Swimming with Allocators

This week on Swimming with Allocators, Jay Rongjie Wang, Founder and CEO of Primitiva Global, shares her journey from her pioneering upbringing shaped by her mother’s tech entrepreneurship to becoming a leading venture investor bridging Silicon Valley, Hong Kong, and Shanghai. Jay discusses the importance of authenticity and “congruence” in investment decisions, her “impossible triangle” theory for evaluating AI opportunities, and cross-border fundraising strategies. Listeners will gain actionable insight into aligning personal strengths with business practices, understanding global LP/GP dynamics, and balancing boundless curiosity with focused execution in the rapidly evolving world of tech and venture capital. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley discuss key tax incentives for venture funds, including carried interest treatment and Qualified Small Business Stock benefits, as well as recent FDA regulatory changes impacting biotech and medtech startups, offering timely guidance for VC investors and founders.Highlights from this week’s conversation include: Welcoming Jay to the Episode (0:22) Impact of Parenting on Risk, Creativity, and Early Career Choices (5:24) Lessons Learned from Running Community Website: Career Preparation (7:17) Discussion of Gender Dynamics, Over-Preparation, and Confidence (10:00) Traits for Successful Fund Managers: Concept of Congruence (11:38) Practical Framework for Identifying "Winner Energy" and Reference Checks (17:55) Consistency in Feedback About GPs (21:46) Regulatory Topics: Carried Interest, Tax, and FDA Insights (23:54) Energy Management, Executive Capacity, and Inner Focus (28:48) Impossible Triangle Theory on AI Progress and Investment Filtering (30:27) Applying the Theory: GPU and Data Center Investments (36:06) Fundraising Successes Outside the US and Motivations of International LPs (39:09) Balancing Curiosity with Focus for Investors (41:20) Personal Advice on Career Methodology and Venn Diagram Specialization (44:24) Final Thoughts and Takeaways (45:15) Primitiva Global is a family office and investment platform operating across Silicon Valley and Hong Kong. Primitiva backs first-check venture managers and invests in companies expanding the frontiers of artificial intelligence, deep technology, and global innovation. The firm combines deep research, top-down analysis, and hands-on partnership to support the next generation of builders and allocators. Learn more at www.primitivaglobal.com Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

This week on Swimming with Allocators, it’s time for another discuss, debate, and question episode as Alexa Binns and Earnest Sweat dive into the evolving venture capital landscape, examining themes like LP confidence in selecting managers versus direct deals, the changing roles of fund-of-funds, the impact of AI and storytelling for differentiation, and rising pressures on women and diverse founders. The conversation also debates whether venture is still truly venture as mega funds grow, highlights the importance of authentic branding, and explores whether geographic hubs like San Francisco are essential. Listeners will take away insights on how LPs and GPs can foster meaningful relationships, the need for differentiation, ongoing diversity challenges, why clarity of purpose and resilience are more crucial than ever in today’s VC ecosystem, and so much more. Don’t miss this episode!Highlights from this week’s conversation include: Welcome and Introduction to DDQ Episode (0:24) LP Confidence in Manager Selection and Blind Spots in Direct Deal Flow (3:01) The Push for Change in the Fund-To-Fund Model and Consolidation (6:20) Market Timing and Advice for Maintaining Portfolio Discipline (8:34) The Growing Importance of Technology Stacks for Fund Managers (9:25) How Branding and Storytelling Are Evolving in Venture Capital (12:31) Challenges of Differentiation, Authenticity, and Thought Leadership (15:05) Addressing Disparities and the Need for Collective Action (19:08) The Shift in How Founders Choose Capital Versus LP Expectations (23:02) Debating Who is the Ultimate Customer: LPs or Founders (26:50) Enriching The LP Experience With Initiatives Like Pitch Days (29:35) The Role of GPs in Supporting Founders and Their Track Records (31:03) In-Person Events, San Francisco’s Significance, and Industry Presence (34:14) How LPs Rebuild Conviction After Market Downturns (37:53) Managing Fund Terms, Anchors, and Building a Minimum Viable Fund (39:39) Commitments, Angel Investing, and Highlights From Recent Deals (41:39) Final Thoughts and Takeaways (44:03) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Vivek Jindal, Chief Investment Officer at Caprock, shares his journey from risk management to venture allocation. He discusses the evolution of portfolio construction and the importance of diversification in building all-weather portfolios for ultra-high-net-worth families. Key topics include identifying fund managers' unique strengths, strategies for accessing secondary market opportunities, and long-term perspectives on out-of-favor sectors. Vivek emphasizes the artful judgment required in venture investing and the growing relevance of venture in multifamily office structures.

Peter Lazaroff, Chief Investment Officer at Plancorp, shares his cautious investment philosophy centered on minimizing mistakes and aligning with client goals. He discusses his early influences in investing and the importance of customization in wealth management. Peter expresses skepticism towards broad access to private investments and emphasizes the need for a tailored portfolio. He also touches on the dynamics of GP-LP relationships and what might break his own investment rules, highlighting the balance between risk and reward.

