Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast recorded live at FutureProof Festival, Samir Kaji is joined by Jordan Stein, Managing Director at Cresset Private Capital, and Mark Suster, Partner at Upfront, to discuss the evolving landscape of venture capital. They explore significant shifts in the industry over the past two decades, including the increasing institutional acceptance of venture capital, the elongation of the time companies stay private, and the changing dynamics of exit strategies. The conversation also dives into the current market cycle, the impact of artificial intelligence on investment opportunities, and the importance of evaluating fund managers and GP-LP relationships in venture capital.

Jordan Stein

Jordan serves as a Managing Director, Cresset Private Capital and is responsible for evaluating investment opportunities across a variety of industries and products. Prior to Cresset, Jordan served in multiple roles for a large vocational education company, including Chief of Staff to the CEO, Brand President, and Director of Financial Planning and Analytics. Before that, Jordan spent two years at Moelis & Company focusing on middle-market M&A advisory.

Jordan received his MBA from the University of Chicago Booth and holds a Bachelor of Arts in Economics and Accounting from Claremont McKenna College. He currently resides in the Gold Coast neighborhood of Chicago.

Mark Suster

Mark Suster is a Partner at Upfront. He previously was the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com where Mark became VP, Products. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S. Mark is a graduate of UCSD and has an MBA from the University of Chicago.

In this episode, we discuss:

* (02:12) Evolution of venture capital as an asset class

* (05:34) The shift in exit strategies and liquidity

* (12:23) Current market cycle and investment timing

* (17:30) The impact of AI on venture capital

* (22:49) Evaluating venture Fund Managers and GP-LP relationships

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Our theme song is Running Start by Chris Doerksen, published by Seven Seas Music Worldwide, and courtesy of Seven Seas Music, Inc.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji interviews Phil Huber, Head of Portfolio Solutions at Cliffwater and author of The Allocator’s Edge. They discuss the shifting landscape of portfolio construction, particularly the growing role of alternative investments. Phil shares insights from his book, elaborating on how the traditional 60/40 portfolio is evolving and the increasing accessibility of private markets. The conversation covers the rise of evergreen funds, the importance of liquidity management, and strategies for integrating alternatives into portfolios to meet the changing needs of investors.

Phil Huber

Phil Huber, CFA, CFP®, is a Managing Director and Head of Portfolio Solutions for Cliffwater, a leading alternative investment adviser and fund manager. In this role, Phil leverages his prior experience as a wealth management CIO to produce and curate investment research, advise on product strategy and positioning for the firm's growing platform, and help establish and strengthen relationships with the nation's leading wealth management firms.

Prior to his current role, Phil served as the Chief Investment Officer at Savant Wealth Management from February 2020 to December 2023. During his tenure, he was instrumental in guiding the firm’s investment philosophy and portfolio management practices, particularly in navigating the complexities of market shifts and the growing importance of alternative assets. Before that, he was with Huber Financial Advisors, LLC, where he held the roles of Senior Portfolio Manager and eventually Chief Investment Officer. Phil’s work at Huber Financial spanned nearly 12 years, where he was pivotal in shaping the firm’s investment strategy and building long-term relationships with clients.

Phil holds a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is both a Chartered Financial Analyst (CFA) charterholder and a Certified Financial Planner (CFP) professional, and he is an active member of the CFA Society of Chicago. Phil is also the author of The Allocator's Edge, a book that explores the integration of alternative investments into portfolios. His expertise has been recognized in various media outlets, including The Wall Street Journal, The New York Times, and Bloomberg TV. Outside of his professional life, Phil enjoys reading, yoga, and spending time with his family in the suburbs of Chicago. He is also an enthusiastic fan of professional wrestling.

In this episode, we discuss:

* (02:54): The inspiration behind writing 'The Allocator’s Edge' and the evolution of alternatives and challenges with the traditional 60/40 portfolio and why it's becoming outdated.

* (04:14): The role of interest rates in shaping investment strategies and portfolio construction

* (05:32): Why the relationship between stocks and bonds is not static and how it impacts portfolios

* (07:01): The growth of accredited investors and the implications for private market access

* (08:54): How the private wealth channel has embraced private market investments

* (10:54): The benefits of evergreen funds for wealth managers and individual investors

* (12:54): Different types of evergreen funds and how they provide liquidity."

