Swimming with Allocators

This week on Swimming with Allocators, it’s time for another discuss, debate, and question episode as Alexa Binns and Earnest Sweat dive into the evolving venture capital landscape, examining themes like LP confidence in selecting managers versus direct deals, the changing roles of fund-of-funds, the impact of AI and storytelling for differentiation, and rising pressures on women and diverse founders. The conversation also debates whether venture is still truly venture as mega funds grow, highlights the importance of authentic branding, and explores whether geographic hubs like San Francisco are essential. Listeners will take away insights on how LPs and GPs can foster meaningful relationships, the need for differentiation, ongoing diversity challenges, why clarity of purpose and resilience are more crucial than ever in today’s VC ecosystem, and so much more. Don’t miss this episode!Highlights from this week’s conversation include:Welcome and Introduction to DDQ Episode (0:24)LP Confidence in Manager Selection and Blind Spots in Direct Deal Flow (3:01)The Push for Change in the Fund-To-Fund Model and Consolidation (6:20)Market Timing and Advice for Maintaining Portfolio Discipline (8:34)The Growing Importance of Technology Stacks for Fund Managers (9:25)How Branding and Storytelling Are Evolving in Venture Capital (12:31)Challenges of Differentiation, Authenticity, and Thought Leadership (15:05)Addressing Disparities and the Need for Collective Action (19:08)The Shift in How Founders Choose Capital Versus LP Expectations (23:02)Debating Who is the Ultimate Customer: LPs or Founders (26:50)Enriching The LP Experience With Initiatives Like Pitch Days (29:35)The Role of GPs in Supporting Founders and Their Track Records (31:03)In-Person Events, San Francisco’s Significance, and Industry Presence (34:14)How LPs Rebuild Conviction After Market Downturns (37:53)Managing Fund Terms, Anchors, and Building a Minimum Viable Fund (39:39)Commitments, Angel Investing, and Highlights From Recent Deals (41:39)Final Thoughts and Takeaways (44:03)Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Vivek Jindal, CIO at Caprock, shares his journey from risk manager to leading allocator, offering valuable insights into building all-weather, customized portfolios for ultra-high-net-worth families. The conversation covers the evolution of venture investing, the art and science of risk management, the growing role of secondary markets, manager selection, and the importance of diversification and due diligence. Listeners will gain key takeaways on how to compound capital over decades, adapt to market changes, and identify fund managers’ unique superpowers for long-term success. Also, don’t miss our insider segment as Shane Goudey highlights Sidley’s expansive, practical expertise in representing venture firms and emerging companies, emphasizing the firm’s holistic, relationship-driven approach and ability to offer clients sophisticated legal and strategic support across the entire investment and startup ecosystem.Highlights from this week’s conversation include:Welcoming Vivek Jindal to the Show (0:22)Lessons from Starting on the Risk Side and the Global Financial Crisis (1:44)Approaching Risk in Venture & Asset Allocation (5:30)Evolution of Portfolio Construction and Blurring Asset Class Lines (10:01)Strategies for Identifying Manager “Superpowers” (10:38)Caprock’s Venture Investing Approach and Its Evolution (13:42)Sectors Out of Favor and Long-term Perspective (16:36)Selecting and Accessing Fund Managers (18:36)Word of Mouth, Networking, and New Venture Managers (19:06)Discussion with Sponsor Sidley’s Shane Goudey (21:52)Ideal Client Profiles for Caprock (27:06)Why Alternatives—and Why Venture? (29:21)Opportunities in the Secondary Market (31:45)Trends to Watch in Venture and Growth Equity (35:22)What Makes a Good Fund Manager and Reference Checking (38:36)Final Thoughts and Takeaways (41:52)Caprock is a leading multifamily office providing independent, fiduciary advice to ultra-high-net-worth families and institutions. With a multi-asset class approach spanning traditional and alternative investments, Caprock creates fully customized portfolios designed to preserve, compound, and align wealth across generations. Learn more at www.caprock.