How I Invest with David Weisburd

Brian Abrahams, CEO of American Friends of Sheba Medical Center, sits down with David Weisburd to discuss its “Peace through Health Initiative” and how the hospital has been helping Israeli and Palestinian citizens during the current conflict. (0:00) Episode Preview (0:30) Brian Abrahams’ Background (0:51) Rice Powell’s Background (2:05) Sheba Medical Center’s History (4:43) The Peace through Health Initiative (6:14) How to Combat the War of Propoganda (7:22) How Sheba responded to the attacks of 10/7 (9:30) Sheba’s partnership with Nuvo to help pregnant mothers (11:11) Firsthand impact of 10/7 (17:48) www.standwithsheba.com (18:42) How Sheba is helping heal national trauma (21:32) How Sheba has helped patients

Alex Edelson of Slipstream Investors, sits down with David Weisburd and Erik Torenberg to discuss the four sources of alpha for emerging managers (Sourcing, Picking, Winning, and Value-Add). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. (0:20) Episode Preview (1:46) Slipstream’s fund strategy (2:57) What to look for when diligencing a GP (6:32) The typical Slipstream diligence process (7:34) What Alex wants to hear on a GP reference call (10:05) Why does fund performance decline in later vintages? (12:31) Episode Sponsor: Bidav Insurance Group (16:00) How should family offices approach venture? (18:15) Why concentration drives performance (19:23) Alex’s value add to GPs (21:47) The folly of optimizing on special economics (23:30) Generalists vs. Specialists (26:32) Ranking of Sourcing, Picking, Winning, and Value Add by importance (28:07) How to be a good sourcer (30:59) How to be a good picker (32:25) How to win deals (33:32) Fundraising and investing are different skills (39:51) Lessons from working at QED (47:51) The difference between a good LP and a great LP (49:40) How to optimize portfolio construction (57:00) Are GPs penalized for not doing pro-rata? (58:04) “I want to help venture firms, whether or not I invest.”

Jake Paul and Joey Levy, co-founder of Betr, sit down with David Weisburd to discuss the sports betting industry and how to build a $100 billion company. 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 (1:29) Mike Brown’s, Head Coach of the Kings, thoughts on Jake Paul (1:59) The importance of self belief (3:12) What drives Jake Paul? (4:50) Living life like it’s monopoly (7:06) Jake’s views on psychedelics (8:38) “Good news travels fast, bad news travels faster” (10:28) Why Joey chose to partner with Jake (11:05) Joey’s experience with founding Simplebet (11:29) Aligning ambitions and incentives (13:06) The benefits of a 50/50 partnership (13:50) Episode Sponsor: Bidav Insurance Group (14:57) The interpersonal dynamics of being co-founders (16:06) The Betr tattoos (18:02) The market gap that Betr is filling (19:03) Creating a more intuitive sports betting platform (19:55) Capturing the casual sports fan (21:56) Why high marketing costs hurt current incumbents and how Betr capitalizes on the inefficiencies (25:54) “Betr is first and foremost a gaming business” (26:47) Digging in to Betr’s financials (29:33) Betr’s path to being a $100 billion company (31:41) What drives Joey Levy?

James Heath, Investment Principal at dara5, sits down with David Weisburd to discuss early stage venture. 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 (1:36) How PwC evaluates venture companies (3:25) Non-consensus learning about VC (4:30) Look for entrepreneurs that are trying to solve a critical problem (6:25) What is dara5? (8:36) How can information provide alpha? (11:01) The importance of data when co-investing (12:32) Warm versus cold intro co-investments and how to implement a double gated process (15:53) Episode Sponsor: Bidav Insurance Group (17:22) Smaller funds and ownership levels (19:06) Build long term relationships with GPs: education and casual conversations (24:13) The changing power structures in fundraising (25:34) The competing dynamics of a challenging market and investor friendly terms (28:16) How family offices should invest in venture (31:19) How to unlock the mean venture IRR of 50% (34:29) Which is a better investment: top decile backed company or an emerging manager? (35:45) Reaching Series B increases likelihood of unicorn status to 24% (37:27) AGM best practices (39:45) The importance of sharing knowledge (41:40) Why only early stage venture is non-zero sum (45:46) What’s actually going to happen in the VC reset (50:21) The emergence of European VC (51:52) Don’t be scared of emerging managers

