Swimming with Allocators Earnest Sweat, Alexa Binns

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.

This is a special DDQ episode of Swimming with Allocators, in which Earnest and Alexa Discuss what they’ve been hearing in the LP community, debate where the biggest opportunities are ahead in venture, and answer Questions from the podcast audience. They discuss how to better prepare to raise your next fund and regions where allocators are actively making new venture commitments. They debate whether early-stage investors should be raising opportunity funds. And propose one question LPs should be asking GPs and similarly, one question GPs should be asking LPs. Alexa surprises Earnest with a game of Start, Bench, or Cut: laying out three common emerging manager archetypes. And envisions a future where high schoolers commonly raise VC funds. Earnest concludes with a new segment answering the DDQ question: is there any additional information? If you love your co-hosts, you’ll love this episode.

This week on Swimming with Allocators, Earnest and Alexa welcome Eric Sippel, Philanthropist and Investor at Sippel Farb Family Office. During the episode, Eric shares his journey from being a private equity and hedge fund lawyer to operating a multi-billion-dollar hedge fund firm and eventually running his family office. He discusses his focus on backing emerging managers and acting as a mentor in the venture capital space. He also provides insights into his investment strategies, including the significance of consistent investing through cycles and seeking mismatches between capital and opportunity. Additionally, don’t miss our insider segment from Hugh Barran of Armstrong International as he discusses how to break into venture.