* (15:54): The role of interval funds, tender offer funds, private REITs, and BDCs in portfolios

* (18:44): Challenges in private fund structures and the importance of manager selection

* (20:54): How secondary markets are enhancing liquidity in private equity

* (22:54): Comparing evergreen funds to traditional drawdown funds in private equity and credit

* (24:54): Tax considerations and asset location in portfolio construction

* (26:54): The generational shift in attitudes towards alternative investments

* (29:54): Strategies for advisors to introduce alternatives into client portfolios

* (31:54): Fee structures in evergreen funds versus traditional private equity funds

* (34:54): The importance of understanding fund fees, expenses, and manager incentives

* (36:54): Best practices for integrating alternatives into a balanced portfolio

* (39:54): Final thoughts on the future of alternative investments and their role in wealth management

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Nic Millikan, Head of Investments for Allocate, interviews David Lebovitz, Managing Director and Global Market Strategist at J.P. Morgan Asset Management. They dive into recent trends in private equity and venture capital, discussing the recovery from a challenging period, the resurgence of the IPO market, and strategic insights for navigating between public and private markets. David shares his expertise on market valuations, regulatory impacts, and long-term investment assumptions, offering a comprehensive view of the current investment landscape and future opportunities.

About David M. Lebovitz:David M. Lebovitz is Managing Director, is a Global Market Strategist on the J.P. Morgan Asset Management Global Market Insights Strategy Team. In this role, David is responsible for delivering timely market and economic insights to clients across the country. Since joining the team, David has helped build the Market Insights program in the United Kingdom and Europe, has appeared on both Bloomberg TV and CNBC, and is often quoted in the financial press.

David joined J.P. Morgan in 2010. Prior to joining the firm, David was a Research Analyst at Kobren Insight Management. At Kobren, David was responsible for small and mid-cap equity research and worked alongside the CIO and other analysts to construct model portfolios for investors of various risk tolerances.

David obtained a B.A. in Political Science and Philosophy, with a concentration in Leadership Studies, from Williams College in 2009. He earned a dual-MBA degree from Columbia University and London Business School in 2015.

In this episode, we discuss:

(02:03) David's Role and Experience

(03:33) Recent Trends in Private Equity and Venture Capital

(06:19) Current Market Conditions and Drivers

(08:16) Valuation Environment in Private Equity and Venture Capital

(11:00) Impact of Regulatory Environment on Private Equity

(13:12) Long-Term Capital Market Assumptions

(16:40) Differentiation Between Venture and Buyout Strategies

(19:33) Resurgence of the IPO Market

(22:28) Liquidity Impact on Market Dynamics

(24:03) Key Investment Themes

(26:22) Innovation Economy in Private Markets

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

For our next episode, we’re delighted to have Hana Yang, Allocate’s Co-founder and CXO, host Seyonne Kang, Partner of StepStone Group.

Together, they deliver an insightful conversation covering:

- how to pick winning GPs

- how to support portfolio companies and diverse GPs

- the current and future fundraising environment for LPs, GPs, and portfolio companies

About Seyonne Kang:

Seyonne Kang is a member of the private equity team at StepStone Group, focusing on venture capital and growth equity investments.

Seyonne joined StepStone when Greenspring Associates, a venture capital and growth equity investment firm where she was a Partner, merged with StepStone in 2021. Before that she spent seven years in investment management with a focus on private capital and about a decade on Wall Street in institutional equities.

Ms. Kang earned an AB with honors from the University of Michigan at Ann Arbor and an MBA from the University of California at Berkeley.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

To kick off 2024, we’re delighted to have Nic Millikan, Allocate’s Managing Director and Head of Client Solutions, host Allocate’s Co-Founder and CEO, Samir Kaji.

Together, they deliver an inciteful conversation covering:

- the founding of Allocate and why its value proposition is meaningful for the industry

- the evolution of investing in venture capital toward a contemporary, frameworks-based approach

- the importance of education to enable responsible participation in private markets investing

About Samir Kaji:

Prior to Allocate, Samir spent nearly 22 years in venture banking between SVB and First Republic Bank and closely worked with and advised over 700 venture capital and private equity firms. During this time, he completed over $12B in structured debt transactions and invested personally in over 60 funds and companies, including early-stage investments into Carta (seed), Side (seed), PolicyGenius (Series A), and FanDuel (Series B) as well as Growth investments into Reddit, Alto Pharmacy, and Carbon Health.

Samir completed a finance undergraduate degree at San Jose State University, an MBA from Santa Clara University, and completed the prestigious Kauffman Fellows venture program.

He is also an active writer on venture capital and is the host of a top venture podcast called Venture Unlocked.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

For our third episode, we’re delighted to have Allocate’s CEO, Samir Kaji, host three experienced institutional venture LPs - Chris Douvos of Ahoy Capital, Beezer Clarkson of Sapphire Partners, and Guy Perelmuter of GRIDS Capital. This was an inciteful conversation about the dramatic shift in the market over the past couple of years. Together, they address the impact of the current market on emerging managers, what managers can do to navigate this market, and the role of secondaries.

About Beezer Clarkson: Beezer Clarkson is Managing Director of Sapphire Partners, the LP arm of Sapphire Ventures. She began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network.