Raja Doddala, Head of VC at Churchill Asset Management, sits down with David Weisburd to discuss how Churchill diligences managers, and the importance of integrity in a GP. 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 (1:53) Churchill background (3:08) Pulling the curtain back on the IC process (5:24) The quantitative and qualitative nature of Venture (7:00) The importance of integrity in a manager (10:33) The correlation between price sensitivity and DPI (13:22) Right companies. Right time. (14:17) Episode Sponsor: Bidav Insurance Group (15:15) How Venture fits in a portfolio (17:57) Smaller fund historically have better returns (18:53) Raja’s ideal fund (19:57) Khosla’s bet on OpenAI (20:55) Why Vinod Khosla is a great VC (21:52) Why Keith Rabois is a great VC (22:39) Operator vs Non-Operator (23:08) Specialist vs Generalist (26:02) Opportunity funds and staples (26:56) Doubling down on outliers through co-investments (29:23) How Churchill supports their GPs (37:22) “We’re open for business”

Avlok Kohli, CEO of AngelList sits down with David Weisburd and Erik Torenberg to discuss how he grew AngelList into a $4B dollar company. 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 (0:59) Why Founders need to be resilient (2:49) Why it’s rational to double down on yourself (4:57) Founder vs Operator mentality (11:07) Why empathy can hold leaders back (13:21) Episode Sponsor: Bidav Insurance Group (14:16) Do MBAs matter? (16:39) Avlok’s views on emerging managers (19:27) How AngelList services large funds (21:34) AngelList Data Room and why it’s been mass adopted by funds (22:48) How managers should utilize Treasuries (25:04) AngelList’s product philosophy (27:31) How CFOs balance CEOs (29:50) What we can learn from CashApp and Square (32:08) The importance of “disagree and commit” (34:41) The fallacy of the 10% turnover rule (36:24) AngelList’s wealth of data (38:35) “Power law is a hell of a thing” (41:44) Gauging investor skillset (44:09) “The primary place where Naval lives is in building great products” (48:48) AngelList’s plans to be the system of record for all private market transactions (50:51) How to reach Avlok

Tracy Fong, partner at Albourne Partners sits down with David Weisburd to discuss how emerging VC managers can unlock institutional investors. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (1:06) What is Albourne and How do LP consultants work? (1:41) What Tracy has learned since joining the industry in 1999 (2:41) Learnings from the dot com bubble (5:45) Are companies now making the same mistakes present in the early 2000s? (7:03) Tracy’s tensure on the M&A team at Yahoo (10:28) Episode Sponsor: Tactyc (12:04) Yahoo’s rumored Facebook acquisition offer (14:46) How the market adjusted with YouTube and WhatsApp (17:31) How top endowments are investing (19:01) Do access constrained funds still exist? (22:22) Why being a hybrid manager is unique (23:13) Finding greenshoots in bear markets (24:38) Main investing mistakes family offices make (26:45) How to understand the market before making a venture investment (29:57) Albourne’s mission and reach (32:35) Why it’s critical to always be in the market (33:19) Why Albourne is differentiated (33:56) How to engage an LP consultant (37:48) Why fund of funds have grown in number and popularity (40:27) How to reach Tracy

