How I Invest with David Weisburd

By David Weisburd

How I Invest with David Weisburd is a podcast that interviews the world's leading institutional investors. Previous guests include The Ford Foundation, Northwestern University Endowment, CalPERS, Step... more

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The podcast currently has 211 episodes available.

How I Invest with David Weisburd episodes:

September 03, 2025E208: CIO Frank Mihail on Running an $8 Billion Portfolio with 3 People
In this episode of How I Invest, I speak with Frank Mihail, CIO of the North Dakota Department of Trust Lands, which manages an $8B sovereign wealth endowment built to fund public schools.
Frank shares how his three-person team runs a highly concentrated portfolio with 75% in alternatives, why they prefer evergreen fund structures for liquidity, and how they think about portable alpha, co-investments, and core-satellite strategies.
We also discuss the trust’s broader mission: having already distributed $2B to North Dakota schools, with the long-term goal of covering the entire cost of public education.
Highlights:
The origins and purpose of the North Dakota Trust Lands sovereign wealth fund
How the endowment has grown to $8B in investable assets and $12B total
Why 75% of the portfolio is in alternatives, including private equity, venture, hedge funds, real estate, and infrastructure
The case for evergreen fund structures over traditional closed-end vehicles
Trade-offs between co-investments vs. manager selection for concentrated portfolios
How portable alpha works in practice—and why North Dakota uses a “portable beta light” approach
The role of fund-of-funds in reducing operational complexity and building core-satellite strategies
Behavioral finance and why avoiding mistakes during volatility matters more than chasing marginal alpha
The trust’s long-term mission to support public schools and reduce taxpayer burden
Guest Bio:
Frank Mihail is the Chief Investment Officer of the North Dakota Department of Trust Lands, where he oversees the investment of the state’s sovereign wealth endowment. Before joining North Dakota, Frank was an Investment Officer at the New Mexico Public Employees Retirement Association (PERA), where he managed hedge fund strategies. He holds deep expertise across public and private markets, with a focus on building resilient, high-performing institutional portfolios.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #AssetManagement
Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Frank Mihail: https://www.linkedin.com/in/frankmihail/
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Preview
(1:56) Portfolio Construction, Asset Allocation, and Liquidity Strategies
(4:45) Evergreen Funds: Benefits and Co-Investment Strategies
(10:54) Strategies for Private Equity and Hedge Fund Exposure
(18:30) Vanguard's Impact on Indexing and Portable Alpha Explained
(23:29) Fund of Funds and Core-Satellite Investment Approaches
(29:22) Behavioral Finance in Investment Decision-Making
(31:25) Key Investment Thesis and Illiquidity Valuation
(36:57) RVK's Role and Economic Impact on Public Education
(42:05) Closing remarks
...more
43min
September 01, 2025E207: Can AI Replace Your VC Analyst?
What happens when AI lets five people build what used to take fifty? Can you scale to eight figures in revenue without ever touching a “Series A treadmill”? In this episode, I talk with Henry Shi, co-founder of Super.com and creator of the Lean AI Leaderboard, about seedstrapping (raising once, then reaching escape velocity), outcome-based pricing, and a new, non-dilutive way to finance lean, profitable startups. We also get into how Henry “vibe-coded” an AI VC tool over a weekend, why survival rates should improve in the lean-AI era, and what founder traits show up again and again among these ultra-efficient companies.
Highlights:
Why AI-native teams can hit $10M+ ARR with tiny headcount: lower fixed costs + higher willingness to pay for outcomes.
Outcome-based pricing beats per-seat SaaS when you deliver measurable business results (example discussed: GrowthX).
Seedstrapping defined: raise a solid seed round, then avoid the pre-seed→A→B→C treadmill by using capital discipline and AI leverage.
Henry’s investor model: non-dilutive, non-recourse revenue share structured like a founder-optional line of credit (5–10% of revenue; 2–3× cap).
Why “reach Series A” is a broken success metric—and why DPI/ongoing cash generation matters more.
Founder traits that correlate with lean-AI success: repeat builders, high agency, resilience, and comfort going against pattern-matching orthodoxy.