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Peter Lazaroff, Chief Investment Officer at PlanCorp, joins Earnest and Alexa to discuss his cautious approach to investing, emphasizing minimizing mistakes, favoring rules-based strategies, and the importance of aligning investment decisions with individual client goals. The conversation covers reasons for skepticism about venture capital and alternatives, the significance of customization in wealth management, and evolving relationships between LPs and GPs. Listeners will gain insights into managing risk, the importance of purpose in portfolios, key strategies for long-term wealth-building, and so much more. Also, don’t miss Sidley’s Shane Goudey reflects on the shift from adversarial to collaborative LP-GP relationships, describes Sidley’s direct investment vehicles, and emphasizes the importance of strategic alignment and strong partnerships between law firms and their fund clients.Highlights from this week’s conversation include:Peter Shares His Investment Philosophy and FDA Analogy (1:24)Early Career, First Stock, and Influences On Investing Approach (3:43)Serving High Net Worth Clients And Market Portfolio Concept (6:55)Portfolio Customization, Financial Planning, and Client Differentiation (9:43)Sponsor Segment: GP/LP Relationships, Historic and Modern (10:44)Sidley’s Investment Approach, Capital Pools, and Alignment With Clients (15:24)Advisors Selling Complexity, CIO Forum Experiences on Alternatives (18:54)Skepticism of Alternatives for All Investors and Emotional Side of Investing (23:16)Personal Finance Tools and Resources Developed by Peter (27:50)Philosophy Behind Peter’s "Perfect Portfolio" Book (30:03)Peter on Investments He’d Make if He Won the Lottery; Personal Motivations (32:29)Final Thoughts and Takeaways (35:10)Plancorp Wealth Management is a privately held financial services firm founded in 1983 and headquartered in St. Louis, Missouri. The firm manages approximately $8 billion in assets, operates as a fee-only fiduciary, offers integrated wealth services including planning, investing, tax, estate, insurance, charitable giving and equity compensation, and has offices in Nashville, Sarasota, and San Francisco; it was named to Barron’s Top 100 RIA Firms (2025) and holds CEFEX certification since 2007. https://www.plancorp.com/Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, David Zhou, Founder of the Superclusters podcast and seasoned investor, joins Alexa and Earnest to discuss the art of venture capital from the LP perspective. Topics include how allocators differentiate true signal from noise, the value of qualitative insights vs. quantitative data, strategies for evaluating fund managers, and the importance of founder relationships. The conversation also touches on best practices for standing out in VC, the evolution of the industry, and actionable advice on track records and building a lasting reputation. Listeners will gain practical wisdom and fresh perspectives on navigating today’s venture landscape. You won’t want to miss it. Highlights from this week’s conversation include:Welcoming David Zhou to the Show (0:28)Name Origins: Superclusters & Astrophysics Analogy (1:21)David Reflects on Curiosity and Nontraditional Paths (3:35)Investing in People and Evaluating Managers (6:23)Qualitative Versus Quantitative Decision Making (7:13)Syndicate Leads: Taste Makers Versus Marketers (8:19)Identifying Signal and Network Value (10:18)Differentiating Managers and Radical Transparency (13:29)When to Engage Legal Counsel as a Fund (16:33)Placement Agents and Business Counsel Examples (20:51)GP and LP Perspectives on Metrics and Communication (22:57)Advice for Fund Managers on Pitching (24:02)Value of Relationships With Founders (27:48)The Importance of Naming and Brand (28:57)Podcasting as a Tool for Learning and Connection (30:16)The Appeal of VC and Allocator Roles in Mainstream (34:50)Final Thoughts and Takeaways (38:19)Superclusters is the podcast for emerging LPs who want to think like seasoned pros. Hosted by David Zhou, each episode explores how the world’s top allocators select and back venture capital firms—and how the next generation can learn, experiment, and play their part in shaping the ecosystem. Listen at https://www.superclusters.xyz.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Benedikt Langer, pastor turned family office investor and creator of “Embracing Emergence,” shares his journey and investment philosophy focused on backing exceptional people rather than just deals. He discusses the challenges and lessons of transitioning from direct investing to supporting emerging managers, the value of qualitative insights and reputation, and the importance of building trust and community within venture capital. Listeners will gain actionable perspectives on selecting partners, developing authentic investment approaches, the evolving landscape for LPs in the years ahead, and so much more.Highlights from this week’s conversation include:Welcome to Today’s Episode (0:32)Benedikt’s Journey in Faith, Finance, and LP Investing (3:14)Early Lessons from Family Office Investing (6:13)Evolving to Fund-of-Funds and Philosophy on Backing Managers (9:20)Framework for Evaluating GPs with Data and Intuition (11:52)Insider Segment:Liquidity, Secondaries, and