This week on Swimming with Allocators, David Zhou, Founder of the Superclusters podcast and seasoned investor, joins Alexa and Earnest to discuss the art of venture capital from the LP perspective. Topics include how allocators differentiate true signal from noise, the value of qualitative insights vs. quantitative data, strategies for evaluating fund managers, and the importance of founder relationships. The conversation also touches on best practices for standing out in VC, the evolution of the industry, and actionable advice on track records and building a lasting reputation. Listeners will gain practical wisdom and fresh perspectives on navigating today’s venture landscape. You won’t want to miss it. Highlights from this week’s conversation include: Welcoming David Zhou to the Show (0:28) Name Origins: Superclusters & Astrophysics Analogy (1:21) David Reflects on Curiosity and Nontraditional Paths (3:35) Investing in People and Evaluating Managers (6:23) Qualitative Versus Quantitative Decision Making (7:13) Syndicate Leads: Taste Makers Versus Marketers (8:19) Identifying Signal and Network Value (10:18) Differentiating Managers and Radical Transparency (13:29) When to Engage Legal Counsel as a Fund (16:33) Placement Agents and Business Counsel Examples (20:51) GP and LP Perspectives on Metrics and Communication (22:57) Advice for Fund Managers on Pitching (24:02) Value of Relationships With Founders (27:48) The Importance of Naming and Brand (28:57) Podcasting as a Tool for Learning and Connection (30:16) The Appeal of VC and Allocator Roles in Mainstream (34:50) Final Thoughts and Takeaways (38:19) Superclusters is the podcast for emerging LPs who want to think like seasoned pros. Hosted by David Zhou, each episode explores how the world’s top allocators select and back venture capital firms—and how the next generation can learn, experiment, and play their part in shaping the ecosystem. Listen at https://www.superclusters.xyz.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Benedikt Langer, pastor turned family office investor and creator of “Embracing Emergence,” shares his journey and investment philosophy focused on backing exceptional people rather than just deals. He discusses the challenges and lessons of transitioning from direct investing to supporting emerging managers, the value of qualitative insights and reputation, and the importance of building trust and community within venture capital. Listeners will gain actionable perspectives on selecting partners, developing authentic investment approaches, the evolving landscape for LPs in the years ahead, and so much more.Highlights from this week’s conversation include: Welcome to Today’s Episode (0:32) Benedikt’s Journey in Faith, Finance, and LP Investing (3:14) Early Lessons from Family Office Investing (6:13) Evolving to Fund-of-Funds and Philosophy on Backing Managers (9:20) Framework for Evaluating GPs with Data and Intuition (11:52) Insider Segment:Liquidity, Secondaries, and Industry Structures (14:42) Deep Dive into Secondary Vehicles, SPVs, and Negotiations (18:54) Brand Versus Reputation for Emerging Managers (22:54) Approaching Firm Building and Scaling Teams (25:56) Importance of Firm Naming and Newsletter Vision (29:14) Journalistic Community Vision and Transparent Conversations (31:25) Family Office Outlook and the Future of LP Function (34:02) Book Influences and Investing Philosophy (35:23) Reflections and Parting Thoughts (38:35) TOV Lending is a family-owned private capital provider offering competitive rates and hands-on service to real estate investors and home flippers. Alongside TOV, Benedikt Langer leads Embracing Emergence—a platform connecting LPs and emerging managers with a focus on thoughtful, values-driven investing. Learn more at  https://embracingemergence.beehiiv.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Michael Downing, serial entrepreneur and venture investor, shares his journey from founding startups to building MDSV Capital, while diving into the essential role of emerging manager funds in today’s venture landscape. The discussion covers the evolution of venture capital, key strategies for both LPs and GPs, the importance of innovative sourcing and community-building, and how the Promontory platform fosters stronger connections and investment outcomes. Listeners will take away insights on industry shifts, the value of supporting innovative early-stage funds, practical guidance for thriving amid changing venture dynamics, and so much more.Highlights from this week’s conversation include: Michael’s Entrepreneurial Journey & Early Startups (1:20) Transition from Founder to Investor and Early Micro VC Experience (5:23) Power Law, Missed Opportunities, and Emerging Manager Alpha (9:57) Capital Extension Structure & Alignment with Managers (14:13) Filtering and Assessing Emerging Managers in a Crowded Market (16:52) Common LP Misunderstandings and Venture Capital Dynamics (19:22) Insider Segment: Trends in LP Activity and Fund Composition (22:20) Direct Investment vs. Fund Commitment by LPs (25:14) Trends Managers Are Missing & Seed Funding Explosion (25:54) Sourcing Methodology and the Platform Approach Advantage (28:48) Criteria for Managers to Engage with Michael Downing (29:05) Deep Tech/Defense Tech Priority & Generalist Outperformance (33:41) Best Practices for Building Relationships with LPs via Promontory (35:33) Future Vision: Programmatic LP Allocation and Software Approach (38:28) Final Thoughts and Takeaways (40:30) MDSV Capital is a Palo Alto-based investment firm led by Silicon Valley veterans with over two decades of entrepreneurial and venture experience. The firm has built a premier ecosystem of top-tier emerging manager funds (EMFs) and LPs through its invitation-only community, The Promontory, and its Emerging Horizons event series. MDSV’s Emerging Manager Alpha at Scale strategy targets the top 1% of emerging managers while investing directly in early-growth outliers from their portfolios. Learn more at www.mdsvcapital.