How I Invest with David Weisburd

John Merrill, Partner at GroveStreet sits down with David Weisburd to discuss GroveStreet’s $10.5B SMA model. In addition, they talk about the keys to building long-term SMA relationships, a highly selective set of criteria for managers and reasons why GP’s should prefer rigorous, discerning LPs vs. fast-followers. (0:00) Introduction and background of John Merrill and Grove Street (1:34) Benefits of separately managed accounts (SMAs) for institutional investors (3:39) The problem Grove Street is solving for clients (5:03) Importance of alignment in asset management (6:30) Investment process and criteria for selecting funds (10:13) Client management and characteristics Grove Street looks for in clients (13:25) Benefits of a boutique client model (16:17) Studying under David Swenson and his impact (20:14) The give and take in LP-GP relationships (22:27) Importance of landing an anchor investor for new funds (24:25) Characteristics of a good partnership between LPs and GPs (29:43) Characteristics of a top limited partner (33:17) Global investment insights and local biases (35:09) Final thoughts and closing remarks

Jamie Rhode sits down with David Weisburd to discuss Screendoor’s strategy of backing emerging managers. In addition, they discuss friction points between LPs and emerging managers, leveraging insights from GPs and LPs in manager selection, and how to diligence a first time fund. (0:00) Episode preview (0:43) Jamie joining Screendoor (2:35) Friction between LPs and emerging managers (4:38) Fragmentation at the seed stage (6:44) Importance of grit and endurance in founders (8:17) Underwriting first time funds (12:39) Expanding beyond first time funds (24:36) 10X Capital Podcast Newsletter (26:17) Portfolio construction as a venture LP (34:35) Final thoughts

Ben Black, Co-Founder of Akkadian Ventures, sits down with David Weisburd to discuss the RAISE Global Summit, the largest LP/GP conference. This is a masterclass on how venture capital GPs can raise venture capital funds and develop long-term relationships with LPs. David and Ben also delve into what differentiates the top venture funds, the importance of operational excellence in fund entrepreneurship, and prioritizing and managing relationships. (0:00) Episode preview (0:46) The origin and growth of the RAISE Conference (3:40) Fundraising as a continuous relationship-building process (6:28) Effective strategies for GPs to add value to LPs (12:38) What differentiates the top venture funds (14:14) Importance of ecosystem creation in VC (16:02) Common mistakes in fund presentations (28:36) Current state of the secondary market (29:16) 10X Capital Podcast Newsletter (39:31) Prioritizing and managing relationships (41:04) Surviving downturns as a VC (43:01) Closing thoughts from Ben Black

Alex Edelson, Founder of Slipstream Investors, sits down with David Weisburd to discuss the benefits and tradeoffs of investing in venture capital fund of funds. They also touch on Slipstream’s investment thesis, portfolio construction, and due diligence process. (0:00) Episode preview (2:16) Discussion on portfolio diversification (4:41) Benefits & trade-offs in fund to funds strategy versus single fund investing (7:13) Ideal number of funds for diversification in venture capital (8:46) Life cycle of a diligence process when vetting a manager (12:05) Assessing a fund manager (13:05) Importance of founder references (14:09) Essentials in a fund data room (16:17) Value of transparency with GPs (18:25) Gaining access to oversubscribed funds (19:22) Closing remarks

Peter Teneriello, former Senior Portfolio Manager at Texas Municipal Retirement System, sits down with David Weisburd to discuss how TMRS deployed $1B into venture capital. In addition, they discuss institutional allocation pacing models, the importance of aligned investment teams and why investors may allocate to median performing managers. (0:00) Introduction (0:55) Diversification strategies in venture capital investing (3:32) Co-investment practices and fee management (6:58) Importance and role of pacing models (9:39) Incentives for LP Consultants and their impact (12:25) Strategy for setting up a billion-dollar single family office (15:39) Building effective LP / GP relationships (16:22) Career insights and investment philosophy from Peter Teneriello

Jeff Smith, Managing Director of Private Investments at the Smithsonian’s endowment, sits down with David Weisburd to discuss the Smithsonian endowment’s advantage in accessing the best managers in venture capital. They also discuss the importance of continually allocating throughout cycles, knowing when to exit, and communicating effectively with LPs. They conclude by covering what Jeff looks for when evaluating new venture managers. (0:00) Episode preview (0:57) How Jeff’s startup experience influences his perspective as an LP in venture capital (1:54) Capital allocation, exit strategies, and market trends in VC (6:12) The Smithsonian endowment’s advantage in venture capital (11:17) Criteria for investing in venture managers (15:28) Smithsonian's venture strategy (19:55) Considerations for investing in first time funds (21:40) The mission of the Smithsonian and closing remarks

Muthu Muthiah, CIO of Children’s Healthcare of Atlanta sits down with David Weisburd to discuss how he developed the governance, systems, and team to deploy $2 billion dollars at Inatai Foundation. They also delve into the endowment style investment philosophy, the importance of asset allocation relative to manager selection, and the venture strategy at Children’s Healthcare of Atlanta. (0:00) Episode preview (1:35) Muthu’s path to mission-driven investing (5:36) Building a team of generalist at Children’s Healthcare of Atlanta (8:03) Deploying $2B at Inatai Foundation (11:37) Sponsor: Deel (13:44) Importance of asset allocation strategy (17:28) Navigating the Principal-Agent Problem in asset management (20:41) Investment approach at Children's Healthcare of Atlanta (21:46) CHOA’s venture philosophy and portfolio (26:04) The mission and values of CHOA

