Swimming with Allocators

By Earnest Sweat, Alexa BinnsBusiness Entrepreneurship Investing Management

Swimming with Allocators episodes

February 07, 2024Venture Capital: Build a Profitable VC Position through a Correction Featuring David York of Top Tier Capital Partners
Highlights from this week’s conversation include:
David’s background and journey to founding Top Tier (1:38)
Confidence in Fund to Fund Strategy (6:35)
Technology Consumption and Venture Capital (11:53)
Insight into the Secondary Market (15:22)
Private Equity Secondary Space (17:23)
Investing in Emerging Managers (22:33)
Seed Investing and Portfolio Construction (25:42)
Understanding Underlying Portfolios (29:18)
Generalist vs. Specialist Strategies (31:11)
The technology stack reinvention (00:34:41)
Venture capital and exciting changes (35:42)
Insider Segment: SVB's commitment and offerings (40:29)
Advice for emerging managers (41:19)
Venture capital allocation and duration (45:06)
Minority-based managers and diversity (47:28)
Connecting with Top Tier (52:29)
Top Tier Capital Partners is a venture capital specialist managing niche-focused funds of funds, secondaries, and co-investment strategies. We make primary and secondary investments in venture capital funds and co-invest in select portfolio companies. Our team creates diverse portfolios that are built to spot emerging trends early and to deliver optimal venture returns. Learn more at ttcp.com.
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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55 min
January 31, 2024The Case for LP Allocation and GP Conviction in Venture with Sam Sadowsky
Highlights from this week’s conversation include:
Sam’s journey into VC (1:33)
Underwriting for financials and human beings (4:04)
Value add and vision for the firm (7:54)
Opportunity in non-trendy categories (12:09)
Lessons from Climate 10 (13:17)
Insider segment: State of markets for the innovation economy (15:39)
Venture Ecosystem Model (19:23)
Underwriting and Conviction Building (21:54)
Advice for Allocators (24:09)
LP's Management Process (26:43)
Predictions for the Venture Asset Class (29:31)
US Managers and International Markets (32:47)
Final thoughts and takeaways (33:39)
Sam Sadowsky is a Partner at Twelve Hundred, an early-stage investment platform investing in fund managers and founders building companies shaping the future of humanity. The long-term vision of Twelve Hundred is to be a systemic value creator by becoming a leader at partnering from the Seed stage towards regional, global and planetary impact.
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
37 min
January 24, 2024Strategies for Overcoming Bias in Asset Management with Daryn Dodson of Illumen Capital
Highlights from this week’s conversation include:
Illumen Capital's Approach (0:48)
Research on Biases in Investment Process (1:23)
Influence of Historical Figures (3:37)
Previous Experiences Shaping Approach (5:39)
Illumen Capital's Strategy (7:19)
Challenges and Recommendations for Managers (10:07)
Personal Stories and Motivations (14:02)
Criteria for New Managers (16:36)
Learning from Fund One to Fund Two (20:27)
Bias reduction and systemic inequality in investing (21:01)
Challenges and opportunities for overlooked asset managers (25:49)
Insider segment: Future of venture and market trends (29:06)
Venture landscape and impact of interest rates (37:13)
The systemic inequality in investing (42:47)
Final thoughts and takeaways (44:58)
Illumen Capital is a Black-owned and led manager dedicated to achieving racial and gender equity across investing. Illumen Capital invests in venture, growth, and private equity funds, and then works closely with fund managers to install a set of strategies and tools designed to reduce racial and gender bias in the hiring, investment, and company support processes. This research-informed bias reduction program – supported by a strategic relationship with Stanford SPARQ - empowers fund managers to expand their investable landscape and better support entrepreneurs who have historically been overlooked and underestimated.
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
47 min
January 17, 2024The Future of Funding: Outlining the Female VC Advantage with Renata Aráuz-DeStefano of Pivotal Ventures
Highlights from this week’s conversation include:
Renata’s journey into investing (1:21)
Impact of Previous Experiences on Renata's Role (4:22)
Pivotal Ventures' Unique Approach (7:56)
Relevance in Current Market (10:34)
Market Trends and Venture Trends (11:54)
Innovative Approaches in VC (15:17)
Challenges for Women in Fundraising (18:26)
Women-led funds facing challenges (19:14)
Supporting fund managers (21:12)
Tracking data points for managers (22:58)
Misconceptions about impact investing (24:51)
Remaining open-minded and evolving (26:30)
Final thoughts and takeaways (28:02)
Founded by Melinda French Gates, Pivotal Ventures accelerates social progress in the United States by removing barriers that hold people back. Pivotal Ventures expands opportunity and accelerates equality in the United States through high-impact investments, partnerships, and advocacy. We focus on areas where social progress has stalled—and where we can have the biggest impact. Like Melinda, we’re clear-eyed about the stubborn problems our country faces. But we also see those problems as potential turning points in our nation’s story. Our impatience with the status quo is fueled by an optimism that progress is always possible—especially when we seize the moment together.
