Hunter Somerville helps allocate billions of dollars across venture capital at StepStone—and he’s one of the most thoughtful LPs I’ve ever met. In this episode of How I Invest, Hunter gives us a rare look into how top institutional investors evaluate funds, pick managers, and underwrite spinouts before they even happen.

We go deep on what separates the best emerging managers from the rest, how LPs think about performance before DPI, and why some GPs win repeatedly while others fade. Hunter also shares his own personal playbook—from how he manages his time to the biggest lessons he’s learned over two decades in venture.

If you're raising a fund, building a firm, or just curious about how top LPs think, this one is a must-listen.

Guest Bio:

Hunter Somerville is a Partner at StepStone Group, one of the largest institutional investors in venture and growth equity. He leads investments across hundreds of funds, directs, and secondaries, and helps back many of the best emerging and established managers in the world. Hunter is known for his deep pattern recognition, clarity of thought, and a relentless work ethic that shows in everything he does.

Stay Connected:

X / Twitter:

David Weisburd: @dweisburd

David Weisburd: https://www.linkedin.com/in/dweisburd/

Hunter Somerville:https://www.linkedin.com/in/hunter-somerville-2a24117/

StepStone Group: https://www.linkedin.com/company/stepstone-group/

Questions or topics you want us to discuss on How I Invest? Email us at [email protected].

(0:00) Episode preview

(0:42) Fundraising market and LP exposure for emerging managers

(2:33) Challenges and indexing venture for mid-level emerging managers

(5:08) Tracking attribution, performance, and manager skill indicators

(9:41) Valuation policies, game theory, and impacts on investments

(12:24) Building successful investment firms and reserve strategies

(18:18) Deal attribution and components of sourcing in firms

(23:32) The impact of brand and right to win at various fund stages

(28:42) Differentiation strategies for venture funds

(32:32) Current state and evolution of StepStone's venture practice

(38:11) Incorporating AI and technology in investment management

(42:23) Building and evolving relationships with investment funds

(44:20) Strategies for managing a busy calendar and prioritizing tasks

(47:11) Mentorship, personal growth, and career reflections

(51:01) Trust and reverse references in large investment transactions

(54:21) Ego, selling yourself, and StepStone's ecosystem approach

(55:59) Aligning incentives and culture in organizational growth

(57:07) Closing remarks