The 10X Capital Podcast Turpentine

Matt Farrell, Senior Investment Manager at WE Family Offices, sits down with David Weisburd to discuss how families with $50M-$1B+ invest their capital. They also cover balancing risk tolerance and liquidity needs, where alpha is in the market today, and characteristics of an ideal private fund manager. 

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
--
X / Twitter:
@wefamilyoffices (WE Family Offices)
@dweisburd (David Weisburd)
--
LinkedIn:
Matt Farrell: https://www.linkedin.com/in/mattfarrell1/
WE Family Offices: https://www.linkedin.com/company/we-family-offices/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
WE Family Offices: https://www.wefamilyoffices.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
(0:51) Overview of WE Family Offices
(3:05) Typical family office portfolio construction
(6:12) Behavioral finance and illiquidity as a feature
(9:36) Investment strategies for ultra high net worth families
(13:33) Manager selection attributes and importance of transparency
(16:22) Diligence process for spin-out managers
(18:24) Approach to venture capital as an asset class
(21:14) Follow & subscribe to The 10X Capital Podcast
(21:34) General guidance on co-invest
(23:37) Value-add for venture capital managers
(25:07) Hierarchy of the reference process

--
DISCLAIMER:
This communication contains the current, good faith opinions of the authors but not necessarily those of WE Family Offices, LLC. This communication is meant for informational purposes only and should not be considered as investment advice, an offer of any security or service for sale or a recommendation of any type and does not constitute the provision of investment, legal or tax advice to any person. Opinions provided are at a point of time and may change due to future events. WE Family Offices LLC is a registered investment adviser with the SEC. Any information provided in this communication that is inconsistent with the disclosures on the Form ADV registration documents, that is publicly available information on the SEC’s IAPD website, the Form ADV disclosures take precedent and should be relied upon only. Registration with the SEC does not imply any level of skill or training.

Mike Maples, Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas.

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co
--
X / Twitter:
@m2jr (Mike Maples)
@dweisburd (David Weisburd)
--
LinkedIn:
Mike Maples: https://www.linkedin.com/in/maples/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
Floodgate: https://www.floodgate.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
(1:23) Introduction to "Pattern Breakers"
(2:22) The role of startup capitalists
(5:01) The Twitter story and insights on early-stage investing
(7:24) The importance of founder future fit
(15:33) Product market fit: deciding when to pivot vs. stay the course
(21:54) Insights empowering new business models
(27:21) Creating movements and the role of passion
(32:02) Building relationships with LPs
(37:14) Advice for new VCs raising money
(39:10) The importance of pursuing non-consensus ideas
(43:18) 10X Capital Podcast Newsletter
(43:40) Lessons from David Swensen
(47:14) Benefits of a compatible partnership
(49:06) Circle of competence and competitive advantage in VC
(51:41) How to find Mike’s new book "Pattern Breakers"

Dr. Russell Read, current CIO at 10X Capital, and former CIO at CalPERS, CIO of Alaska Permanent Fund and CIO of the Gulf Investment Corporation sits down with David Weisburd to discuss his extensive career as a premier investment professional. They dive into how large scale pensions allocate to private markets, how those plans structure co-investment programs and design a theoretical allocation strategy. 

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

--
LinkedIn:
Dr. Russell Read: https://www.linkedin.com/in/russell-read-38424263
10X Capital: https://www.linkedin.com/company/10x-capital/mycompany/
CalPERS: https://www.linkedin.com/company/calpers/
Alaska Permanent Fund: https://www.linkedin.com/company/alaska-permanent-fund-corporation/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
10X Capital: https://www.10xcapital.com/
CalPERS: https://www.calpers.ca.gov/
Alaska Permanent Fund: https://apfc.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) Introduction of Dr. Russell Read and his role at CalPERS
(1:47) Diversifying investments internationally
(3:24) Challenges of allocating to private markets
(4:25) Venture capital investment strategies
(5:35) Structuring co-investment programs
(7:33) Alaska Permanent Fund's success story
(11:49) Addressing understaffing in pension funds
(13:27) Utilizing external resources effectively
(15:03) Economics of co-investment opportunities
(17:23) Strategies for new Sovereign Wealth and pension funds
(19:40) Impact of fund size on alternative investment success
(21:52) Discussing liquidity premium and retirement funding reforms
(24:08) 10X Capital's strategic approach to asset management
(25:04) Investment objectives variation among organizations
(27:35) Re-evaluating the 60/40 investment model

Justin Pollack, Managing Director at PineBridge Investments, sits down with David Weisburd to discuss PineBridge’s investment thesis. They also breakdown the secondary markets, discuss the structural differences between private equity & public market investing, and ways to analyze spinouts. 