Industry Structures (14:42)Deep Dive into Secondary Vehicles, SPVs, and Negotiations (18:54)Brand Versus Reputation for Emerging Managers (22:54)Approaching Firm Building and Scaling Teams (25:56)Importance of Firm Naming and Newsletter Vision (29:14)Journalistic Community Vision and Transparent Conversations (31:25)Family Office Outlook and the Future of LP Function (34:02)Book Influences and Investing Philosophy (35:23)Reflections and Parting Thoughts (38:35)TOV Lending is a family-owned private capital provider offering competitive rates and hands-on service to real estate investors and home flippers. Alongside TOV, Benedikt Langer leads Embracing Emergence—a platform connecting LPs and emerging managers with a focus on thoughtful, values-driven investing. Learn more at  https://embracingemergence.beehiiv.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Michael Downing, serial entrepreneur and venture investor, shares his journey from founding startups to building MDSV Capital, while diving into the essential role of emerging manager funds in today’s venture landscape. The discussion covers the evolution of venture capital, key strategies for both LPs and GPs, the importance of innovative sourcing and community-building, and how the Promontory platform fosters stronger connections and investment outcomes. Listeners will take away insights on industry shifts, the value of supporting innovative early-stage funds, practical guidance for thriving amid changing venture dynamics, and so much more.Highlights from this week’s conversation include:Michael’s Entrepreneurial Journey & Early Startups (1:20)Transition from Founder to Investor and Early Micro VC Experience (5:23)Power Law, Missed Opportunities, and Emerging Manager Alpha (9:57)Capital Extension Structure & Alignment with Managers (14:13)Filtering and Assessing Emerging Managers in a Crowded Market (16:52)Common LP Misunderstandings and Venture Capital Dynamics (19:22)Insider Segment: Trends in LP Activity and Fund Composition (22:20)Direct Investment vs. Fund Commitment by LPs (25:14)Trends Managers Are Missing & Seed Funding Explosion (25:54)Sourcing Methodology and the Platform Approach Advantage (28:48)Criteria for Managers to Engage with Michael Downing (29:05)Deep Tech/Defense Tech Priority & Generalist Outperformance (33:41)Best Practices for Building Relationships with LPs via Promontory (35:33)Future Vision: Programmatic LP Allocation and Software Approach (38:28)Final Thoughts and Takeaways (40:30)MDSV Capital is a Palo Alto-based investment firm led by Silicon Valley veterans with over two decades of entrepreneurial and venture experience. The firm has built a premier ecosystem of top-tier emerging manager funds (EMFs) and LPs through its invitation-only community, The Promontory, and its Emerging Horizons event series. MDSV’s Emerging Manager Alpha at Scale strategy targets the top 1% of emerging managers while investing directly in early-growth outliers from their portfolios. Learn more at www.mdsvcapital.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Joshua Berkowitz of Berkocorp joins Earnest and Alexa to share his journey transitioning his family office from real estate to venture capital, offering candid insights on building relationships with top VC and PE managers, the importance of patience and long-term thinking, and the realities of portfolio construction. The discussion covers how to underwrite exceptional managers, the value of GP and LP recommendations, and the evolving landscape of venture, especially the rise of young founders and AI-driven startups. Listeners will also hear from Shane Goudey from Sidley on trends in fund formation and the current state of the venture market. Key takeaways include the need for genuine interest and commitment in venture investing, the benefits of a diversified yet opportunistic portfolio, practical advice for family offices considering this asset class, and so much more. Highlights from this week’s conversation include:Joshua’s Background and Transition From Real Estate to Venture Capital (0:12)Diversifying from Real Estate to Venture (1:43)Commitment and Learning Curve in Venture Capital (3:45)GP References vs. LP Recommendations (5:36)Reflections on First Investments & Portfolio Design (7:24)Deployment Strategy and Allocation Modeling (10:53)Fund Formation Market Trends and Sponsor’s Perspective (16:21)Underwriting Individual GPs & What Makes a Good Manager (18:11)Suitability and Motivation for Family Offices in Venture (20:57)Return Expectations and Investment Strategy (24:55)Challenges with Fund Lives & Reclassifying Mature Assets (27:21)Trends: Resurgence of Young Founders & AI (29:45)Closing Thoughts and Next Steps for Berkocorp (33:11)Berkocorp is a Canadian family investment office managing a Vancouver-based real estate portfolio and actively backing top venture capital and private equity managers across North America. Led by Managing Principal Joshua Berkowitz, Berkocorp takes an independent, long-term approach to capital partnerships, with a portfolio spanning micro VCs to billion-dollar growth funds. Learn more at www.linkedin.com/company/berkocorp.