How I Invest with David Weisburd

William "Bill" Brown, Chief Investment Officer of Terrace Tower Group, shares insights from his tenure under billionaire Leonard Stern. He emphasizes avoiding "fake busy" work and finding true progress, while detailing how early signals shaped the Big Short trade. Bill discusses the importance of collecting insights across networks and recognizing patterns in diverse investments like crypto. He emphasizes energy management for productivity and staying engaged in fruitful environments to capture future opportunities.

Eva Shang, Co-founder of Legalist, shares her remarkable journey from Harvard dropout to leading a billion-dollar asset management firm. She discusses pivoting from legal analytics to litigation finance and the challenges of raising their first $10M fund without a track record. Eva explains why Legalist uses a fund model instead of a venture-backed approach and dives into the niche world of litigation finance. She highlights how technology and algorithms help identify investment opportunities and why talent and culture are vital for long-term success.

In this engaging discussion, Alex Edelson, Founder of Slipstream and former leader at QED Investors, unveils the secrets behind LP diligence and the challenges emerging managers face. He emphasizes how AI is transforming sourcing and research, and why a staggering 95% of funds are screened out before even getting references. Alex shares insights on building trust with GPs, the importance of 'real talk references,' and how deep tech requires unique strategies. This conversation is a treasure trove for understanding modern venture funding and building lasting partnerships.

Yasmine Lacaillade, founder of Sinefine and a seasoned capital formation leader, shares her insights on the complexities of raising venture funds. She explains why fundraising remains a challenge, even for experienced managers. Yasmine highlights the importance of treating fundraising like enterprise sales and maintaining a broad network while qualifying LPs effectively. She discusses her market mapping approach and how to deliver value from the very first meeting, emphasizing that team cohesion and culture are critical in investment success.

How do LPs unlock liquidity from private-fund positions without selling at a discount? In this episode, I talk with Alex Simpson, Co-founder of Liquid LP, a platform that provides NAV loans backed by LP and GP interests in private funds. Alex explains how NAV loans work, how lenders underwrite illiquid portfolios, and when borrowing may be preferable to selling in the secondary market. We also discuss how different types of investors—high-net-worth individuals, family offices, and institutions—use these loans for personal liquidity, capital calls, tax needs, portfolio rebalancing, or simply as a liquidity backstop. We also cover underwriting, LTV ranges, recourse structures, timing, advisory boards, and the origin story behind Liquid LP. Highlights: What a NAV loan is and how LP interests serve as collateral. Why some LPs choose a NAV loan rather than selling at a discount. How high-net-worth investors use NAV loans for personal liquidity and taxes. How institutions use NAV loans for portfolio management and capital calls. Differences between Liquid LP and large banks like J.P. Morgan or Goldman Sachs. Underwriting approach: fund quality, diversification, existing pledges, and use of proceeds. Typical LTV ranges (approx. 20–40%) depending on underlying collateral. Loan pricing drivers: asset quality, diversification, and loan structure. Loan timelines: from fast two-week processes to more complex multi-week cases. Recourse vs. non-recourse structures and when each applies. Why purpose of the loan matters for underwriting, even if terms are asset-driven. Standby NAV lending partnerships with funds to support LP liquidity. How GPs sometimes use loans to bridge GP commitments when DPI is slow. How Alex built Liquid LP, beginning with pre-IPO lending before shifting to LP liquidity solutions. Key risks in NAV lending: undisclosed pledges, documentation issues, and thin data on smaller funds. Lessons learned from building an advisory board and aligning incentives. Guest Bio: Alex Simpson is the Co-founder of Liquid LP, a fintech platform that provides NAV-backed lending solutions for LPs, GPs, family offices, and wealth-management clients. Before founding Liquid LP, Alex built and operated companies in South Africa and Australia and worked closely with executives at late-stage and pre-IPO technology companies. His experience in private markets, lending, and alternative-asset liquidity led him to develop a platform focused on helping investors access liquidity without selling long-term positions. Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com. Stay Connected: X / Twitter: David Weisburd: @dweisburd LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Alexander Simpson: https://www.linkedin.com/in/alsimpson1/ Links LiquidLP: https://www.linkedin.com/company/liquidlps/ Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com. (0:00) Introduction (1:07) Scale of operations, target clientele, and market rates (2:29) Use cases for institutions and competition with large banks (4:04) Due diligence and factors influencing loan terms (8:15) Recourse vs nonrecourse loans and loan's purpose (10:37) NAV loans for investment stability and GP commit solutions (12:46) Flexibility and risk assessment in lending (15:07) Loan durations, processing times, and standby partnerships (18:22) GP stakes field and LiquidLP's origin and evolution (21:04) NAV loan risks and managing an advisory board (24:34) Advisory board strategy and balancing impact with finance (27:52) Company culture, leveraging finance for impact, and unifying principles (34:25) Closing remarks

Mark Wade, a Partner at CAZ Investments, shares insights on the evolving world of GP stakes and their value. He explains how firms have changed their approach to seek external capital for growth and alignment of incentives. Mark delves into the differences between GP ownership and LP investment, emphasizing the importance of partnership stability and leadership succession. He also discusses why sports franchises are a hot investment choice, highlighting their low correlation with market volatility and potential for robust returns.

Dan Ives, Managing Director at Wedbush Securities, is a tech analyst renowned for his early calls on giants like Tesla and NVIDIA. In this conversation, he argues that traditional valuation methods are outdated in the AI era. He describes Tesla as the leading 'physical AI' company and reveals how AI is set to shape the next 40–50 years. Unpacking his unique pattern-recognition framework, he highlights the importance of field research in understanding market dynamics and identifies the next potential multi-baggers in AI.

Nolan Bean, Chief Investment Officer at FEG Investment Advisors, dives into the current landscape of private equity. He argues that large buyouts are struggling due to high entry multiples and rising capital, while the lower middle-market still offers great opportunities with founder-led deals. Nolan discusses the risks associated with small-company investments, the impact of 401(k) access to private markets, and the shrinking liquidity premium. He also emphasizes the importance of relationships in investing and advocating for a proactive, crisis-oriented investment strategy.

In this conversation, Pete Kadens, a serial entrepreneur and philanthropist behind Green Thumb Industries, spills the secrets of scaling a multibillion-dollar cannabis company. He reveals the power of targeting overlooked markets, particularly emphasizing female consumers aged 30-50. Kadens discusses the importance of operational discipline, financial transparency, and employee ownership for driving performance. Shifting from corporate success to philanthropy, he shares his journey of character transformation and parenting, blending purpose with presence.

Join S. Alan McKnight, Jr., the Executive Vice President and CIO at Regions Asset Management, as he unpacks secrets behind elite CIO decision-making. Discover why liquidity is misunderstood and how it impacts portfolio construction. Alan reveals his barbell strategy that combines hyper-liquid and hyper-private exposures to enhance returns. He emphasizes the importance of process accountability over outcome, and how structural alpha can be found in co-investments and secondaries. Plus, learn why embracing forced illiquidity can ironically lead to better decisions!