“Vibe-coding” an AI VC assistant in a weekend: auto-memos, competitor scans, forecasting, and draft term sheets.
Will YC adapt—or will AI-native incubators centered on seedstrapping emerge? Henry’s take.
Guest Bio:
Henry Shi is the co-founder of Super.com (originally Snaptravel/Snapcommerce), founded in 2016 and rebranded to Super.com in Oct 2022 as the company expanded beyond travel into a savings-focused “super app.” WikipediaPR NewswireSuper Super.com raised $85M Series C in Apr 2023 (over $150M total raised reported at the time). PR NewswireCrunchbase News Henry also launched the Lean AI Leaderboard, tracking ultra-lean, high-revenue AI-native companies; he describes himself as a repeat founder who built a $150M+ annual-revenue startup before “recently exiting.” leanaileaderboard.com He was named to Forbes 30 Under 30 (Consumer Tech, 2019).
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #AssetManagement
Sponsor:
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Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Henry Shi: https://www.linkedin.com/in/henrythe9th/
Links:
Super.com: https://www.linkedin.com/company/superdotcom/
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Preview
(2:44) AI's Role in Lean High Growth Companies and Outcome-Based Pricing
(5:08) Ideal Capital Structure for AI Startups and Venture Capital Challenges
(7:53) Seed Strapping and its Suitability for Different Company Types
(10:24) Vibe Coding and AI's Potential to Support Diverse Founders
(15:26) Founder Characteristics and Incubator Models for AI Startups
(18:32) Seed Strapping Investment Model and Fundraising Challenges
(23:09) Startup Survival, Revenue-Based Funding, and Success Metrics
(30:04) Henry Shi's Fundraising Experiences and AI Startups' Potential
(32:52) Infinite Innovation and Encouraging Global Entrepreneurship
(34:03) Closing remarks
...more
35min
August 29, 2025E206: Inside Miami’s Billionaire Boom: The Real Reason Behind the Migration
I had the chance to talk with Francis X. Suarez, the 43rd Mayor of Miami, about how his "open-for-business" leadership transformed the city into a global tech and finance hub. We unpack Miami’s “quantum opportunity,” the practical growing pains—housing, schools, transit—and the civic strategy behind international diplomacy and major sports deals. We also explore his run as President of the U.S. Conference of Mayors and his reflections on leadership, resilience, and embracing failure.
Highlights:
How Miami built an ecosystem so attractive that "companies managing trillions wanted to be here"
The “quantum opportunity” from migration trends after New York’s November election
Zoning reforms to boost school capacity, and the housing affordability challenge
Using Inter Miami’s stadium and star signings (Messi, Busquets, Alba) as civic brand accelerants
The diplomacy of being "on the ground" in Riyadh during the Gulf trip
Leadership in the age of mistakes: confidence, humility, and reflection
Guest Bio:
Francis X. Suarez — Mayor of Miami since 2017, President of the U.S. Conference of Mayors (2022–2023), and architect behind Miami’s rise in tech, finance, and global presence. He’s known for civic modernization, bold branding moves, and strategic city-scale investments.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #AssetManagement
Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Francis X. Suarez: https://www.linkedin.com/in/francissuarez/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Preview
(1:49) Strategies for attracting entrepreneurs and addressing growth bottlenecks
(9:14) Advice for political campaigns and US international relations insights
(15:04) US-Saudi Arabia relationship and insights from diplomatic trips
(21:41) Trump's diplomatic skills and comparison of political career paths
(26:30) Personal and psychological insights into President Trump
(30:35) Francis Suarez's advice to his younger self and reflections on success
(34:45) The role of mindfulness and embracing failure in life
(37:21) Closing remarks
...more
39min
August 27, 2025E205: How to Invest like a Billionaire w/Founder of IEQ Capital
Alan Zafran, Founder & Managing Partner at IEQ Capital, joins to unpack how ultra-high-net-worth families and institutions think about risk, cash runways, GP selection, illiquidity, secondaries, LPAC governance, and portfolio strategy amid rising rates and sovereign debt.
