David Weisburd and Erik Torenberg sit down with Samir Kaji, the co-founder and CEO of Allocate. In this episode, they talk about what differentiates truly elite emerging managers, what VCs get wrong in portfolio construction, what fees VCs are charging today, and his predictions about where the venture ecosystem is going by 2025. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (0:00) Introduction and creating positive bias with LPs (0:33) Introduction of Samir Kaji and his career journey (1:26) Venture market changes and advice for emerging managers (3:43) What separates top venture managers (5:03) Comparative advantages in venture capital (7:14) The role of access and picking in VC success (8:56) Assessing valuation sensitivity and liquidity needs (10:35) The mission and evolution of Allocate (14:23) Sponsor: AngelList (16:13) Allocate's customer profile and venture allocation advice (18:58) Building a diversified portfolio and market trends in fees (23:00) Future of venture capital and fundraising strategies (27:01) The importance of listening and tools for emerging managers (30:56) Building a team and closing advice (34:23) Contact information for Allocate (35:31) Closing remarks

David Weisburd sits down with Steve Chasan, the Head of Investment at the Rothschild Foundation and for other philanthropic endowments led by Lord Jacob Rothschild. In this episode, they go deep into the LP mindset, covering the best practices he looks for in GPs and emerging managers, whether pricing discipline exists in VC, and describing the conversations LPs are having internally that GPs never get to hear. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Introduction to Steve Chasan & career journey (2:46) LPs in endowments vs. other asset managers & evaluating asset classes (3:51) State of private markets & fundraising disconnect (5:12) Denominator effect & diversification strategies (6:32) Principal-agent problem & GP growth strategies (9:20) Best practices for GP-LP relationships & transparency (11:17) Beta exposure & style drift in GPs (13:11) Access game & co-investments in venture capital (15:20) Philosophy in investing & systematic biases (17:48) Sponsor: AngelList (18:11) Due diligence importance & impact of entry price (20:57) Venture capital prognostication & deep tech developments (22:25) VC resilience & emerging technologies of interest (25:40) AI applications in venture capital (27:03) Advice for emerging managers & targeting family offices (28:34) LP evaluation strategies for VCs & closing remarks

David Weisburd sits down with Jonathan Hsu, Co-Founder and General Partner of Tribe Capital and one of the top data scientists in the space. Hsu is a physicist-turned tech entrepreneur-turned VC. In this episode, they discuss the importance of growth patterns and product market fit (PMF) in venture capital. Tribe conducts intensive data work on approximately 400 companies annually, a unique dataset that cannot be purchased or obtained from other sources. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Introduction and guest background (1:15) Jonathan Hsu's origin story and early career (2:51) Transition to physics and the rise of data science (4:33) Learnings from the early days at Facebook (7:22) Journey from Facebook to Social Capital and role at Tribe (11:21) Overcoming biases and data-driven investment strategies (15:15) Sponsor: AngelList (16:30) Tribe Capital's first principles investing and founder feedback (19:06) The significance of team dynamics and data moats in growth (22:00) Venture capital market efficiency and data's role (24:27) AI influence on venture strategies and future trends (28:15) Venture capital returns, diversification, and closing thoughts

David Weisburd sits down with Dr. Abe Othman, the Head of Data Science at AngelList and the Head of the Investment Committee at the AngelList Quant Fund. Dr. Abe has one of the largest and most granular private market data sets in the world of nearly 15,000 startups. In this discussion we dive deep into the data: power laws, what Dr. Abe’s research tells us about which companies to avoid at all costs, and whether alpha truly exists in venture capital. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Introduction to the podcast and guest, Dr. Abe Othman from AngelList (1:09) Power law returns in venture capital and seed investing (4:51) Use of capital call lines of credit in venture funds (6:57) AngelList funds performance and venture capital alpha (10:42) Understanding power laws in venture capital (14:18) Sponsor: AngelList (15:22) Venture capital versus bond markets and market performance challenges (19:13) Efficiency and variability of venture market pricing and valuation signals (26:10) Portfolio strategies: Concentration versus diversification (28:44) Loss ratios, fund performance, and fund metrics correlations (32:45) AngelList quant fund, proprietary signals, and credibility in seed deals (37:19) Comparing Solo GPs to traditional fund structures (39:26) LP community's evolving investment strategy acceptance (43:52) Investment life hacks and sector effects in early-stage investing (45:08) Tackling sector labels and style drift in venture capital (46:28) AUM drift, persistent high valuations, and mega fund impacts (49:32) Addressing misconceptions and AngelList's financial services role (52:21) Closing remarks and acknowledgements