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
31 min
January 10, 2024DDQ: Discuss, Debate & Question VC Predictions for 2024 with Alexa Binns and Earnest Sweat
Highlights from this week’s conversation include:
Discussing the Changes in 2023 and Lessons Learned (0:02)
Mapping LP Slots and Strategic Time Spending (4:22)
Momentous Changes in the Venture Capital Asset Class (7:55)
Uncovering Unspoken Messages from Allocators (9:17)
Venture Capital Predictions for 2024 (12:21)
Expectations for Seed and Pre-Seed Investors in 2024 (17:24)
The counter to VC and America (21:10)
Consolidation in the VC ecosystem (22:58)
Managing a zombie fund (24:34)
The rise of consumer investors (28:50)
Vertical applications for AI (33:55)
VC firms reopening funds (37:41)
Questions allocators should ask VCs (40:18)
Expansion and Experience (41:13)
Generational Change (42:12)
Emerging Managers and DQ's (44:08)
Diversity in Venture Capital (45:55)
Progress and Challenges (48:17)
Final thoughts and takeaways (48:44)
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
52 min
January 03, 2024Beyond the Hype: Inside the Realities and Opportunities in Venture with Chris Douvos
Highlights from this week’s conversation include:
Chris’ Journey to VC (1:49)
The Vision for Micro VC (4:50)
Perspective on Finding Good Firms (6:36)
The journey in venture capital (7:31)
Changes in micro VC strategy (8:24)
Finding differentiation in investments (11:07)
The Intimate Nature of Venture Capital (15:18)
Understanding Behavioral Footprint in Venture Capital (16:11)
The Struggles of Entrepreneurs in VC (17:21)
The challenges of diligence and developing relationships (25:42)
The principal-agent problem in financial markets (29:40)
Insider Segment: Law firms and changing services for GPs (30:37)
The future of venture (32:30)
Venture as a business of heartbreak (37:42)
Finding the Balance (38:59)
Considering Alternative Paths (40:41)
Ahoy Capital is a boutique fund manager specializing in early-stage venture capital funds and start-ups, actively seeking exceptional opportunities in the application of emerging disruptive technologies. With a legacy in pioneering the micro-VC investing movement, Ahoy Capital's experienced team navigates the dynamic innovation landscape, offering investors access to unique opportunities. Renowned for their engagement and helpful partnership approach, the team's decades of experience guide a conviction-based and concentrated portfolio strategy, aiming to maximize returns with appropriate diversification. Committed to making their investors better investors, Ahoy Capital stands at the forefront of innovation in the entrepreneurial finance space.
Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape.
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
47 min
December 27, 2023Investing Ahead of the Curve: Wisdom from a Futurist with Roxane Googin
Highlights from this week’s conversation include:
The Ten Year Treasury and its Role in Booms (1:51)
The End of an Era and the Impact of COVID-19 (5:09)
Shocking Revelation of the Ten-Year Yield (9:31)
Reset and Retooling (11:05)
LP Perspective on Venture (13:11)
Investing in Legacy Assets (15:21)
Insider Segment: New and Emerging Trends for LPA (16:37)
Raising capital in the current market (19:25)
Limited partner agreement terms (20:38)
Necessary skills for managers in the next decade (22:05)
The time of opportunity (29:50)
Safety is danger (30:52)
Roxane Googin is a world renowned authority on macroeconomic technology trends and the Chief Futurist of the fintech venture firm Group 11. Previously, Roxane was the editor of High Tech Observer, a long running invite-only publication read by institutional portfolio managers focusing on disruption in the technology sector. Her bold predictions included an inflation-free stock market boom in the 1990s, culminating in the Internet boom from the depths of the LTCM credit crisis in 1998, the internet bubble demise in September 2000, and the introduction of smartphones and cloud computing in May 2002 through her much acclaimed article “Six Simultaneous Equations”, to name a few. In addition to engineering experience in development and manufacturing, Roxane has experienced finance from the cradle to the grave: from venture capital, through equity analysis, to term and finally to asset-based lending. She uses her broad experience to envision the disruptions that are bound to come our way. Roxane Googin has a BS-EE from the University of Tennessee and an MBA from the University of Virginia.
Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape.