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Highlights:
The strategic value of a 3–12 month cash runway for risk capacity
When concentrated allocations (e.g., private credit within IRA) can be intentionally diversified within a larger portfolio
Why illiquidity premium in private credit demands careful underwriting in a softening market
Using secondaries to access discounted, high-quality exposure when liquidity is in demand
Why being opportunistic via marginal reallocations trumps sitting in cash
GP selection principles: team-first, avoid style drift, manage fund size, and recognize that track records are lagging indicators
IEQ’s LP governance: securing LPAC seats ~75% of the time to align interests
Portfolio implications of sovereign debt, rates, and incentives
Framing crypto (e.g., Bitcoin) as a store of value, if aligned with client preference
The power of compounding trust in ultra-high-net-worth advisor-client relationships
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Guest Bio:
Alan Zafran is Founder & Managing Partner at IEQ Capital, a registered investment adviser overseeing $41.7B in Regulatory AUM (RAUM) as of June 30, 2025. With a career spanning Goldman Sachs, Merrill Lynch, and Luminous Capital, Alan brings nearly three decades of experience advising UHNW families and institutions. He holds several wealth-advisor recognitions and serves on multiple philanthropic and educational boards.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #assetmanagement
--
Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Alan Zafran: https://www.linkedin.com/in/alan-zafran-0446438/
Links
IEQ Capital: https://www.linkedin.com/company/ieqcapital/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) IEQ Capital overview and risk tolerance insights
(2:35) Diversification and financial runway importance
(6:41) Considerations for client diversification preferences
(8:37) Investing in private credit and tax implications
(13:05) Assessing the private credit market and opportunistic strategies
(21:30) Compounding relationships in wealth management
(26:15) Managing capital commitments for ultra high net worth individuals
(28:18) Risks associated with single stock loans
(31:50) Selecting general partners and vintage considerations
(38:19) Relationship and governance with general partners
(43:17) National debt impact on portfolio management
(49:24) Incorporating crypto into high net worth portfolios
(51:45) Staying informed with Alan Zafran and IEQ Capital
(52:32) Closing remarks
...more
53min
August 25, 2025E204: Going All In: The Risks and Rewards of Concentrated Investing
In this episode I speak with Rafael Costa, who co-founded Across Capital to back category-leading software companies across the U.S. and Latin America. We dive deep on the Brazil tech flywheel — from why the central bank and Pix have accelerated fintech innovation, to the infrastructure winners like QI Tech that are becoming foundational rails for payments, banking and credit. Rafael walks me through Across Capital’s concentrated, high-conviction approach (a ten-company portfolio, deliberate sizing, then backing winners over time), how they underwrite downside protection in growth equity, and what AI actually changes for regulated industries. Along the way he shares practical diligence habits (the “what really matters” slide), how they build conviction over ~17 months, and one piece of advice he’d give his younger self about focusing on the present to compound relationships and learning.
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Highlights:
Why Brazil’s fintech moment is real — PIX, an innovative central bank, concentrated incumbents, and huge addressable markets.
QI Tech: Across Capital’s early/high-conviction relationship with a Brazilian financial-infrastructure platform (Rafael says it was the fund’s first investment and has become a major position). Recent press shows QI Tech reached unicorn status and raised follow-on rounds with General Atlantic; Across Capital participated.
Why Rafael runs a concentrated, 10-company portfolio — concentration forces clarity, deeper diligence, and the ability to back winners with outsized follow-on checks.
Underwriting discipline: the “what-really-matters” slide — pick 3–5 drivers, re-underwrite objectively, and size up when the drivers out-perform.
How AI affects growth equity: less about replacing regulated businesses and more about enabling them (efficiency, automation, product expansion) — attractive for companies in fintech and financial infrastructure.