Elizabeth "Beezer" Clarkson, Partner at Sapphire Partners, discusses how their new partnership with CalSTRS will allow them to expand their ability to support the next generation of VC managers – all while continuing to focus on investing in the established. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (0:57) The Importance of LP Voices and Sapphire’s Partnership with CalSTRS (2:15) Why Investing in Emerging Managers Have Such a Unique Dynamic (4:09) The Role Emerging Managers Play in the Construction of a Compelling Portfolio (6:16) Thousands of Emerging Managers vs Forty Established Funds (7:30) Does Excess Capacity Translate to Adverse Selection? (8:17) “LPs are like Snowflakes and They’re all Different.” (10:49) Common Reasons Why LPs Don’t Re-up (13:48) What Makes for a Great Manager? (16:27) Episode Sponsor: Tactyc (17:34) What Sapphire Looks for When Evaluating a New Manager (19:00) Who Wins: Generalist v. Specialist (21:57) Will Solo GPs be able to Survive in this Market? (24:38) Beezer’s Predictions on Spinouts (26:34) The Bias and Rationale Behind Institutional LPs Desire to Re-up in Existing Managers (28:14) The New CalSTRS Program’s Investment Rubric on Checksize, Fund Size, Return Profile and Audit Requirements (30:37) How LPs Can Bring Value to a Fund (34:31) Why LPs are All Examining Their Portfolios (36:42) Should GPs Focus on DPI or TVPI? (39:01) Why Venture Needs More Innovation (40:19) How LPs Diligence Managers (44:15) The Importance of Transparency within the LP Ecosystem (51:57) What Sapphire Invests In (53:26) Lessons Learned from Previous Downturns

Scott Painter, CEO of Autonomy sits down with David Weisburd to discuss how he creates value as a serial entrepreneur and why Elon Musk has been able to be successful through all his ventures. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (1:12) Scott’s Background and Focus on the Automotive Industry (3:15) The Highs and Lows of Being an Entrepreneur (5:01) Invest in Yourself if you Believe in Yourself (7:00) Scott’s Definition of Success (7:42) What being a “Visionary” in the Automotive Industry Means (8:59) Owning a Car Shouldn’t Equate to Soul Crushing Debt (10:26) Accessibility is a Way to Unlock Affordability (11:49) What Autonomy is at its Core (12:28) Episode Sponsor: Tactyc (14:39) Autonomy’s Business Model (17:35) Scott’s Friendship with Elon Musk (21:47) How Autonomy Benefits from EV Tax Credits (26:17) The Secret to Elon Musk’s Success (28:39) Empowering Employees by Decoupling Risk and Reward (30:21) The Future of SpaceX? (38:53) The Flywheel of Wealth Creation (39:49) Autonomy’s $100B Mission (44:25) Is An Autonomy IPO on the Horizon? (47:23) How to Contact Scott

Jason Calacanis, founder of LAUNCH and host of the All-In Podcast and This Week in startups, sits down with David Weisburd to discuss his new fundraise and his views on the venture capital landscape. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Episode Preview (1:15) Fundraising for LAUNCH and LP investing experience (2:10) Sequoia’s investments in Twitter and Zynga (3:12) Being Sequoia’s first venture scout and earning 50% carry (4:28) Venture wealth bombs (8:06) Jason’s 4,000x investment in Uber (9:44) Loyalty in venture (10:07) Investing in Superhuman (13:15) How Jason got a 200x on an AngelList syndicate deal (14:20) Episode Sponsor (14:59) Unlocking value through secondaries (15:41) Qualities of top managers (16:23) Jason’s current fund (17:21) Aligning incentives through a GP commitment (20:54) Sourcing deals through Syndicate investments (23:56) The importance of social proof (25:04) Why deal flow is destiny (28:23) The importance of ownership (29:51) Sharp elbows in Series A and beyond (31:28) Jason’s current portfolio construction (32:29) YC's impact on venture (34:05) Playing for carry, the importance of a techstack and the myth of work life balance (36:19) Venture is a competition (37:06) Why early stage venture is not zero-sum