Additionally, she is a judge for 100&Change, a MacArthur Foundation competition that provides funding to solve critical challenges of our time. In 2014, she was named to the Forty Over 40 list of women to watch.

About Chris Douvos: Chris Douvos is the Founder of Ahoy Capital, a boutique Fund of Funds that focuses primarily on allocating into early-stage venture capital funds, while selectively co-investing directly into companies.

Chris started his career at Morgan Stanley while still at Yale earning his MBA. From there he worked at Princeton University’s endowment fund where he got his start in venture before moving on to The Investment Fund for Foundations (TIFF). At TIFF he decided that the right strategy was to make “heroic investments” and invest in very early-stage, and often unproven managers.

About Guy Perelmuter: Guy Perelmuter is the Co-Founder and CEO of GRIDS Capital. Guy began his career in Banking as Chief Risk Officer at Banco Pactual (acquired by UBS), one of the largest banks in Latin America. He went to Vinci Partners, an investing platform for alternative investments in 2009 as Chief Risk Officer. He and his partner, Isabelle, Co-Founded GRIDS Capital in 2016.

He received a BS in Computer Engineering and an MS in AI from Pontifícia Universidade Católica do Rio de Janeiro.

In this episode, we discuss:

(02:51) Venture is _______(06:46) Outlook for emerging managers(09:42) Why it’s so difficult to raise a fund two right now(13:01) Is new money and funders in venture a net positive(16:16) Why emerging managers are still important for LPs(21:46) What they look for in a fund one investment(22:48) The decision to stop investing in grownups and look to emerging managers(25:24) How GPs get mentored and how information flows to them(27:23) Peer pressure amongst GPs to grow their fund size(31:53) How managers are recalibrating their funds to the current market(35:12) The role of secondaries(39:49) Why Venture is an unsophisticated asset class(44:29) How do you get institutional investors

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

For our second episode, we’re delighted to have Allocate’s CEO, Samir Kaji, host John Avirett, Partner of StepStone Group, a leading global wealth manager of over $140B in assets across 26 individual practices. This was an inciteful conversation about the evolution of the secondaries market, from its history to the current landscape. John and Samir also dive into how venture secondaries work in practice and - with the amount of macro change we've seen over the last two years - why secondaries have been a popular area for investors.

About John Avirett:John Avirett is a Partner and member of the venture capital and growth equity investment committee at StepStone Group. He previously served as a General Partner at Greenspring Associates, which merged with StepStone in 2021. John’s responsibilities include sourcing and due diligence efforts for direct and fund investments on a primary and secondary basis. His prior investments include: Chewy.com, Roblox, WalkMe, Scopley, Woowa, GrubHub, Workfront, Nutanix, and UserTesting among others.

In this episode we discuss:(01:58) John’s journey to the secondary market(08:56) How market conditions have driven factors in the secondary market over the last few years(13:44) Mechanics of the liquidity windows and capital calls(19:29) How valuations differ in Venture Secondaries versus traditional PE secondaries(22:35) Factors driving the need for liquidity in the venture market(30:29) How emerging managers can sell in a structured way outside of later stage rounds

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

For our inaugural episode, we’re delighted to have Allocate’s CEO, Samir Kaji, host our first guest, Robert Picard, Head of Alternative Investments at Hightower Advisors, a top RIA managing over $110B in assets across 128 individual practices.

This was an insightful conversation about the growing trend of high-net-worth investors investing in the private markets, the things that have led to this wave over the last decade, and Robert's view on how he expects the markets to evolve in the future years across all categories, including private equity and venture capital.

About Robert Picard:Robert Picard is Head of Alternative Investments at Hightower Advisors. He has been responsible for building 5 multi-billion-dollar alternative investment platforms at First Republic Private Wealth Management, The Carlyle Group / Rock Creek, Optima Fund Management, RBC Capital Markets, and State Street / InfraHedge. Robert has performed due diligence on private market investment strategies since 1997 and visited over 1,000 firms domestically and globally during that period.

Robert did undergrad at College De Geneve and studied Law at University of Geneve.

In this episode we discuss:(01:55) Robert’s career path to Alternative Investing(04:43) How Robert defines an Alternative Investment(07:32) What has driven the growth of the Alternative Investment market in the last 15 years(09:53) Factors holding back retail investors from diving into Alternative Investments(14:47) The speed of money and excitement around investing in the modern markets(20:16) The spectrum of advice from wealth advisors around portfolio construction(22:58) Types of returns Alternative Investors have seen as a premium for the risk and illiquidity of funds(25:53) How higher interest rates will affect Alternative Investments moving forward(29:02) What it will take for individual investors to enter venture capital at scale(33:30) Robert’s view on the next 10 years in the tech space(37:14) The narrowing gap between public and private companies(39:59) What the future holds over the next decade for Alternative Investments and Private Wealth