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Guest Bio:
Rafael Costa is a General Partner at Across Capital, a growth-equity firm that invests in category-leading software businesses across the U.S. and Latin America. Before Across, Rafael worked on growth teams at Vulcan Capital and Summit Partners and started his career in investment banking. Across Capital lists software and growth equity as its core focus and includes companies such as Qi Tech in its portfolio.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #AssetManagement
--
Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Rafael Costa: https://www.linkedin.com/in/rafael-costa-61bb479/
Links
Across Capital: https://www.acrosscap.com/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Introduction
(1:34) Evolution of Brazil's tech ecosystem and fintech landscape
(6:54) High conviction and concentrated portfolio construction strategies
(12:09) Growth equity insights: Consistency, power laws, and sizing strategy
(17:53) Institutionalizing investment discipline and exploring market leaders
(22:55) AI's impact on growth equity and personal advice for success
(27:04) Closing remarks
...more
29min
August 22, 2025E203: How Elite Endowments Invest w/John Felix
This episode features John Felix, General Partner & Head of Research at Pattern Ventures, a specialist fund-of-funds focused on backing small venture managers in the $5–50M range. We talk about the endowment principles that shaped John’s investing mindset, how to separate true specialists from résumé-driven narratives, why access and selection are two very different games, and the traps LPs face in co-investments. John also shares lessons on reserves strategy, portfolio construction, and what allocators consistently overlook when evaluating emerging managers.
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Highlights:
Why endowments that concentrate in their best ideas tend to outperform—and how that mindset translates to manager selection.
The real difference between a “specialist” and someone with just a strong pedigree.
Access vs. selection: most lose the game on access first, here’s how to filter for the best.
Crawl → walk → run: a stepwise framework for first-time GPs.
Solo GPs versus partnerships—where each model works and where risks emerge.
How to think about reserves and portfolio construction in small venture funds.
Spotting adverse selection in co-invest opportunities.
Why operator empathy makes for better underwriting judgment.
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Guest Bio:
John Felix is General Partner & Head of Research at Pattern Ventures, where he leads manager selection and research. Pattern Ventures is a fund-of-funds focused on partnering with exceptional small venture funds ($5–50M) and offering co-investment opportunities. Previously, John led Emerging Managers at Allocate and was an investor at Bowdoin College’s Office of Investments under CIO Paula Volent, after earlier roles at an OCIO and Washington University’s Investment Management Company. He holds a BSBA from Washington University in St. Louis.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #AssetManagement
--
Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
John Felix: https://www.linkedin.com/in/johnfelix12/
Links
Pattern Ventures: https://www.patternventures.com/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Early career and market efficiency insights
(2:02) Scott Wilson as a CIO and manager evaluation process
(7:45) Balancing portfolio management with best ideas strategy
(17:14) Deep research and the transition to Bowdoin College
(23:37) Bowdoin's investment philosophy and Allocate experience
(29:03) Founding Pattern Ventures and avoiding LP error
(34:32) Early venture investing challenges and strategies
(39:00) Venture capital industry bifurcation and fund characteristics
(44:05) Mistakes and reserve strategies in venture investing
(47:21) Final thoughts and importance of LP-GP partnerships
(48:27) Closing remarks
...more
49min
August 20, 2025E202: The Startup Lobbying Playbook w/Bradley Tusk
I had the chance to speak with Bradley Tusk, the legendary political strategist turned venture capitalist. He started in politics—running Michael Bloomberg’s mayoral campaign and serving as Deputy Governor of Illinois—before becoming the fixer behind startups like Uber, FanDuel, Lemonade, and Coinbase. Now, he runs Tusk Holdings, where he invests in—and fights for—startups navigating regulation.
We talked about his unique investing playbook, how to outmaneuver entrenched interests, what founders misunderstand about politics, and why he’s betting $20 million of his own money on mobile voting.
I had the chance to speak with Bradley Tusk, the legendary political strategist turned venture capitalist. He started in politics—running Michael Bloomberg’s mayoral campaign and serving as Deputy Governor of Illinois—before becoming the fixer behind startups like Uber, FanDuel, Lemonade, and Coinbase. Now, he runs Tusk Holdings, where he invests in—and fights for—startups navigating regulation.
We talked about his unique investing playbook, how to outmaneuver entrenched interests, what founders misunderstand about politics, and why he’s betting $20 million of his own money on mobile voting.
