The 10X Capital Podcast: The Limited Partner with David Weisburd and Erik Torenberg | Startups, Venture Capital, and Limited Turpentine

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.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
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X / Twitter:
@AkkadianVC (Akkadian Ventures)
@dweisburd (David Weisburd)
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LinkedIn:
Ben Black: https://www.linkedin.com/in/benblack/
Akkadian Ventures: https://www.linkedin.com/company/akkadian-ventures/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
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LINKS: 
Akkadian Ventures: https://akkadian.vc/
RAISE Global: https://www.raiseglobal.co/
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NEWSLETTER:
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 
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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
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TIMESTAMPS: 
(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.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
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X / Twitter:
@asedelson (Alex Edelson)
@dweisburd (David Weisburd)
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LinkedIn:
Alex Edelson: https://www.linkedin.com/in/alex-edelson-604767b/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
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LINKS: 
Slipstream Investors: https://www.slipstreaminvestors.com/
 --
NEWSLETTER:
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 
--
Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
--
TIMESTAMPS: 
(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. 

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
--
X / Twitter:
@dweisburd (David Weisburd)
@_PeterT_ (Peter Teneriello)

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LinkedIn:
Peter Teneriello: https://www.linkedin.com/in/peterteneriello/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
Texas Municipal Retirement Systems (TMRS): https://www.linkedin.com/company/texas-municipal-retirement/

 --
NEWSLETTER:
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 
--
Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
--
TIMESTAMPS: 

(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.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
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X / Twitter:
@smithsonian (Smithsonian)
@dweisburd (David Weisburd)
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LinkedIn:
Jeff Smith: https://www.linkedin.com/in/jeff-smith-1404ba1/
Smithsonian Institution: https://www.linkedin.com/company/smithsonian-institution/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
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LINKS: 
Smithsonian: https://www.si.edu/
 --
NEWSLETTER:
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 
--
Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
--
TIMESTAMPS: 
(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.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

We’re proudly sponsored by Deel. If you’re ready to level up your HR and payroll platform, visit:
https://bit.ly/deelx10xcapital 
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SPONSOR

Deel

Most businesses use up to 16 tools to hire, manage, and pay their workforce, but there's one platform that has replaced them all: that’s Deel.

Deel is the all in one HR and payroll platform built for global work. The smartest startups in my portfolio use Deel to integrate HR, payroll, compliance, and everything else in a single product so you can focus on what you do best. Scale your business and let Deel do the rest. 

Deel allows you to hire onboard and pay talent in over 150 countries from background checks to built in contracts. You can manage the entire worker life cycle from a single and easy to use interface. 

Click here to book a free, no strings attached, demo with Deel today:
 https://bit.ly/deelx10xcapital 
--
X / Twitter:
@childrensatl (Children’s Healthcare of Atlanta)
@dweisburd (David Weisburd)
--
LinkedIn:
Muthu Muthiah: https://www.linkedin.com/in/muthumuthiah/
Children’s Healthcare of Atlanta: https://www.linkedin.com/company/children's-healthcare-of-atlanta/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
Children’s Healthcare of Atlanta: https://choa.org/
 --
NEWSLETTER:
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 
--
Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
--
TIMESTAMPS: 
(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. 

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

We’re proudly sponsored by Deel. If you’re ready to level up your HR and payroll platform, visit:
https://bit.ly/deelx10xcapital 
--
SPONSOR

Deel

Most businesses use up to 16 tools to hire, manage, and pay their workforce, but there's one platform that has replaced them all: that’s Deel.

Deel is the all in one HR and payroll platform built for global work. The smartest startups in my portfolio use Deel to integrate HR, payroll, compliance, and everything else in a single product so you can focus on what you do best. Scale your business and let Deel do the rest. 

Deel allows you to hire onboard and pay talent in over 150 countries from background checks to built in contracts. You can manage the entire worker life cycle from a single and easy to use interface. 

Click here to book a free, no strings attached, demo with Deel today:
 
https://bit.ly/deelx10xcapital 
--
X / Twitter:
@dweisburd (David Weisburd)
@erin_harkless (Erin Harkless Moore)

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LinkedIn:
Erin Harkless Moore: https://www.linkedin.com/in/erin-harkless-cfa/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
Pivotal Ventures: https://www.linkedin.com/company/pivotalventures/

--
LINKS: 
Pivotal Ventures: https://www.pivotalventures.org/

 --
NEWSLETTER:
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 
--
Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com
--
TIMESTAMPS: 
(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