Swimming with Allocators

Venture capital expert Kate Nevin discusses expanding investment strategies, including sourcing, early stage investments, supporting female managers, and diversity in venture capital. Highlights include simplifying SPVs, negotiating terms, sustainability in VC, impact investing, and empowering women in finance. She emphasizes the importance of mentoring female founders and advocating for diversity and community building in the investment world.

Highlights from this week’s conversation include: The LA venture ecosystem (0:43) Unique investment opportunities in LA (3:54) Leveraging entertainment and deep tech in LA (6:42) The Partnership between Josh and Ankeet (7:47) Finding the right partner (9:23) The goal of FirstLook Partners (11:35) Fee structure of fund of funds (15:47) Strategy Shifts and Market Validation (18:13) Co-Investment Strategy (20:05) Investment Thesis and Co-Investment Opportunities (21:30) Insider Segment: Fund Administration and the Rise of Hybrid Fund Models (24:42) Product Development and Core Focus (27:18) Future of Venture Capital and Hybrid Fund Models (31:36) Sourcing new managers (36:46) Criteria for manager selection (37:41) Unique investment strategies (38:24) Venture allocation and market dynamics (43:40) Challenges in decision-making and final takeaways (44:57) Founded in 2023, FirstLook Partners is a hybrid fund of funds investing in venture capital firms under $50M and software companies. FirstLook is managed by Josh Porter in Los Angeles, CA and Ankeet Kansupada in Chicago, IL. Visit their website at firstlookpartners.com.Sydecar.io is a frictionless deal execution platform for venture investors. Our platform handles back-office operations for venture investors, automating banking, compliance, contracts, and reporting so that customers can focus on making deals and building relationships. Learn more at www.sydecar.io.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

Highlights from this week’s conversation include: Edward and Earnest’s Basketball Memories (0:47) The importance of pension investments (5:42) How fund managers should approach pension plans (7:59) Unique challenges of pension plans (10:41) Role of venture in the portfolio (13:02) Impact of public markets on venture deployment (14:14) Looking for new managers in 2024 (16:11) Investment vehicles (18:17) Insider Segment: Revolutionizing Venture Capital Operations (20:44) Fund administration best practices (23:24) Trends in SPVs (24:52) Warehousing deals (28:33) Comparison and tracking of managers (31:02) DPI and Valuation Accuracy (32:50) Liquidity and Capital Strategies (35:06) Zombie Funds and Succession Planning (37:44) Venture Capital and Portfolio Diversification (44:08) Final Thoughts and Takeaways (45:38) The San Francisco Employees’ Retirement System (SFERS) is dedicated to securing, protecting, and prudently investing pension trust assets, administering mandated benefits programs, and providing promised benefits to more than 77,000 active, vested, and retired City and County of San Francisco employees and their survivors. SFERS administers two benefit programs, a $33 billion Pension Plan (defined benefit plan) and a voluntary employee 457(b) Deferred Compensation Plan. For more information, visit their website.Sydecar.io is a frictionless deal execution platform for venture investors. Our platform handles back-office operations for venture investors, automating banking, compliance, contracts, and reporting so that customers can focus on making deals and building relationships. Learn more at www.sydecar.io.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