Erin Harkless Moore, Senior Director of Pivotal Ventures, sits down with David Weisburd to discuss Pivotal Ventures’ $1B mission to drive equality and returns. In addition, they discuss how Pivotal works to close the gender gap, ways to manage teams more thoughtfully and the capability of venture dollars to drive exponential impact. (1:06) Erin Harkless Moore's Background and Pivotal Ventures' Strategy (5:26) Balancing Collaboration and Consensus in Decision-making (8:26) Common Mistakes made by Venture Asset Managers (10:28) How Mission-oriented Organizations View Performance (14:31) Sponsor: Deel (16:05) Refining the Investment Strategy at Pivotal Ventures (23:08) Discussion on VC Track Record (24:36) Value of Unexpected References in Due Diligence (32:48) Aligning Personal Values with Career Goals

Hunter Horsley, CEO of Bitwise Asset Management, sits down with David Weisburd to discuss the institutional investment case for Bitcoin and digital assets. In addition, they discuss the diversification benefits of digital assets for portfolio construction, bull arguments for Bitcoin, and expanding the GDP of the internet through increasing use cases of public blockchains. (0:00) Episode Preview and Overview of Bitwise (5:29) Discussion on the Bitwise Bitcoin ETF (10:53) Exploration of Institutional Investment in Crypto (18:49) Sponsor: Deel (20:53) Use Cases of Public Blockchains (25:52) The Role and Impact of Developers in Crypto (30:40) 10X Capital Podcast Newsletter (31:06) Future of Bitwise and its Role in the Digital Asset Space

Eric Satz, CEO of Alto, sits down with David Weisburd to discuss how startups can access $13 trillion in retirement capital. In addition, they discuss why to invest in alternative assets via retirement capital, strategies for personal venture portfolio construction and how cryptocurrency fits into alternative asset investing. (1:03) Guest introduction: Eric Satz and Alto (2:45) Role and user experience of Alto in self-directed investing (5:15) The problem with alternative IRA investments and Alto's solution (7:16) Alto's platform, integrations and partnerships (10:25) Discussion on investable assets in the US and the evolution of Alto's thesis (13:15) The need for democratization in investing (17:42) Discussion on Peter Thiel's Roth IRA story (20:17) Sponsor: Deel (21:00) Suggestions for portfolio diversification and investing in crypto (25:37) The psychological struggle of trading and advantages of alternative asset investments (30:06) The future of Alto (32:07) Importance of timing, luck and people in startup success and closing remarks

Chris Rizik, CEO of Renaissance Venture Capital sits down with David Weisburd to discuss Renaissance’s unique approach to venture. In addition, they discuss how large corporations participate in venture, when to admit a loss vs. doubling down and signals of a strong fund manager. (0:44) Introduction of guest Chris Rizik and overview of Renaissance Venture Capital (2:36) The Innovator's Dilemma and evolution of large tech companies (4:18) Challenges and opportunities of promoting startups in the Midwest (6:06) The growth of unicorns in the Midwest and the importance of consistent returns (9:36) Importance of growth when investing in fund managers (10:21) Sponsor: Deel (12:19) Lessons learned and mistakes made in venture capital (19:11) Chris Rizik discusses the ideal fund to invest in (21:15) Importance of patience and networking in investing (24:48) Potential of underserved geographies for startup communities

Trish DiGirolomo, investment manager at Babson College sits down with David Weisburd to discuss scaling Babson College’s endowment via disciplined strategy and process. In addition, they discuss the advantages of patience and a focus on cash on cash returns, criteria for manager selection, and leveraging experienced alumni in the investment process. (0:00) Trish DiGirolomo discusses the investment strategy and process at Babson Endowment (4:57) Role of private equity in Babson's portfolio and philosophy on holding positions post IPO (10:34) Importance of patience, conviction, and timing in venture capital investments (13:08) The role of secondaries market in venture capital (16:11) Leveraging relationships and the value Babson brings to a fund (20:16) The structure of Babson's investment office and criteria for assessing potential managers (26:27) Sponsor: Deel (28:31) Diversified alpha and return thresholds (33:07) Importance of conviction and thesis in strategy (41:59) Dealing with difficult personalities in GPs

Erik Iverson and Mike Partsch of the Wisconsin Alumni Research Foundation (WARF) sit down with David Weisburd to discuss how WARF supports innovation while driving financial returns. In addition, they discuss the case for investing in life sciences, how inventions turn into portfolio companies and the importance of maintaining relationships through market cycles. (0:00) Introduction and overview of Wharf (1:45) Investment strategy and portfolio construction (4:08) Correlation between industry hype and venture returns (7:00) Sponsor: Deel (8:40) Process of spinning out companies from the University (12:45) Sourcing and developing new relationships in venture capital (15:06) Discussion on unfair practices in valuation and liquidation (16:38) Challenges of venture capital (17:04) The mission and highlights of WARF

Michael Downing sits down with David Weisburd to discuss emerging manager venture funds, the MDSV Capital Extension Program, and the effect of market conditions on fundraising. They also discuss the role of MDSV in the venture capital landscape, portfolio construction, LP expectations, and Michael’s background as an entrepreneur and investor. The conversation wraps up with a discussion on the importance of not overlooking emerging managers as a key part of the venture ecosystem. (0:00) Episode preview and discussion on outliers in emerging manager funds (6:00) Overview of the MDSV Capital Extension Program (9:45) Sponsor: Deel (13:13) Impact of market conditions on fundraising (16:37) Role of MDSV in the venture capital landscape (20:27) Portfolio construction and expectations of LPs (23:31) Michael Downing's background as an entrepreneur and investor (25:32) 10X Capital Podcast Newsletter (26:27) The importance of not overlooking emerging managers in venture capital (27:38) Please visit & subscribe to the 10X Capital Podcast YouTube channel

