Justin Pollack, Managing Director at PineBridge Investments, sits down with David Weisburd to discuss PineBridge’s investment thesis. They also breakdown the secondary markets, discuss the structural differences between private equity & public market investing, and ways to analyze spinouts. (0:00) Introduction to Justin Pollack's investment philosophy and Pine Bridge Investments (3:07) Growth and advantages of private equity (4:39) Secondary market insights and opaqueness as a feature (10:26) Differentiation and structural tools in secondary buying (15:33) Downside protection and gamification of IRR in secondary investments (19:12) Fund of funds, emerging managers, and fund size impacts (22:47) Competitive dynamics, large check advantages, and fees (26:18) Venture strategy and evaluating spinouts from top firms (29:16) Manager evaluations and personality traits for success (32:34) Diversity, evolution in private equity, and closing remarks

Josh Porter, Co-Founder & General Partner at FirstLook Partners, sits down with David Weisburd to discuss FirstLook’s process for evaluating and selecting emerging managers. They also cover typical terms for co-invest, managing conflicts of interest, and the importance of strong personal relationships in venture capital. (0:00) Importance of communication with LPs and First Look strategy (1:13) Ideal co-investment deal dynamics and proactive process (4:33) LP base profile and addressing conflicts of interest (6:24) Josh Porter's background and investing philosophy (10:15) Trust and competence in GP/LP relationships (12:15) Trust and reference checks in the emerging manager space (14:27) Diligence process and measuring commitment (19:01) Value provision to non-funded managers (20:18) Team expansion and desired qualities (21:34) Key learnings and balancing fundraising with investing (22:23) Importance of LP relationships and closing thoughts (23:36) Call to action and subscription reminder

Dionne Chingkoe and Samer Yousif of Insight Partners sit down with David Weisburd to discuss Insight’s direct and fund of funds investment strategies. They cover the importance of adding value beyond capital to both founders and emerging managers, the landscape of multi-stage VCs investing in emerging managers, and check size driving fund strategy for GPs. Insight Partners’ 20/20 Vision Capital Fund supports diverse-led, top-tier, early-stage venture funds providing growth and seed capital to companies in the US and abroad. Insight believes that partnering and investing with these GPs is an effective way to drive much needed diversity in the venture capital industry. (0:00) Introduction to Insight's investment strategy and Samer's journey (0:56) Evaluating GP check sizes and investment strategies (2:00) Sourcing strategies and underhyped opportunities (3:48) Insight's approach to diversity and support for emerging managers (7:46) Challenges and systematization of early-stage sourcing and value add (10:31) Evolution and impact of Insight's value add platform (14:38) The realities of investing and underwriting companies (16:13) Assessing GP performance and fund dynamics (17:38) Closing remarks, appreciation, and resources (18:13) Sponsor: [Sponsor Name]

Venus Phillips, Managing Director at Kresge Foundation, sits down with David Weisburd to discuss the Kresge Foundation’s venture strategy. They cover mission-driven investing, opportunities and risks investing in China and India, and building true partnerships between general partners and limited partners. (0:00) Introduction to the GP/LP partnership mentality and Kresge Foundation's mission (1:44) Kresge's approach to venture investments and regional impact (3:36) Risks, opportunities, and strategies in emerging markets (6:32) Fund management, economic alignment, and capital deployment (9:44) Building and maintaining relationships with venture funds (12:14) The evolving dynamics and diversification of LP bases (13:38) The significance of fund-of-funds and co-investment processes (17:05) GP/LP negotiations and the importance of transparency (18:04) Final insights and wrap-up

John Merrill, Partner at GroveStreet sits down with David Weisburd to discuss GroveStreet’s $10.5B SMA model. In addition, they talk about the keys to building long-term SMA relationships, a highly selective set of criteria for managers and reasons why GP’s should prefer rigorous, discerning LPs vs. fast-followers. (0:00) Introduction to John Merrill and Grove Street's investment philosophy (1:00) Overview of Grove Street and their investment focus (2:50) Benefits and problems solved by SMAs (5:03) Importance of alignment in investment management (6:30) Investment process and criteria for selecting and rejecting funds (11:29) Criteria for selecting clients and maintaining relationships (13:25) Benefits of Grove Street's boutique model (14:44) Building a venture portfolio for new clients (16:24) John Merrill's experience with David Swenson (18:08) David Swenson's investment philosophy and influence (20:14) The impact of Yale's name and securing anchor investors (23:41) The value of rigorous and discerning LPs (25:11) Co-investing strategies and characteristics of top LPs (31:02) Recommendations and lessons learned in asset management