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Highlights:
Why he believes every policy output is a political input
How he helped Uber win political battles across the U.S.
What makes politicians tick—and how to move them
Why crypto had a breakthrough 2024 election cycle
How Tusk Ventures invests in highly regulated industries
The origin story of the Mobile Voting Project
When startups should start lobbying—and how to do it effectively
The one investment he regrets (and what it taught him)
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Guest Bio:
Bradley Tusk is the founder and CEO of Tusk Holdings, which includes Tusk Ventures, Tusk Strategies, and the Tusk Philanthropies foundation. He was formerly Deputy Governor of Illinois and campaign manager for Michael Bloomberg’s 2009 mayoral race. He helped Uber navigate early political battles, taking equity as payment—and then repeated that playbook with FanDuel, Lemonade, Coinbase, and others. He is also the author of The Fixer and Vote With Your Phone, and the founder of the Mobile Voting Project.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #AssetManagement
--
Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Bradley Tusk: https://www.linkedin.com/in/btusk/
Links
Tusk Holdings: https://www.tuskholdings.com/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Introduction
(0:44) Strategies for Uber's expansion and political challenges
(6:26) Michael Bloomberg's approach and political ROI examples
(10:35) Modern lobbying and startup political influence
(19:52) Timing for startups to engage in lobbying
(22:19) Success and impact of the crypto lobby in elections
(25:14) Elon Musk's potential political influence
(30:04) Bradley Tusk's mobile voting project and its impact
(35:20) Tusk Ventures' investment approach and regulatory appeal
(39:51) Perspectives on opposing lobbies and venture capital
(42:06) Lessons from investing and politics
(43:23) Closing remarks
...more
44min
August 18, 2025E201: Top 10 Things LPs Look for in a General Partner w/Matt Curtolo
What does it take to be a truly great limited partner?
In this episode, I spoke with Matt Curtolo, a veteran LP who’s worked with some of the most sophisticated institutional investors in the world—Hamilton Lane, MetLife, and Hirtle Callaghan. Today, Matt advises both LPs and emerging GPs, offering a rare perspective from both sides of the table.
We dug deep into what separates elite LPs from the pack, how institutional incentives shape decision-making, the paradox of humility and self-promotion among GPs, and why the best partnerships are built on trust, EQ, and long-term thinking.
If you're raising a fund—or allocating to them—this episode is a masterclass.
Highlights
Why emotional intelligence (EQ) often separates good LPs from elite ones
The biggest mistake LPs make: underestimating upside
How institutional misalignment discourages risk-taking
What best-in-class co-investment programs actually look like
How to assess GP conviction without asking directly
Why emerging GPs struggle—and how Matt coaches them through it
The real reasons LPs say no (hint: it’s not just returns)
Why “people first” is Matt’s ultimate investment filter
A framework for long-term games, trust-building, and kingmaking
What smaller LPs can do to punch above their weight
Guest Bio
Matt Curtolo is an institutional investor, advisor, and coach with over 20 years of experience across some of the most respected LP organizations in the world. He spent the first seven years of his career at Hamilton Lane, followed by senior roles at Hirtle Callaghan and MetLife. Most recently, he was Head of Investments at Allocate. Today, Matt advises both LPs and GPs on investment strategy, manager selection, fundraising, and co-investments—with a special focus on helping emerging managers navigate the zero-to-one journey.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #assetmanagement
Stay Connected
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Matt Curtolo: https://www.linkedin.com/in/matt-curtolo-caia/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Episode preview
(0:11) Experience at Hamilton Lane and early career insights
(1:19) Skills and best practices for an elite limited partner
(6:15) Leveraging community and referencing in due diligence
(10:16) Decision-making, risk tolerance, and LP conservatism
(17:16) Characteristics of top-performing LPs and institutional culture
(22:03) Advantages and benefits of co-investing for large institutions
(27:27) Evaluating co-investment opportunities and GP conviction
(32:38) Building relationships with GPs and organizational differences
(36:46) Challenges for smaller LPs and quick rejections in GP pitches
(42:10) Partnership mentality and long-term industry relations
(49:09) Consulting GPs and LPs for a unique perspective
(53:09) Common reasons GPs fail to raise money and balancing self-promotion
(59:13) The ten-year commitment test and characteristics of emerging LPs
(1:03:38) Closing remarks
...more
1h 8min
August 15, 2025E200: 21 Harsh Truths Nobody Will Ever Tell You - Alex Hormozi
In this episode of How I Invest, I’m joined by Alex Hormozi — entrepreneur, investor, and founder of Acquisition.com — to unpack the mindset and methods that have fueled his success across multiple industries. We dive deep into why entrepreneurship is more a “game of the heart” than the mind, the power of compounding skills, the dangers of “ignorance debt,” and how to strategically decide whether to build skills yourself or bring in outside talent.