Jordan Nel sits down with David Weisburd to discuss how to spot winning venture funds. In addition, they discuss portfolio construction and concentration, the scalability of venture funds and difficult conversations with GPs. (0:00) Introduction and Overview of the Episode (1:12) Genesis of Jordan Nel's Fund and Current Strategy (3:21) Evaluating Founders and the Importance of their Background (6:38) Importance of Urgency in Management and Entrepreneurship (8:17) Portfolio Construction and Concentration (10:47) Sponsor: Deel HR and Payroll Platform (11:13) Why Small Funds Outperform Large Funds (14:10) Understanding the LP Base and LP Demands (17:32) Providing Value-Add as an LP and Tackling Challenging Conversations with GPs (21:07) Interacting in the LP Ecosystem and Strategy for Follow-On Investments (24:54) The Role of Judgment and Diligence in Investment Decisions (28:52) Insider Investing and Differentiating Between Saving an Investment and Doubling on an Asymmetric Edge (30:51) Conclusion and Invitation to Subscribe to the 10X Capital Podcast on YouTube

Claude Grunitzky sits down with David Weisburd to discuss Claude's journey as a venture-backed founder, securing an investment from Goldman Sachs, the importance of mentorship in venture capital, and Claude’s approach to spotting potential. They also delve into the creation of The Equity Alliance, the firm’s investment process, and their involvement with Serena Ventures. (0:00) Episode Preview (0:44) Journey to starting Trace TV (2:16) Sponsor: Deel (5:26) Securing an investment from Goldman Sachs (7:52) Founding of The Equity Alliance (11:39) 10X Capital Podcast Newsletter (12:03) Mentorship in venture capital (14:23) Claude's approach to spotting potential (21:14) Importance of relationships and strategy (22:21) Investing in Serena Ventures and the investment process at Equity Alliance (27:05) Claude's personal mission (27:49) Please visit & subscribe to the 10X Capital Podcast YouTube channel

Eric Poirier sits down with David Weisburd to discuss insights from the platform’s investment data on nearly $6 trillion in assets. They also talk about the top performing asset classes, the future of asset management and how to manage talent to scale a business. (0:00) Introduction and Eric Poirier's journey to becoming the CEO of Addepar (4:56) Insight into Addepar's impressive dataset and its sophisticated capabilities (8:22) Venture Capital as the best performing asset class and Addepar's business model (11:10) Eric Poirier's vision for Addepar in 5, 10, 20 years and the building of its infrastructure (14:32) Building a team and setting company culture at Addepar (17:25) Comparing Eric's experiences at Palantir and Addepar (18:22) Sponsor: Deel (19:08) Employee attrition and client-centric approach at Addepar (20:07) Importance of showing up as a CEO and the impact of a CEO's decisions (22:09) The role of empathy and compassion in leadership and its impact on Addepar's growth (23:40) Closing remarks with Eric Poirier and introduction of the 10X Capital Podcast Newsletter

Robert Rodriguez sits down with David Weisburd to discuss the role of creativity in filmmaking, cost-effective film production, and the influence of technology and AI in film. The discussion also covers Rodriguez's film fund, strategies for creating profitable movies, and the importance of living a creative life. (0:00) Episode Preview (1:41) Strategy for producing cost-effective films (5:19) Bootstrapping in film (10:05) Sponsor: Deel (10:20) Adoption and impact of technology in film production (13:29) AI in film production (16:18) The Robert Rodriguez Experience (20:10) The power of creativity (22:47) The Film Fund (29:07) Creating profitable movies (30:03) The importance of living a creative life (32:04) Please visit & subscribe to the 10X Capital Podcast YouTube channel

Eric Sippel sits down with David Weisburd to discuss criteria used to identify top quartile managers, GP follow-on strategies and how LP value-add can increase alpha. (0:00) Introduction and Welcome Eric Sippel (1:16) Eric Sippel's Investment Strategy and Check Sizes (4:04) Providing Value and Building Relationships Before Investing (5:20) Sponsor (Deel) (7:23) Time Spent with a GP Before Committing (10:36) Investing in Different Tiers of Companies (12:00) Importance of Sticking to Strategy (15:04) Patterns Among Highest Performing Funds (17:26) Sourcing Mechanisms and Networking Strategies for LPs (21:23) Building Relationships in the Venture Capital Space (24:36) Final Words from Eric Sippel

Frank Tanner sits down with David Weisburd to discuss Anthony 'Pomp' Pompliano's role at Morgan Creek as well as the company's origin, growth, and guiding principles. They dive into understanding power laws in venture capital, early-stage investing, and Morgan Creek's manager selection process. (0:00) Episode Preview (0:49) Anthony 'Pomp' Pompliano's Connection to Morgan Creek (2:13) Origin and Growth of Morgan Creek (5:04) Sponsor: Deel (6:50) Background on Mark Yusko & Morgan Creek's Guiding Principles (9:00) Understanding Power Laws in Venture Capital (13:27) Portfolio Construction and Early-Stage Investing (16:28) 10X Capital Podcast Newsletter (17:00) Morgan Creek's Manager Selection Process (20:24) Providing Value and Accessing Top Funds (22:33) Please Visit & Subscribe to the 10X Capital Podcast YouTube Channel

