Joshua Berkowitz of Berkocorp, sits down with David Weisburd to discuss investing in venture capital as a family office and why all investors should care about IRR (and not TVPI). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans.

(0:00) Episode Preview

(1:27) Joshua’s background

(3:25) How venture fits within a family office

(4:22) “Everyone’s an IRR investor”

(5:41) How to invest in venture and manage capital calls

(8:02) Why time diversification is important

(10:42) The importance of always being in market

(12:44) How to find and evaluate venture managers

(14:41) GP strategy fit

(15:52) Episode Sponsor: Bidav Insurance Group

(16:45) How to predict whether a manager can pick a powerlaw company

(17:34) Joshua’s powerlaw GPs

(18:48) Messy (or diversified) portfolio

(21:04) Aiming for 20% IRR

(22:22) Why Joshua likes diversified over concentrated

(24:01) GPs need to be “rough around the edges”

(26:25) The difference between early and late stage collaboration

(27:27) The different ways to win

(29:09) Can anyone beat Sequoia and Andreessen?

(29:45) Generational transfers

(31:05) Founder vs Operator CEOs

(32:44) How Joshua diligences emerging managers and what you need in a dataroom

(40:41) Portfolio construction

(41:25) How to communicate with LPs

(48:56) Joshua’s view on follow-on strategy

(52:05) The difficulty of succeeding across all stages

(54:30) Change in graduation rates

(56:17) Venture investing mistakes to avoid

(57:50) How to approach co-investments

(1:01:31) Dexa.ai

(1:01:54) Why Joshua is a great LP