Highlights from this week’s conversation include: Chris’ background and expertise in private market investments  (0:12) Challenges of Venture Capital (2:14) Multifamily Offices and Client Demographics (4:42) Advice on Participating in Alternative Investments (6:16) Sourcing of Fund Managers (8:22) Behavioral Finance and Market Behavior (9:45) Opportunities in Private Credit (12:37) Behavioral Finance in Due Diligence (13:17) Insider Segment: Matching Team Talent to Capital (15:59) Valuing People and Operations in Startups (17:36) Market Bubbles, Crashes, and Underwriting Strategies (19:10) Networking, Learning, and Building Brand (24:39) Impact of Institutionalization on Private Investments (26:31) Negotiating with Fund Managers (29:36) Adapting Criteria for Fund Managers (32:21) Fun Fact: Chris’ Private Detective Days (33:15) Final Thoughts and Takeaways (35:45) Caprock, founded in 2005, provides aligned management of complex wealth for ultra-high-net-worth individuals and families. Caprock goes beyond investment execution, managing each client’s entire balance sheet for true alignment with their objectives. The firm is a privately held, multi-family office with more than $8.6 billion in assets under advisement. Caprock specializes in non-public markets, managing more than $4 billion in private market investments. Furthermore, Caprock adheres to a longstanding and principled approach to integrated impact investing. The firm serves as a full-service outsourced Chief Financial Officer and Chief Investment Officer, offering clients unique portfolios that secure their financial legacy, free from Wall Street’s constraints and conflicts. The firm is an SEC-registered investment advisor and a founding B-Corporation with locations in Boise, Seattle, San Jose, Newport Beach, Park City, New York, and Austin. This site is intended to provide general information about Caprock and is not a solicitation or offer to sell investment advisory services except in states where we are registered or where an exemption or exclusion from such registration exists. All content is for informational purposes only and may not constitute a complete description of available investment services. Registration with the SEC does not imply a certain level of skill or training.Armstrong International is a specialist financial services executive search firm with 30 years'​ experience across Public and Private Markets. Our consultants possess deep subject matter expertise within; Fixed Income, Equities, Private Equity, Private Debt, Digital (Data Science & Technology), Private Wealth, Corporate Finance, Real Estate, Infrastructure, Emerging Markets, Credit, FX, Emerging Markets & Commodities We are trusted by some of the world's leading financial institutions, who use us for 3 primary reasons: industry expertise, speed of hire, and ease of doing business. We like to innovate and have been at the forefront of some of the most profitable and exciting changes in the industry, including the technology revolution and the ever-expanding world of Private Markets.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

Highlights from this week’s conversation include: Jason’s background as an LP (0:27) Learning as an LP (3:00) Deal Flow and Decision Making (4:54) LP Archetype and Relationship Building (9:07) Venture Investment Strategy (10:55) Communication and Strategy (14:48) Different Investor Preferences (16:25) Predatory Behavior in Acquisitions (18:49) Insider Segment: Advice for Entering the Venture Capital Industry (23:53) The Future of Venture Capital (26:40) Jason's Fund Strategy (30:39) Defining Success and Legacy (32:45) Early Success and Process (35:14) The Future of Startups (40:31) LPs and GPs Relationship (43:10) Jason's Philosophy on Success (46:44) Jason's Process and Parting Advice (49:29) Jason Calacanis is an American Internet entrepreneur, angel investor, and podcaster known for his keen insights into the tech startup ecosystem. With a net worth of approximately $100 million, he invests in over 100 startups annually through Launch.co. Calacanis also educates aspiring founders at Founder University and hosts the popular podcasts “All in Podcast” and "This Week in Startups." His notable investments include Uber and Robinhood.Armstrong International is a specialist financial services executive search firm with 30 years'​ experience across Public and Private Markets. Our consultants possess deep subject matter expertise within; Fixed Income, Equities, Private Equity, Private Debt, Digital (Data Science & Technology), Private Wealth, Corporate Finance, Real Estate, Infrastructure, Emerging Markets, Credit, FX, Emerging Markets & Commodities We are trusted by some of the world's leading financial institutions, who use us for 3 primary reasons: industry expertise, speed of hire, and ease of doing business. We like to innovate and have been at the forefront of some of the most profitable and exciting changes in the industry, including the technology revolution and the ever-expanding world of Private Markets.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

