Swimming with Allocators

Highlights from this week’s conversation include:The Ten Year Treasury and its Role in Booms (1:51)The End of an Era and the Impact of COVID-19 (5:09)Shocking Revelation of the Ten-Year Yield (9:31)Reset and Retooling (11:05)LP Perspective on Venture (13:11)Investing in Legacy Assets (15:21)Insider Segment: New and Emerging Trends for LPA (16:37)Raising capital in the current market (19:25)Limited partner agreement terms (20:38)Necessary skills for managers in the next decade (22:05)The time of opportunity (29:50)Safety is danger (30:52)Roxane Googin is a world renowned authority on macroeconomic technology trends and the Chief Futurist of the fintech venture firm Group 11. Previously, Roxane was the editor of High Tech Observer, a long running invite-only publication read by institutional portfolio managers focusing on disruption in the technology sector. Her bold predictions included an inflation-free stock market boom in the 1990s, culminating in the Internet boom from the depths of the LTCM credit crisis in 1998, the internet bubble demise in September 2000, and the introduction of smartphones and cloud computing in May 2002 through her much acclaimed article “Six Simultaneous Equations”, to name a few. In addition to engineering experience in development and manufacturing, Roxane has experienced finance from the cradle to the grave: from venture capital, through equity analysis, to term and finally to asset-based lending. She uses her broad experience to envision the disruptions that are bound to come our way. Roxane Googin has a BS-EE from the University of Tennessee and an MBA from the University of Virginia.Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape. 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. Follow along and subscribe at swimmingwithallocators.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.

Highlights from this week’s conversation include:Tony's background and entry into institutional investing (1:26)Approaching co-investments and the process at PSERS (3:16)Manager selection process and portfolio construction (6:07)Constructing the private equity portfolio (10:45)Timing and relationship with new managers (12:52)Insider Segment: How could emerging managers benefit from general counsel? (15:27)The importance of track record for LPs (16:48)The first female-owned private equity fund (18:22)The GP Selection Process (18:58)Importance of Deal Flow and Proprietary Deal Flow (23:08)LP to LP Relationships (24:42)Consolidation in Distressed Markets (28:59)Final thoughts and takeaways (00:29:42)Tony Meadows, a seasoned Portfolio Manager with over 17 years of experience in investment accounting, research, and management, most recently worked as Portfolio Manager for the Private Equity team at PSERS, one of the world's largest state-sponsored benefit pension funds. In this role, he oversees a substantial portfolio comprising over $7 billion in commitments and a net asset value of $4 billion, strategically diversified across geographies, strategies, and sectors. Tony's impressive professional qualifications include holding the CPA and CAIA credentials, exemplifying his commitment to financial excellence. His core competencies encompass sourcing, evaluating, recommending, and diligently monitoring private equity fund investments and co-investments, complemented by his adeptness in market analysis, due diligence, and risk assessment. Tony's remarkable achievements include pioneering investments in the Japanese and Korean private equity markets, as well as facilitating PSERS' first foray into a female-owned private equity fund. Furthermore, he has played a pivotal role in institutionalizing the co-investment underwriting process, resulting in over 35 co-investment commitments totaling more than $800 million. Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape. 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. Follow along and subscribe at swimmingwithallocators.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.

Michael Ashley Schulman, Managing Partner at Running Point Capital, discusses transitioning from public stocks to venture, Running Point's unique investment philosophy, advice for managers launching their first fund, criteria for selecting VC managers, challenges for family offices, ESG vs. impact investing, and building/selling companies in challenging times.

Jordan Nel from Hummingbird Ventures discusses identifying outlier venture funds, shifting from winning to picking, signal in track records, changing the venture landscape, competitive edge in venture investing, scaling VC funds, effective communication and brand strategy, opportunities in deep tech, and advice for LPs and fund managers.

Dive into the origins of a unique fund focused on uplifting underrepresented voices in venture capital. Discover the shift towards cash management and the impending opportunities amid market consolidation. The hosts discuss the importance of authenticity in fundraising and the hurdles diverse managers face. Learn how emerging managers can leverage their backgrounds to foster trust and promote success. Exciting insights on the future of venture capital reveal potential growth and diversification strategies that promise a more inclusive industry.

Highlights from this week’s conversation include:The journey in institutional investments (2:04)Perspectives on Venture Captial (3:50)Becoming a coach for emerging managers (5:50)The Manager Accelerator Program (9:18)Functions of a VC Firm (12:42)Insider Insight: Tim Flannery on the need for Electronic Subscription Documents (13:27)Finding investors (16:45)The Evolution of Venture Capital (19:37)Supporting Emerging Managers (22:24)The rise of fund formation (24:38)Shift in market dynamics (26:36)The selection process for managers (33:00)Trends and shifts in the industry (35:19)The mismanagement of portfolio construction and reserves (40:43)The need for increased specialization in fund formation (41:35)The potential rise of specialized venture funds (42:36)Final thoughts and takeaways (45:45)Coolwater Capital focuses on emerging managers and technology investments. The firm has worked with over 240 emerging managers in the last four years by focusing on a model to build, launch and scale emerging fund managers.Passthrough turns investor onboarding into a solved problem – it seamlessly manages subscription document distribution, execution, and compliance in minutes. As a leader in fund workflow automation for investors, fund managers, and other fintechs, Passthrough provides an integrated platform solution that makes the subscription document process turnkey for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a full service KYC/AML product that streamlines collecting information from investors and screening them against sanctions lists so fund managers can remain compliant.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. Follow along and subscribe at swimmingwithallocators.com. 

Highlights from this week’s conversation include:The importance of outsourced CIO services (0:24)Common mistakes fund managers make when fundraising (2:02)The future of venture investing and sectors to get disrupted (6:35)The importance of talking to people across different fields (8:36)Managing portfolios with an asset allocation that includes private equity (10:28)Changing views on venture investing among institutional investors (12:59)The importance of understanding fund strategy (16:46)The need for a premium return in private markets (17:20)Vetting managers in the venture space (17:42)Special Segment from Our Industry Expert: Tim Flannery of Passthrough (19:05)The importance of focus in portfolio management (28:12)Challenges for established firms and the importance of succession planning (29:09)Investing in emerging markets and understanding currency impact (32:14)Final thoughts and takeaways (36:12)RockCreek is a global multi-asset investment firm that applies innovation, data, and technology to sustainable investing. With over $15 billion in assets and decades of experience investing in the energy transition, health, mobility, affordable housing, and fintech, RockCreek partners with university endowments, foundations, pension plans, sovereign funds, and family offices to generate long-term value and make business and financial models more inclusive and sustainable. RockCreek’s private markets teams invest in early stage, growth, and late-stage companies, and its Outsourced Chief Investment Officer (OCIO) and multi-asset class teams invest with leading partners in hard to access opportunities and emerging talent.Passthrough turns investor onboarding into a solved problem – it seamlessly manages subscription document distribution, execution, and compliance in minutes. As a leader in fund workflow automation for investors, fund managers, and other fintechs, Passthrough provides an integrated platform solution that makes the subscription document process turnkey for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a full service KYC/AML product that streamlines collecting information from investors and screening them against sanctions lists so fund managers can remain compliant.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts by Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. In 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. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!

Swimming with Allocators 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. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!