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Highlights from this week’s conversation include:Michaela’s Career Journey and Entry into Impact Investing (1:06)Lessons from Early Impact Experiences (3:36)Misconceptions about Impact Investing and Returns (6:39)Lessons from Clean Energy Investments (10:11)Venture and Asset Class Inclusion in Impact (12:03)Capricorn’s Ecosystem Building and Value Add (15:59)Current Client Questions and Market Backlash (17:49)Strategies and Dislocations in Capital Markets (19:39)Marie-Celine’s Background and Role at Capricorn (22:40)Asset Class Commitments (25:10)GP Engagement and Inflection Points (26:49)Investment Excellence and Entrepreneurial Teams (29:01)LP Relationships and GP Support (31:17)Mission Alignment for GPs (34:02)Due Diligence, Regulatory Risk, and Diversification (35:49)Connecting with Capricorn and Parting Thoughts (37:19)Capricorn Investment Group is a $13B mission-aligned investment firm founded on the belief that sustainable investment practices can enhance risk-adjusted returns. With offices in New York City and Palo Alto, Capricorn invests across asset classes, from venture capital to GP staking, supporting scalable solutions to the world’s most pressing problems. Learn more at www.capricornllc.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Aram Verdiyan, partner at Accolade Partners. Aram shares his journey into venture capital and the principles behind Accolade’s top-performing fund-of-funds strategy. The discussion also covers the importance of access to elite managers, the value of portfolio concentration over diversification, and how disciplined, conviction-driven investing leads to superior returns. Aram delves into Accolade’s early and significant commitment to blockchain, the evolving landscape of liquidity and secondaries, and the firm’s hands-on approach to supporting GPs. Key takeaways include the need for LPs and VCs to focus on long-term relationships, maintain discipline in strategy, and recognize the outsized impact of a few exceptional investments in venture capital.Highlights from this week’s conversation include:Aram’s Background and Career Path (0:32)Cold Emailing and Early Fund of Funds Experience (3:40)Accolade’s Differentiation and Concentrated Approach (5:44)Venture Returns Dispersion and Benchmarking (8:39)Check Sizing and Manager Alignment (10:58)Re-Up Decisions and Evaluation Vectors (13:59)Identifying Gaps and New Strategies (16:45)Blockchain Investment Thesis (19:13)Advice for LPs Entering Blockchain (21:25)Blockchain and AI Intersection (24:45)Educating GPs and Staying Disciplined (27:59)Supporting Managers as They Scale (29:57)Liquidity Management in Venture (33:31)Connecting with Aram and Parting Thoughts (36:39)Accolade Partners is an alternative asset platform specializing in venture capital, growth equity, and blockchain fund investments. With $7B+ under management, Accolade targets top-tier returns through a highly selective approach to GP partnerships, focused on building concentrated portfolios of the 20-30 firms consistently delivering 3x net outcomes. Learn more at www.accoladepartners.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Lara Banks, Managing Director at Makena Capital Management. Lara shares her journey from real assets to venture capital and offers an inside look at Makena’s approach to manager selection, portfolio construction, and the evolving role of LPs. The discussion also covers the endowment model, the impact of AI and market shifts on venture and private equity, and the growing importance of grit, adaptability, and unique value for emerging managers. Listeners will gain insights into current challenges like illiquidity, the rise of secondaries, and the need for cross-pollination between venture and PE, as well as practical advice for building durable firms and navigating today’s dynamic investment landscape. Don’t miss this great conversation!Highlights from this week’s conversation include:Lara’s Career Path and Origin Story (1:14)Overview of Makena Capital Management (4:04)Changes in Venture Strategy and Market Dynamics (6:06)Investable Building Blocks Explained (9:14)Challenges for Allocators in Today’s Market (10:18)Goals for 2025 and Manager Selection (16:02)Advice for Managers Navigating Market Cycles (22:36)What Makes a Great Growth Equity Manager (26:16)Cross-Pollination Between PE and Venture (28:16)Opportunities in Underfunded Founders and Growth Equity (31:34)How Emerging Managers Can Stand Out (34:02)Final Thoughts and Takeaways (36:51)Makena Capital is a ~$22B endowment-style investment firm founded in 2005 by alumni of the Stanford Management Company. Located on Sand Hill Road, Makena partners with world-class managers across asset classes with a legacy of early and ongoing investment in venture capital. Learn more at www.makenacap.