Swimming with Allocators

The Frequency: The Wave
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Swimming with Allocators dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. In each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!

  1. 2 DAYS AGO

    Built for Venture: Problem-Solving Meets People Work

    This week on Swimming with Allocators, Marcia Mitchell joins Earnest and Alexa to trace her path from FF Venture Capital to New York Ventures and now Mesa Lane Capital, a GP-seeding fund focused on emerging managers. She shares how her time in government shaped a broader, more responsible view of innovation and capital allocation, and discusses the increasingly crowded emerging manager landscape and where capital is still being overlooked. Marcia also breaks Mesa Lane’s differentiated model of large anchor checks, follow-on commitments, co-invest pools, no carry at the FoF level, and hands-on support, positioning the firm as a true co-builder. The conversation closes with how parenthood reshaped her approach to focus, boundaries, and investing in people who energize her. Highlights from this week’s conversation include: Welcoming Marcia Mitchell to the Show (0:22) Moving Into Public Sector Allocations at New York Ventures (3:39)   Are We Capped Out on Emerging Managers in Today’s Market? (7:33)   How Mesa Lane Differentiates Its Fund of Funds Model (9:49)   Facilitating Direct Relationships Between GPs and LPs (12:07)   How Engaged Are LPs With Direct Deals and Co‑Investments? (13:22)   Radical Transparency and Hands‑On Support in Diligence (14:42)   Shifts in Founder Boards, Equity, and Employment Terms (17:54)   Power Dynamics and “Prenup” Mindset in Founder–Investor Negotiations (19:46)   Drafting Around Founder Entrenchment and Board Deadlock (20:57)   Why Rebecca Joined Sidley and the Firm’s Venture Platform (22:14)   What a Mesa Lane GP Looks Like (24:16)   Industry Maturation, Hedge Fund Parallels, and Co‑Opetition in Venture (26:07)   Back Office Platform, Service Provider Discounts, and AI in Operations (28:46)   How Parenting Changed Marcia’s Perspective and Boundaries as an Investor (30:42)   Prioritization, Structure at Home, and Investing in Energizing People (33:11)   Who Mesa Lane Wants to Hear From: Ideal Fund Size and Stage of GPs (35:46)   Sector Focus, Crypto Caveats, and Thoughts on Solo GPs (37:10)   Mesa Lane Capital is a $300M emerging manager investment platform backing early-stage VCs. The firm makes $20M anchor-style fund commitments and offers operational support across legal, tax, admin, and HR functions. Mesa Lane is not a traditional FoF: they offer access to their LP network and prioritize transparency and value-add. Founded by Scott Sherman (ex-Blackstone, Tiger) and Mark Friedman (hedge fund builder), they blend Wall Street rigor with venture approachability. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    41 min

  2. 4 MAR

    The New Rules of Venture: What Next-Gen LPs Should Know First

    This week on Swimming with Allocators, Earnest and Alexa welcome Iliana Oris Valiente, a F500 corporate executive, independent LP,   and founder of the Capital Decoded program, to explore the evolving landscape of venture capital. Iliana shares insights from her global background, discusses why generalists excel in the AI era, and outlines the challenges next-gen family offices face when entering VC. The conversation also covers the importance of clear investment thesis, trends in emerging markets, and the critical need for trust and education between GPs and LPs. Listeners will gain practical frameworks and actionable advice for navigating today’s rapidly changing investment world. Also, don’t miss Sidley’s Shane Goudey discussing current trends in venture capital fundraising, with an emphasis on where LP investment is coming from and the growing interest in co-investment opportunities. Iliana Oris Valiente, CPA, CA  is an accomplished corporate executive, emerging tech pioneer, board member, author, and global citizen. She is a recognized media figure, having been featured from Bloomberg to The Financial Times, across TV and print.  Iliana is an angel investor, fund LP, and regularly advises family offices on emerging trends. She built Capital Decoded — an investor education program specifically designed to demystify VC as an asset class. Learn more at IlianaOV.com  Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    45 min

