Pinetree Capital Redux: Interview with VCs Sheldon & Jakson Inwentash (ThreeD Capital)
Mar 2, 2025
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Sheldon Inwentash, founder and CEO of ThreeD Capital with a background in accounting, and his son Jackson, VP of Investments, delve into their investment journey. They discuss the evolution from Pinetree Capital to ThreeD, emphasizing megatrends like health tech, AI, and hydrogen energy. The importance of psychology in investing is highlighted, along with the challenges of managing investor expectations. They also share insights on groundbreaking AI investments and the future of venture capital in Canada, balancing financial interests with philanthropy.
Sheldon Inwentash's significant donation to the University of Toronto highlights his commitment to psychology and impactful community contributions.
The transition from Pinetree Capital to ThreeD Capital illustrates a focus on emerging megatrends like health tech and blockchain in investment strategies.
Deep dives
Sheldon Inmintosh's Philanthropic Journey
Sheldon Inmintosh recounts his significant donation to the University of Toronto Faculty of Social Work, which was the largest of its kind in North America at the time. His motivation stemmed from the transformative impact the university had on his own education and career, as he earned his Bachelor of Commerce there. Additionally, with his wife being a social worker, Sheldon felt a strong urge to contribute to a field that is often underfunded and overlooked, aiming to create a lasting impact on future generations. This commitment reflects his belief in giving back to the community and supporting causes that are personally meaningful to him.
The Evolution of Pine Tree Capital
Sheldon discusses the inception of Pine Tree Capital in 1992, during a period marked by the rise of biotech and technology, driven by the excitement surrounding the Internet. His previous ventures in nuclear medicine paved the way for his first biotech initiative, leading to successful investments and significant exits during the commodities super cycle. He highlights how his background in oil and gas informed his understanding of resource investments, ultimately guiding his capital allocation for Pine Tree Capital. The lesson learned from that era reinforces the importance of recognizing market cycles and the unpredictability of their durations.
Exploration of New Megatrends with 3D Capital
Sheldon and Jackson Inmintosh introduce the focus on megatrends at 3D Capital, established in 2014, identifying key sectors such as health tech and blockchain for long-term investment. The conversation reveals how the venture landscape continuously evolves, requiring adaptability to emerging industries, while also reflecting on the challenges posed by adoption rates of disruptive technologies. A significant emphasis is placed on their commitment to explore innovative applications, including advancements in AI and blockchain, aiming to position their portfolio favorably as these trends grow. Their proactive approach includes monitoring new developments, which further informs their investment strategies and company selections.
Investments in AI and Longevity Technologies
The discussion covers various innovative companies that 3D Capital has invested in, emphasizing advancements in AI, particularly in health tech and cognitive enhancement. One highlighted investment is Neurable, a company that enables non-invasive brainwave monitoring through everyday headphones, showcasing how they blend AI and user-friendly design. Additionally, Jackson introduces TURN Biotechnologies, a promising firm in the longevity sector focused on epigenetic reprogramming, which aims to rejuvenate cellular health and may lead to groundbreaking outcomes in disease treatment. Both highlights demonstrate the intersection of technology and health, positioning the firm to capitalize on breakthroughs that can significantly enhance quality of life.
In this conversation, Sheldon and Jackson Inwentash discuss their journey in the investment world, focusing on the evolution from Pinetree Capital to ThreeD Capital. Sheldon and Jakson explore various megatrends, including health tech, blockchain, AI, and hydrogen technology, while emphasizing the importance of psychology in investing. The discussion also touches on the challenges of investor expectations and the future outlook for the Canadian venture capital market.
KEY TAKEAWAYS:
Sheldon made a significant donation to U of T
Psychology is crucial in understanding investment dynamics
Pinetree Capital had multiple billion-dollar exits
The investment landscape is cyclical and unpredictable
Blockchain technology has vast applications beyond Bitcoin
Hydrogen technology is emerging as a key investment area
AI is a rapidly evolving field with significant potential
Investing in longevity biotech is becoming increasingly viable
Investor expectations often clash with the realities of investment timelines
This content is for informational purposes only, and should not be construed as offering of investment advice or stock recommendations. This content is based on the author's independent analysis and research and does not guarantee the information's accuracy or completeness. The information contained in this video is subject to change without notice, and the author assumes no responsibility to update the information contained in this video. All information contained herein this video should be independently verified with the sources and companies mentioned. The author is not responsible for errors or omissions. The author does not purport to tell or suggest which investment securities viewers should buy or sell for themselves. Those viewers seeking direct investment advice should consult a qualified, registered, investment professional. The author is not a professional or financial advisor, and does not provide financial advice. Viewers are advised to conduct their own due diligence prior to considering buying or selling any stock. The author will not be liable for any loss or damage caused by a viewer's reliance on information obtained in any of this content. It’s important to understand that investing involves risk, including loss of principal. The author is not engaged in any investor relations agreements with any of the publicly traded companies mentioned. The author does not receive compensation of any kind from any publicly traded companies that are mentioned in any of this content. The author has acquired and may trade shares of some of the companies mentioned through open market transactions and for investment purposes only. Refer to the “author’s ownership disclosure” where applicable. There may be affiliate links to Amazon, and other companies in which the author is compensated if any of the affiliate products are purchased from Amazon.ca/.com or any other companies.
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