Alex shares candid stories from his career — from building gyms to scaling software companies — and offers sharp insights on persistence, focus, and eliminating distractions to win long-term. We also explore the nuances of goal setting, why tiny incremental improvements matter when scaled to millions, and the art of building high-value peer networks.
Whether you’re an aspiring founder, seasoned operator, or investor, you’ll walk away with concrete frameworks to increase your odds of success — and the conviction to keep playing the game long enough to win.
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Highlights:
Why persistence outperforms raw intelligence in entrepreneurship
The unseen advantage of being around excellence and winning teams
How to identify and reduce “ignorance debt” in your business
The compounding effect of stacking complementary skills over time
Why patience and focus are the hardest — yet most valuable — entrepreneurial skills
Building “luck surface area” and increasing your odds of success
Deciding when to build a skill versus bringing in outside expertise
Marginal gains at scale: why 2% improvements can move the needle massively
The ROI framework Alex uses to decide where to spend his time and resources
Strategic giving and networking: building IOUs that pay off years later
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Guest Bio:
@AlexHormozi Hormozi is an entrepreneur, investor, and philanthropist. With his wife, @leilahormozi Hormozi, he co-founded Acquisition.com, investing in and scaling businesses while sharing their methods through books, podcasts, and media. He’s the author of $100M Offers and $100M Leads, with his new book $100M Money Models launching August 16, 2025.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #assetmanagement
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Huge Announcement:
Alex Hormozi's newest book, $100M Money Models, launches at a live virtual event Saturday August 16th. Register free: https://register.acq.com
The book will teach you how to get more customers to spend more, in less time, over and over again, ultimately eliminating cash flow as a constraint to growth of any business.
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Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
Alex Hormozi: @AlexHormozi
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Alex Hormozi: https://www.linkedin.com/in/alexhormozi/
Links
Acquisition.com: https://www.acquisition.com/
--
Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Episode preview
(1:00) Welcome back, Alex Hormozi and entrepreneurship insights
(2:32) Underestimating time for success and skills around excellence
(5:40) Learning from higher social status and power dynamics
(9:46) Defining ignorance debt and the context of advice
(17:27) Compounding skills versus mastering one
(24:32) Luck surface area and restarting for cash flow
(29:44) Focus as the hardest entrepreneurship aspect
(31:17) Levels and characters in the entrepreneurial game
(34:54) Tailoring advice to individual entrepreneurs
(37:03) Changing behavior and soft skills in older employees
(42:14) Preparing for book launch presentations
(44:16) Sharing goals publicly and visualization techniques
(50:32) Observable actions and career reflections
(57:00) Investment regrets and doubling down on successes
(1:00:19) Emotional investing challenges and building a mastermind
(1:03:36) Networking strategies and bridging creator-investor worlds
(1:06:26) Narrowing focus, expanding globally, and AI in deal flow
(1:09:00) Transactional relationships and optimal give-to-take ratio
(1:14:18) Content leverage and managing time
(1:19:15) Initial behavior and relationship efficiency
(1:22:21) Communication skills and meeting objectives
(1:28:31) Anxiety, performance, and stylistic communication
(1:33:25) Entertainment versus education in content creation
(1:36:25) Influencing and effectiveness in content
(1:39:41) Original content generation and value per word
(1:45:45) Independent thinking for success and conviction in investments
(1:49:30) Elon Musk's management strategies and leadership vision
(1:59:43) High agency challenges and optimizing media production
(2:03:51) Solving business constraints and the importance of talent
(2:07:48) Closing remarks
...more
2h 21min
August 13, 2025E199: How Rahul Moodgal Raised $99 Billion by Playing the Long Game
Most people pitch performance. Rahul Moodgal built a career on pitching relationships.