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
33 min
December 20, 2023Mastering Venture Capital in Public Pensions with Tony Meadows
Highlights from this week’s conversation include:
Tony's background and entry into institutional investing (1:26)
Approaching co-investments and the process at PSERS (3:16)
Manager selection process and portfolio construction (6:07)
Constructing the private equity portfolio (10:45)
Timing and relationship with new managers (12:52)
Insider Segment: How could emerging managers benefit from general counsel? (15:27)
The importance of track record for LPs (16:48)
The first female-owned private equity fund (18:22)
The GP Selection Process (18:58)
Importance of Deal Flow and Proprietary Deal Flow (23:08)
LP to LP Relationships (24:42)
Consolidation in Distressed Markets (28:59)
Final thoughts and takeaways (00:29:42)
Tony Meadows, a seasoned Portfolio Manager with over 17 years of experience in investment accounting, research, and management, most recently worked as Portfolio Manager for the Private Equity team at PSERS, one of the world's largest state-sponsored benefit pension funds. In this role, he oversees a substantial portfolio comprising over $7 billion in commitments and a net asset value of $4 billion, strategically diversified across geographies, strategies, and sectors. Tony's impressive professional qualifications include holding the CPA and CAIA credentials, exemplifying his commitment to financial excellence. His core competencies encompass sourcing, evaluating, recommending, and diligently monitoring private equity fund investments and co-investments, complemented by his adeptness in market analysis, due diligence, and risk assessment. Tony's remarkable achievements include pioneering investments in the Japanese and Korean private equity markets, as well as facilitating PSERS' first foray into a female-owned private equity fund. Furthermore, he has played a pivotal role in institutionalizing the co-investment underwriting process, resulting in over 35 co-investment commitments totaling more than $800 million.
Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape.
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
32 min
December 13, 2023Three Key Criteria for Evaluating Venture Capital Managers: Decision-Making, Specialization, and Operations with Michael Ashley Schulman of Running Point Capital
Highlights from this week’s conversation include:
The origin story of Running Point Capital (1:11)
Transition from public stocks to venture (4:30)
Running Point's unique investment philosophy (7:13)
Building a Due Diligence Network (8:57)
Fostering Long-Term Relationships (10:23)
Advice for Managers Launching Their First Fund (14:07)
Challenges and opportunities for family offices (19:21)
Criteria for selecting venture capitalist managers (21:42)
ESG vs. impact investing (24:18)
Building and Selling Companies in Challenging Times (30:35)
Final thoughts and takeaways (31:35)
Running Point Capital is a multifamily office that provides a comprehensive and personalized approach to financial management. Their team of experts, covering various disciplines, collaborates to address the diverse financial needs of their clients, including wealth management, financial planning, estate and trust planning, tax preparation, insurance, and more. The firm stands out for its one-stop-shop model, offering a range of services under a single roof, focusing on personalized service, clear communication, and a lifelong connection with their family clients. Emphasizing a true family office approach, Running Point Capital is committed to understanding the unique objectives of each client, constantly evaluating innovative strategies to drive intended financial results.
Gunderson Dettmer is a law firm specializing in providing legal services to the startup and venture capital communities. With a primary focus on technology and life sciences sectors, the firm is known for its expertise in guiding emerging companies through various stages of growth, from formation to financing and beyond. Gunderson Dettmer's comprehensive legal support includes advice on corporate governance, intellectual property, mergers and acquisitions, and venture capital transactions, making it a trusted partner for innovative enterprises navigating the complex legal landscape. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
34 min
December 06, 2023How Nomad's Thinking Has Changed in Manager Selection with Jordan Nel of Hummingbird Ventures
Highlights from this week’s conversation include:
The background for Hummingbird and Nomad (1:10)
How to identify outlier venture funds (3:30)
The shift from winning to picking (6:16)
The signal in the track record (9:08)
Changing the venture landscape (12:26)
Competitive edge in venture investing (14:46)
Limited Partner expectations for reupping (17:56)
Scaling VC Funds and Staying Generalist (18:59)
Effective Communication and Brand Strategy (22:21)
The argument against most fund of funds (26:08)
Opportunities in deep tech (28:30)
Advice for fellow LPs and fund managers (31:26)
Hummingbird Ventures is a global generalist seed investment fund, investing in outlier founders at the earliest stage of their journey. With a mission to identify and support innovative entrepreneurs, Hummingbird Ventures has established itself as a key player in the venture capital landscape. The firm is known for its strategic approach to investing, providing not only capital but also valuable expertise and guidance to help startups navigate the challenges of growth and development. Hummingbird Ventures has a diverse portfolio across various sectors and geographies, contributing to the advancement of groundbreaking ideas and technologies in the ever-evolving startup ecosystem.
Passthrough turns investor onboarding into a solved problem – it seamlessly manages subscription document distribution, execution, and compliance in minutes. As a leader in fund workflow automation for investors, fund managers, and other fintechs, Passthrough provides an integrated platform solution that makes the subscription document process turnkey for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a full service KYC/AML product that streamlines collecting information from investors and screening them against sanctions lists so fund managers can remain compliant.
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices
34 min

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Swimming with Allocators dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned…