10X Capital Podcast

Errik Anderson sits down with David Weisburd to discuss Pro-noia, the potential of the biotech industry, and the 82VS Seed Fund investment approach. They discuss practicing Pro-noia, the value of building a portfolio of relationships, and the idea of a forever company. (0:00) Introduction to pronoia and its importance (0:20) Background on Errik Anderson's career and co-founding companies (0:49) Adamab's business model and biotech's impact on the world (3:28) The role of AI in biotech and the concept of a startup factory (7:47) Challenges in biotech and applying tech investment models (12:36) Alloy Therapeutics' business model and biotech economic challenges (18:15) Reducing costs and differences between digital and biotech startups (20:22) Experimentation before funding and fund size strategies (22:45) The importance of collaboration in the investment world (25:33) Collaborative approach: Benefits, challenges, and early-stage investments (32:00) Balancing small bets with long-term relationships and mental diet (37:33) Creating wealth, family values, and children's focus on strengths (45:49) Mentorship styles and finding satisfaction in work (49:26) Strategic finance, partnerships, and personal growth (53:54) Future plans for Alloy, collaborative investments, and fund management (59:10) Alloy's commitment and the concept of generosity in business (1:00:42) Closing remarks and gratitude (1:00:56) Sponsor: Carrier Labs and newsletter announcement

Anubhav Srivastava, CEO of Tactyc, sits down with David Weisburd to discuss iterative portfolio construction, portfolio size impact, fund recycling and check size, reserve strategies, and follow-on investments. They also explore the future of Tactyc and lessons from clients. (0:00) Introduction and Anubhav Srivastava's background (2:26) Customer development, Tactic's growth, and revenue generation (6:37) Using Tactic in customer workflow and fundraising (8:29) First fund impact and iterative portfolio construction (11:27) Market changes and reserve strategies (14:16) Alpha in first checks and beta in follow-ons (16:41) Balancing ownership and investment constraints (19:31) Forced ranking and learning from clients (21:26) Best practices and key information about Tactic (22:46) Closing remarks and podcast announcements

Ben Gallacher sits down with David Weisburd to discuss venture capital, his journey as an LP, and the challenges emerging managers face. They discuss check sizes, diligence processes, and the impact of a GP leaving during an investment life cycle. They also cover the role of CFO/COO in GP operations and the importance of supporting emerging managers. The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and guest welcome (1:06) Ben Gallacher's journey to becoming an LP (2:19) Evolving investment strategy and differences between private equity and venture capital (5:54) Compensation and incentives in private equity vs. venture capital (8:17) Time management and LP expectations for emerging managers (11:32) Key factors and due diligence process LPs consider in emerging managers (14:40) Sponsor: Bidav Insurance Group (17:03) Utilizing other LPs for due diligence and building relationships (20:17) Collaborative check writers and emerging manager strategy (22:12) Portfolio allocation: Concentration versus diversification (25:57) Follow-on investment strategies and signaling risk (30:15) Percentage of portfolio for follow-on investments and balancing alpha and smooth returns (35:44) Building a business versus building a fund and impact of a GP leaving (39:35) Importance of being close to the ground and values driving alpha (40:31) Closing remarks and contact information (41:53) Newsletter announcement powered by Carrier Labs

Aakar Vachhani sits down with David Weisburd to discuss the role of data in venture capital, Fairview's unique structure, and their co-investment program. They also delve into the discipline of making investment decisions, the advantages of a fund of funds, and the importance of team cohesion in VC firms. Vachhani also shares best practices for data rooms and advice for LPs as Fairview celebrates its 30th anniversary. The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction to Aakar Vachhani and Importance of Team in Investment Decisions (1:30) Cambridge Associates Experience and Access to Data (4:18) Venture Capital Returns and LP Consultant vs Fund of Funds (6:55) Fairview Capital's Mission, Structure, and Investment Focus (10:28) Co-investment Programs and Adverse Selection (22:01) Asset Deployment Discretion and Down Market Strategies (25:04) Capital Raising and Deployment Consistency (27:00) Evaluating Emerging Managers and Predictive Factors (29:37) Assessing Firm Culture and Successful Strategies (33:30) Follow-up Investment Decision-making Process (35:55) Diligence for Emerging Managers and Strategy Pivots (40:46) Data Room and LP Memo Best Practices (45:00) Crafting an Effective Emerging Manager Deck (48:00) GP Credibility and Common Pitfalls (51:50) From Initial Meeting to Writing the First Check (55:00) Risk-Reward Balance in Fund Investments (58:17) Fairview's Investment Philosophy and Mentorship Value (59:50) Closing and 10X Capital Newsletter Introduction

Charmel Maynard, Chief Investment Officer of the University of Miami, shares her journey into venture capital and asset allocation. She discusses the significance of mentorship and diversity in finance, revealing how diverse teams can yield superior investment outcomes. The conversation dives into navigating the complexities of venture funds, emphasizing the challenges of due diligence and relationship-building in Miami's evolving landscape. Maynard also explores the impact of strategy drift and the importance of intentional communication in investment management.