Harisha Haigh sits down with David Weisburd to discuss the art of building and managing relationships in venture capital. They delve deep into Northwestern's venture and crypto strategies, dissect common mistakes made by top VCs, and evaluate the ideal characteristics of a venture manager. They also discuss the leading indicators of success of a venture fund, investment decision-making processes within VC firms, and how to approach underwriting the track record of a spin-out manager. (0:00) Episode Preview (2:30) Building and managing relationships in venture capital (4:29) Northwestern's crypto strategy (7:45) A deep dive into Northwestern's venture strategy (11:41) Common mistakes made by top VCs (14:51) Venture portfolio valuations and the secondary market (17:28) Evaluating the success of a venture fund (18:55) Sponsor: Deel (20:19) Investment decision making within VC firms (22:43) Underwriting track record for spin-out managers (25:09) 10X Capital Podcast Newsletter

Hunter Somerville sits down with David Weisburd to discuss StepStone's unique approach to venture capital, their transition to leading deals, and their full life cycle approach to investing. They delve into accessing companies in the secondary market, identifying potential in emerging managers, and StepStone's value-add to funds and companies. (0:00) Episode Preview (1:52) The strategy behind StepStone's diverse approach to venture (5:13) The transition from passive co-investing to leading (8:26) The strategy of being a full life cycle investor (10:13) Different ways to access companies in the secondary market (15:10) What to look for in emerging managers (19:20) Sponsor: Deel (21:36) StepStone's value-add (23:47) Current market trends (25:02) Interview wrap-up: David Weisburd and Hunter Somerville discuss StepStone (25:38) 10X Capital Podcast Newsletter

Ron Diamond sits down with David Weisburd to discuss how $1B+ family offices generate alpha in venture capital, the #1 way family offices can avoid adverse selection, how family offices may disrupt private equity, and venture capital vs. private equity. (0:00) Introduction and Discussion on Private Equity and Venture Capital with Ron Diamond (2:21) Overview of Ron Diamond's Venture Fund Investment Process (4:28) How Family Offices are Disrupting Private Equity (7:32) Advantages and Structures of Family Offices in Venture Space (10:01) Concept of a Minimum Viable Family Office (12:59) Sponsor: Deal (14:12) Motivation Behind Conference Speakers and Concept of Giving Back (18:11) Insights into Ron Diamond's Business and Personal Life (20:33) Ron Diamond's Five Most Important Things in Life (21:07) Invitation to Subscribe to the 10X Capital Podcast Newsletter

Mark Gerson sits down with David Weisburd to discuss founding GLG and growing it into a $600 million revenue powerhouse, 3i and its community of world-class private investors and the importance of an ROI driven approach to non-profit work. (0:00) Introduction and discussion on building a marketplace business (1:29) Founding and growth of GLG (5:58) Importance of transactions and relationships in business (7:49) Role of Africa Mission Healthcare (10:24) The importance of an ROI driven approach to non-profit work (17:25) Sponsor: Deel (18:08) Impact and habit of giving (20:44) Business model of United Hatzalah and concept of habitual giving (22:18) Importance of relationships and advice on living a fulfilling life (24:29) Reflection on the interview with Mark Gerson and announcement of the 10X Capital Podcast Newsletter

David York, Founder of Top Tier Capital Partners, sits down with David Weisburd to discuss Top Tier Capital's history of success, the value of partnership, and generational transfers. They also delve into their experiences with Limited Partners, the risks and rewards of backing GP "spinouts", and share reflections on David York’s 30 years in the VC industry. (0:00) Episode Preview (3:06) How Top Tier Capital Has Grown AUM (5:25) Improving Economic Development and Tech Growth in Europe (10:06) Effective Partnership Approach and Generational Transfers (13:54) Navigating Relationships with Limited Partners (14:38) Sponsor: Deel (16:38) Risks and Value of Backing Venture Capital "Spinouts" (21:29) Reflections on Being in Venture Capital Since 1993 (24:13) The Future of Tech and Top Tier's Outlook (25:23) 10X Capital Podcast Newsletter

Roy Swan and Christine Looney from Ford Foundation's Mission Investments team sit down with David Weisburd to discuss patriotic capitalism, their investment themes, and strategy impact. They discuss balancing financial return with social impact, Swan's advisory role with the Church of England, and the importance of fairness and morality in capitalism. (0:00) Episode Preview - Patriotic Capitalism (1:09) Ford Foundation's Mission Investments team and their investment themes (3:54) Impact and returns of Ford Foundation's strategy (7:42) Sponsor: Deel (8:25) Ford Foundation's goals and balancing financial return and social impact (11:25) Roy Swan's role advising the Church of England and discussion on shared prosperity (15:07) Importance of fairness and morality in capitalism (15:40) Message to listeners from Roy and Christine (16:50) 10X Capital Podcast Newsletter (17:13) Recruiting and roles at Ford Foundation

Sean Warrington of Gresham Partners sits down with David Weisburd and Erik Torenberg to discuss his investment decision-making process, extreme risk factors in diligence, and his approach to investing in emerging managers. The episode also covers reference processes in fund management, the impact of social proof and momentum in investing, and best practices of cutting-edge family offices. (0:00) Episode Preview (0:41) Introduction and Sean Warrington's journey to Gresham Partners (1:27) Sean Warrington discusses the strategy of Founders Fund (4:06) Sean Warrington's process of making investment decisions (5:47) Discussion on extreme risk factors in diligence (9:04) Sponsor: Deel (9:49) Sean Warrington's approach to investing in emerging managers (13:02) Process for references in fund management (15:06) 10X Capital Podcast Newsletter (17:03) Impact of social proof and momentum in investing (18:22) Best practices of cutting-edge family offices

