Highlights:

Portfolio Construction: TVC’s concentrated approach to seed-stage investing and leveraging informational advantages to support founders.

Thesis-Driven Investing: Why Nick believes the future of venture capital lies in backing big, transformative ideas, especially in deep tech, computational biology, and AI.

Bio-Defense and Innovation: How advancements in AI and biology could revolutionize healthcare and address emerging bio-defense challenges.

Supporting Founders: The importance of transparency, setting micro-goals, and building trust for navigating challenges like founder breakups.

Opportunities in Deep Tech: Exploring transformative sectors like defense tech, healthcare personalization, and reindustrialization driven by sustainability and AI.

Shifts in Venture Capital: Nick’s prediction that rapid innovation will redefine the venture landscape in the next few years.

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Guest Bio:

Our Podcast now receives more than 200,000 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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Highlights:

CalPERS’ Mission: The role of a $502.9 billion portfolio in securing the financial future of over 2 million California public sector workers and their families.

Strategic Asset Allocation: How CalPERS utilizes its Asset Liability Management process to inform asset allocation decisions and set investment return assumptions.

Integrating Climate Risks: The incorporation of climate change risks into investment decisions across all asset classes and the launch of a $100 billion sustainable investment strategy aimed at reducing carbon emissions intensity by 50% by 2030.

Building a Culture of Trust: Marcie’s approach to fostering an inclusive culture through the development of CalPERS' first Diversity, Equity & Inclusion framework.

Sustainable Investments: CalPERS' commitment to sustainable investing, including its role as a founding member of Climate Action 100+, an initiative with 700 signatories and $68 trillion in assets under management.

Stakeholder Engagement: Expansion of stakeholder outreach to ensure all parties are informed and have a voice in the system's future.

Advocacy for Defined Benefits: Marcie's belief in providing equitable and affordable health care and retirement options for public employees.

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Guest Bio:

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

We’d like to thank @ReedSmith for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP #AssetManagement

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Highlights:

AI's Evolution: The current state of AI innovation compared to the early days of the internet and the need for sustainable business models to monetize AI advancements.

Defense Tech: How startups are disrupting traditional players like Lockheed Martin and General Dynamics with cutting-edge technologies tailored to modern battlefields.

Hedge Fund Insights: The importance of diversification, risk management, and identifying specialized talent in building successful multi-strategy hedge funds.

Secondary Markets: The growing role of VCs, family offices, and retail investors in accessing shares of companies like SpaceX and how liquidity challenges are reshaping private equity strategies.

Thematic Investing: From AI chatbot agents to defense technology, Ken outlines the trends and themes that he believes will dominate in 2025 and beyond.

Personal Resilience: Ken’s inspiring journey of launching his own firm amid personal challenges, underscoring the importance of seizing opportunities and living with purpose.

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Guest Bio:

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

#VentureCapital #VC #Startups #OpenLP

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Highlights:

Democratizing Alternatives: iCapital enables financial advisors to access institutional-quality alternative products and simplifies operational complexities with technology.

Trends in High-Net-Worth Investing: A shift back to equities in 2025 following a credit-dominated two years.

Illiquidity as a Feature, Not a Bug: How private markets generate alpha through active management during illiquidity periods.

Overcoming the Chicken-and-Egg Problem: Building trust with both advisors and general partners to grow the platform.

Technology as a Game Changer: AI, distributed ledgers, and automation reduce inefficiencies and errors in managing private fund investments.

Future of Alternatives: Allocations to alternatives are expected to grow significantly as education and access improve.

Key Lessons in Investing: Lawrence emphasizes the importance of understanding investments fully to navigate market dynamics effectively.

Building a Cohesive Culture: Insights on leadership, teamwork, and fostering a shared mission at iCapital.

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Guest Bio:

Our podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

We’d like to thank @ReedSmith for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP #AssetManagement

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Synthetic Diamond Technology: How Akash grows lab-made diamonds and integrates them into chips to reduce cooling costs and improve performance by up to 90%.

Massive Market Opportunity: Targeting a $200-$400 billion market spanning data centers, satellite communications, EVs, smartphones, and defense systems.

CHIPS Act Funding: Akash recently secured $68 million in CHIPS funding to scale manufacturing, establish a semiconductor fab in Oakland, and support U.S. economic and national security goals.