In this episode, I go deep with Rahul Moodgal—Head of Investor Relations at Parvus Asset Management and one of the most trusted capital raisers in the hedge fund world. Over his career, Rahul has raised $99 billion across platforms like TCI and Parvus, building decades-long relationships with LPs, endowments, and mission-driven institutions around the globe.
We explore how Rahul flips traditional fundraising on its head: opening with the negatives, focusing on long-term alignment, and avoiding the sales-y traps that doom many GPs. If you're a manager trying to understand how world-class LPs think—or an allocator looking to work with truly values-aligned capital—this is the playbook.
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Highlights:
The Bear Stearns moment that changed everything: Rahul's unconventional pitch that led to 8 out of 12 investors committing capital.
Why most GPs focus on transactions instead of relationships—and why that's a mistake.
The difference between asset allocators and asset owners, and why Rahul focuses on the latter.
How mission-driven capital re-energizes his team and provides a deeper sense of purpose.
Why duration—long-term relationship building—is the ultimate differentiator in raising capital.
The secret behind his famous email list and why it's so hard to get on it.
Parvus’s contrarian investment style: buying when everyone else is selling and holding through the noise.
Building a 30+ member group of female CIOs to foster collaboration and support.
Why Rahul goes "analog" in a digital world and still flies thousands of miles for one meeting.
A clear-eyed framework for distinguishing between “jigsaw” vs. “treasure hunt” LPs.
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Guest Bio:
Rahul Moodgal is Partner, Director of Investor Relations & Business Development at Parvus Asset Management, a London‑based firm specializing in European public equities with approximately $10 billion under management.
With over 25 years of financial services experience, Rahul transitioned into asset management after a period in academia. He studied and taught across four countries—UK, USA, Russia, and Japan—and earned degrees from Keele University, the London School of Economics, and Cambridge University.
Rahul was previously Partner leading Investor Relations & Business Development at The Children’s Investment Fund (TCI), where he became known for setting industry records—including initiating the largest-ever country and sector fund launches within a record timeframe. Following TCI, he advised and partnered with managers across Europe, contributing to firms such as Parvus, TCI New Horizon, KDA Capital, and Algebris Investments.
Beyond finance, Rahul serves as a trustee, board chair, and patron for multiple non-profit organizations in both the UK and U.S., including British Exploring Society, the Sumerian Foundation, Whizz-Kidz, and Scientific Adventures for Girls in Oakland, California
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].
#VentureCapital #VC #Startups #OpenLP #assetmanagement
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Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Rahul Moodgal: https://www.linkedin.com/in/rahul-moodgal/
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Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
(0:00) Episode preview
(0:06) Raising $99 billion and Bear Stearns event story
(1:46) Changing the pitch strategy and starting with negatives
(5:01) Relationship building and quality of capital
(10:14) Asset allocator challenges and choosing mission-driven clients
(14:32) Role and feedback of LPs in influencing GPs
(19:58) David Swensen, Yale model, and LPs pitching value
(23:57) Organizational alignment and understanding LPs
(27:12) Jigsaw vs. treasure hunt strategies and relationship duration
(32:20) Reconciling relationship duration with check size
(34:36) Mission-driven investing and non-performance alignment
(41:15) Transparency and partnership in investment management
(47:02) Long-term relationships versus transactional interactions
(50:19) Building personal relationships in the investment world
(57:01) Overview of Parvis Asset Management and contrarian strategy
(1:02:16) Shorting stocks: Criteria and approach
(1:03:48) Rahul Moodgal’s email list and meeting strategies
(1:08:02) The value of in-person meetings and flying for deals
(1:09:24) Closing remarks
...more
1h 10min

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