What does it take to allocate billions in private markets—and what sets a top-tier LP apart?

In this episode, I speak with Patrick Miller, Executive Director and Portfolio Manager of J.P. Morgan Asset Management’s Private Equity Group, where he plays a central role in their alternatives platform, investing across venture capital and private equity. Patrick shares how a single energizing meeting with a Florida-based venture capitalist sparked his interest in the asset class and how his team has since built a differentiated barbell strategy combining legacy tier-one firms and new emerging managers.

We dive into what LPs can do to truly add value to GPs, why fund size and ownership matter, how AI is shifting capital dynamics, and what makes a venture firm truly “differentiated.”

Whether you're a founder, a new VC, or an allocator, this episode is full of real LP insights from one of the most thoughtful voices in the game.

Guest Bio:

Patrick Miller is an Executive Director and Portfolio Manager of J.P. Morgan Asset Management’s Private Equity Group, where he is responsible for portfolio management, investment due diligence, and business development. He joined J.P. Morgan in 2012 and has played a key role in sourcing and managing investments across venture capital, private equity partnerships, co-investments, and secondary opportunities. Patrick earned his BA from Northwestern University, where he studied Communications and Business Institutions and was a member of the varsity baseball team.

Stay Connected:

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David Weisburd: @dweisburd

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

Patrick Miller: https://www.linkedin.com/in/patrick-miller-80386558/

J.P Morgan Asset Management: https://am.jpmorgan.com/us/en/asset-management/institutional/investment-strategies/alternatives/private-equity-group/

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(0:00) Episode preview

(0:06) Patrick Miller's entry into venture capital and adding value as an LP

(3:01) Stability and institutional experience in venture capital

(4:36) Investing in emerging managers and conviction in their success

(9:06) Impact of AI on venture capital

(13:28) Examples of backed managers and investing in private equity

(20:35) Advice for new investors and closing thoughts

(22:37) Closing remarks