Overcoming Tough Times: Reflecting on the challenges during COVID-19, Akash used the “quiet years” to refine its technology, expand into new markets like AI, and emerge stronger.

Staying Non-Consensus: The importance of conviction, foresight into market trends, and building a team that balances optimism and pragmatism.

What’s Next for Akash: Upcoming satellite launches, server shipments in Q1, and a trajectory to becoming the leading high-end AI server company globally.

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Guest Bio:

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

#VentureCapital #VC #Startups #OpenLP #AssetManagement

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Highlights:

Bitcoin Allocation: Why institutional investors should allocate at least 2% to Bitcoin to stay neutral with benchmarks and up to 5% to maximize risk-adjusted returns.

Portfolio Benefits: Adding Bitcoin improves Sharpe ratios due to its low correlation with traditional assets, offering higher returns with minimal additional volatility.

The Importance of Timeframe: Bitcoin’s performance as a hedge improves over a long-term horizon, despite short-term volatility.

Behavioral Risk: The biggest risk in crypto investing is behavioral, emphasizing the importance of maintaining balanced portfolio allocations.

Beyond Bitcoin: The case for diversifying into other cryptocurrencies like Ethereum, and the advantages of buying a basket of assets versus picking individual winners.

Crypto Cycles: Why crypto markets are highly cyclical due to their early-stage nature and speculative tendencies, and how this volatility is decreasing over time.

Regulatory Clarity: How a pro-crypto regulatory environment under the new U.S. administration could unleash institutional investment and entrepreneurial growth in the crypto space.

Bitcoin Valuation: Using supply-demand dynamics and gold’s $18 trillion market as a benchmark, Matt explains why Bitcoin could eventually reach $1 million per coin.

Bitcoin as a Settlement Currency: The potential for Bitcoin to become a non-political settlement currency in a multipolar world.

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Guest Bio:

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

We’d like to thank @ReedSmith for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP

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What is RockCreek? A multi-asset and OCIO firm managing portfolios for clients with under $2 billion in AUM, combining private and public market expertise.

Customized Solutions: Tailoring portfolios to meet client needs, including thematic private market investments like innovation in the aviation industry.

Key Themes for 2025: Anticipating a rebound in IPO markets, increased M&A activity, and opportunities in healthcare and biotech within private markets.

Public Markets Outlook: A shift toward active management as market dynamics broaden, with sector-specific opportunities in U.S. equities like energy, pharmaceuticals, and fintech.

Private Markets Allocation: Targeting 20–30% in private equity and venture capital for long-term institutional investors, with 35–40% in alternatives when including real assets.

Interest Rates and Inflation: Insights into the current rate environment and long-term concerns about inflationary pressures due to trade policies and tariffs.

The Role of Hedge Funds: Understanding why institutions are increasing allocations to hedge funds for alpha and downside protection, and the contrasting strategies between discretionary and quant approaches.

Lessons from a 20-Year Career: How starting in sales and trading shaped Alifia’s investment approach and the importance of being data-driven, dynamic, and open to new ideas.

Continuous Improvement: Strategies for sharpening skills as a CIO, including constant learning, engaging with peers, and leveraging diverse macro perspectives.

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Guest Bio:

Alifia Doriwala is the Co-CIO and Managing Director at RockCreek, where she oversees multi-asset portfolios for institutional investors, including endowments, foundations, and pensions. With a career spanning over two decades, Alifia’s expertise bridges public and private markets, offering strategic solutions tailored to client needs. She is passionate about data-driven decision-making, market research, and mentoring the next generation of asset managers.

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

#VentureCapital #VC #Startups #OpenLP #AssetManagement

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Highlights:

Myth of Small Fund Outperformance: David Clark challenges the belief that smaller venture funds consistently outperform larger ones, noting limitations in available data and survivorship bias.

Survivorship Bias in VC Data: Many underperforming funds don't report their results, skewing datasets like PitchBook and Cambridge. Clark highlights Carta as a potential unbiased source for small fund performance data.

Power Law Dynamics in Venture Capital: Vencap's data shows that even growth funds exhibit power law outcomes, with 1.6% of their investments being fund returners—higher than early-stage funds (1%).

Focus on Top-Performing Managers: Over 90% of Vencap's capital goes to 12-13 managers who have a track record of consistently backing fund-returning companies.

Venture vs. Private Equity: Venture funds show stronger persistence of returns compared to private equity, with top-quartile funds often repeating their success.

Fund Size Considerations: Vencap evaluates whether fund sizes align with the ability to back companies that generate massive returns. Excessively large funds can dilute performance potential.

State of Venture Post-2020 Election: While short-term political changes may influence sentiment, Clark emphasizes focusing on long-term relationships with top managers and founders.

Valuation Practices in Venture: Skepticism over inflated venture fund valuations is warranted, but Clark sees signs that portfolios may now be undervalued.

--

Guest Bio:

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].

We’d like to thank @ReedSmith for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP #AssetManagement

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Highlights:

Building Blue Future Partners: How Gregor and his brother co-founded the firm and learned the importance of brand building for success in venture capital.

Family Office Venture Allocation: Exploring the ideal venture capital allocation, ranging from 1–2% in Europe to 10–20% in U.S. endowments.

Three Pillars for Venture Investing: Fund-of-funds, direct investments, and investing in funds—and the pitfalls of skipping steps.

Portfolio Construction: Blue Future Partners’ concentrated strategy—focusing 80% of capital on 10–12 names within a 15–20 fund portfolio for each vintage.

Managing LP Relationships: Avoiding "tourist LPs" and small check investors that lead to inefficiencies and time-consuming micromanagement.

Venture’s Power Law: Understanding why a few outsized returns drive the portfolio and how it contrasts with private equity’s return dynamics.

Long-Term Venture Horizons: Why venture requires a 20-year investment horizon, cyclicality, and resilience to market downturns.

Lessons Learned: The difficulties of timing vintages, managing global complexity, and balancing personal sacrifices with business growth.

Value Add for LPs: Blue Future’s initiatives such as the Family Office Academy and GP Accelerator Program to support education, fundraising, and matchmaking in the venture ecosystem.

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Guest Bio:

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

We’d like to thank @Carta for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP #AssetManagement

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Highlights:

What is GP Seeding? Elizabeth explains GP seeding as taking an ownership interest in the management company of an asset management firm and its dual purpose: providing launch capital for new firms or growth capital to undercapitalized ones.

The $300 Million Threshold: The importance of reaching this critical fund size to attract institutional LPs and hire top talent, as well as managing the fixed costs of building a private equity firm.

Investor vs. Firm Founder: Distinguishing the skillsets required to be a great investor versus building a lasting and scalable asset management firm—including operational, compliance, and regulatory expertise.

Core Attributes of Great Firm Founders: Hustle, grit, sector expertise, and the ability to manage team dynamics, alongside a strong investment track record.

Structuring Seed Deals: Avoiding common pitfalls such as static or misaligned participation terms and instead focusing on revenue-sharing constructs tied to performance.

The Evolving Seeding Market: From the role of single-family offices in the early days of GP seeding to the institutionalization of the space, including a projected $80 billion in the GP stakes market.

Scaling a Support Model: How GCM Grosvenor’s Sponsor Solutions balances its high-touch approach with a carefully curated portfolio of eight to nine investments.

The Importance of Relationship-Driven Investing: Why great managers seek true partners who provide strategic value beyond capital, and how GP referrals have been a surprising source of deal flow for Elizabeth’s team.

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Guest Bio:

Elizabeth Browne is the Managing Director and Co-Head, Sponsor Solutions Group & Elevate at GCM Grosvenor, focusing on GP seeding and strategic partnerships with emerging asset management firms. With decades of experience in private equity, Elizabeth is passionate about identifying and supporting the next generation of industry leaders. She brings a hands-on approach to helping founders build institutional-grade firms, emphasizing long-term partnerships and sustainable growth strategies.

Our Podcast now receives more than 200,000 downloads a month. Are you interested in sponsoring an episode? Please email me at [email protected].

We’d like to thank @ReedSmith for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP

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SPONSOR:

Reed Smith is a dynamic international law firm dedicated to helping clients move their businesses forward. With an inclusive culture and innovative mindset, Reed Smith delivers smarter, more creative legal services that drive better outcomes for their clients. Their deep industry knowledge, long-standing relationships and collaborative structure make them the go-to partner for complex disputes, transactions, and regulatory matters. Learn more at www.reedsmith.com.

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