How I Invest with David Weisburd

Meghan Reynolds, Partner and Head of Capital Formation & Talent at Altimeter, has spent over 20 years at the intersection of GPs and LPs, helping some of the largest firms in the world raise capital, navigate investor relationships, and scale their strategies. In this episode, she breaks down what it takes to be a best-in-class capital raiser—how to expand into new strategies, find the right investors (not just any capital), and build enduring partnerships in a hypercompetitive environment. We also talk about what’s changed in the last 20 years, how the best GPs handle crisis communication, and why building a brand as an investor matters more than ever. Highlights: The difference between capital formation and investor relations—and why many GPs get it wrong How fund strategy changes impact the investor base Why the most strategic capital isn’t always the largest check Lessons from educating LPs about private equity in the early 2000s and private credit in the 2010s The real reasons LPs don’t re-up: performance vs. transparency Why geography, regulation, and timing matter in capital campaigns How investor communication has evolved with tools like WhatsApp and Zoom The enduring value of warm introductions in LP fundraising Why small LPs might one day become your biggest supporters -- Guest Bio: Meghan Reynolds is a Partner and Head of Capital Formation & Talent at Altimeter, a technology-focused investment firm. She leads the firm’s capital formation efforts and has previously held senior roles at TPG and Goldman Sachs. Over her two-decade career, Meghan has built deep relationships across the LP landscape, spanning sovereign wealth funds, pensions, endowments, and family offices. She is known for her insights into how firms scale, evolve their strategies, and communicate effectively with investors. 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. We’d like to thank @Carta and @Republic for sponsoring this episode! #VentureCapital #VC #Startups #OpenLP #AssetManagement -- Sponsor: At Carta, we’re on a mission to connect the participants in private capital — from investors and LPs to their portfolio companies — through a suite of financial intelligence and reporting software that’s purpose-built for venture capital and private equity. Since 2018, we’ve been empowering GPs, CFOs, and CEOs to escape obsolete systems of disconnected FP&A tools — all in favor of a single, unified software suite that helps them make impactful strategic decisions and deliver outstanding results for their investors. Learn more at: www.carta.com/fundtax Sponsor: Republic is the leading global investment platform making premier private market opportunities accessible to all investors. With over $3 billion deployed across its network of investment platforms, funds, and affiliated firms, Republic opens the door to new asset classes typically reserved for institutional investors such as—private equity, venture capital, and even sports teams and your favorite film producers. All securities, including the Hamilton Lane’s Private Infrastructure Fund, are offered through affiliate Republic Broker-Dealer, OpenDeal Broker LLC Member FINRA & SiPC. All securities come with specific risks not limited to a total loss of your investment. Past performance is not indicative of future results. Please review the risks specific to this investment on the HLPIF deal page hosted on http://republic.com/hlpif. -- Stay Connected: X / Twitter: David Weisburd: @dweisburd LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Meghan Reynolds: https://www.linkedin.com/in/meghankreynolds/ -- Links: Altimeter: https://www.altimeter.com/home -- Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com. (0:00) Episode preview (0:38) Strategic investment and capital formation (3:13) Launching and evolving fund strategies (5:28) Identifying new capital sources (8:52) Educating investors in private markets (12:25) First movers advantage vs. track record (18:13) Reasons LPs leave a fund and the importance of transparency (23:00) Enhancing LP communication and trust (27:27) Building trust through transparency and empathy (29:06) Equity and involvement in investor relations (31:31) Streamlining LP communication with tools (33:18) Capital allocation strategies and diversification (37:06) Geographic diversification strategy (41:47) Accessing and developing new LP relationships (47:00) Leveraging media and social media for fundraising (51:05) Internal and external communication strategies (55:00) Insights for LPs and staying connected (56:52) Closing remarks