Ashby Monk, Executive and Research Director at Stanford sits down with David Weisburd to discuss the role and operation of asset owners like pension funds, endowments, and more. They delve into compensation in these fields, the state of pension funds in the US, and their impact on private equity. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction to Ashby Monk and the Stanford Long Term Investing Research Center (2:05) Exploring the $140 trillion asset class with research projects (5:51) The significance of a dedicated research program in engineering (8:23) Examining compensation and the Canadian pension model (15:43) The evolution from defined benefit to defined contribution plans (16:39) Sponsor: Bidav Insurance Group (17:09) Discussing organizational capabilities and asset allocation strategies (22:29) Overcoming bureaucracy and the importance of mission-driven staff (27:22) The billionaire pathway in asset management (30:09) Fund life cycle and the progression of asset investors (34:37) Early adopters and innovation in the endowment and pension fund space (39:09) Evaluating GP staking and venture capital management best practices (44:33) Scaling venture capital funds and track record building (46:42) Technological developments for institutional investors (48:51) Cash optimization strategies for pension funds (50:33) Current entrepreneurial projects and future outlook (52:32) Final insights on the asset owner community and the importance of emerging managers (55:02) Additional resources and acknowledgments

David Friedberg sits down with David Weisburd to discuss the role of concentrated capital, venture capital's future, and the impact of capital saturation. Friedberg shares his experience joining Ohalo, the evolution of investment strategy, and the transition from VC to operator. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and venture performance insights (1:18) Introduction of David Friedberg (1:29) David Friedberg's career journey: Astrophysics to investment banking (2:13) Financial education during the dotcom boom and bust (5:01) Insights from early days at Google (7:59) Embracing big ideas and first principles at Google (10:08) Overcoming the fear of complex projects (14:45) Venture capital decision-making frameworks (16:39) Capital's role in addressing major challenges (21:27) The importance of talent concentration in startups (22:39) David's transition to Ohalo & LP conversations (26:12) Overcoming challenges in the Foundry program (27:11) Defining what makes a founder (29:01) Characteristics of successful entrepreneurs (31:39) Portfolio strategy and embracing failure (36:08) Strategies for turning around companies (37:17) Ohalo's mission for food security (42:01) The investor-operator dynamic (44:31) Balancing CEO and board responsibilities (45:46) Advice for founders and investors (47:01) The necessity of risk-taking in venture capital (47:24) Risks of over-diversification in portfolios (47:41) Conclusion and acknowledgments (48:06) Sponsor: Limited Partner Podcast newsletter (48:27) Gratitude to supporters and sponsors

Alan Feld sits down with David Weisburd to talk about his experience founding Vintage, the significance of product-market fit in VC, and how Vintage has thrived over two decades. They discuss the impact of personal history on investment decisions, building an enduring VC firm culture, and engaging with General Partners. They also touch on successful GP cultures, investment allocation, and VC-LP relationship transparency. (0:00) Diversification and elephant hunting (0:43) Welcoming Alan Feld to the podcast (1:06) Founding Vintage and the importance of direct investment experience (1:51) Structure and strategy of Vintage (3:19) Trade-offs in structuring funds by sector vs. asset class (5:55) Importance of understanding underlying companies and defining product market fit (8:57) Sponsor: Bidav Insurance Group (9:46) Lessons learned and internal culture at Vintage over 20 years (15:30) Understanding why top VCs make poor investments and the correlation with personal trauma (22:21) Management mistakes, culture, and keys to building an enduring organization (27:15) Hiring operators, engaging with GPs, and Vintage's growth (32:30) Importance of passion and characteristics of successful GPs (37:02) Humility, honesty, and transparency in VC relationships (42:05) Investment allocation and evaluating follow-on investments (45:16) Diversification and concentration in portfolios (46:36) Key takeaways and advice from Alan Feld (47:43) Closing remarks and future engagements

David Weisburd interviews Lo Toney about his transition from angel investor to fund manager, his role at Plexo Capital, and his approach to working with founders. They discuss the importance of patience in early-stage investments, the diligence process for managers, and the strategy behind selecting LPs. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and welcome to the podcast (1:19) Lo Toney's journey to founding Plexo Capital (3:05) Empathy in early-stage investing and being the first check (7:29) Differentiating first-time fund managers from first-time investors (9:56) The evolution from angel investor to fund manager (11:44) Sponsor: Bidav Insurance Group (12:33) Institutional LP requirements and their impact on alpha (14:29) The significance of DPI for institutional investors (17:42) LP strategies for re-upping with managers (20:21) Diligence process for evaluating fund managers (22:18) Techniques for delivering feedback to GPs (25:22) Assessing strong personalities and nonconsensus right GPs (32:44) Building and optimizing an institutional LP base (38:35) Experiences with family offices as LPs and managing LP relationships (43:38) The alpha of diverse GPs and the impact of diversity (48:41) Introducing the GPX initiative and its impact (50:39) GPX content, structure, and cohort experiences (54:04) Plexo Capital's global strategy and closing remarks

Roland Reynolds, Senior Managing Director at Industry Ventures, sits down with David Weisburd to discuss being one of the first investors in emerging managers and how he uses secondaries to drive alpha. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Introduction and Primary Commitments to Emerging Managers (1:32) Overview of Industry Ventures' Size, Structure, and Team (2:48) Investing in Early Stage Funds, Secondaries, and Tech Buyouts (5:03) Addressing Risk, Duration, and J Curve in Early Stage Venture (7:19) Building and Maintaining Relationships with Fund Managers (9:28) Sponsor: Bidav Insurance Group (10:10) Evaluating and Profiling Successful Fund Managers (16:17) Portfolio Construction and Managing Losses in Seed Stages (19:23) The Role of Early Secondaries and Direct Investments (21:42) Portfolio Strategies, Time Diversification, and Alpha Generation (25:26) History and DNA of Industry Ventures and Embracing Tweener Rounds (30:49) Partnering with Managers: SPVs and Investment Flexibility (35:25) Importance and Key Features of PPMs for Emerging Managers (39:37) In-depth Operational Due Diligence for Emerging Managers (43:02) Reflections, Acknowledgements, and Importance of Passion in VC (44:21) Encouragement for Engagement, Closing Remarks, and Listener Appreciation