  3. 25 FEB

    Inside VenCap’s Data-Driven Playbook for Venture Returns

    This week on Swimming with Allocators, Earnest and Alexa welcome David Clark, CIO at Vencap, who unpacks the realities of venture capital, emphasizing a data-driven approach to understanding returns, the persistent and intensifying “power law” in VC, and why only a small percentage of funds and companies drive outsized results. The discussion covers the challenges of evaluating new managers versus established firms, the nuances of secondary investments, and the critical importance of consistent, top-tier fund performance. Listeners will gain insight into the pitfalls of confirmation bias, the difficulties facing retail investors, and why strategy, transparency, and adaptability are key for long-term VC success. Also don’t miss Rebecca Stuart of Sidley as she explains how unprecedented AI-focused acqui-hires function as talent raids that can bypass standard change-of-control protections. She also outlines legal and structural strategies VCs and startups can use like broadened definitions of change of control, retention and vesting design, and coordinated employment/comp practices, to better protect portfolios and key teams. Highlights from this week’s conversation include: Welcoming David to the Show and Previewing Today’s Episode (0:18) David’s Shift From Traditional LP Diligence to Data-Driven Investing (2:48)   How Long Feedback Loops and Unknown Unknowns Shape Venture Outcomes (5:16)   Confirmation Bias, Narratives, and Doing Pre-Meeting Homework on Managers (6:55)   Pattern Recognition and What World-Class Founders Look Like (8:49)   Using Power Laws and Top 1% Companies as the Core LP Filter (10:40)   Why Singles and Doubles Rarely Add Up to Great Venture Funds (13:46)   AI Acqui-Hires, Talent Raids, and Risks to VC Portfolios (17:20)   Deal Structures That Avoid Change of Control and LP Protections (19:04)   Retention Tools, Forfeiture for Competition, and Staggered Vesting Cliffs (20:53)   Democratization of VC, 401(k) Investors, and the Risk of Disappointment (25:22)   Emerging Managers and the Myth of the Middle Class in Venture (30:58)   Venture Secondaries, Premium Pricing, and Why Discounts Can Be Misleading (36:04)   Scope Creep, Platform Expansion, and When LPs Disengage From Big Firms (42:06)   VenCap is one of the longest-running dedicated venture capital fund-of-funds globally, investing in many of the world’s leading VC firms for over three decades. The firm’s strategy emphasizes long-term consistency, deep relationship networks, and concentrated exposure to top-tier venture capital companies across cycles. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    46 min

  4. 31/12/2025 · BONUS

    SWA’s Best of 2025 (Part 2)

    This week on Swimming with Allocators, Earnest wraps up the “Best of” moments of the year for the podcast. These moments feature insightful conversations with leading voices in venture capital and fund management. Topics include the challenges LPs face in today’s market, strategies for selecting and supporting emerging fund managers, evolving industry trends in fintech, crypto, and AI, and the critical importance of transparency, humility, and strong client relationships. Key takeaways highlight the necessity for a compelling thesis, expert communication, and adaptability in a hyper-competitive market, providing actionable lessons for both established players and new entrants in the venture ecosystem. Don’t miss the top moments from the show this year!  Highlights from this week’s conversation include: Season Highlights and the Best Of Countdown (0:34) Reflections on Venture Capital Lessons and Year-End Energy (3:45) Laura Thompson and Her Impact on LP Transparency (7:37) Challenges of Fund Underwriting and the Importance of Reference Work (11:21) Trends in Fintech, AI, Crypto, and Their Effect on Manager Selection (15:12) How to Approach Reserves and Portfolio Construction (18:55) The Difficulties and Opportunities for Emerging Managers Today (22:41) Capital Formation Insights With Guest Megan Reynolds (26:25) Why Client Experience Is as Important as Fund Performance (30:10) Industry Institutionalization, Reporting, and Relationship Trends (33:57) The Evolving Retail LP Market and the Future of Venture Access (37:41) What Makes Great Emerging Managers and Fund Builders Stand Out (41:25) Lessons Learned, Teamwork in Investing, and Season Wrap-Up (45:12) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    53 min

  5. 24/12/2025 · BONUS

    SWA’s Best of 2025 (Part 1)

