancer Shaped Miles' Perspective
- Miles Dieffenbach shares how his cancer diagnosis at 26 changed his mindset radically.
- He focused on how he reacted, pushing through with strength until becoming cancer-free in four months.
CMU Endowment Portfolio Composition
- Carnegie Mellon Endowment allocates 85% equity and 15% fixed income, with 50% in private assets.
- The endowment's private equity book is self-funding in the last three years despite venture being a detractor in distributions.
Venture Returns Often Don’t Match Risks
- Most LPs are not compensated enough for the risk they take in venture capital.
- Top decile managers deliver returns above public market equivalent, but many LPs lack access to such managers.