Shai Goldman, an investor, writer, and Brex ambassador sits down with David Weisburd to discuss the future of VC from his vantage point. We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Special message (1:10) Episode preview (3:00) Brex's billboard campaign (5:05) Shai's SVB experience (6:00) Venture activity: comparing 2002, 2008 and 2022 (7:15) did VC firms fare in the last 2 downturns? (8:43) Where is VC going in the next 5 years? (10:50) Competing with a company that has a war chest (12:38) Emerging managers data resource (14:23) Thoughts on startups (15:21) What makes successful emerging managers? (18:50) Sponsor: AngelList (19:53) When being boring is good for the business (22:33) Balancing investing and deploying capital (24:00) 3x DPI and making good money (26:06) Fund returners, grand slams, and outliers (28:54) is the secret sauce in finding the next emerging market? (31:01) On generalists capturing their early stage home-runs (33:10) fundraising in the LP community (35:17) in fund of funds (38:17) LPs exploring emerging managers

Jamie Rhode, Principal at Verdis Investment Management, sits down with David Weisburd to discuss data-driven investing, compounding returns, Jamie's investing philosophy, and more. We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Episode Preview (1:07) Jamie’s data driven approach (2:20) Using duration as an advantage (4:37) Jamie’s first principles approach to VC portfolio construction (7:00) The mean return in venture is 4-5x greater than the median (10:54) Jamie’s strategy and proprietary deal flow (15:30) Sponsor: AngelList (16:50) Comparing Jamie’s philosophy with past guests LPs Michael Kim and David Clark (19:25) Disciplined investing (21:20) Jamie’s red flags for GPs (22:50) Data stack: PitchBook, CB Insights, Burgiss (24:00) Ideal GPs (27:40) Compounding returns (29:40) percentage of venture investors are able to access a strategy that results in 25% compounding? (30:55) Co-investing with other LPs (32:43) Other top tier LPs shoutouts (34:05) Investing in life sciences (38:00) #OpenLP movement and transparency (40:10) Who will be the next great GPs? (44:00) Management fees (46:00) What Jamie would change about the industry

David Weisburd sits down with Neil Datta, Managing Director of Optima Asset Management managing the wealth of some of the world’s most important people (including the late Queen Elizabeth II). We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Episode Preview (1:43) Neil’s diverse background (3:00) Why is Optima a management company? (4:47) Why Neil is VC-skeptic (6:35) Diligence and hype (8:09) Institutional diligence on VC (12:00) Which stage to invest into venture capital? (13:15) Portfolio construction for an institutional endowment (16:06) Sponsor: AngelList (17:30) Diversification (18:40) Correlation and lesson from the last crisis (20:40) Diversification within different stages? (21:45) Bullish on healthcare (25:20) LP Advice for Emerging Managers (28:55) Are top LPs comfortable with losing money in the correct way (30:35) Balancing reputation with diligence (32:00) The new SEC guidelines (33:35) Investors complaining about fund expenses (36:00) Fees and carry in VC (37:10) Optima's Star program

Michael Kim, founder and Managing Partner of Cendana Capital sits down with David Weisburd and Erik Torenberg to discuss his thesis of creating a fund of funds at seed stage, insights into the changing landscape of VC from the 90s to today, and whether VC should recycle capital. Cendana Capital has invested in Forerunner Ventures, K9 Ventures, and IA Ventures. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (1:00) Episode Preview (2:15) Michael’s journey from international relations, to investment banking, to Silicon Valley (5:07) Why Michael started Cendana and the opportunity he saw (7:30) How has Michael’s thesis changed with the influx of capital? (8:30) Nano program (13:15) Challenges of scaling funds (16:50) Sponsor: AngelList (17:55) Economic tradeoffs for different fund sizes (19:20) Management fees as non-recourse loans (20:30) Ownership percentages and returns (23:17) Contrasting fund of funds platforms with a concentrated portfolio approach. (26:27) Bringing institutional capital into early-stage and esoteric strategies. (33:11) The LP reset and the current VC landscape (34:00) The denominator effect and dry powder in the market (41:00) The paradox of VC success and importance of fund selection (44:57) Portfolio construction (49:00) Which fund managers Michael will bet on, and why.