Atul Rustgi sits down with David Weisburd to discuss his role as a GP & LP, the paradoxes of selling and building relationships in VC, and the strategy of focusing on funds under $100 million. They also delve into including biotech as a diversification strategy, the importance of blockchain and crypto exposure, family office investments, and the challenges and rewards of raising a fund during a market downturn. (0:00) Episode Preview (0:45) Introduction of Guest - Atul Rustgi: Role and Responsibilities as a GP (3:30) Discussion on the Paradoxes of Selling and Relationship Building in VC (6:03) Strategy Behind Focusing on Funds Under $100 Million and the Math Behind Ownership (11:14) Biotech as a Means to Diversify and Generate Alpha in VC (16:01) Sponsor: Deel (16:43) Blockchain and Crypto: The Importance of Exposure (21:03) Family Office Direct Investments and The Value of Reference Calls (24:57) Raising a Fund During a Market Downturn: Challenges and Rewards (26:17) 10X Capital Podcast Newsletter (26:42) Lessons Learned from a Long Career in Venture Capital by Atul Rustgi

Lindel Eakman sits down with David Weisburd to discuss his journey in the industry, the sustainability of a GP style, and the importance of culture fit in venture capital. They delve into generational transitions, conflicts in venture firms, and the persistence of LP returns, as well as Lindel’s investment strategies, views on search funds, and thoughts on seeding platform opportunities. (0:00) Introduction and Lindel Eakman's journey in the industry (6:58) Sustainability of a GP style and the role of culture fit in venture capital (12:00) Generational transitions and conflicts in venture capital firms (17:59) Sponsor: Deel, HR and Payroll platform for global work (18:31) Persistence of LP returns and backing Michael Kim and Cendana (22:36) Personal investment strategies and views on search funds (25:04) 10X Capital Podcast Newsletter (25:11) Benchmarking and financial conservatism in venture capital investing (30:03) Seeding platform opportunities in the VC, LP space (31:15) Investment opportunities in secondaries (34:06) The future for Lindel Eakman and the role of founders in venture capital

Chris Prestigiacomo, Portfolio Manager at the State of Wisconsin Investment Board (SWIB) sits down with David Weisburd and Erik Torenberg to discuss his journey, the role of private debt in venture portfolio management, and the Wisconsin Investment Board's asset allocation strategy. They delve into backing criteria for General Partners, venture capital's role in SWIB's strategy, and the unique governance structure of Wisconsin's retirement system. (0:00) Introduction and Chris Prestigiacomo's journey to becoming a portfolio manager (1:48) The role of private debt portfolio in venture portfolio management (3:02) The State of Wisconsin Investment Board's asset allocation strategy and venture returns (4:08) Criteria for backing General Partners and types of managers backed (7:27) Sponsor: Deal, an all-in-1 HR and payroll platform (8:03) Venture capital's role in SWIB's asset management and strategy for direct investments (10:19) The unique governance structure of the Wisconsin retirement system and SWIB (12:09) Chris Prestigiacomo's philosophy on portfolio management and re-up decisions (15:03) Erik Torenberg's perspective on VCs backing founders and portfolio construction (15:57) Sponsor mention: Carrie Alabs (16:19) Assessing managers through referencing and building relationships over time (17:30) Final thoughts from Chris Prestigiacomo on dynamic investing and openness to new opportunities

Sasha Pieterse of Pretty Little Liars and now Co-Founder and CEO of Hippie Water, sits down with David Weisburd to discuss her journey from child actor to entrepreneur, her experiences working with renowned actors, and her new venture backed startup. They delve into the cannabis beverage market, Hippie Water's D2C strategy, and the importance of authentic representation. (0:00) Introduction and welcome with David Weisburd and Sasha Pieterse (2:45) Sasha Pieterse's journey from acting to entrepreneurship (5:43) Introduction and discussion about Hippie Water (9:41) Sponsor: Deel (10:06) Insights on going into business with family or friends (13:14) Spreading awareness and the new way to consume cannabis with Hippie Water (16:24) Exploring distribution strategies for Hippie Water (20:37) Challenges and opportunities of being a female founder in the cannabis industry (21:12) 10X Capital Newsletter (23:31) Breaking barriers and translating acting skills into entrepreneurship (26:21) Importance of genuine product endorsement and network utilization for business development (28:21) Future of cannabis beverages and Sasha's vision for Hippie Water (30:47) Importance of healthier alternatives and desired legacy for Sasha's son

Katie Riester, Managing Director at Felicis sits down with David Weisburd to discuss venture capital fund strategies, building relationships with GPs, and the math behind venture capital. They discuss the importance of clear communication with LPs, common red flags, and advice for new LPs. (0:00) Episode Preview (1:06) Katie Riester's unique blend of experiences and origin story (3:53) Discussion on Felicis’ fund of funds (7:18) Evolution of GP relationships - Katie Riester's perspective (8:00) 10X Capital Podcast Newsletter (9:45) Understanding the complexities of managing a fund (14:05) Sponsor: Deel (16:17) The role of LPs in providing insights into the venture capital space (20:24) Bad behavior seen from LPs (23:19) Best practices for GPs communicating with LPs (26:40) Advice for LPs making their first venture capital investments (29:11) Katie Riester shares what drives her in the venture capital ecosystem

Michael Sidgmore of Broadhaven sits down with David Weisburd to talk about the growth of the wealth channel and its link to private equity. They discuss iCapital's role in the venture world, access issues for family offices, and the strategies of Broadhaven Ventures. The conversation also covers GP stakes, the future of emerging managers, and the potential of IRA funds for venture capital and real estate investments. (0:00) Introduction and background of Michael Sidgmore (3:05) Examination of the wealth channel and its growth (7:16) Role of private equity in the growth of the independent channel (12:05) Role of II Capital in the venture world and relevance to smaller funds (15:30) Access issue in the venture space and proposition for family offices (17:41) Introduction of Broadhaven Ventures and its investment strategy (21:38) GP stakes, benefits for GPs and trends in asset management (24:55) Future of emerging managers in venture capital (28:57) Potential of unlocking trillions in IRA funds for venture capital and real estate (30:48) Reimagining portfolio construction with private and public markets (32:01) Closing remarks and introduction of the 10X Capital Podcast newsletter