    This week on Swimming with Allocators, it’s a bonus episode as Earnest talks about the "Best of Season Three" on the show, highlighting memorable moments and insights from the year’s most popular shows. Topics include building intentionally diverse venture portfolios, the value of connecting distinct networks in the VC space, and innovative approaches to GP seeding and strategic partnerships for fund managers. Key takeaways for listeners are the importance of focusing on quality and flexibility over rigid investment categories, embracing discomfort to foster impactful professional connections, and looking beyond the largest funds to find unique opportunities and generate true alpha in venture capital. Don’t miss a look back at some of the best moments on the podcast in 2025. Highlights from this week’s conversation include: Welcome and Introduction to the Best Of Episode (0:02) Honorable Mention: Joshua Berkowitz on Venture Portfolios (3:43) Embracing “A Mess by Design” in Portfolio Strategy (4:03) Kevin and Raudline on Network Building and Connectivity (9:41) The Value of Bridging Networks and Network Effects (12:36) Capital Concentration and Middle-Market Allocators (14:33) Trends in Venture Capital for 2025 and Beyond (17:35) Jason Howard on GP Seeding and Strategic Partnerships (22:25) Partnership Benefits and Advisor Roles for GPs (27:02) Final Thoughts and Takeaways (35:57) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    40 min

  6. 11/12/2025

    From Consumer Insights to AI Upside: How LPs Win in the Next Decade

    This week on Swimming with Allocators, Elizabeth Egan of TIFF Investment Management shares her journey through the investment industry, offering insights from her experiences as both an LP and GP, and highlighting the valuable lessons learned from her time in the consumer sector. The conversation also explores TIFF’s focused approach to private markets, why brand and network effects matter in venture investing, and the necessity of diligence and unique perspectives to identify emerging managers in a competitive landscape. Key takeaways include the importance of building long-term relationships, the critical role of GP talent density, and how LPs can generate strong returns by backing early-stage, specialist managers. Also, don’t miss our insider segment as Shane Goudey of Sidley discusses how fund managers are increasingly engaging with the secondary market and adopting creative structures like continuation funds and preferred equity to provide liquidity options and manage complex relationships with limited partners. Highlights from this week’s conversation include: Welcome, Introductions, and Elizabeth’s Career Journey (0:42) Benefits of Early LP Experience and Investment Perspective Shift (3:07) The Importance of Evaluating Deals with the "Sniff Test" (4:43) How Consumer Packaged Goods Experience Informs Investing (6:39) The Role of AI in Venture Capital and the Importance of Judgment (8:37) Human-Centric Strategies and Network Effects in Venture Capital (10:19) Defining Success at TIFF and Generating High Returns (14:07) Discussion of Venture and Private Equity Liquidity Strategies (18:12) The Negotiation Layers in SPV and Fund Structures (23:35) Rationale Behind TIFF’s Focus on Specific Market Segments (26:19) How TIFF Selects and Builds Relationships With Early Managers (28:43) Communicating Early Investment Focus to Clients (31:10) Growing With Managers Through Direct and Fund Investments (32:55) Seeking Long-Term Vision in Fund Managers, Not Just Investors (35:09) The Future of Venture: GP Talent Density and Market Trends (37:59) The Importance of Finding Breakout GPs and Parting Thoughts (41:02) TIFF Investment Management TIFF is an OCIO (Outsourced Chief Investment Office) founded by the Rockefeller and MacArthur Foundations to serve the nonprofit community. TIFF manages approximately $10 billion in assets as of September 30, 2025, including roughly $3.0 billion overseen by the private markets team across venture capital, private equity, and direct equity strategies. Learn more at https://www.tiff.org. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Elizabeth Egan is a Director at TIFF Investment Management. The views expressed on this podcast are her own and are for informational purposes only. They should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. Any examples or discussions are intended for general educational purposes and should not be relied upon for making investment decisions. Past performance is not indicative of future results. Investments in private funds involve a high degree of risk, including the potential loss of principal. TIFF does not endorse, sponsor, or approve any advertisements that may appear during this podcast. Learn more about your ad choices. Visit megaphone.fm/adchoices