David Weisburd sits down with David Clark, Investment Director at VenCap International PLC to discuss his viral post about power laws in venture capital, manager predictability, adverse selection in VC, and what percent of startups go to zero. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode Preview (2:40) David Clark's data set of over 250 early-stage funds (4:40) Power laws and fund returns (9:20) Survivorship data and challenges in emerging managers data (12:30) Succession in VC (14:36) Sponsor: AngelList (18:43) How do you back the top 1% of companies (21:30) Ownership percentages and returns (29:00) Follow on that a fund should reserve at every stage (36:30) Ten year predictions for VCs and LPs

David Weisburd sits down with Apurva Mehta, the co-founder of an early stage fund of funds at Summit Peak and formerly an institutional investor at endowments (Juilliard, Cook Children’s Hospital) to discuss power laws in portfolios, alpha in early stage investing, and what differentiates a great LP. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (1:00) Episode Preview (1:44) Why Apurva went from the institutional world to co founding Summit Peak Partners (2:57) How can early stage funds compete with Andreessens and Sequoias (3:28) How do you separate alpha in early stage investing? (8:06) Inefficiencies in the early stage market (16:24) Sponsor: AngelList (14:06) Generalist vs Specialist firms in portfolio construction (19:39) What is Apurva looking for in reference calls when doing diligence on emerging managers? (24:29) What differentiates a great LP? (29:14) Asset classes from most to least desirable (31:20) What fees and carry is Apurva seeing from the top quartile managers (34:13) What will happen to new firms? (36:18) Founders Fund’s strategy (36:45) Power law returns in Fund one portfolio (38:43) Apurva’s preferred ownership model (41:00) Summit Peak’s niche

David Weisburd and Erik Torenberg sit down with Samir Kaji, the co-founder and CEO of Allocate. In this episode, they talk about what differentiates truly elite emerging managers, what VCs get wrong in portfolio construction, what fees VCs are charging today, and his predictions about where the venture ecosystem is going by 2025. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (1:00) Episode preview (1:33) The evolution of Samir’s perspective on the venture market from his early days at SVB and First Republic, to founding Allocate with a mission to make private markets more accessible (3:46) In Samir’s experience, what separated Kirsten Green (Forerunner Ventures) and Joe Londsale (8VC) from other emerging managers? (4:46) Samir’s critical advice to emerging managers not on the same level as the Kirsten Greens and the Joe Lonsdales (8:14) Is VC a contrarian game?Or an access game? (10:17) Does valuation matter? (11:44) Is there a need for another investment platform? (13:30) How Samir evolved the product with LPs in mind (15:30) Sponsor: AngelList (18:00) How Samir would advise a customer to invest in venture and what percentage would he put in a venture portfolio among the different strategies and funds (20:00) Venture is actually a combination of different sub asset classes (22:00) The market in Q3 2023: top managers, management fees and carry? (25:30) Where Samir sees venture going by 2025 (30:50) What to avoid when pitching LPs (32:06) Minimum viable fund size (32:20) Tools that emerging managers can use to help them scale (33:20) How much staffing do emerging managers need? (35:30) How to get in touch with Samir

David Weisburd sits down with Steve Chasan, the Head of Investment at the Rothschild Foundation and for other philanthropic endowments led by Lord Jacob Rothschild. In this episode, they go deep into the LP mindset, covering the best practices he looks for in GPs and emerging managers, whether pricing discipline exists in VC, and describing the conversations LPs are having internally that GPs never get to hear. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:51) Steve’s evolution from philosophy to finance to the endowment side (2:51) Steve describes his approach and the challenges of being an LP at an endowment (4:13) Why is it that now is a good time to invest while people are having trouble fundraising? (5:41) Diversification and the Swensen approach, which many institutional investors follow (6:51) The principal-agent problem for LPs and GPs (9:22) What are some best practices that LPs look for in GPs, outside of returning 10x? And what should GPs avoid? (10:12) Style drift (12:56) What are some ways LPs can differentiate themselves in the market? (13:58) Steve’s LP perspective on co-investing (15:28) Does studying philosophy offer an investing advantage? (16:47) Sponsor: AngelList (17:52) Which things do VCs systematically get wrong? (20:50) Steve’s predictions for venture over the next 5-10 years (22:00) How can VCs prepare themselves for this reset (23:20) What technologies and sectors is Steve really interested in right now, with great upside. (25:51) Investing in AI (27:25) Advice and best practices for emerging managers

