Michael Miller, CIO at Crewcial Partners, sits down with David Weisburd to discuss how nonprofit institutions invest, how they think about portfolio construction, and how they manage liquidity.

(0:00) Episode preview

(1:14) Overview of Crewcial Partners

(2:18) Portfolio breakdown across private assets

(3:23) Investing in asset classes when they’re out of favor

(4:41) Managing portfolio liquidity

(6:42) Optimization of private and public equity exposure

(7:33) Role of fixed income in the portfolio

(8:44) Diversification strategies of top LPs

(10:00) Investing discretionary and nondiscretionary assets

(11:12) Embracing inefficiency

(13:25) Securing GP allocations

(15:22) Manager selection

(17:27) Understanding LP psychology and priorities

(19:01) Political activism in VC

(22:25) Fund distributions and liquidity

(24:44) Investment committee dynamics at nonprofits

(27:20) Follow & subscribe to the 10X Capital Podcast

(27:41) Managing fund investment concentration risks

(30:07) Pros & cons of spinouts

(31:59) Advantages to investing in funds early

(34:45) The importance of non-conformity for high returns

(35:55) Closing thoughts

Mikhail Blancovitch, Co-Founder of Unicorn Strategic Capital, sits down with David Weisburd to discuss strategies for raising capital from different types of LPs, how fund managers can craft a compelling story that resonates with LPs, and sources of growth for alternative asset AUM.

(0:00) Episode preview

(1:12) Overview of Unicorn Strategic Capital

(2:29) Emerging managers & sector specialists

(3:59) Portfolio strategies in Latin America

(5:24) Comparing portfolio strategies by geography

(6:39) Which institutional investors are most innovative

(8:55) Reputation dynamics

(9:35) Raising $6B from institutional investors

(12:32) Follow & subscribe to the 10X Capital Podcast

(12:53) Strategies for building LP relationships

(14:11) Importance of meeting LPs in person

(17:13) Crating and telling compelling stories to LPs

(21:29) Sources of growth for alternative asset AUM

(23:31) Impact of generational wealth transfer on investments

(24:19) Client selection criteria

(26:04) Perfecting the fund manager pitch

Justin Dyer, Chief Investment Officer of AWM Capital, sits down with David Weisburd to discuss how AWM manages investments for professional athletes. Justin details AWM’s adherence to liability-driven portfolio construction, how it invests in venture and unique considerations when investing capital for athletes.

(0:00) Introduction to Justin Dyer and AWM Capital

(2:25) Wealth management challenges for athletes

(4:45) Venture capital investment preferences at AWM Capital

(7:07) Fund of funds structure and geographical tilts in venture investments

(10:31) Balancing concentration and diversification in venture capital

(13:02) Portfolio simulation and flexibility in strategy

(17:09) Venture fund diligence and the weight of references

(20:52) The role of disruption in venture capital

(23:03) Philosophies on money, happiness, and living a flourishing life

(27:19) Final thoughts and reflections

Michael Ashley Schulman, Chief Investment Officer at Running Point Capital, sits down with David Weisburd to discuss Michael’s views on venture capital, manager selection across private asset classes, and risks/benefits of investing in spinout managers.

(0:00) Episode Preview

(1:31) Overview of Running Point Capital

(3:36) Venture Capital Strategy, Challenges, and Metrics

(6:08) Managing Capital Calls and Accessing Top VC Funds

(10:06) Manager Selection Across Private Asset Classes

(14:47) Follow & Subscribe to The 10X Capital Podcast

(15:07) Risks and Benefits of Investing in Spinout Managers

(17:36) Michael’s Personal Career Insights

(20:04) Pre-Liquidity Tax Strategies

(20:59) Final Thoughts and Closing Remarks

Fernando Saiz, Co-Founder of Azet Capital, sits down with David Weisburd to discuss Azet Capital’s fund of funds strategy in venture capital. Fernando shares his diligence process for selecting venture funds, what differentiates the funds Azet invests in vs. the ones they pass on, and Azet’s strategic value-add to venture GPs.

(0:00) Episode preview

(1:01) Intro to Azet Capital

(2:40) Views on fund reserves and diligence process for fund investments

(7:44) Evaluating emerging managers

(10:40) Tools for benchmarking and selecting funds

(13:44) LP relationships, co-investments, and fund of funds

(17:12) Educating LPs on venture capital

(20:07) Strategic reasons to take capital from LatAm

(23:09) Value-add from seed stage managers

(24:56) Final thoughts and closing remarks

Ryan Serhant is the Founder & CEO at SERHANT., a star in the Netflix show “Owning Manhattan” and Bravo show “Million Dollar Listing New York”, and a 3x bestselling author. In this episode, Ryan and David Weisburd discuss SERHANT.’s meteoric rise as a top real estate brokerage in New York City, Ryan’s unique approach to sales, sales training, and branding, and what it’s like for a founder scaling a business in hyper-growth.

(0:00) Episode preview

(1:50) The impact of new Netflix show “Owning Manhattan” on SERHANT.’s business

(4:41) Sales-as-a-Service and sales training

(7:44) Common sales mistakes

(11:27) Why Ryan started SERHANT.

(15:18) Reflecting on “Owning Manhattan”

(19:34) Recognizing potential in people

(21:54) Strategies for scaling in hyper-growth

(26:45) Branding

(33:12) The 1000-minute rule

(34:52) Follow & subscribe to The 10X Capital Podcast

(35:20) Handling setbacks and maintaining perspective

(39:38) Business expansion, success, and finding balance

(42:20) Closing remarks

Matt Farrell, Senior Investment Manager at WE Family Offices, sits down with David Weisburd to discuss how families with $50M-$1B+ invest their capital. They also cover balancing risk tolerance and liquidity needs, where alpha is in the market today, and characteristics of an ideal private fund manager.

(0:00) Episode preview

(0:51) Overview of WE Family Offices

(3:05) Typical family office portfolio construction

(6:12) Behavioral finance and illiquidity as a feature

(9:36) Investment strategies for ultra high net worth families

(13:33) Manager selection attributes and importance of transparency

(16:22) Diligence process for spin-out managers

(18:24) Approach to venture capital as an asset class

(21:14) Follow & subscribe to The 10X Capital Podcast

(21:34) General guidance on co-invest

(23:37) Value-add for venture capital managers

(25:07) Hierarchy of the reference process

Mike Maples, Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas.

(0:00) Episode preview

(1:23) Introduction to "Pattern Breakers"

(2:22) The role of startup capitalists

(5:01) The Twitter story and insights on early-stage investing

(7:24) The importance of founder future fit

(15:33) Product market fit: deciding when to pivot vs. stay the course

(21:54) Insights empowering new business models

(27:21) Creating movements and the role of passion

(32:02) Building relationships with LPs

(37:14) Advice for new VCs raising money

(39:10) The importance of pursuing non-consensus ideas

(43:18) 10X Capital Podcast Newsletter

(43:40) Lessons from David Swensen

(47:14) Benefits of a compatible partnership

(49:06) Circle of competence and competitive advantage in VC

(51:41) How to find Mike’s new book "Pattern Breakers"

Dr. Russell Read, current CIO at 10X Capital, and former CIO at CalPERS, CIO of Alaska Permanent Fund and CIO of the Gulf Investment Corporation sits down with David Weisburd to discuss his extensive career as a premier investment professional. They dive into how large scale pensions allocate to private markets, how those plans structure co-investment programs and design a theoretical allocation strategy.

(1:06) Introduction of Dr. Russell Read and his role at CalPERS

(1:47) Diversifying investments internationally

(3:24) Challenges of allocating to private markets

(4:25) Venture capital investment strategies

(5:35) Structuring co-investment programs

(7:33) Alaska Permanent Fund's success story

(11:49) Addressing understaffing in pension funds

(13:27) Utilizing external resources effectively

(15:03) Economics of co-investment opportunities

(17:23) Strategies for new Sovereign Wealth and pension funds

(19:40) Impact of fund size on alternative investment success

(21:52) Discussing liquidity premium and retirement funding reforms

(24:08) 10X Capital's strategic approach to asset management

(25:04) Investment objectives variation among organizations

(27:35) Re-evaluating the 60/40 investment model

Justin Pollack, Managing Director at PineBridge Investments, sits down with David Weisburd to discuss PineBridge’s investment thesis. They also breakdown the secondary markets, discuss the structural differences between private equity & public market investing, and ways to analyze spinouts.

(1:12) Introduction of Justin Pollack and PineBridge Investments

(1:55) Evolution and growth of the private equity market

(4:39) Secondary market dynamics

(12:02) Differentiating strategies in secondary investing

(15:33) Emphasis on downside protection in secondary markets

(19:12) Fund of funds and emerging manager strategies

(22:29) Adapting private equity strategies to fund growth

(26:18) PineBridge's approach to venture capital

(27:26) Evaluating spinouts

(30:31) Identifying traits of top-performing fund managers

(34:05) Closing remarks