Peter Teneriello, former Senior Portfolio Manager at Texas Municipal Retirement System, sits down with David Weisburd to discuss how TMRS deployed $1B into venture capital. In addition, they discuss institutional allocation pacing models, the importance of aligned investment teams and why investors may allocate to median performing managers.

(0:00) Introduction

(0:55) Diversification strategies in venture capital investing

(3:32) Co-investment practices and fee management

(6:58) Importance and role of pacing models

(9:39) Incentives for LP Consultants and their impact

(12:25) Strategy for setting up a billion-dollar single family office

(15:39) Building effective LP / GP relationships

(16:22) Career insights and investment philosophy from Peter Teneriello