David Weisburd sits down with Jonathan Hsu, Co-Founder and General Partner of Tribe Capital and one of the top data scientists in the space. Hsu is a physicist-turned tech entrepreneur-turned VC. In this episode, they discuss the importance of growth patterns and product market fit (PMF) in venture capital. Tribe conducts intensive data work on approximately 400 companies annually, a unique dataset that cannot be purchased or obtained from other sources. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:15) Jonathan’s evolution from a physicist to a founder to FAANG operator to VC (3:00) The big data revolution in Silicon Valley (4:35) Jonathan’s learnings from early Facebook and what differentiated the company for its success (6:17) Pattern recognition around Product Market Fit (10:17) Using data in Venture investing (12:17) What experienced VCs all regret (15:04) Sponsor: AngelList (17:09) Hardcore benchmark analytics for startups (23:27) Venture capital efficiency (25:57) AI and investing (27:27) Jonathan’s prediction for future of VC

David Weisburd and Erik Torenberg sit down with Dr. Abe Othman, the Head of Data Science at AngelList and the Head of the Investment Committee at the AngelList Quant Fund. Dr. Abe has one of the largest and most granular private market data sets in the world of nearly 15,000 startups. In this discussion we dive deep into the data: power laws, what Dr. Abe’s research tells us about which companies to avoid at all costs, and whether alpha truly exists in venture capital. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:37) Unintuitive impact of power laws in venture capital (12:02) Explaining Power Laws to the layperson or finance professional in other asset classes (14:17) Sponsor: AngelList (18:50) Does the research reveal what percentage of early stage companies are identifiable as top 1% opportunities? (20:21) The value of signals (i.e. founders alma maters) (23:23) Pricing efficiency of startups (29:00) Markup rates and loss ratios (32:45) How does the quant fund fit into the model? (37:31) Solo Gp's tend to hustle harder than traditional incumbent funds (39:36) Dr. Abe’s view on how the LP community and broader ecosystem has evolved on these topics (46:28) AUM drift in venture capital

David Weisburd sits down with Ramzi Samara, Co-Head of Private Funds (VC) at MASIC, one of the few family owned investment firms in Saudi Arabia that has a dedicated venture capital program. Ramzi is also an active angel investor in early-stage startups in the US and MENA. In this conversation they discuss the vibrant dynamics of the region, Ramzi’s investing thesis and multi-year power-law driven strategy, and looking at passive vs active early-stage fund managers. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Episode preview (1:45) How does VC view the market dynamics in Saudi Arabia? (7:16) How should Venture Capitalists think about navigating MENA? How does Saudia Arabia differ from the UAE, Bahrain, Qatar, etc. (10:27) Ramzi’s investing thesis at MASIC (14:15) Ramzi’s portfolio strategy (15:56) Sponsor: AngelList (19:12) Criteria for evaluating a fund (21:41) Looking at passive vs. active fund managers (27:41) Risks and downsides of investing in micro VCs (29:12) How Ramzi thinks about concentration risk (30:05) What VCs should know about MASIC as one of the earliest adopters of the venture capital asset system in Saudi Arabia

David Weisburd sits down with Jordan Stein, Director of Venture Capital at Cresset Partners. a large multifamily office with over $45 billion in assets under management and a prolific limited partner and storied venture franchises, including Andreessen Horowitz, Lightspeed, and Founders Fund.