David Weisburd sits down with Ramzi Samara, Co-Head of Private Funds (VC) at MASIC, one of the few family owned investment firms in Saudi Arabia that has a dedicated venture capital program. Ramzi is also an active angel investor in early-stage startups in the US and MENA. In this conversation they discuss the vibrant dynamics of the region, Ramzi’s investing thesis and multi-year power-law driven strategy, and looking at passive vs active early-stage fund managers. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Introduction and team dynamics in venture capital (0:37) Introduction by David Weisburd (1:14) Introduction of guest Ramzi Samara (2:04) Market sentiment and US-Saudi collaboration in startups (4:32) Venture capital best practices in the Middle East (7:16) Venture capital comparisons within the MENA regions (9:23) MASIC's investment thesis, strategy, and sector focus (12:12) Emerging managers: definition and importance (15:05) Long-term portfolio strategy and the strategy consistency debate (19:34) Success indicators for emerging managers and venture capitalists' roles (22:45) AUM concerns and fund growth in venture capital (27:00) Opportunity funds and micro VC investment risks (29:25) Diversification strategies and demystifying LPs (31:13) Venture capital insights and future prospects in Saudi Arabia (34:06) Closing remarks and acknowledgements

David Weisburd sits down with Jordan Stein, Director of Venture Capital at Cresset Partners. a large multifamily office with over $45 billion in assets under management and a prolific limited partner and storied venture franchises, including Andreessen Horowitz, Lightspeed, and Founders Fund. (0:00) Introduction to the episode and guest background (0:59) Jordan Stein's venture capital allocation strategies and Crested Partners' investment approach (5:29) Venture capital portfolio construction and manager evaluation (13:06) Key mistakes of first-time LPs and venture capital concerns for 2023 (15:20) Sponsor: AngelList (16:27) Venture capital's role in LPs' portfolios and investment strategy nuances (23:31) Aligning investments with cash flow and co-investment practices (27:05) Insights on successful co-invest programs and GP advice (31:03) Cresta's innovative wealth management approach (34:45) Contacting Jordan Stein and outro

David Weisburd and Erik Torenberg sit down with Chris Douvos, founder of Ahoy Capital and former Princeton Endowment manager, for a deep dive into the world of venture capital. Chris shares his perspective on the risk premium in venture, the influence of thought leaders like David Swensen, and the role of fund of funds in shaping the ecosystem. The conversation explores strategies for selecting top venture managers, the rise of Micro VCs, and the impact of regional industry clusters. Chris also weighs in on the evolution of large funds, the growing importance of asymmetric bets, and trends in crypto investing, offering practical advice for family offices and an inside look at the OpenLP movement. David Weisburd and Erik Torenberg sit down with LP Chris Douvos, founder of Ahoy Capital and formerly Princeton Endowment. (0:00) Introduction to Chris Douvos and venture capital complexities (1:44) Chris Douvos' venture capital journey (3:10) Understanding venture capital from a financial perspective (5:00) Analyzing the risk premium in venture capital (7:29) David Swenson's impact and the role of fund of funds (11:15) Selecting successful venture capital managers (13:46) Predicting the future of venture capital ecosystems (16:47) Sponsor: AngelList (22:43) AI Squared's investment potential and data scientists as investors (23:38) Balancing specialization and generalization (24:35) The significance of AI and regional industry clusters (25:55) The rise of Micro VCs and solo GPs (27:49) Venture fund life cycle, fund size, and investment strategy (33:45) The evolution of large venture funds and crypto investments (37:03) Embracing asymmetric bets in venture capital (40:41) Preparing for future fund growth and Y Combinator's influence (46:10) Direct investing advice for family offices (47:31) OpenLP movement, transparency, and secondary markets in venture capital (50:06) Closing thoughts and appreciation