Swimming with Allocators Earnest Sweat, Alexa Binns

This week on Swimming with Allocators, Earnest and Alexa welcome Alex Edelson, Founder & GP at Slipstream Investors. During this episode, Alex shares the foundational insights from his days at QED that lead to the inception of Slipstream. He highlights that many of the best-performing funds are smaller, emerging managers rather than big-name brands, yet evaluating smaller funds can be challenging due to limited track records. He defines Good LPs and Great LPs and goes into detail on his evaluation criteria for selecting new managers for the fund of fund. Also, don’t miss our insider segment as Nik Talreja of Sydecar.io also highlights the resilience of VC deals, emphasizes the diversity beyond AI in successful startups, and foresees technology's disruptive impact on investment syndication.

This week on Swimming with Allocators, Earnest and Alexa welcome Kate Nevin, President and Portfolio Manager at TSWII Capital Advisors. Kate, who brings over two decades of experience, delves into the firm's history, originating from a family business in wood-burning stoves to investing in Julian Robertson's Tiger hedge fund, which laid the groundwork for their current investment strategy. She highlights the firm’s evolution towards private investments and the significance of diversity in venture capital, particularly focusing on women and people of color as the next big opportunity. Nevin also discusses the importance of building a trusted network and the challenges of scaling investments in female managers. Nik Talreja also joins to explain how Sydecar.io simplifies SPVs for fund managers, evolving terms negotiation, and considerations when warehousing deals.

This week on Swimming with Allocators, Earnest and Alexa welcome Josh Porter, Co-Founder and General Partner at FirstLook Partners. During this conversation, the group discusses how the LA venture ecosystem has evolved from an entertainment-centric hub to a diverse tech industry landscape. The conversation also covers how Porter and his co-founder Ankeet Kansupada came to know one another and build their hybrid Fund of Fund strategy. Josh explains FirstLook’s focus on smaller funds under $50 million, filling a gap for institutional-grade partnerships. He details their fee structure, aiming to be more attractive by offering lower fees compared to typical fund of funds. Josh concludes by highlighting the firm's strategy of consistent investment and the importance of being a fiduciary, while also sharing some niche fund investment strategies. Nik Talreja, CEO of Sydecar.io, also joins us this episode to discuss his personal investment journey and the role of SPVs in building a venture track record.

This week on Swimming with Allocators, Earnest and Alexa welcome Edward Comerford, Director of Private Markets at the San Francisco Employees’ Retirement System (SFERS). They delve into Edward’s role in managing San Francisco's private market portfolio, his experience with private markets investing, and the unique mission of pension plans. The conversation covers the significance of venture capital in pension portfolios, the challenges of market fluctuations, and the importance of consistent investment strategies. Edward also reminisces about his business school days with Earnest, including their shared passion for basketball. The episode provides insights into the thoughtful approach required for pension plan investment management and the evolving landscape of venture capital. Also, don’t miss our insider segment as Nik Talreja of Sydecar.io talks about how Sydecar is revolutionizing venture capital operations.

This week on Swimming with Allocators, Earnest and Alexa welcome Chris Schelling, Director of Private Investments at Caprock. During the episode, the group explores venture capital, private markets, and the role of behavioral finance in investment decision-making. Chris, who has allocated around $7 billion across various asset classes, shares his affinity for venture capital due to its role in driving innovation and creative disruption. He also addresses the challenges of venture capital's longer duration and the implications for investors, his approach to advising multifamily offices, and the importance of being conservative and building safety margins in investments. Chris emphasizes the need to be aware of and mitigate biases in decision-making, the value of networking with other allocators, and the impact of family offices becoming more institutionalized. He also discusses the importance of rigorous due diligence and learning processes in fund manager selection. Also, don’t miss our insider segment with Martin Armstrong of Armstrong International as he discusses how to match team talent to capital.

This week on Swimming with Allocators, Earnest and Alexa welcome Jason Calacanis, founder of LAUNCH and host of This Week in Startups and The All-In Podcast. Known for his early angel investments, Jason also is an active LP. He shares his framework for selecting funds, focusing on deal flow, decision-making, and doubling down on successful investments. Jason gives examples of how his role as LP has informed his own fund strategy. He describes how he’s approaching the marketing of his own fund, considering smaller annual funds, to avoid exhaustive roadshows and make capital-raising more fluid. He stresses his commitment to continuous improvement, particularly in operations, aiming to make the LAUNCH fund's process 10% better every quarter to maximize returns. We also hear from industry expert Hugh Barran, a head hunter for venture, who provides advice to those interested in breaking into VC.