Jamie Rhode sits down with David Weisburd to discuss Screendoor’s strategy of backing emerging managers. In addition, they discuss friction points between LPs and emerging managers, leveraging insights from GPs and LPs in manager selection, and how to diligence a first time fund. (0:00) Introduction to Jamie Rhode and early stage venture insights (0:43) Joining Screen Door and investment playbook (2:35) Challenges for emerging managers and marketplace solutions (5:01) Seed stage fragmentation and founder qualities (8:17) Underwriting and role of GP advisors at Screen Door (11:34) Expanding beyond first-time funds and LP value (14:43) Derisking and due diligence for new fund managers (18:28) Portfolio strategy and institutional service providers (21:34) CFO transition and managing large portfolios (24:15) Behavioral biases and transparency in fund management (26:10) Diversified portfolio construction and reserve strategies (30:13) Sector focus versus manager skill in venture funds (32:52) Networks, spinouts, and AI in emerging manager investments (35:53) Closing remarks and invitation for data-driven investor connections

Ben Black, Co-Founder of Akkadian Ventures, sits down with David Weisburd to discuss the RAISE Global Summit, the largest LP/GP conference. This is a masterclass on how venture capital GPs can raise venture capital funds and develop long-term relationships with LPs. David and Ben also delve into what differentiates the top venture funds, the importance of operational excellence in fund entrepreneurship, and prioritizing and managing relationships. (0:00) Insights from a senior person at a $10B fund (0:38) Welcoming Ben Black to the 10X Capital Podcast (0:46) Overview and success stories from the RAISE conference (4:35) Key traits of successful GP/LP relationships (6:28) Strategies for GPs to provide value and leverage podcasts (9:10) Unique GP fundraising approaches and criteria for RAISE selection (16:14) Professionalism and predictive value in fund presentations (19:59) Challenges for spinouts and fundraising without LP ties (22:25) Emerging manager landscape and 2021 impact on early-stage funds (25:03) Accessing new LP capital and balancing responsibilities (27:06) Acadian's direct secondary funds (29:16) Sponsor message and newsletter subscription plug (29:39) Evolution of fund building and LP relationship maintenance (31:40) Comparing fund entrepreneurs and investors (33:34) Strategic execution in fund entrepreneurship (35:24) Demand for fundraising-focused content and fund building timing (36:34) Partnering with emerging managers at Acadian (37:53) Effective relationship management and VC patience (40:38) Venture capital insights and economic downturn survival (42:02) Large outcomes' impact on VC careers and investment reflections (42:56) Final thoughts and key takeaways from Ben Black (43:35) Closing remarks and subscription reminder

Alex Edelson, Founder of Slipstream Investors, sits down with David Weisburd to discuss the benefits and tradeoffs of investing in venture capital fund of funds. They also touch on Slipstream’s investment thesis, portfolio construction, and due diligence process. (0:00) Introduction to Alex Edelson and Slipstream's investment strategies (1:40) Slipstream's portfolio construction and time diversification (3:26) Overcommitting and trade-offs in fund of funds strategy (6:29) Reasons and ideal diversification for investing in a fund of funds (8:46) Fund manager diligence process (12:21) Sponsor: 10xcapitalpodcast.com (13:43) Importance of founder references and long-term institutional commitments (18:10) Valuing honesty, transparency, and relationship building in GPs (19:22) Outro, final thoughts, and upcoming guest announcement (19:35) Sponsor: Wealthfront (20:10) Sponsor: Fundrise

Peter Teneriello, former Senior Portfolio Manager at Texas Municipal Retirement System, sits down with David Weisburd to discuss how TMRS deployed $1B into venture capital. In addition, they discuss institutional allocation pacing models, the importance of aligned investment teams and why investors may allocate to median performing managers. (0:00) Introduction to venture capital fund tiers and TMRS investment strategy (1:11) Alpha generation vs. diversification in venture capital (2:21) Venture book construction with a focus on manager selection (4:27) Investment structures and fee considerations (5:03) Common pitfalls in venture investing and pacing strategies (6:58) Key takeaways from TMRS's experience (8:02) Role of governance in LP returns and consultant alignment (10:59) Strategic rationale behind 2nd quartile fund investments (12:25) Strategies for accessing top venture funds (14:23) Sponsor: Subscribe to the newsletter (15:39) Strengthening LP-GP relationships and team alignment (17:07) Conclusion and additional resources

Jeff Smith, Managing Director of Private Investments at the Smithsonian’s endowment, sits down with David Weisburd to discuss the Smithsonian endowment’s advantage in accessing the best managers in venture capital. They also discuss the importance of continually allocating throughout cycles, knowing when to exit, and communicating effectively with LPs. They conclude by covering what Jeff looks for when evaluating new venture managers. (0:00) Introduction to venture capital strategies and market dynamics (1:54) Capital allocation and its long-term importance (3:30) Exit strategies and liquidity in venture investments (4:31) Building and managing a private investment team (5:42) Balancing investments in real estate and venture capital (7:57) Developing and maintaining GP/LP relationships (11:27) Selecting and investing in unique fund managers (16:23) Cost implications for large versus small funds (17:38) The Smithsonian Institution's approach to venture investing (19:15) The role of sector diversification in venture portfolios (20:58) Evaluating emerging fund managers and fund one performance (21:33) The Smithsonian's mission, team, and venture network strategies (22:51) Analyzing the influence of standout investments (23:10) Conclusion and outlook for future episodes