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, it’s time for another debate, discuss, and question episode as Earnest and Alexa dive into the complexities of venture capital from both LP and GP perspectives, focusing on how fund managers can differentiate themselves and the art of due diligence. They also discuss the realities of fund and startup failure rates, the evolving importance of marketing and narrative in VC, and the challenges smaller LPs face in achieving true diversification. Listeners will gain insights into what LPs look for when selecting funds, the significance of relationships and track record, and practical advice for navigating the ever-changing VC landscape. Recommended podcasts and resources round out the episode, offering further learning for aspiring allocators and fund managers. You won’t want to miss this one!Highlights from this week’s conversation include:VC Lab Applications & Emerging Manager Interest (0:26)Commitment and Self-Belief in VC (1:41)Honesty in Startup vs. Fundraising Pitches (5:02)Pitching Preferences: Deck vs. Conversation (7:24)Differentiation in GP Pitches (9:07)Barriers for New GPs & LP Slot Scarcity (14:59)Portfolio Construction & Venture Alpha (17:28)Marketing, Narrative Control, and Full-Stack VC Firms (19:51)Thought Leadership and Brand Building in VC (25:05)AI Concentration and Diversification Challenges (30:01)Differentiation for Emerging Managers (32:33)Host’s Fund Plans: Stresswood (36:17)Lessons Learned & Must-Listen Episodes (38:58)Recommended LP-Related Content (41:36)Final Thoughts and Takeaways (43:33)Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Vishnu Amble, Founding Director, Trustee, and Investment Committee Member at GreenBear Group. Vishnu shares insights from his global investment career, discussing his transition from traditional finance to leading a mission-driven family office. The conversation explores the importance of building strong networks, lessons from backing both startups and fund managers, and the critical role of alignment and long-term relationships between LPs and GPs. Vishnu also highlights the impact of technology and outsourcing on investment efficiency, offers perspectives on energy and infrastructure trends, and emphasizes the need for persistence, clear objectives, and risk management. Key takeaways include the value of genuine partnerships, adapting to market cycles, the continued opportunities within the US innovation landscape, and more. Highlights from this week’s conversation include:Vishnu’s Career Journey: From Engineering to Finance (1:13)Global Perspective & LP Value Proposition (4:14)Manager Selection & Partnership Approach (6:31)LP Community & Tech Solutions (10:37)Diligence & Risk Tolerance Evolution (12:18)What Vishnu Looks for in Fund Managers (14:00)Fundraising Challenges in Thematic Funds (16:19)LP Alignment & Fund Composition (20:00)Building Relationships in the Age of AI (23:13)Tech, Costs, and Human Capital (24:18)Opportunities for Early Stage Investors (27:18)Historical Lessons & U.S. Market Endurance (28:55)Final Thoughts and Takeaways (31:06)GreenBear Group LLC is a single-family investment office and mission-driven philanthropic organization focused on fund partnerships, direct investments, and GP seeding. With over 20 years of global experience and deep conviction in values-aligned capital, GreenBear supports exceptional fund managers and founders advancing economic access, sustainability, and innovation.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Jason Howard, Founder and Managing Partner of New Catalyst Strategic Partners. Jason shares his journey from finance and entertainment to launching a firm focused on GP seeding and supporting emerging managers in private markets. The discussion covers New Catalyst’s innovative approach to providing seed capital, operational support, and strategic partnerships, as well as insights into co-investment, secondary markets, and the challenges facing new fund managers. Key takeaways include the importance of alignment, scalable capital, and cross-industry lessons in building sustainable investment firms, along with practical advice for both GPs and LPs navigating today’s complex private market landscape. Don’t miss this great conversation.Highlights from this week’s conversation include:Jason’s Background and Career Journey (1:03)Lessons from Entertainment to Private