Swimming with Allocators

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

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

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

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

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

Jason Howard, the Founder and Managing Partner of New Catalyst Strategic Partners, shares his journey from finance and entertainment to developing his firm focused on GP seeding. He discusses how lessons from Hollywood taught him about alignment in investments. Key topics include New Catalyst's innovative three-pronged strategy for manager support, navigating funding gaps, and co-investing approaches. Jason also highlights the importance of early partnerships and operational support to enhance success for new fund managers in today's competitive private market landscape.

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.

Highlights from this week’s conversation include: Wendy’s Origin Story and Entry into Allocator World (1:17) Early Lessons as an Allocator (3:59) Gravitating Toward Private Assets (6:39) Founding Ivy Invest: The Problem and Vision (8:06) Trends and Tailwinds in Asset Management (11:01) Challenges Bridging Institutions and Individuals (13:55) Bridging Institutional and Individual Experiences (16:47) Is Retail Capital a New Institutional Staple? (19:58) Why Early-Stage Venture “Math Still Works” (24:00) Institutional Governance and Fund Size Trends (27:14) Advice for Emerging Managers Approaching Institutions (29:45) Where Alpha Will Come From in Venture (33:13) Intangibles and Differentiation in Early-Stage Managers (36:26) Final Thoughts and Takeaways (39:56) Ivy Invest brings institutional-quality portfolios to individual investors using an endowment-style investment framework. Co-founded by Wendy Li, Ivy invests across equities, income, and diversifiers—partnering with experienced asset managers to deliver performance, discipline, and access. Learn more at www.ivyinvest.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. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, Earnest and Alexa welcome Jon Wolkin, Managing Director of Deloitte Ventures. Jon shares his journey from investment banking to corporate venture, highlighting Deloitte's $150 million fund strategy that balances direct and fund investments across key technology verticals like AI, future of work, and health tech. The discussion reveals critical insights into corporate venture capital, emphasizing the importance of having a clear "North Star" strategy, understanding long-term value creation, and navigating the complex ecosystem of innovation. Key takeaways include the need for corporations to move quickly, provide strategic value beyond capital, and remain adaptable in a rapidly changing technological landscape. Jon also provides unique perspectives on the Canadian venture ecosystem, noting its potential in emerging technologies and the relatively low corporate venture participation compared to the US market. Don’t miss this in-depth discussion.Highlights from this week’s conversation include: Jon’s Career Journey (1:18) Transition to Corporate Venture and Deloitte (3:19) Strategic vs. Financial Objectives in CVC (4:39) Long-term vs. Short-term Goals in Venture (7:15) Challenges of Launching a Venture Arm in a Partnership (9:11) Direct vs. Fund Investing Strategy (11:53) Fund Selection and Ecosystem Engagement (13:20) Alignment of Direct and Fund Investment Verticals (17:29) Corporate VC Activity in Downturns (22:56) Misconceptions About Corporate Venture Groups (25:21) Advice for Emerging Managers Working with Corporates (27:59) Key Learnings and Reflections at Deloitte Ventures (30:11) Final Thoughts and Takeaways (32:20) Deloitte Ventures Canada is a $150M corporate venture capital fund investing in Series A and B companies across fintech, cyber, climate, data/AI, and work tech. With a dual mandate of direct investments and fund investments, Deloitte Ventures is strategically positioned to support innovation while delivering financial and strategic value. Learn more at www.deloitte.ca.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. Learn more about your ad choices. Visit megaphone.fm/adchoices