Justinas Milašauskas, Investment Manager at Willgrow, sheds light on the intricacies of single-family office investments. He discusses the risks and rewards of investing in spinouts, revealing how seasoned professionals seek independence. The conversation highlights the importance of quick decision-making and strong manager relationships in navigating the fragmented venture capital market. Justinas also shares key insights on portfolio diversification, ticket sizing, and the unique strategies necessary for both bear and bull markets.
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About WillGrow Family Office
Justinas Milašauskas explains WillGrow is a first-generation single-family office based in Lithuania.
It originated from a successful logistics business and invests actively in private markets across 60 managers.
volunteer_activism ADVICE
Venture Portfolio Football Analogy
Allocate venture capital like a European football team: use strikers for high-risk, high-return bets.
Use buyouts for stability and real assets as defenders providing steady income.
volunteer_activism ADVICE
Leverage Strong Fund Cap Tables
Fund of fund relationships provide about half of WillGrow's deal sourcing.
They prefer managers with strong cap tables including top institutional LPs as validation signals.
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Justinas Milašauskas, Investment Manager at Willgrow sits down with David Weisburd to discuss the risks and rewards of investing in spinouts, top lessons learned from investing in venture and private markets and lessons on investing in emerging managers and navigating fragmented markets.
The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
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SPONSOR:
Carta is the all-in-one suite for private fund operations. Carta’s software-based approach takes fund administration out of the spreadsheet and into the modern age with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to the next level. Learn more at: https://z.carta.com/10xpod
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X / Twitter:
@dweisburd (David Weisburd)
@justi_nas (Justinas Milašauskas)
Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
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TIMESTAMPS:
(0:00) Episode Preview
(1:45) The strategic advantage of operating businesses in portfolio construction
(3:19) Investment cadence and the importance of recognizing one's weaknesses
(5:25) Evaluating fund managers and the significance of their cap table
(6:26) Sponsor: Carta
(7:09) Investment strategies for spinouts and emerging managers
(9:40) The evolution of emerging managers and ticket sizing lessons
(11:12) Transition from public markets to private markets and the current investment climate
(12:47) Differentiating as an LP and perspectives on European investment geography
(14:24) Insights on investing in emerging managers and advantages of family office capital
(15:54) Closing remarks
How I Invest with David Weisburd