Alex Edelson of Slipstream Investors, sits down with David Weisburd and Erik Torenberg to discuss the four sources of alpha for emerging managers (Sourcing, Picking, Winning, and Value-Add).

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(0:00) Introduction and characteristics of a good LP (0:50) Introduction of Alex Edelson (1:14) Overview of Slipstream's fund strategy and key factors in diligencing managers (6:03) Detailed diligence process and red flags for emerging managers (9:37) Challenges for emerging managers and institutionalizing courage (12:11) Sponsor: Bidav Insurance Group (13:07) Advising family offices and strategy behind Slipstream's concentrated portfolio (17:44) LP and GP relationship dynamics and special economics (21:38) Generalist versus specialist funds and the importance of sourcing (27:44) Building relationships for deal flow and winning deals in competitive rounds (33:03) The balance of fundraising and investing skills (35:00) Capital constraints, fund size, and alpha generation (38:21) Lessons from early stage fund successes and key learnings (43:16) Value addition by VCs, portfolio construction, and follow-on strategies (47:27) The difference between a good LP and a great LP (49:16) Strategic use of reserves and preserving ownership (56:40) Penalties for GPs and final thoughts on Slipstream's goals (58:07) Personal reflections and appreciation