Swimming with Allocators

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.

This week on Swimming with Allocators, Earnest and Alexa welcome Lara Banks, Managing Director at Makena Capital Management. Lara shares her journey from real assets to venture capital and offers an inside look at Makena’s approach to manager selection, portfolio construction, and the evolving role of LPs. The discussion also covers the endowment model, the impact of AI and market shifts on venture and private equity, and the growing importance of grit, adaptability, and unique value for emerging managers. Listeners will gain insights into current challenges like illiquidity, the rise of secondaries, and the need for cross-pollination between venture and PE, as well as practical advice for building durable firms and navigating today’s dynamic investment landscape. Don’t miss this great conversation!Highlights from this week’s conversation include:Lara’s Career Path and Origin Story (1:14)Overview of Makena Capital Management (4:04)Changes in Venture Strategy and Market Dynamics (6:06)Investable Building Blocks Explained (9:14)Challenges for Allocators in Today’s Market (10:18)Goals for 2025 and Manager Selection (16:02)Advice for Managers Navigating Market Cycles (22:36)What Makes a Great Growth Equity Manager (26:16)Cross-Pollination Between PE and Venture (28:16)Opportunities in Underfunded Founders and Growth Equity (31:34)How Emerging Managers Can Stand Out (34:02)Final Thoughts and Takeaways (36:51)Makena Capital is a ~$22B endowment-style investment firm founded in 2005 by alumni of the Stanford Management Company. Located on Sand Hill Road, Makena partners with world-class managers across asset classes with a legacy of early and ongoing investment in venture capital. Learn more at www.makenacap.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, it’s time for another debate, discuss, and question episode as Earnest and Alexa dive into the complexities of venture capital from both LP and GP perspectives, focusing on how fund managers can differentiate themselves and the art of due diligence. They also discuss the realities of fund and startup failure rates, the evolving importance of marketing and narrative in VC, and the challenges smaller LPs face in achieving true diversification. Listeners will gain insights into what LPs look for when selecting funds, the significance of relationships and track record, and practical advice for navigating the ever-changing VC landscape. Recommended podcasts and resources round out the episode, offering further learning for aspiring allocators and fund managers. You won’t want to miss this one!Highlights from this week’s conversation include:VC Lab Applications & Emerging Manager Interest (0:26)Commitment and Self-Belief in VC (1:41)Honesty in Startup vs. Fundraising Pitches (5:02)Pitching Preferences: Deck vs. Conversation (7:24)Differentiation in GP Pitches (9:07)Barriers for New GPs & LP Slot Scarcity (14:59)Portfolio Construction & Venture Alpha (17:28)Marketing, Narrative Control, and Full-Stack VC Firms (19:51)Thought Leadership and Brand Building in VC (25:05)AI Concentration and Diversification Challenges (30:01)Differentiation for Emerging Managers (32:33)Host’s Fund Plans: Stresswood (36:17)Lessons Learned & Must-Listen Episodes (38:58)Recommended LP-Related Content (41:36)Final Thoughts and Takeaways (43:33)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 Vishnu Amble, Founding Director, Trustee, and Investment Committee Member at GreenBear Group. Vishnu shares insights from his global investment career, discussing his transition from traditional finance to leading a mission-driven family office. The conversation explores the importance of building strong networks, lessons from backing both startups and fund managers, and the critical role of alignment and long-term relationships between LPs and GPs. Vishnu also highlights the impact of technology and outsourcing on investment efficiency, offers perspectives on energy and infrastructure trends, and emphasizes the need for persistence, clear objectives, and risk management. Key takeaways include the value of genuine partnerships, adapting to market cycles, the continued opportunities within the US innovation landscape, and more. Highlights from this week’s conversation include:Vishnu’s Career Journey: From Engineering to Finance (1:13)Global Perspective & LP Value Proposition (4:14)Manager Selection & Partnership Approach (6:31)LP Community & Tech Solutions (10:37)Diligence & Risk Tolerance Evolution (12:18)What Vishnu Looks for in Fund Managers (14:00)Fundraising Challenges in Thematic Funds (16:19)LP Alignment & Fund Composition (20:00)Building Relationships in the Age of AI (23:13)Tech, Costs, and Human Capital (24:18)Opportunities for Early Stage Investors (27:18)Historical Lessons & U.S. Market Endurance (28:55)Final Thoughts and Takeaways (31:06)GreenBear Group LLC is a single-family investment office and mission-driven philanthropic organization focused on fund partnerships, direct investments, and GP seeding. With over 20 years of global experience and deep conviction in values-aligned capital, GreenBear supports exceptional fund managers and founders advancing economic access, sustainability, and innovation.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 Jason Howard, Founder and Managing Partner of New Catalyst Strategic Partners. Jason shares his journey from finance and entertainment to launching a firm focused on GP seeding and supporting emerging managers in private markets. The discussion covers New Catalyst’s innovative approach to providing seed capital, operational support, and strategic partnerships, as well as insights into co-investment, secondary markets, and the challenges facing new fund managers. Key takeaways include the importance of alignment, scalable capital, and cross-industry lessons in building sustainable investment firms, along with practical advice for both GPs and LPs navigating today’s complex private market landscape. Don’t miss this great conversation.Highlights from this week’s conversation include:Jason’s Background and Career Journey (1:03)Lessons from Entertainment to Private Markets (4:27)Genesis and Mission of New Catalyst (8:30)New Catalyst’s Investment Approach (12:07)Market Gaps Addressed by New Catalysts (14:20)What is GP Seeding? (17:40)Manager Archetypes and Investment Focus (20:45)Trends in Fund Strategy Expansion (24:06)Value of First Partnership in GP Seeding (28:48)Strategic Partnership Support for Managers (31:46)Benefits of Seeding for LPs (33:37)Secondaries and GP Stakes (36:38)Final Thoughts and Takeaways (40:32)New Catalyst Strategic Partners is an independent alternative investment firm founded by industry veteran Jason Howard. Launched with significant capital from Apollo to support its growth, New Catalyst seeks to acquire economic interests and minority ownership in Next Generation private markets firms, providing them with the flexible, strategic capital and value creation resources they need to grow and succeed. To learn more, please visit www.newcatalystsp.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.

Diego De Colombres, founding general partner of Dissent Capital, shares his unique insights into the world of crypto venture capital. He discusses the shift from traditional equity research to focusing on specialized crypto fund-of-funds. Diego emphasizes the strategy of concentration over diversification to navigate the volatile market and the importance of supporting emerging managers. He also touches on trends like stablecoins and the intersection of crypto and AI, providing valuable advice on disciplined selection and long-term investment perspectives.

Brian O'Neil, former Chief Investment Officer of the Robert Wood Johnson Foundation, shares his wealth of experience in venture capital. He highlights the current challenges in the sector, including excessive funding and the shift towards profitability. Brian emphasizes the importance of diversification and patience in investing while navigating the complexities of private equity. He also discusses the potential of AI and personalized medicine, and the critical need for relationship-building among emerging managers. His insights offer a valuable perspective for allocators looking to succeed in this evolving landscape.