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Joshua Berkowitz of Berkocorp joins Earnest and Alexa to share his journey transitioning his family office from real estate to venture capital, offering candid insights on building relationships with top VC and PE managers, the importance of patience and long-term thinking, and the realities of portfolio construction. The discussion covers how to underwrite exceptional managers, the value of GP and LP recommendations, and the evolving landscape of venture, especially the rise of young founders and AI-driven startups. Listeners will also hear from Shane Goudey from Sidley on trends in fund formation and the current state of the venture market. Key takeaways include the need for genuine interest and commitment in venture investing, the benefits of a diversified yet opportunistic portfolio, practical advice for family offices considering this asset class, and so much more. Highlights from this week’s conversation include: Joshua’s Background and Transition From Real Estate to Venture Capital (0:12) Diversifying from Real Estate to Venture (1:43) Commitment and Learning Curve in Venture Capital (3:45) GP References vs. LP Recommendations (5:36) Reflections on First Investments & Portfolio Design (7:24) Deployment Strategy and Allocation Modeling (10:53) Fund Formation Market Trends and Sponsor’s Perspective (16:21) Underwriting Individual GPs & What Makes a Good Manager (18:11) Suitability and Motivation for Family Offices in Venture (20:57) Return Expectations and Investment Strategy (24:55) Challenges with Fund Lives & Reclassifying Mature Assets (27:21) Trends: Resurgence of Young Founders & AI (29:45) Closing Thoughts and Next Steps for Berkocorp (33:11) Berkocorp is a Canadian family investment office managing a Vancouver-based real estate portfolio and actively backing top venture capital and private equity managers across North America. Led by Managing Principal Joshua Berkowitz, Berkocorp takes an independent, long-term approach to capital partnerships, with a portfolio spanning micro VCs to billion-dollar growth funds. Learn more at www.linkedin.com/company/berkocorp.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Highlights from this week’s conversation include: Michaela’s Career Journey and Entry into Impact Investing (1:06) Lessons from Early Impact Experiences (3:36) Misconceptions about Impact Investing and Returns (6:39) Lessons from Clean Energy Investments (10:11) Venture and Asset Class Inclusion in Impact (12:03) Capricorn’s Ecosystem Building and Value Add (15:59) Current Client Questions and Market Backlash (17:49) Strategies and Dislocations in Capital Markets (19:39) Marie-Celine’s Background and Role at Capricorn (22:40) Asset Class Commitments (25:10) GP Engagement and Inflection Points (26:49) Investment Excellence and Entrepreneurial Teams (29:01) LP Relationships and GP Support (31:17) Mission Alignment for GPs (34:02) Due Diligence, Regulatory Risk, and Diversification (35:49) Connecting with Capricorn and Parting Thoughts (37:19) Capricorn Investment Group is a $13B mission-aligned investment firm founded on the belief that sustainable investment practices can enhance risk-adjusted returns. With offices in New York City and Palo Alto, Capricorn invests across asset classes, from venture capital to GP staking, supporting scalable solutions to the world’s most pressing problems. Learn more at www.capricornllc.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Aram Verdiyan, partner at Accolade Partners. Aram shares his journey into venture capital and the principles behind Accolade’s top-performing fund-of-funds strategy. The discussion also covers the importance of access to elite managers, the value of portfolio concentration over diversification, and how disciplined, conviction-driven investing leads to superior returns. Aram delves into Accolade’s early and significant commitment to blockchain, the evolving landscape of liquidity and secondaries, and the firm’s hands-on approach to supporting GPs. Key takeaways include the need for LPs and VCs to focus on long-term relationships, maintain discipline in strategy, and recognize the outsized impact of a few exceptional investments in venture capital.Highlights from this week’s conversation include: Aram’s Background and Career Path (0:32) Cold Emailing and Early Fund of Funds Experience (3:40) Accolade’s Differentiation and Concentrated Approach (5:44) Venture Returns Dispersion and Benchmarking (8:39) Check Sizing and Manager Alignment (10:58) Re-Up Decisions and Evaluation Vectors (13:59) Identifying Gaps and New Strategies (16:45) Blockchain Investment Thesis (19:13) Advice for LPs Entering Blockchain (21:25) Blockchain and AI Intersection (24:45) Educating GPs and Staying Disciplined (27:59) Supporting Managers as They Scale (29:57) Liquidity Management in Venture (33:31) Connecting with Aram and Parting Thoughts (36:39) Accolade Partners is an alternative asset platform specializing in venture capital, growth equity, and blockchain fund investments. With $7B+ under management, Accolade targets top-tier returns through a highly selective approach to GP partnerships, focused on building concentrated portfolios of the 20-30 firms consistently delivering 3x net outcomes. Learn more at www.accoladepartners.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.