D.A. Wallach’s journey is one of the most unconventional paths in venture capital. He went from fronting a rock band discovered by Kanye West and Pharrell, to investing in Spotify, SpaceX, and founding a biotech VC firm reshaping human medicine. In this episode, we dive into his evolution—from artist to investor—and what he’s learned from being in the room with Mark Zuckerberg, Elon Musk, and Ron Burkle. D.A. shares why great investing is an act of taste, how he earned his first big break with Ron Burkle at Inevitable Ventures, and why he believes biotech is the most exciting place to invest over the next decade. We also discuss how aesthetic intuition applies to investing, how to think in second and third order effects, and what it really means to be contrarian when contrarianism has gone mainstream. Highlights: How D.A. invested in SpaceX after meeting Elon Musk socially in LA Lessons from working with Spotify, including his invented role as “artist-in-residence” What he saw in Facebook in the early days and how he used it to grow his band How Kanye West and Pharrell discovered his music and launched his career The backstory behind raising capital for Spotify and meeting Ron Burkle What made Ashton Kutcher and D.A. uniquely valuable investors at the time Why he pivoted from tech into life sciences and started a healthcare-focused VC firm The importance of developing aesthetic judgment as an investor How to think about portfolio construction in biotech vs. software Why investing is mostly about people—and what pattern recognition D.A. uses The subtle power of learning from failures and “almost mistakes” How to be truly contrarian in an environment where contrarianism is trendy -- Guest Bio: D.A. Wallach is a venture capital investor and former recording artist. Discovered by Pharrell Williams while at Harvard, he toured with artists like Lady Gaga and Blink-182 and released music through Interscope and Capitol Records. In 2011, he shifted to investing, backing companies like Spotify, SpaceX, Ripple, and Neuralink. Today, he focuses on biotech and healthcare as co-founder of Time BioVentures. Named to Forbes' “30 Under 30” and Fast Company’s “100 Most Creative People,” D.A. also co-founded the Franca Fund for preventive genomics and appeared in the film La La Land. 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. We’d like to thank @Republic for sponsoring this episode! #VentureCapital #VC #Startups #OpenLP #AssetManagement -- Sponsor: Republic is the leading global investment platform making premier private market opportunities accessible to all investors. With over $3 billion deployed across its network of investment platforms, funds, and affiliated firms, Republic opens the door to new asset classes typically reserved for institutional investors such as—private equity, venture capital, and even sports teams and your favorite film producers. All securities, including the Hamilton Lane’s Private Infrastructure Fund, are offered through affiliate Republic Broker-Dealer, OpenDeal Broker LLC Member FINRA & SiPC. All securities come with specific risks not limited to a total loss of your investment. Past performance is not indicative of future results. Please review the risks specific to this investment on the HLPIF deal page hosted on http://republic.com/hlpif. -- Stay Connected: Twitter: David Weisburd: @dweisburd LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ D.A. Wallach: https://www.linkedin.com/in/dawallach/ Links Time BioVentures: https://www.timebioventures.com/ -- Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com. (0:00) Episode preview (2:00) Elon Musk's early views on AI and building SpaceX (4:18) Transition from music to investing and collaboration with Spotify (7:17) Leveraging Facebook for a band’s success and networking strategies (12:06) Mark Zuckerberg's early projects and the rise of Facebook (14:39) Contrarianism and its role in modern investing (19:22) How a music background influences investment decisions (22:32) Working with Ron Burkle and Inevitable Ventures (27:17) The journey of learning venture capitalism (30:10) Assessing higher-order effects in investments (31:52) The critical importance of investing in people (33:17) Diving into healthcare and biotech investing (36:46) Portfolio strategies in biotech versus traditional venture capital (39:38) How to compete with major biotech firms (44:40) The advantages of being surrounded by top performers (46:58) Learning from near-misses and investment failures (48:25) Closing remarks

Jim Bethea, Chief Investment Officer at the University of Iowa Foundation, manages a $1.7 billion endowment with just five staff members. He discusses the unique challenges of operating a lean team, sharing insights on asset allocation, manager selection, and the myths surrounding diversification. Jim explains why Iowa focuses on specialized asset classes, particularly the lower middle market in private equity. He offers candid advice on governance, decision-making dynamics, and when to re-evaluate investments, emphasizing the importance of building solid relationships in the investment community.

Ben Horowitz, Co-founder of Andreessen Horowitz and best-selling author, shares his insights on the future of venture capital, emphasizing that traditional models are changing. He discusses the importance of resilience in founders and building strong company cultures as key to long-term success. Ben dives into the evolving landscape of AI, crypto, and gaming, predicting how these trends will shape investment strategies. His candid stories and practical wisdom highlight what's needed to thrive in uncertain market cycles.

In this engaging discussion, Paul Chai, Chief Investment Officer of the Kansas State University Foundation, shares his remarkable journey from first-generation immigrant to managing a $1 billion endowment. He reveals how his background shaped his investment philosophy and why Kansas State focuses on supporting emerging managers. Paul dives into tactical investment strategies, including a successful TALF 2.0 trade that yielded 8% in just six months. He emphasizes the importance of relationships in asset management and discusses how small hedge funds and lower middle market buyouts can lead to outsized returns.

Blake Scholl, the visionary Founder and CEO of Boom Supersonic, shares his journey of resurrecting supersonic flight, moving from a bold idea to securing billions in pre-orders. He recounts crashing a party to pitch Richard Branson and how a cardboard prototype turned into a billion-dollar narrative. Blake dives into the challenges of building the XB-1 jet, the significance of emotional payoff for teams, and the revolutionary concept of 'boomless' flight. Expect insights on raising capital and navigating the ambitious realm of aerospace innovation!

Evan Fisher, the Founder of Portal Ventures and an expert in venture capital, shares his insights on securing funding and crafting compelling pitches. He reveals strategies for founders to attract investors, while diving into the psychology behind successful fundraising. The discussion touches on the importance of networking and trust in venture capital, as well as emerging trends in startup financing. Evan also emphasizes the critical need for adaptability in the volatile crypto market and the lessons learned from common pitfalls in early-stage investments.

Billy Libby, Co-Founder and CEO of Upper90, discusses the revolutionary hybrid investment model combining equity and credit that empowers founders to scale their businesses without giving up control. He shares insights on the evolving venture capital landscape and the strategic importance of aligning incentives between investors and entrepreneurs. From innovative credit solutions for tech startups to navigating market cycles and real-world success stories, Libby offers valuable lessons on alternative financing and optimizing financial partnerships for sustainable growth.

Aaron Hodari, Managing Director at Schechter, shares his expertise in wealth management with a focus on alternative investments. He highlights the importance of tax-aware strategies, especially for ultra-high-net-worth individuals, discussing techniques like direct indexing for tax efficiency. The conversation explores innovative financing in private credit, the significance of teaching financial responsibility to future generations, and the advantages of interval funds in managing market volatility. Aaron's seasoned insights reveal how to navigate economic uncertainties while growing wealth.

Logan Allin, Managing Partner at Fin Capital, dives into AI-driven investing strategies that predict startups' success with remarkable accuracy. He discusses the importance of evaluating 'founder DNA,' revealing that prior CEO experience significantly boosts a startup's potential. Interestingly, he argues that elite degrees are overrated in predicting success. Logan also shares insights on focusing exclusively on fintech and how continuous data refinement enhances predictive models. Tune in for a glimpse into the future of fintech innovation through AI!