Highlights from this week’s conversation include: Themes from Allocators (1:29) Opportunities and Market Trends (5:49) Debate on Venture Returns and Fund Strategies (8:22) Opportunity and Market Bifurcation (13:13) Game: FMK - Fund Manager Scenarios (15:24) Discussion of the value of a founder's experience and relationships (19:35) Investor Archetypes (20:48) Flight Risk of GPs (22:55) VC Contraction (25:50) LPs and Founders' Perspective (29:06) Sourcing, Selection, and Support (32:23) Support for Founders (33:11) The AI tool for due diligence (34:05) First-time fund manager's dilemma (35:19) What LPs should ask GPs (38:14) Nostalgia in the VC industry (42:17) Reflection on the industry's inflection point (44:34) Final thoughts and takeaways (45:27) 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. 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

Highlights from this week’s conversation include: Eric’s background in venture and investing (0:02) Lessons from a Bottom Decile Experience (2:20) Motivation to Enter the Venture Capital Space (3:45) Challenges for New LP Allocators (6:08) Supporting Emerging Managers (7:35) Specialists vs. Generalists (10:53) Judging New Fund Managers (16:24) Attributes for Winning in Fund Management (18:57) Insider Segment: Building Teams in Venture Capital (21:00) Starting in Venture Capital (27:02) Future of Venture Capital (28:14) Finding Family Offices (31:16) Investing through fund of funds (34:32) Engagement with LPAC (38:02) Follow-on strategy and tiered investment (40:24) Challenges and advice for emerging managers (45:03) Eric Sippel is an esteemed philanthropist and investor. He currently runs his family office and is an active investor and adviser to real estate, venture capital, and hedge funds. Previously, he was the COO of Eastbourne Capital Management, a multi-billion dollar hedge fund firm, and a Partner at Shartsis, Friese & Ginsburg, where he was a nationally recognized hedge fund and venture capital lawyer.  Eric graduated from Stanford Law with Distinction and Wesleyan University with Honors in General Scholarship. Eric has served on many nonprofit boards, including his current role as Chair of Goodwill of San Francisco, San Mateo, and Marin Counties.Armstrong International is a specialist financial services executive search firm with 30 years'​ experience across Public and Private Markets. Our consultants possess deep subject matter expertise within; Fixed Income, Equities, Private Equity, Private Debt, Digital (Data Science & Technology), Private Wealth, Corporate Finance, Real Estate, Infrastructure, Emerging Markets, Credit, FX, Emerging Markets & Commodities We are trusted by some of the world's leading financial institutions, who use us for 3 primary reasons: industry expertise, speed of hire, and ease of doing business. We like to innovate and have been at the forefront of some of the most profitable and exciting changes in the industry, including the technology revolution and the ever-expanding world of Private Markets.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. 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

Highlights from this week’s conversation include: Boris’ Reasoning for Investing in Emerging Managers (0:57) Wrong Reasons for VC Investment in Emerging Managers (3:15) Funding Strategy at Version One (4:28) Motivation for GP Level Investments (5:27) Areas of Interest for Investments (6:59) Relationship with Fund Managers (8:24) How One Tweet Generated an Overwhelming Response (11:56) Insider segment: Building Successful Teams with Ownership and Accountability (14:13) Trends in VC (24:32) Climate and Tech Funds (26:48) Investing in Climate (28:55) Fundraising Strategies (29:53) Advice for Emerging Managers (32:10) Fundraising Tactics (35:40) The LP Investment Mindset (37:53) Importance of Conviction in Risky Asset Classes (39:28) Success Stories and Non-traditional Paths (40:02) Selecting Emerging Managers (41:13) Final thoughts and takeaways (43:33) Boris Wertz is an entrepreneur turned investor. He is Co-Founder of AbeBooks, which sold to Amazon. And an early-stage investor and founding partner at Version One. Their Current portfolio of 100+ investments, includes Ada, Booster Fuels, Coinbase, Dapper Labs, Jobber, Outreach, Shippo, and Uniswap.versionone.vcArmstrong International is a specialist financial services executive search firm with 30 years'​ experience across Public and Private Markets. Our consultants possess deep subject matter expertise within; Fixed Income, Equities, Private Equity, Private Debt, Digital (Data Science & Technology), Private Wealth, Corporate Finance, Real Estate, Infrastructure, Emerging Markets, Credit, FX, Emerging Markets & Commodities We are trusted by some of the world's leading financial institutions, who use us for 3 primary reasons: industry expertise, speed of hire, and ease of doing business. We like to innovate and have been at the forefront of some of the most profitable and exciting changes in the industry, including the technology revolution and the ever-expanding world of Private Markets. www.armstrongint.comSwimming 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. 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