Markets (4:27)Genesis and Mission of New Catalyst (8:30)New Catalyst’s Investment Approach (12:07)Market Gaps Addressed by New Catalysts (14:20)What is GP Seeding? (17:40)Manager Archetypes and Investment Focus (20:45)Trends in Fund Strategy Expansion (24:06)Value of First Partnership in GP Seeding (28:48)Strategic Partnership Support for Managers (31:46)Benefits of Seeding for LPs (33:37)Secondaries and GP Stakes (36:38)Final Thoughts and Takeaways (40:32)New Catalyst Strategic Partners is an independent alternative investment firm founded by industry veteran Jason Howard. Launched with significant capital from Apollo to support its growth, New Catalyst seeks to acquire economic interests and minority ownership in Next Generation private markets firms, providing them with the flexible, strategic capital and value creation resources they need to grow and succeed. To learn more, please visit www.newcatalystsp.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Diego De Colombres, founding general partner of Dissent Capital. Diego shares his journey from equity research to launching a specialized crypto fund of funds. The discussion also explores the importance of backing emerging managers, building concentrated portfolios in a volatile market, and the evolving strategies required for success in crypto venture capital. Key takeaways include the value of specialization over generalization, the risks of over-engineered fund structures, and the growing significance of trends like stablecoins and the intersection of crypto and AI. Listeners will gain insights into how disciplined selection and a long-term perspective can drive outperformance in the rapidly changing world of crypto investing. Don’t miss this great conversation! Highlights from this week’s conversation include:Diego’s Background and Path to Venture (1:17)Early Crypto Interest and Latin American Perspective (3:34)Equity Research Skills in Venture Investing (5:55)Founding Dissent Capital: Inspiration and Strategy (9:17)Concentration vs. Diversification in Crypto Funds (11:52)Cyclicality and Deployment in Crypto Venture (13:16)Identifying and Selecting Emerging Managers (15:23)Why “Access Is Not a Strategy” (19:33)Common Mistakes in Crypto Fund Structures (22:50)How LPs Should Assess Crypto Venture Risk/Reward (26:09)Competition at Early Stages in Crypto vs. Traditional VC (29:52)Crypto Trends: Stablecoins, AI, and On-Chain Identity (31:21)LP Archetypes and Strategic Investors (36:34)Lessons Learned: Narrative-Driven Markets and Distributions (39:50)Connecting with Diego and Parting Thoughts (41:54)Dissent Capital is a pioneering crypto venture fund of funds focused on backing the next generation of emerging crypto managers. With a disciplined, high-conviction approach to early-stage investing, Dissent Capital delivers institutional-grade diligence and access to the best opportunities in the space. Learn more at www.dissentcap.xyz.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.Quote 1: "In crypto, access is no longer a strategy, and beta plays don’t cut it. To capture power-law outcomes, you need focused portfolio construction and a specialization mindset, not over-diversification." Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Brian O'Neil, a veteran CIO with over four decades of investment experience, who provides a candid overview of the current venture capital landscape. Brian discusses the challenges facing venture capital, including excessive funding, prolonged private company lifecycles, and the shift from growth-at-all-costs to profitability. He also emphasizes the importance of diversification, understanding investment portfolios, and the need for patience when approaching venture investments. Key insights include the difficulty of finding top-quartile venture funds, the potential of AI and personalized medicine, and the critical role of relationship-building for emerging managers. Brian advises allocators to be selective, learn across asset classes, and recognize that venture capital requires a long-term perspective with an acceptance that many investments may not succeed. Don’t miss this great conversation. Highlights from this week’s conversation include:Early Days of Venture and LBOs (1:23)Performance of LBOs and Venture Capital (2:27)Allocator Approaches to Private vs. Public Markets (4:35)Continuation Funds and LBO Fund Lifecycles (6:42)Comparing Current Venture Downturns to History (8:22)Growth Equity and Venture Stage Reclassification (11:41)AI Hype and Venture Market Cycles (13:17)Time Horizons and Commitment Budgets (15:43)Advice for Allocators on Manager Selection (18:55)Co-Investment Trends in Private Equity (21:01)Lessons from CIO Experience (25:01)Advice for New Allocators (26:29)Advice for Emerging Managers (31:05)Exciting Trends in Venture: AI and Personalized Medicine (33:20)Final Thoughts and Takeaways (35:52)Brian O’Neil is the former Chief Investment Officer of the Robert Wood Johnson Foundation and has served in investment leadership roles for over 40 years, including at Equitable Life and AXA Investment Managers. He currently serves on the board of the Brooklyn Public Library and is an Investment Committee member at The Wallace Foundation. Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Highlights from this week’s conversation include:Wendy’s Origin Story and Entry into Allocator World (1:17)Early Lessons as an Allocator (3:59)Gravitating Toward Private Assets (6:39)Founding Ivy Invest: The Problem and Vision (8:06)Trends and Tailwinds in Asset Management (11:01)Challenges Bridging Institutions and Individuals (13:55)Bridging Institutional and Individual Experiences (16:47)Is Retail Capital a New Institutional Staple? (19:58)Why Early-Stage Venture “Math Still Works” (24:00)Institutional Governance and Fund Size Trends (27:14)Advice for Emerging Managers Approaching Institutions (29:45)Where Alpha Will Come From in Venture (33:13)Intangibles and Differentiation in Early-Stage Managers (36:26)Final Thoughts and Takeaways (39:56)Ivy Invest brings institutional-quality portfolios to individual investors using an endowment-style investment framework. Co-founded by Wendy Li, Ivy invests across equities, income, and diversifiers—partnering with experienced asset managers to deliver performance, discipline, and access. Learn more at www.ivyinvest.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Jon Wolkin, Managing Director of Deloitte Ventures. Jon shares his journey from investment banking to corporate venture, highlighting Deloitte's $150 million fund strategy that balances direct and fund investments across key technology verticals like AI, future of work, and health tech. The discussion reveals critical insights into corporate venture capital, emphasizing the importance of having a clear "North Star" strategy, understanding long-term value creation, and navigating the complex ecosystem of innovation. Key takeaways include the need for corporations to move quickly, provide strategic value beyond capital, and remain adaptable in a rapidly changing technological landscape. Jon also provides unique perspectives on the Canadian venture ecosystem, noting its potential in emerging technologies and the relatively low corporate venture participation compared to the US market. Don’t miss this in-depth discussion.Highlights from this week’s conversation include:Jon’s Career Journey (1:18)Transition to Corporate Venture and Deloitte (3:19)Strategic vs. Financial Objectives in CVC (4:39)Long-term vs. Short-term Goals in Venture (7:15)Challenges of Launching a Venture Arm in a Partnership (9:11)Direct vs. Fund Investing Strategy (11:53)Fund Selection and Ecosystem Engagement (13:20)Alignment of Direct and Fund Investment Verticals (17:29)Corporate VC Activity in Downturns (22:56)Misconceptions About Corporate Venture Groups (25:21)Advice for Emerging Managers Working with Corporates (27:59)Key Learnings and Reflections at Deloitte Ventures (30:11)Final Thoughts and Takeaways (32:20)Deloitte Ventures Canada is a $150M corporate venture capital fund investing in Series A and B companies across fintech, cyber, climate, data/AI, and work tech. With a dual mandate of direct investments and fund investments, Deloitte Ventures is strategically positioned to support innovation while delivering financial and strategic value. Learn more at www.deloitte.ca.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Quincy Brown, Managing Director at FEG Investment Advisors. With 29 years of experience, Quincy discusses how his firm serves mission-driven organizations by integrating responsive investing strategies, focusing on diverse and emerging managers, and balancing financial performance with social impact. Key topics include the evolution of ESG investing, technology's role in creating new investment opportunities, and the importance of understanding client missions. Quincy also emphasizes that organizations can achieve both financial returns and social objectives by taking a long-term, strategic approach to investing, particularly in venture and private equity sectors. The conversation provides a nuanced look at how investment consultants are navigating changing landscapes of mission-aligned investing. Don’t miss it! Highlights from this week’s conversation include:Quincy’s Career Path (1:09)FEG’s History and Client Base (4:44)Building Trust and Client Relationships (7:00)Values-Aligned and Responsive Investing (9:17)Shift Toward Venture and Private Equity (12:26)Identifying Diverse and Emerging Managers (14:36)Diversity Criteria and Thresholds (17:01)Advice for Emerging Managers (18:03)Role of the Research Team (19:10)Fund Performance Trends (21:55)Mission Alignment Across Asset Classes (24:33)Lessons from ESG and DEI Trends (28:44)Exciting Trends in Venture and Private Markets (30:16)Advice for Allocators on Values-Aligned Investing (35:14)Connecting with Quincy and FEG and Parting Thoughts (36:34)FEG Investment Advisors is a Cincinnati-based investment consulting and OCIO firm serving nonprofits, endowments, and foundations nationwide. With a legacy of research-driven diligence, values-based investing, and a deep commitment to diverse and emerging managers, FEG is a leader in aligning capital with mission. Learn more at www.feg.com.Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa welcome Farhan Lalji and Dario de Wet, Co-Founders of LTV Capital. During the conversation, Farhan and Dario discuss their unique approach to investing in emerging fund managers. They share insights into evaluating new venture capital funds, emphasizing the importance of understanding a manager's "why," network strength, and hustle factor. The conversation also explores the challenges of venture capital scaling, the potential of managers with atypical backgrounds, and the evolving landscape of startup exits. Key takeaways include the value of investing in smaller, innovative funds, the need for differentiation in a competitive market, and the potential of legacy industries for venture investment. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley Law Firm discuss critical regulatory considerations for venture capital and startups, focusing on tax implications of carried interest, Qualified Small Business Stock (QSBS) benefits, and evolving FDA regulations in the medical and biotech sectors.Highlights from this week’s conversation include:Dario’s Career Journey (0:58)Farhan’s Background and Anthem Group Experience (1:43)Emergence of LTV Capital’s Thesis (3:36)Influential Experiences Shaping VC Perspective (5:27)Should Venture Capital Scale? (8:08)Why Focus on Emerging Managers? (13:10)Intangibles in Fund Managers (18:26)Intentionality in Fund Construction (21:24)Insider Segment: Regulatory and Tax Updates (23:02)Hands-On LP Support for Emerging Managers (27:21)First Close vs. Last Close LPs (30:37)Why LPs Choose LTV Capital (33:53)Venture Beta vs. Alpha and Fund of Funds Debate (36:18)Venture Exits and Liquidity Outlook (40:43)Parting Advice for GPs and LPs and Final Thoughts (44:10)LTV Capital is dedicated to investing in top-tier emerging managers globally, aiming to empower the next generation of venture capital leaders. By providing support and resources, LTV Capital fosters innovation and growth within the venture capital ecosystem.LTV Capital: Empowering Emerging Managers | Uniting the Fund EcosystemSidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week on Swimming with Allocators, Earnest and Alexa sit down with Clare McLaughlin, Partner at TLI Bedrock. Clare shares her unexpected path from art history and professional harpist to VC, along with her distinctive lens on early-stage investing in sectors like material science, defense, and deep tech. She highlights the importance of founder execution, financial storytelling, and aligning investments with personal values. The episode also explores the evolving role of family offices and the need for transparency and long-term thinking. Also, don’t miss our insider segment with Jason Kropp of Sidley on tax optimization strategies and smart structuring for global VC investments.Highlights from this week’s conversation include:Clare’s Unconventional Path to VC (1:02)Lessons from Arts and Nonprofit Roles (4:22)TLI Bedrock’s Approach and Family Office Strategy (8:34)Building Investment Strategy and Structure (10:18)Transitioning to Offense in Investing (12:02)Fund Manager Relationships and Communication (16:11)What Works (and Doesn’t) in Fund Manager Pitches (21:23)Grit and Motivation in Venture Careers (26:19)Insider Segment: Tax Optimization for LPs and GPs (27:11)Current Excitement and Trends in Tech & Energy (35:38)Intentionality and Values in Investing (37:39)Balancing Efficiency, Humanity, and Technological Change (39:13)Simple, Impactful Innovations (43:42)The Myth of Tier One Co-Investment (48:07)Favorite Success Stories and Founder Qualities (49:22)Advice for New Family Office Professionals and Parting Thoughts (52:38)TLI Bedrock is a multi-strategy fund that invests across sectors and industries. The firm seeks high returns by backing innovative projects, responsible companies that consider customer, employee, and community needs, and sustainable approaches to commerce. Guided by the principles of trust, loyalty, and integrity, TLI Bedrock takes a holistic approach to investment. Learn more at www.tlibedrock.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.