This podcast is proudly sponsored by Angellist. Visit www.angellist.com/tlp if you’re ready to level up your startup or fund.

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Founding a business is just the tip of the iceberg; the real complexity comes with scaling it. On 1 to 1000, hosts Jack Altman and Erik Torenberg dig deep into the inevitable twists and turns operators encounter along the journey of turning an idea into a business. Hear all about the tactical challenges of scaling from the people that built up the world’s leading companies like Stripe, Ramp, and Lattice. Our first episode with Eric Glyman of Ramp is out now: https://link.chtbl.com/1to1000

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Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff

The Limited Partner Podcast is part of the Turpentine podcast network. Learn more: Turpentine.co

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• @dweisburd (David)
• @eriktorenberg (Erik)
• @cresset_capital (Cresset)

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• https://cressetcapital.com/

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The Limited Partner Podcast is proudly sponsored by AngelList. -If you’re in private markets, you’ll love AngelList’s new suite of software products. -for private companies, thousands of startups from $4M to $4B in valuation have switched to AngelList for cap table management. It’s a modern, intelligent, equity management platform that offers equity issuance, employee stock plan management, 409A valuations, and more. -If you’re a founder or investor, you’ll know AngelList builds software that powers the startup economy. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started.

(0:00) Episode Preview (1:28) Allocating the venture capital space (5:29) Building his portfolio (8:56) Evaluating emerging managers (13:05) Main mistakes for first-time LPs (15:20) Sponsor: AngelList (16:27) Concerns of VC in 2023 (18:40) Range of allocators (23:30) Practices and mistakes in co-investing (27:04) Co-invest programs (31:03) Cresset Partners

David Weisburd and Erik Torenberg sit down with LP Chris Douvos, founder of Ahoy Capital and formerly Princeton Endowment.

If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started.

RECOMMENDED PODCAST

Founding a business is just the tip of the iceberg; the real complexity comes with scaling it. On 1 to 1000, hosts Jack Altman and Erik Torenberg dig deep into the inevitable twists and turns operators encounter along the journey of turning an idea into a business. Hear all about the tactical challenges of scaling from the people that built up the world’s leading companies like Stripe, Ramp, and Lattice. Our first episode with Eric Glyman of Ramp is out now: https://link.chtbl.com/1to1000

RECOMMENDED PODCAST

Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff

The Limited Partner Podcast is part of the Turpentine podcast network. Learn more: Turpentine.co

SPONSOR

The Limited Partner Podcast is proudly sponsored by AngelList. -If you’re in private markets, you’ll love AngelList’s new suite of software products.  -for private companies, thousands of startups from $4M to $4B in valuation have switched to AngelList for cap table management. It’s a modern, intelligent, equity management platform that offers equity issuance, employee stock plan management, 409A valuations, and more. If you’re a founder or investor, you’ll know AngelList builds software that powers the startup economy. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started.

(0:00) Episode Preview (0:56) Introducing The Limited Partner podcast (1:55) Why does Chris love venture? (3:12) What differentiates venture from other asset classes? (5:03) Risk premiums (7:40) Why is venture capital still a good asset class today? (8:50) Why does a fund of funds make sense? (10:50) Chris' fund manager thesis? (13:45) The ecosystems Chris finds potential managers to back in (16:47) Sponsor: AngelList (18:00) Will venture be needed as companies become easier to build? (23:05) Data scientists as the best investors in the next decade (25:10) Is AI a revenue-generator or a cost-cutter? (26:03) Solo GPs over the next few years (27:58) The lifecycle of a venture fund (33:45) Large fund sizes and their returns (35:15) Chris' reflections on crypto (37:14) Unintuitive venture capital hacks (40:41) Questions to ask fund managers before investing (43:01) Will we see another YC? (46:11) Advice for family offices or institutions direct investing alongside funds (47:35) #OpenLP and transparency in the LP ecosystem