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

--
LinkedIn:
Justin Pollack: https://www.linkedin.com/in/justinpollack
PineBridge Investments: https://www.linkedin.com/company/pinebridge-investments
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
PineBridge Investments: https://www.pinebridge.com/en

 --
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:
(1:12) Introduction of Justin Pollack and PineBridge Investments
(1:55) Evolution and growth of the private equity market
(4:39) Secondary market dynamics
(12:02) Differentiating strategies in secondary investing
(15:33) Emphasis on downside protection in secondary markets
(19:12) Fund of funds and emerging manager strategies
(22:29) Adapting private equity strategies to fund growth
(26:18) PineBridge's approach to venture capital
(27:26) Evaluating spinouts 
(30:31) Identifying traits of top-performing fund managers
(34:05) Closing remarks

Josh Porter, Co-Founder & General Partner at FirstLook Partners, sits down with David Weisburd to discuss FirstLook’s process for evaluating and selecting emerging managers. They also cover typical terms for co-invest, managing conflicts of interest, and the importance of strong personal relationships in venture capital.

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

RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
--
X / Twitter:
@joshdotporter (Josh Porter)
@1stLookPartners (FirstLook Partners)
@dweisburd (David Weisburd)
--
LinkedIn:
Josh Porter: https://www.linkedin.com/in/joshuasporter/
FirstLook Partners: https://www.linkedin.com/company/firstlookpartners/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
FirstLook Partners: https://www.firstlookpartners.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
(0:11) FirstLook’s strategy
(1:12) Co-investment dynamics
(3:06) Typical co-invest terms
(4:33) Managing conflicts of interest
(6:24) Impact of personal background on investment decisions
(9:10) Fostering relationships and trust in venture capital
(11:28) Importance of trust and honesty in VC
(12:27) Key criteria for selecting managers
(15:33) 10X Capital Podcast Newsletter
(15:54) Investment diligence and adding value
(20:18) Insight into hiring for venture roles
(21:34) Lessons learned and time management
(23:26) Closing remarks

Dionne Chingkoe and Samer Yousif of Insight Partners sit down with David Weisburd to discuss Insight’s direct and fund of funds investment strategies. They cover the importance of adding value beyond capital to both founders and emerging managers, the landscape of multi-stage VCs investing in emerging managers, and check size driving fund strategy for GPs.

Insight Partners’ 20/20 Vision Capital Fund supports diverse-led, top-tier, early-stage venture funds providing growth and seed capital to companies in the US and abroad. Insight believes that partnering and investing with these GPs is an effective way to drive much needed diversity in the venture capital industry. Following on the heels of 20/20 Vision Capital Fund I, which raised $15M in 2021, Insight announced 20/20 Vision Capital Fund II in 2023 with $118M in capital commitments from senior partners at Insight and institutional LPs. This current fund reinforces that 20/20 Vision Capital is an enduring program that is expected to drive impact for the long term.

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

RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
--
X / Twitter:
@insightpartners (Insight Partners)
@dweisburd (David Weisburd)
--
LinkedIn:
Dionne Chingkoe: https://www.linkedin.com/in/dionnechingkoe/
Samer Yousif: https://www.linkedin.com/in/samer-yousif/
David Weisburd: https://www.linkedin.com/in/dweisburd/ 
--
LINKS: 
Insight Partners: https://www.insightpartners.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
(0:56) Insight Partners’ strategy
(2:08) Providing value-add and flexible capital
(3:48) Samer Yousif's journey to Insight
(6:09) Adding value to emerging managers
(8:39) How emerging managers differentiate
(12:09) Check size driving fund strategy
(16:14) Evaluating GP performance
(17:38) Closing remarks