Highlights from this week’s conversation include: The Venture Landscape (0:23) Investing in Venture (3:18) The Evolution of Venture (5:16) Rise of Key-Nodes (8:38) Challenges and Opportunities for Key-Nodes (12:36) Criteria for Micro VCs (18:35) Selecting and Supporting Venture Capitalists (18:51) Examples of Successful Fund Managers (25:14) Misconceptions in Working with Organizations (27:38) Insider Segment: The Role of Technology in AltAssets (31:25) The syndicate vs fund structure (36:08) Misconceptions about venture capital (37:26) Selecting and evaluating early stage funds (39:32) Challenges in selecting venture capital managers (41:44) Novel strategies and considerations in venture capital (44:31) Hype cycles and emerging trends in venture capital (45:54) Connecting with Frank and Morgan Creek Capital (48:20) Final thoughts and takeaways (49:57) Morgan Creek Capital Management, LLC is an SEC-registered investment adviser founded with a vision of offering institutional and family office investors the same forward-looking strategies that made the large university endowments its leadership had previously managed so successful: integrating alternative investments into traditional equity and fixed income portfolios. Morgan Creek provides a customized outsourced investment office to clients in need of a targeted solution, as well as discretionary strategies to assist clients in building investment programs based on the University Endowment Model. Many members of our senior investment team have a fiduciary pedigree, having previously worked at some of the top university endowment programs in the country (Notre Dame, UNC-Chapel Hill, Duke and Stanford), and with this experience of allocating capital across all asset classes, the firm has built a global network with access to what we believe to be top-tier investment managers.Canopy is a fintech company on a mission to democratize access to private investments. We believe early access to world-changing projects should not be limited to the ultra-wealthy. By automating the process of private investment with a technology-first approach, we are building a future where investing in alternative assets is simple and streamlined for both managers and individual investors alike. Learn more at www.heycanopy.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. 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. 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

Highlights from this week’s conversation include: Sarah's background in innovation and corporate partnerships (1:02) Challenges with Corporate Partners and Innovation (5:06) Strategic Corporate LPs and their Sustainability (7:23) Recognizing a Different Business Model (9:54) Insider Segment: The Role of SPVs and Opportunity Funds (15:56) Venture studio landscape (17:57) Advantages of company creation (19:12) Criteria for Selecting Fund Managers (22:09) Backed funds and their qualities (23:56) Mistakes in company creation (26:37) Gender disparities in company creation (32:09) Benchmarking founder worth (35:11) Early exits and company creation (36:02) High potential asset class (38:27) Final thoughts and takeaways (39:14) Vault Fund was founded in 2021 and invests exclusively in company creation entities (“company creators”), otherwise known as venture studios. Vault defines a company creator as an entity that serves as the founder or co-founder across their portfolio. Investing in this space since 2015, the leaders of Vault Fund strongly believe that company creation funds have business model advantages to scale innovation and build high quality, resilient companies that create portfolio level alpha more efficiently. Learn more at www.vaultfund.com. Canopy is a fintech company on a mission to democratize access to private investments. We believe early access to world-changing projects should not be limited to the ultra-wealthy. By automating the process of private investment with a technology-first approach, we are building a future where investing in alternative assets is simple and streamlined for both managers and individual investors alike. Learn more at www.heycanopy.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. 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. 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