E180: How J.P. Morgan Asset Management Picks Winners in VC & Private Equity

Jun 27, 2025

Patrick Miller, Executive Director at J.P. Morgan Asset Management, shares his journey into venture capital, ignited by a pivotal meeting with a Florida VC. He discusses how LPs can add value beyond just capital, the significance of fund size, and why emerging managers are key differentiators. With a barbell investment strategy, Patrick highlights how AI is reshaping capital dynamics. He reveals insights on what makes small funds outperform their larger counterparts and offers valuable advice he'd give his younger self, making this a must-listen for aspiring investors.

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ANECDOTE

Inspiration From One Meeting

Patrick Miller was inspired to focus on venture capital after a single meeting with a Florida-based venture capitalist.
The value created for people, not just the network, impressed him and shaped his LP investment approach.

ADVICE

How LPs Add Value to GPs

LPs should provide steady, long-term partnerships backed by institutional experience to add value to GPs.
Introductions to other LPs and industry leaders build a strong support network for venture firms.

INSIGHT

Seed Stage Valuations Are Steady

Early-stage venture valuations tend to be steadier and less affected by market swings than later-stage rounds.
Innovation at the seed stage doesn't care about valuation if the company can ultimately become highly valuable.

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What does it take to allocate billions in private markets—and what sets a top-tier LP apart? In this episode, I speak with Patrick Miller, Executive Director and Portfolio Manager of J.P. Morgan Asset Management’s Private Equity Group, where he plays a central role in their alternatives platform, investing across venture capital and private equity. Patrick shares how a single energizing meeting with a Florida-based venture capitalist sparked his interest in the asset class and how his team has since built a differentiated barbell strategy combining legacy tier-one firms and new emerging managers. We dive into what LPs can do to truly add value to GPs, why fund size and ownership matter, how AI is shifting capital dynamics, and what makes a venture firm truly “differentiated.” Whether you're a founder, a new VC, or an allocator, this episode is full of real LP insights from one of the most thoughtful voices in the game.

Highlights:

How Patrick first got excited about venture capital (and why he still is)
What LPs bring to the table beyond capital
The three most important differentiators for emerging managers
Why J.P. Morgan Asset Management venture strategy uses a barbell approach
The effect of AI on venture capital’s capital stack
How small funds can outperform big ones—if you know what to look for
What Patrick looks for in private equity managers
The most important advice he’d give his younger self

-- Guest Bio: Patrick Miller is an Executive Director and Portfolio Manager of J.P. Morgan Asset Management’s Private Equity Group, where he is responsible for portfolio management, investment due diligence, and business development. He joined J.P. Morgan in 2012 and has played a key role in sourcing and managing investments across venture capital, private equity partnerships, co-investments, and secondary opportunities. Patrick earned his BA from Northwestern University, where he studied Communications and Business Institutions and was a member of the varsity baseball team.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Patrick Miller: https://www.linkedin.com/in/patrick-miller-80386558/

Links: J.P Morgan Asset Management: https://am.jpmorgan.com/us/en/asset-management/institutional/investment-strategies/alternatives/private-equity-group/

-- Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Episode preview (0:06) Patrick Miller's entry into venture capital and adding value as an LP (3:01) Stability and institutional experience in venture capital (4:36) Investing in emerging managers and conviction in their success (9:06) Impact of AI on venture capital (13:28) Examples of backed managers and investing in private equity (20:35) Advice for new investors and closing thoughts (22:37) Closing remarks