Dave McClure sits down with David Weisburd to discuss his journey into venture capital, including luck, his investment strategy, and the challenges he faced breaking into the industry. He provides an analysis on his two 40x+ funds, 500 Startups, and the misalignment between LPs and GPs. (0:00) Introduction to Dave McClure and his journey in Silicon Valley (4:00) McClure's entry into venture capital and creation of the Start-Up Metrics for Pirates model (12:14) Dave McClure's investment strategy and the role of luck in venture capital (20:09) McClure's struggle to break into the venture capital field and his rejection from Sequoia (23:10) The premise and analysis of 500 Startups' investment outcomes (27:34) The misalignment between LPs and GPs and the math behind achieving breakout success (33:07) The aggressive investment pace and international strategy of 500 Startups (37:16) The concept of practical venture capital and the challenges of long hold times (44:29) The competition in the secondary market and the trade-off between unrealized TVPI and realized DPI (47:12) Wrap up and introduction of the 10X Capital Podcast Newsletter

Guy Perelmuter of GRIDS Capital sits down with David Weisburd to discuss his investment strategy, the unique portfolio construction of deep tech companies, and the potential of DeepTech. They delve into the paradox of AI, its impacts on the labor force, and discuss the ideal GP relationship and transparency. They also touch on LP value-add and the importance of overcommunication. (0:00) Introduction and Guy Perelmuter's investment strategy (4:06) Introduction of GRIDS and what sets it apart (6:33) Discussion on DeepTech and its potential (13:20) Paradox of AI and its impacts on labor force and job market (20:00) Unique portfolio construction of deep tech companies (23:13) Strategy for consistent returns and downside protection in investing (27:03) Ideal GP relationship and transparency (33:55) LP value-add and overcommunication (39:18) Wrap up and Guy Perelmuter's multi-talented, likable GP image (40:43) 10X Capital Podcast Newsletter

Carrie Thome and Grady Buchanan of NVNG sit down with David capital to talk about the importance of startups, and portfolio construction. They discuss the competitive landscape for talent, their transition to venture capital, and strategies at Wharf. The conversation also covers strategic investment, liquidity management, and the inception and building of NVNG Investment Partners. The episode wraps up with insights on raising a fund during COVID, network building, assessing emerging manager quality, and the value of fund of funds. (0:00) Introduction and Background of Carrie Thome and Grady Buchanan (5:26) Importance of Startups, Mentorship, and Portfolio Construction (9:35) Competition for Talent and Passion for Building Portfolios (12:40) Transition to Venture Capital and Strategies at WARF (17:10) Strategic Investment and Liquidity Management in Venture Capital (25:35) Inception and Building of NVNG Investment Partners (28:37) Raising a Fund during COVID and Network Building (31:08) Portfolio Construction and Assessing Emerging Manager Quality (34:54) Value of Fund of Funds and Closing Remarks

Errik Anderson sits down with David Weisburd to discuss Pro-noia, the potential of the biotech industry, and the 82VS Seed Fund investment approach. They discuss practicing Pro-noia, the value of building a portfolio of relationships, and the idea of a forever company. (0:00) Introduction to Errik Anderson and his concept of Pro Noya (10:22) The potential scale of platform building in the biotech industry (20:22) Leading with work and following with capital - the approach at 82VS Seed Fund (28:13) Practicing Pro Noya: Cultivating optimism and generosity (33:35) Building a portfolio of relationships and the compounding value (40:01) Errik Anderson on involving his family in his work (46:00) Errik Anderson's management style: micro-managing or detailed involvement? (54:09) Errik Anderson explains the concept of a forever company (57:00) Collaborating with big pharmaceutical companies like Pfizer (1:00:56) Launch of the Tenex Capital Podcast newsletter powered by Carrie Alabs

Anubhav Srivastava, CEO of Tactyc, sits down with David Weisburd to discuss iterative portfolio construction, portfolio size impact, fund recycling and check size, reserve strategies, and follow-on investments. They also explore the future of Tactyc and lessons from clients. (0:00) Introduction and discussion on typical reserve ratios for pre-seed and seed funds (1:03) Anubhav Srivastava's journey to founding Tactic and its pivot into a forecasting and planning software for VCs (3:41) Overview of Tactic user base and its global reach (5:27) Tactic's role in fund management, optimization, and as a fundraising tool (9:04) Significance of portfolio size and tracking of actual vs projected performance in funds with Tactic (12:24) Strategies for navigating fund recycling and target ownership (14:43) Impact of graduation rates on reserve strategies and the importance of number of investments in portfolio construction (16:09) Discussion on typical reserve ratios for pre-seed and seed funds (19:10) Considerations for deploying into breakouts and thinking quantitatively about follow-on investments (20:52) Future of Tactic and best practices for funds considering secondaries (23:10) Introduction to the Tenex Capital Podcast newsletter powered by Carrie Labs

