10X Capital Podcast

Scott Richland, Chief Investment Officer at Caltech, discusses the nuances of managing a $4.5 billion endowment. He highlights the importance of disciplined investment strategies and the dynamics of a small team making high-stakes decisions. Richland also explores the balance between maximizing returns and managing risk, delves into lessons from historical financial crises, and shares insights on leveraging alumni networks for venture capital opportunities. His perspective on macro trends and private equity performance trends offers a wealth of knowledge for aspiring investors.

Kunal Sood, Managing Director at Pantheon sits down with David Weisburd to discuss how US institutional investors can access Indian venture capital and private equity, key trends shaping India's unicorn startup ecosystem for global investors and how to leverage local expertise to navigate asia-pacific private markets. (0:00) Introduction to Kunal Sood and India's Investment Landscape (1:16) Overview of Pantheon's Investment Focus and Strategies (3:23) Synergies and Relationship-Based Opportunities in Asset Classes (5:30) Mid-Market Focus and Growth Equity Insights (7:06) Sponsor: Carta (7:46) Investment Opportunities in India's Evolving Market (9:22) Infrastructure and Emerging Markets: India, Australia, and Japan (14:01) Competitive Differentiation and Skill Calibration in Diverse Markets (17:23) Kunal Sood's Reflections on 11 years at Pantheon (18:17) Conclusion and Call for Sponsorships

David Weisburd speaks with Ryan Serhant, founder and CEO of Serhant, about the explosive growth following the Netflix debut of \*Owning Manhattan\*. They discuss how the show has transformed the business, increasing market diversification, website traffic, and lead engagement. Ryan also shares his insights on scaling a real estate business, the importance of culture in a distributed workforce, and why he sees Serhant as more than a brokerage—defining it as a sales as a service company with an innovative approach to training and technology. Throughout the conversation, Ryan reflects on his personal journey, the challenges of transitioning from broker to CEO, and the responsibility of building a brand tied to his own name. (0:00) Introduction to the 1000 minute rule and business impact (1:18) Business growth metrics, Netflix effect, and market expansion (4:02) Competitive advantage and the essence of sales (7:27) Overcoming sales challenges and institutionalizing service (12:48) CEO sales balance and the reality of Only Manhattan show (18:28) Talent recognition and team scaling strategies (21:46) Team building and culture development (25:06) The role of personal branding in business (28:31) Brand building strategies and reinforcing productivity (34:52) Handling setbacks and strategic focus decisions (39:05) Setting and achieving personal and professional goals

Justinas Milašauskas, Investment Manager at Willgrow sits down with David Weisburd to discuss the risks and rewards of investing in spinouts, top lessons learned from investing in venture and private markets and lessons on investing in emerging managers and navigating fragmented markets. (0:00) Introduction to Justinas Milašauskas and his investment approach (2:01) Justinas Milašauskas: Role of different asset classes and investment cadence (5:02) Justinas Milašauskas: Fund of funds and LP perspectives on venture signals (6:26) Sponsor: Carta (7:09) Justinas Milašauskas: Spinouts and the future of emerging managers (10:29) David Weisburd: Discussing investment returns and DPI modeling (12:09) Career transition from public markets to Willgro (13:33) Geographical considerations for GPs and LPs in the United States and Europe (14:24) The rise of emerging managers and advantages of single family office capital

Alex Hormozi, entrepreneur and founder of Acquisition.com, shares his inspiring journey of transforming losses into a $150 million net worth. He dives into the art of strategic risk-taking and the importance of controlling revenue streams. Hormozi explores the nuances of demand versus supply in business and emphasizes mentorship and branding. He discusses balancing hard work with intelligence for success, while also shedding light on the dynamics of private equity and the power of personal branding in driving growth.

Francesca Cornelli, Dean at Northwestern University - Kellogg School of Management sits down with David Weisburd to discuss how private equity firms handle CEO turnover, why private equity firms benefit from enlightened disagreement and diverse opinions, and the importance of mentorship in private equity. (0:00) Introduction to Francesca Cornelli and the importance of EQ in private equity (2:06) Kellogg School of Business culture and building bridges (5:47) Kellogg Circle concept and private equity research (11:04) Celebrating podcast success and listener support (11:24) Private equity strategies: Employee reductions and CEO turnover (13:32) The role of financial engineering in private equity (14:36) Collaborations between private equity and business schools (17:35) Future ambitions for business education at Northwestern

Mark Shoberg, CIO & Partner at Capital Creek Partners sits down with David Weisburd to discuss the keys to successful institutional investing, how large should an endowment be for optimal returns, and how to build the perfect investment platform for family offices and endowments. (0:00) Introduction and Organizational Risk in Funds (0:28) Ideal Endowment Size and Check Size (0:58) National Debt and Investor Concerns (1:24) Mark Shoberg's Investment Insights (2:19) Investment Management Approaches and Team Dynamics (2:59) Competency Building in New Asset Classes and Focus on Spinouts (4:14) Making the First Real Estate Investment (5:43) Anchoring Funds: Pros and Cons (7:01) Liquid Assets and First Call Alpha (8:29) Anchor Investor Economics (9:57) Balancing LP and GP Economic Arrangements (11:29) Organizational Risk Impact on Funds (14:46) Sponsor: Investment Management Software (15:08) Asset Management and Fund Performance Metrics (15:43) Portfolio Construction and Market Timing Strategies (19:45) Real Estate Investments for Tax-Exempt Entities (21:14) Preparing for National Debt Challenges (23:00) Scale in Endowment Management (27:23) Capital Creek Partners and Optimal Portfolio Construction (31:51) Sourcing Managers and Building GP/LP Relationships (34:03) Grassroots Opportunities and Unique Investment Perspectives (34:57) Closing Remarks and Acknowledgments

Travis Shore, CIO of the $2.9 billion University of Illinois Foundation, shares insights on navigating market changes and risk management strategies. He discusses the importance of adapting investment philosophies and the impact of herd behavior during financial crises. Travis highlights the significance of structured decision-making, asset allocation flexibility, and maintaining liquidity in uncertain markets. He also addresses the critical role of governance and team dynamics in enhancing investment outcomes while underscoring the emotional pressures of leadership in this field.

Albert Azout, Managing Partner at Level Ventures sits down with David Weisburd to discuss how to spot unicorn founders early in Venture Capital, what separates great fund managers from the rest, and digging deep into the role of data in unpacking venture fund performance. (0:00) Introduction and the importance of a flywheel in investing (1:06) Introduction of Albert Azout and Level VC (1:39) The significance of data in investing and networks (3:48) Indicators of success and the role of follow-on investments (6:38) Portfolio construction and fund size relationship (7:24) Balancing discipline and opportunity in investments (9:08) Adding value to GPs and the evolution of Level VC's approach (11:21) Selecting funds and the importance of networks (15:23) Data in sourcing and identifying great founders (17:07) Fund size, portfolio construction, and co-investing strategies (19:01) Predicting fund manager scaling and competition (20:28) Collaborative insights and unique approaches with GPs (22:11) Vision for Level Ventures and closing thoughts (23:18) Subscription reminder and episode close

Rob Rahbari, Senior Investment Officer and Assistant Treasurer at the University of Rochester, shares insights on the endowment's $3.5 billion investment strategy. He highlights the power of diverse fund managers in institutional investing. Rahbari discusses how a concentrated portfolio enables sharper decision-making and deepens manager relationships. He also covers the significance of networking and communication in selecting new managers. Lastly, he emphasizes the role of diversity, equity, and inclusion in shaping the future of investment practices.