    45 min

  7. 26/11/2025

    Rethinking Fundraising: What LPs Really Value

    This week on Swimming with Allocators, Apurva Mehta, Co-Founder and Managing Partner at Summit Peak Investments, joins Earnest and Alexa to share his unique journey from institutional portfolio management to building a venture fund of funds. The discussion covers building strong networks and communities for allocators and GPs, adapting to the evolving and increasingly crowded venture landscape, and maintaining discipline in fund size and valuations. Key takeaways include the importance of deep relationships and responsiveness, rigorous diligence in a noisy market, and the advantages of staying nimble to deliver consistent returns and foster long-term partnerships. Also, don’t miss Shane Goudey of Sidley as he discusses venture funds practice, building a robust, full-service legal team for venture capital clients and the current surge in fund formation and liquidity as the venture market heats up at the end of 2025. Highlights from this week’s conversation include: The Journey of Apurva Mehta in Allocations and Investing (0:32) How Apurva Built A Network-First Allocator Community (3:54) The Inception of Summit Peak and Entrepreneurial Spirit (7:46) The Importance of Being the Central Node in Venture (11:09) Identifying New GPs and Evolving Venture Networks (15:13) On The Challenges of Filtering and Iterating for Success (19:20) The Legal and Fund Formation Landscape with Shane Goudey (22:57) Fund Manager Trends and What Surprises Apurva (27:53) Concerns About Market Valuations and Fund Size Discipline (30:39) Impact of Market Dynamics on Growth Deal Approaches (34:18) Being Proactive Versus Passive in Co-Investing (38:28) Trends and Predictions for the Next 10 Years in Allocations (41:49) Summit Peak’s Vision For Success and Staying Nimble (44:57) Summit Peak Investments is a venture-focused investment platform backing the next generation of exceptional managers. With a dual strategy of investing in top-performing pre-seed and seed-stage funds alongside targeted Series B+ co-investments, Summit Peak partners with GPs and founders to generate long-term, outsized returns. Learn more at summitpeakinv.com.  Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    50 min

  8. 19/11/2025

    The Venture Compass: Authenticity, AI, and the Power of Congruence

    This week on Swimming with Allocators, Jay Rongjie Wang, Founder and CEO of Primitiva Global, shares her journey from her pioneering upbringing shaped by her mother’s tech entrepreneurship to becoming a leading venture investor bridging Silicon Valley, Hong Kong, and Shanghai. Jay discusses the importance of authenticity and “congruence” in investment decisions, her “impossible triangle” theory for evaluating AI opportunities, and cross-border fundraising strategies. Listeners will gain actionable insight into aligning personal strengths with business practices, understanding global LP/GP dynamics, and balancing boundless curiosity with focused execution in the rapidly evolving world of tech and venture capital. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley discuss key tax incentives for venture funds, including carried interest treatment and Qualified Small Business Stock benefits, as well as recent FDA regulatory changes impacting biotech and medtech startups, offering timely guidance for VC investors and founders. Highlights from this week’s conversation include: Welcoming Jay to the Episode (0:22) Impact of Parenting on Risk, Creativity, and Early Career Choices (5:24) Lessons Learned from Running Community Website: Career Preparation (7:17) Discussion of Gender Dynamics, Over-Preparation, and Confidence (10:00) Traits for Successful Fund Managers: Concept of Congruence (11:38) Practical Framework for Identifying "Winner Energy" and Reference Checks (17:55) Consistency in Feedback About GPs (21:46) Regulatory Topics: Carried Interest, Tax, and FDA Insights (23:54) Energy Management, Executive Capacity, and Inner Focus (28:48) Impossible Triangle Theory on AI Progress and Investment Filtering (30:27) Applying the Theory: GPU and Data Center Investments (36:06) Fundraising Successes Outside the US and Motivations of International LPs (39:09) Balancing Curiosity with Focus for Investors (41:20) Personal Advice on Career Methodology and Venn Diagram Specialization (44:24) Final Thoughts and Takeaways (45:15) Primitiva Global is a family office and investment platform operating across Silicon Valley and Hong Kong. Primitiva backs first-check venture managers and invests in companies expanding the frontiers of artificial intelligence, deep technology, and global innovation. The firm combines deep research, top-down analysis, and hands-on partnership to support the next generation of builders and allocators. Learn more at www.primitivaglobal.com Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

    46 min
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Swimming with Allocators dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. In each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!

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