Ben Gallacher sits down with David Weisburd to discuss venture capital, his journey as an LP, and the challenges emerging managers face. They discuss check sizes, diligence processes, and the impact of a GP leaving during an investment life cycle. They also cover the role of CFO/COO in GP operations and the importance of supporting emerging managers. The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and Ben Gallacher's perspective on venture capital (1:00) Journey and lessons from being an LP in the venture and emerging manager space (3:26) Spinouts in venture capital vs private equity and challenges for emerging managers (9:35) The dilemma of varying check sizes for LPs and decision-making process for follow-on funds (13:12) Ben Gallacher's diligence process and approach to founder questions (14:13) Sponsor: Bedav Insurance Group (17:11) Use of other LPs in the diligence process and building relationships (21:24) Choosing emerging managers, sources of alpha, and ideological lines in venture capital (27:14) Follow-on strategy, role of honesty and selectivity, and shifting reserve strategies (33:40) Fund size in venture capital, stewardship of capital, and the role of CFO/COO in GP operations (38:38) Impact of a GP leaving during an investment life cycle and value of GPs leaving to start a company (41:07) Closing remarks, supporting emerging managers, and introduction to Cannonball Capital (41:53) Introduction to the 10X Capital Podcast newsletter by Carriea Labs

Aakar Vachhani sits down with David Weisburd to discuss the role of data in venture capital, Fairview's unique structure, and their co-investment program. They also delve into the discipline of making investment decisions, the advantages of a fund of funds, and the importance of team cohesion in VC firms. Vachhani also shares best practices for data rooms and advice for LPs as Fairview celebrates its 30th anniversary. The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and Aakar Vachhani's background (1:43) The role of data in decision making and returns in venture capital (6:55) Fairview's history, unique structure, and co-investment program (15:58) The discipline and strategy in making investment decisions (20:18) The advantages and arguments for a fund of funds (26:50) Qualitative factors and enduring culture in venture capital firms (33:30) Re-investing in tenured firms and the diligence process for emerging managers (39:44) The importance of team cohesion and the ability to adapt in VC firms (42:41) Best practices for data rooms and creating an ideal emerging manager deck (53:23) Continual engagement with GPs and adjusting investment strategies for potential risk (58:17) Celebrating Fairview's 30th anniversary and advice for LPs (1:00:04) Launch of the 10X Capital Podcast Newsletter

Charmel Maynard, CIO of University of Miami, sits down with David Weisburd to discuss asset allocation, diversification strategies, and the process of assessing venture funds. The conversation also covers unique VC challenges, tracking emerging managers, and the importance of diversity in asset management. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and Charmel's role as CIO of University of Miami (5:11) Asset allocation and diversification strategies in investment (8:37) Charmel's first venture into venture capital and building relationships (15:05) Assessing venture funds: DPI, TVPI, and diligence process (20:06) Unique challenges and strategy considerations in venture capital (26:09) Tracking emerging managers and the myth of proprietary deal flow (28:10) Charmel's journey to CIO and the importance of diversity in asset management (34:23) Sponsor: The Limited Partner Podcast newsletter

Ashby Monk, Executive and Research Director at Stanford sits down with David Weisburd to discuss the role and operation of asset owners like pension funds, endowments, and more. They delve into compensation in these fields, the state of pension funds in the US, and their impact on private equity. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and discussion about billionaires in the alternative industry (2:05) Conversation about studying a $140,000,000,000,000 asset class (8:23) Conversation about compensation in pension funds and asset management (15:50) Sponsor: Bedav Insurance Group (16:16) Differences in pension plan strategies and asset allocation (24:56) The role of unions in pension plans (29:10) The journey of starting a private equity fund (37:11) Celebrating entrepreneurial individuals in institutions and foundations (40:43) Advice for venture capital managers starting out: From angel investing to fund 1 (50:08) David Weisburd asking about Ashby's tool sold to Atapar (55:57) David Weisburd thanking Dr. Russell Reed and Ashby Monk for their participation in the podcast

David Friedberg sits down with David Weisburd to discuss the role of concentrated capital, venture capital's future, and the impact of capital saturation. Friedberg shares his experience joining Ohalo, the evolution of investment strategy, and the transition from VC to operator. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Introduction and discussion on venture performance vs public companies (1:18) Guest Introduction: David Friedberg's early career and lessons learned (7:59) The power of big thinking in companies like Google and Tesla (14:08) Challenges and counter incentives in venture capital (16:39) Sponsor: Bedav Insurance Group (21:27) The power law of returns and talent concentration in successful companies (28:15) The changing definition of 'founder' and the challenge of institutional foundry programs (34:02) The importance of investing in winners and adjusting portfolio construction (37:12) Introduction to Ojalo: mission, business model and global impact (42:03) Transitioning from investor to operator: pros, cons and psychological impact (45:33) Words of wisdom for founders, operators, and investors and critique of LPs' approach (48:06) Introduction of the Limited Partner Podcast newsletter

Alan Feld sits down with David Weisburd to talk about his experience founding Vintage, the significance of product-market fit in VC, and how Vintage has thrived over two decades. They discuss the impact of personal history on investment decisions, building an enduring VC firm culture, and engaging with General Partners. They also touch on successful GP cultures, investment allocation, and VC-LP relationship transparency. (0:00) Introduction and Alan's journey to founding Vintage (6:37) Importance of product-market fit and sector-based fund structure in venture capital (8:57) Sponsor: Bedav Insurance Group (9:46) Lessons learned from managing and growing Vintage over 20 years (17:05) Role of personal history in shaping successful entrepreneurs and investment decisions (21:29) Building an enduring venture capital firm: Culture, succession, and economic sharing (28:27) Regrets, reflections, and Vintage's approach to engaging with General Partners (33:40) Cultures at GPs that consistently return alpha and importance of humility and honesty (41:30) Allocating investments, follow-on investing, and the value of transparency in VC-LP relationships (46:36) Wrap-up: Reflections on building a lasting venture fund

