Swimming with Allocators

This week on Swimming with Allocators, Earnest wraps up the “Best of” moments of the year for the podcast. These moments feature insightful conversations with leading voices in venture capital and fund management. Topics include the challenges LPs face in today’s market, strategies for selecting and supporting emerging fund managers, evolving industry trends in fintech, crypto, and AI, and the critical importance of transparency, humility, and strong client relationships. Key takeaways highlight the necessity for a compelling thesis, expert communication, and adaptability in a hyper-competitive market, providing actionable lessons for both established players and new entrants in the venture ecosystem. Don’t miss the top moments from the show this year!  Highlights from this week’s conversation include: Season Highlights and the Best Of Countdown (0:34) Reflections on Venture Capital Lessons and Year-End Energy (3:45) Laura Thompson and Her Impact on LP Transparency (7:37) Challenges of Fund Underwriting and the Importance of Reference Work (11:21) Trends in Fintech, AI, Crypto, and Their Effect on Manager Selection (15:12) How to Approach Reserves and Portfolio Construction (18:55) The Difficulties and Opportunities for Emerging Managers Today (22:41) Capital Formation Insights With Guest Megan Reynolds (26:25) Why Client Experience Is as Important as Fund Performance (30:10) Industry Institutionalization, Reporting, and Relationship Trends (33:57) The Evolving Retail LP Market and the Future of Venture Access (37:41) What Makes Great Emerging Managers and Fund Builders Stand Out (41:25) Lessons Learned, Teamwork in Investing, and Season Wrap-Up (45:12) 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, it’s a bonus episode as Earnest talks about the "Best of Season Three" on the show, highlighting memorable moments and insights from the year’s most popular shows. Topics include building intentionally diverse venture portfolios, the value of connecting distinct networks in the VC space, and innovative approaches to GP seeding and strategic partnerships for fund managers. Key takeaways for listeners are the importance of focusing on quality and flexibility over rigid investment categories, embracing discomfort to foster impactful professional connections, and looking beyond the largest funds to find unique opportunities and generate true alpha in venture capital. Don’t miss a look back at some of the best moments on the podcast in 2025. Highlights from this week’s conversation include: Welcome and Introduction to the Best Of Episode (0:02) Honorable Mention: Joshua Berkowitz on Venture Portfolios (3:43) Embracing “A Mess by Design” in Portfolio Strategy (4:03) Kevin and Raudline on Network Building and Connectivity (9:41) The Value of Bridging Networks and Network Effects (12:36) Capital Concentration and Middle-Market Allocators (14:33) Trends in Venture Capital for 2025 and Beyond (17:35) Jason Howard on GP Seeding and Strategic Partnerships (22:25) Partnership Benefits and Advisor Roles for GPs (27:02) Final Thoughts and Takeaways (35:57) 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, Elizabeth Egan of TIFF Investment Management shares her journey through the investment industry, offering insights from her experiences as both an LP and GP, and highlighting the valuable lessons learned from her time in the consumer sector. The conversation also explores TIFF’s focused approach to private markets, why brand and network effects matter in venture investing, and the necessity of diligence and unique perspectives to identify emerging managers in a competitive landscape. Key takeaways include the importance of building long-term relationships, the critical role of GP talent density, and how LPs can generate strong returns by backing early-stage, specialist managers. Also, don’t miss our insider segment as Shane Goudey of Sidley discusses how fund managers are increasingly engaging with the secondary market and adopting creative structures like continuation funds and preferred equity to provide liquidity options and manage complex relationships with limited partners. Highlights from this week’s conversation include: Welcome, Introductions, and Elizabeth’s Career Journey (0:42) Benefits of Early LP Experience and Investment Perspective Shift (3:07) The Importance of Evaluating Deals with the "Sniff Test" (4:43) How Consumer Packaged Goods Experience Informs Investing (6:39) The Role of AI in Venture Capital and the Importance of Judgment (8:37) Human-Centric Strategies and Network Effects in Venture Capital (10:19) Defining Success at TIFF and Generating High Returns (14:07) Discussion of Venture and Private Equity Liquidity Strategies (18:12) The Negotiation Layers in SPV and Fund Structures (23:35) Rationale Behind TIFF’s Focus on Specific Market Segments (26:19) How TIFF Selects and Builds Relationships With Early Managers (28:43) Communicating Early Investment Focus to Clients (31:10) Growing With Managers Through Direct and Fund Investments (32:55) Seeking Long-Term Vision in Fund Managers, Not Just Investors (35:09) The Future of Venture: GP Talent Density and Market Trends (37:59) The Importance of Finding Breakout GPs and Parting Thoughts (41:02) TIFF Investment Management TIFF is an OCIO (Outsourced Chief Investment Office) founded by the Rockefeller and MacArthur Foundations to serve the nonprofit community. TIFF manages approximately $10 billion in assets as of September 30, 2025, including roughly $3.0 billion overseen by the private markets team across venture capital, private equity, and direct equity strategies. Learn more at https://www.tiff.org. 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. 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. Elizabeth Egan is a Director at TIFF Investment Management. The views expressed on this podcast are her own and are for informational purposes only. They should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. Any examples or discussions are intended for general educational purposes and should not be relied upon for making investment decisions. Past performance is not indicative of future results. Investments in private funds involve a high degree of risk, including the potential loss of principal. TIFF does not endorse, sponsor, or approve any advertisements that may appear during this podcast. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, Apurva Mehta, Co-Founder and Managing Partner at Summit Peak Investments, joins Earnest and Alexa to share his unique journey from institutional portfolio management to building a venture fund of funds. The discussion covers building strong networks and communities for allocators and GPs, adapting to the evolving and increasingly crowded venture landscape, and maintaining discipline in fund size and valuations. Key takeaways include the importance of deep relationships and responsiveness, rigorous diligence in a noisy market, and the advantages of staying nimble to deliver consistent returns and foster long-term partnerships. Also, don’t miss Shane Goudey of Sidley as he discusses venture funds practice, building a robust, full-service legal team for venture capital clients and the current surge in fund formation and liquidity as the venture market heats up at the end of 2025. Highlights from this week’s conversation include: The Journey of Apurva Mehta in Allocations and Investing (0:32) How Apurva Built A Network-First Allocator Community (3:54) The Inception of Summit Peak and Entrepreneurial Spirit (7:46) The Importance of Being the Central Node in Venture (11:09) Identifying New GPs and Evolving Venture Networks (15:13) On The Challenges of Filtering and Iterating for Success (19:20) The Legal and Fund Formation Landscape with Shane Goudey (22:57) Fund Manager Trends and What Surprises Apurva (27:53) Concerns About Market Valuations and Fund Size Discipline (30:39) Impact of Market Dynamics on Growth Deal Approaches (34:18) Being Proactive Versus Passive in Co-Investing (38:28) Trends and Predictions for the Next 10 Years in Allocations (41:49) Summit Peak’s Vision For Success and Staying Nimble (44:57) Summit Peak Investments is a venture-focused investment platform backing the next generation of exceptional managers. With a dual strategy of investing in top-performing pre-seed and seed-stage funds alongside targeted Series B+ co-investments, Summit Peak partners with GPs and founders to generate long-term, outsized returns. Learn more at summitpeakinv.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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices