Swimming with Allocators

This week on Swimming with Allocators, Earnest and Alexa welcome Lara Banks, Managing Director at Makena Capital Management. Lara shares her journey from real assets to venture capital and offers an inside look at Makena’s approach to manager selection, portfolio construction, and the evolving role of LPs. The discussion also covers the endowment model, the impact of AI and market shifts on venture and private equity, and the growing importance of grit, adaptability, and unique value for emerging managers. Listeners will gain insights into current challenges like illiquidity, the rise of secondaries, and the need for cross-pollination between venture and PE, as well as practical advice for building durable firms and navigating today’s dynamic investment landscape. Don’t miss this great conversation!

Highlights from this week’s conversation include:

Makena Capital is a ~$22B endowment-style investment firm founded in 2005 by alumni of the Stanford Management Company. Located on Sand Hill Road, Makena partners with world-class managers across asset classes with a legacy of early and ongoing investment in venture capital. Learn more at www.makenacap.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. 

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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This week on Swimming with Allocators, it’s time for another debate, discuss, and question episode as Earnest and Alexa dive into the complexities of venture capital from both LP and GP perspectives, focusing on how fund managers can differentiate themselves and the art of due diligence. They also discuss the realities of fund and startup failure rates, the evolving importance of marketing and narrative in VC, and the challenges smaller LPs face in achieving true diversification. Listeners will gain insights into what LPs look for when selecting funds, the significance of relationships and track record, and practical advice for navigating the ever-changing VC landscape. Recommended podcasts and resources round out the episode, offering further learning for aspiring allocators and fund managers. You won’t want to miss this one!

Highlights from this week’s conversation include:

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. 

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

This week on Swimming with Allocators, Earnest and Alexa welcome Vishnu Amble, Founding Director, Trustee, and Investment Committee Member at GreenBear Group. Vishnu shares insights from his global investment career, discussing his transition from traditional finance to leading a mission-driven family office. The conversation explores the importance of building strong networks, lessons from backing both startups and fund managers, and the critical role of alignment and long-term relationships between LPs and GPs. Vishnu also highlights the impact of technology and outsourcing on investment efficiency, offers perspectives on energy and infrastructure trends, and emphasizes the need for persistence, clear objectives, and risk management. Key takeaways include the value of genuine partnerships, adapting to market cycles, the continued opportunities within the US innovation landscape, and more. 

Highlights from this week’s conversation include:

GreenBear Group LLC is a single-family investment office and mission-driven philanthropic organization focused on fund partnerships, direct investments, and GP seeding. With over 20 years of global experience and deep conviction in values-aligned capital, GreenBear supports exceptional fund managers and founders advancing economic access, sustainability, and innovation.

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. 

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

This week on Swimming with Allocators, Earnest and Alexa welcome Jason Howard, Founder and Managing Partner of New Catalyst Strategic Partners. Jason shares his journey from finance and entertainment to launching a firm focused on GP seeding and supporting emerging managers in private markets. The discussion covers New Catalyst’s innovative approach to providing seed capital, operational support, and strategic partnerships, as well as insights into co-investment, secondary markets, and the challenges facing new fund managers. Key takeaways include the importance of alignment, scalable capital, and cross-industry lessons in building sustainable investment firms, along with practical advice for both GPs and LPs navigating today’s complex private market landscape. Don’t miss this great conversation.

Highlights from this week’s conversation include:

New Catalyst Strategic Partners is an independent alternative investment firm founded by industry veteran Jason Howard. Launched with significant capital from Apollo to support its growth, New Catalyst seeks to acquire economic interests and minority ownership in Next Generation private markets firms, providing them with the flexible, strategic capital and value creation resources they need to grow and succeed. To learn more, please visit www.newcatalystsp.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. 

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

This week on Swimming with Allocators, Earnest and Alexa welcome Diego De Colombres, founding general partner of Dissent Capital. Diego shares his journey from equity research to launching a specialized crypto fund of funds. The discussion also explores the importance of backing emerging managers, building concentrated portfolios in a volatile market, and the evolving strategies required for success in crypto venture capital. Key takeaways include the value of specialization over generalization, the risks of over-engineered fund structures, and the growing significance of trends like stablecoins and the intersection of crypto and AI. Listeners will gain insights into how disciplined selection and a long-term perspective can drive outperformance in the rapidly changing world of crypto investing. Don’t miss this great conversation! 

Highlights from this week’s conversation include:

Dissent Capital is a pioneering crypto venture fund of funds focused on backing the next generation of emerging crypto managers. With a disciplined, high-conviction approach to early-stage investing, Dissent Capital delivers institutional-grade diligence and access to the best opportunities in the space. Learn more at www.dissentcap.xyz.

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. 

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.

Quote 1: "In crypto, access is no longer a strategy, and beta plays don’t cut it. To capture power-law outcomes, you need focused portfolio construction and a specialization mindset, not over-diversification."

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

This week on Swimming with Allocators, Earnest and Alexa welcome Brian O'Neil, a veteran CIO with over four decades of investment experience, who provides a candid overview of the current venture capital landscape. Brian discusses the challenges facing venture capital, including excessive funding, prolonged private company lifecycles, and the shift from growth-at-all-costs to profitability. He also emphasizes the importance of diversification, understanding investment portfolios, and the need for patience when approaching venture investments. Key insights include the difficulty of finding top-quartile venture funds, the potential of AI and personalized medicine, and the critical role of relationship-building for emerging managers. Brian advises allocators to be selective, learn across asset classes, and recognize that venture capital requires a long-term perspective with an acceptance that many investments may not succeed. Don’t miss this great conversation. 

Highlights from this week’s conversation include:

Brian O’Neil is the former Chief Investment Officer of the Robert Wood Johnson Foundation and has served in investment leadership roles for over 40 years, including at Equitable Life and AXA Investment Managers. He currently serves on the board of the Brooklyn Public Library and is an Investment Committee member at The Wallace Foundation. 

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. 

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

Highlights from this week’s conversation include:

Ivy Invest brings institutional-quality portfolios to individual investors using an endowment-style investment framework. Co-founded by Wendy Li, Ivy invests across equities, income, and diversifiers—partnering with experienced asset managers to deliver performance, discipline, and access. Learn more at www.ivyinvest.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. 

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

This week on Swimming with Allocators, Earnest and Alexa welcome Jon Wolkin, Managing Director of Deloitte Ventures. Jon shares his journey from investment banking to corporate venture, highlighting Deloitte's $150 million fund strategy that balances direct and fund investments across key technology verticals like AI, future of work, and health tech. The discussion reveals critical insights into corporate venture capital, emphasizing the importance of having a clear "North Star" strategy, understanding long-term value creation, and navigating the complex ecosystem of innovation. Key takeaways include the need for corporations to move quickly, provide strategic value beyond capital, and remain adaptable in a rapidly changing technological landscape. Jon also provides unique perspectives on the Canadian venture ecosystem, noting its potential in emerging technologies and the relatively low corporate venture participation compared to the US market. Don’t miss this in-depth discussion.

Highlights from this week’s conversation include:

Deloitte Ventures Canada is a $150M corporate venture capital fund investing in Series A and B companies across fintech, cyber, climate, data/AI, and work tech. With a dual mandate of direct investments and fund investments, Deloitte Ventures is strategically positioned to support innovation while delivering financial and strategic value. Learn more at www.deloitte.ca.

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. 

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

This week on Swimming with Allocators, Earnest and Alexa welcome Quincy Brown, Managing Director at FEG Investment Advisors. With 29 years of experience, Quincy discusses how his firm serves mission-driven organizations by integrating responsive investing strategies, focusing on diverse and emerging managers, and balancing financial performance with social impact. Key topics include the evolution of ESG investing, technology's role in creating new investment opportunities, and the importance of understanding client missions. Quincy also emphasizes that organizations can achieve both financial returns and social objectives by taking a long-term, strategic approach to investing, particularly in venture and private equity sectors. The conversation provides a nuanced look at how investment consultants are navigating changing landscapes of mission-aligned investing. Don’t miss it! 

Highlights from this week’s conversation include:

FEG Investment Advisors is a Cincinnati-based investment consulting and OCIO firm serving nonprofits, endowments, and foundations nationwide. With a legacy of research-driven diligence, values-based investing, and a deep commitment to diverse and emerging managers, FEG is a leader in aligning capital with mission. Learn more at www.feg.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. 

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

This week on Swimming with Allocators, Earnest and Alexa welcome Farhan Lalji and Dario de Wet, Co-Founders of LTV Capital. During the conversation, Farhan and Dario discuss their unique approach to investing in emerging fund managers. They share insights into evaluating new venture capital funds, emphasizing the importance of understanding a manager's "why," network strength, and hustle factor. The conversation also explores the challenges of venture capital scaling, the potential of managers with atypical backgrounds, and the evolving landscape of startup exits. Key takeaways include the value of investing in smaller, innovative funds, the need for differentiation in a competitive market, and the potential of legacy industries for venture investment. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley Law Firm discuss critical regulatory considerations for venture capital and startups, focusing on tax implications of carried interest, Qualified Small Business Stock (QSBS) benefits, and evolving FDA regulations in the medical and biotech sectors.

Highlights from this week’s conversation include:

LTV Capital is dedicated to investing in top-tier emerging managers globally, aiming to empower the next generation of venture capital leaders. By providing support and resources, LTV Capital fosters innovation and growth within the venture capital ecosystem.

LTV Capital: Empowering Emerging Managers | Uniting the Fund Ecosystem

Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.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. 

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