David Weisburd interviews Lo Toney about his transition from angel investor to fund manager, his role at Plexo Capital, and his approach to working with founders. They discuss the importance of patience in early-stage investments, the diligence process for managers, and the strategy behind selecting LPs. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Evaluating young firms and the role of GP (1:00) Introduction to the guest, Lo Toney and his journey to Plexo Capital (9:34) Transition from angel investor to fund manager (11:44) Sponsor: Vidal Insurance Group (14:58) Importance of delivering DPI and patience in early stages of investment (20:21) Diligence process for a manager that's on strategy and importance of feedback for GPs (26:44) Role of a VC and the approach to working with founders (32:37) Building an LP base: the journey from GV to Alphabet and the strategy behind selecting LPs (40:27) Managing GP-LP relationships and deciding on future fund inclusion (45:37) Assessing diversity within venture capital and the impact of fund/check sizes on returns (48:40) Introduction of GPX: A platform for transitioning investors to fund managers (54:29) Global perspective and investment scope of Plexo Capital and closing remarks

Roland Reynolds, Senior Managing Director at Industry Ventures, sits down with David Weisburd to discuss being one of the first investors in emerging managers and how he uses secondaries to drive alpha. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:40) Overview on Industry Ventures (4:21) Industry’s direct and secondary focus on emerging managers (9:28) Episode Sponsor: Bidav Insurance Group (10:17) How to evaluate secondary fund opportunities (16:46) Industry’s portfolio construction (21:52) How direct investments return risk adjusted alpha (23:44) The importance of knowing macroeconomic headwinds (25:05) The history of Industry Ventures (27:46) Why Roland likes extension rounds (30:58) Utilizing SPVs for pro-rata allocations (34:14) Starting a relationship with a direct investment? (35:18) Why every emerging manager needs a PPM (39:37) What is operational due diligence? (43:47) Closing thoughts

Fernando Pontaza, Co-Founder of Invariantes sits down with David Weisburd to discuss setting up the first Guatemalan Venture Capital Fund and why he targets a 25% IRR. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:25) The genesis of Invariantes, the first Guatemalan venture fund (3:11) The fund strategy (5:19) How Fernando won over Latin American investors (6:57) Powerlaw distributions and how they impact returns (8:36) Episode Sponsor: Bidav Insurance Group (9:48) The importance of smoothing out returns (10:55) What to look for in a fund manager (12:30) How to build LP/GP relationships (14:47) Common mistakes when investing in emerging managers (18:46) Diligencing co-investments (21:58) Is signal important? (23:30) The importance of open communication (24:57) The purpose of the LPAC (25:41) Best practices when fundraising in Latin America (28:02) The dangers of direct deals (33:58) How to reach Fernando

Winter Mead, Founder and CEO of Coolwater Capital sits down with David Weisburd to discuss the importance of emerging managers and how Coolwater Capital is building the YC for GPs. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:01) Genesis of Coolwater Capital (3:11) Learnings from Hall Capital (4:24) Why venture is fundamentally different than other asset classes (5:10) The proliferation of venture capital (8:45) What is Coolwater Capital (9:53) How Coolwater scaled their emerging manager program (13:20) Avoiding adverse selection (14:15) Episode Sponsor: Bidav Insurance Group (14:57) Operator vs Founder mentality (16:15) GP Mentality (21:30) Coolwater Academy (24:53) How Coolwater helps emerging managers (25:47) Common mistakes emerging managers make (28:49) Minimum viable dataroom emerging managers need (33:38) Operational Due Diligence (35:43) Is there an ideal follow-on policy? (42:39) Coolwater’s mission (44:05) How to find committed GPs (44:33) LP value add

Jeff Galvin, CEO of Addimmune, sits down with David Weisburd to discuss cell and gene therapy, and how Addimmune is working on a functional solution for HIV. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (2:21) Jeff’s background (5:08) Teaching at MIT as a teenager (8:22) What is gene therapy? (11:53) Episode Sponsor: Bidav Insurance Group (12:39) Gene therapy success stories (16:11) What is HIV? (20:14) AGT103 and the quest for a functional HIV cure (23:22) AGT103’s Phase I results (29:43) How gene therapy could revolutionize pharmaceuticals (30:52) How to contact Addimmune

Joshua Berkowitz of Berkocorp, sits down with David Weisburd to discuss investing in venture capital as a family office and why all investors should care about IRR (and not TVPI). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:00) Episode Preview (1:27) Joshua’s background (3:25) How venture fits within a family office (4:22) “Everyone’s an IRR investor” (5:41) How to invest in venture and manage capital calls (8:02) Why time diversification is important (10:42) The importance of always being in market (12:44) How to find and evaluate venture managers (14:41) GP strategy fit (15:52) Episode Sponsor: Bidav Insurance Group (16:45) How to predict whether a manager can pick a powerlaw company (17:34) Joshua’s powerlaw GPs (18:48) Messy (or diversified) portfolio (21:04) Aiming for 20% IRR (22:22) Why Joshua likes diversified over concentrated (24:01) GPs need to be “rough around the edges” (26:25) The difference between early and late stage collaboration (27:27) The different ways to win (29:09) Can anyone beat Sequoia and Andreessen? (29:45) Generational transfers (31:05) Founder vs Operator CEOs (32:44) How Joshua diligences emerging managers and what you need in a dataroom (40:41) Portfolio construction (41:25) How to communicate with LPs (48:56) Joshua’s view on follow-on strategy (52:05) The difficulty of succeeding across all stages (54:30) Change in graduation rates (56:17) Venture investing mistakes to avoid (57:50) How to approach co-investments (1:01:31) Dexa.ai (1:01:54) Why Joshua is a great LP