How I Invest with David Weisburd

In this discussion, Payton Brooks, Managing Director on Future Standard’s Primary Investments team, shares insights from overseeing an $86 billion asset platform. He emphasizes the importance of mid-market private equity for yielding superior returns compared to large-cap firms. Payton dives into the intricacies of sourcing emerging managers, maintaining trust through partnership behaviors, and the benefits of evergreen fund structures in reducing cash drag. His expertise provides a compelling look into capital allocation strategies and building long-term relationships in investment.

Conrad Shang, Founder and Managing Partner at Ensemble VC, shares insights from his extensive investment background at firms like UTIMCO and Bain Capital Ventures. They discuss why succeeding as a fund manager requires more than just being a great investor, emphasizing the importance of firm-building and strategic patience. Conrad reveals how enduring LP relationships and transparent communication build trust. He also highlights the shift of defense tech into the mainstream and the value of a strong team over a solo founder in predicting success.

Sid Malhotra, Chief Investment Officer at Cactus Capital, shares insights from his extensive experience in family offices, contrasting their unique investment approach with traditional institutions. He discusses how aligning incentives fosters long-term performance, the strategic role family offices play in backing innovative opportunities, and the importance of an absolute-return mindset. Sid also highlights lessons from his time at Citadel and the Pritzker Group, emphasizing flexible capital structures and the significance of maintaining liquidity during market fluctuations.

In this discussion, David Sawyer, CEO of Unlimited.ai, dives into the seismic shift of capital migrating from public to private markets. He highlights that up to $150 trillion is poised to move, primarily due to operational complexities hindering alternatives adoption among family offices and RIAs. Sawyer outlines four key barriers: access, legal/regulatory, reporting, and liquidity. He also explores how AI can revolutionize LP workflows, level the information asymmetry between GPs and smaller investors, and streamline due diligence processes.

Mike Ma, Managing Partner at Sidecut Ventures, shares insights from his journey in venture capital, highlighting the importance of action-oriented self-awareness in founders. He introduces the innovative 30-day 'grind with them' diligence model that prioritizes real-time observation over narratives. Discussing 'earned secrets,' Mike emphasizes the unique advantages of combining market insight with lived experience. He also sheds light on why solo GPs can outperform multi-stage firms by fostering alignment and speed in pre-seed investments.

James E. "Jay" Hughes, Jr. is a renowned family wealth advisor with over 50 years of experience in multi-generational stewardship. He shares captivating insights on how families like the Rothschilds and Fords built enduring legacies. Jay emphasizes that flourishing, not just financial returns, defines true wealth. He cautions against poor trustee choices and illustrates how purpose and philanthropy protect wealth. With a shift in perspective, he explores the importance of asking, 'How can I help?' as a cornerstone for family flourishing.

Brian Miller, Senior Investment Officer at Sacramento County Employees’ Retirement System, shares his expertise in managing a $15B pension fund. He discusses the importance of long-term value investing, emphasizing consistency and avoiding the trap of chasing hot managers. Brian delves into the dynamics of LP capture and the challenges of reallocating during crises. He also highlights the shifting landscape of small-cap value stocks and the strategic role of absolute return strategies in diversifying investment portfolios.

In this discussion, Paul Cohn, Co-Founder and Managing Partner of Agility Equity Partners, dives into the booming world of continuation vehicles (CVs) which surged from $7B to $70B in just a decade. He highlights how CVs allow general partners to retain top assets while providing liquidity to limited partners. The conversation explores performance metrics from an HEC Paris study, revealing that single-asset CVs outperform traditional buyouts. Cohn also discusses the rapid rise of independent sponsors in the lower middle market, revealing their significant deal volume and appeal.

Daniel Kimerling, Founder and Managing Partner of Deciens Capital, shares his innovative approach to venture capital focused on long-duration investments in financial services. He discusses how his firm aims for uncorrelated alpha, rejecting the typical venture hamster wheel of markups. Dan delves into his concentrated portfolio strategy targeting 10-15 companies to achieve 5x net returns, all while maintaining radical transparency with LPs. He argues that the future power-law winners will emerge from the next generation of financial institutions, not just apps.

Gregory Brown, Co-CEO of Caprock, shares insights on how ultra-high-net-worth families can strategically navigate private markets. He emphasizes a CFO-first approach to map liquidity and optimize investments. Brown discusses the importance of holding illiquid assets and offers strategies for avoiding forced sales during downturns. He highlights Caprock’s access to top deals like SpaceX and Palantir, and explores tax-efficient strategies like QSBS and Opportunity Zones, showcasing how private investments can drive superior growth.