Podcast Summary: How I Invest with David Weisburd – Episode 331

Guest: Ron Biscardi, CEO of iConnections
Host: David Weisburd
Date: March 23, 2026
Episode Theme:
A deep dive into the challenges and strategies institutional managers and GPs face when trying to raise capital and build relationships with limited partners (LPs), mistakes emerging managers make, and the evolving landscape for both allocators and fund managers – including lessons learned, the value of humility, and the compounding power of resilient culture.

Main Theme & Purpose

This episode explores the obstacles, missteps, and best practices for fund managers (GPs) raising institutional capital, the shifting demands and risk profiles of limited partners, and how successful fund managers (and companies like iConnections) build resilience and long-term relationships in the alternatives industry. Biscardi offers a unique perspective, drawn from facilitating thousands of meetings between GPs and LPs, and scaling one of the industry’s most powerful capital introduction networks.

Key Discussion Points & Insights

1. Is Capital Scarce?

[00:00 – 01:02]

• Insight: Despite market rumors, capital isn’t scarce—large sums still change hands post-iConnections events.
• Quote:

  "Capital is definitely not scarce. There is a ton of money in this event... It's really more about building a relationship, taking the time for the LP to get to know you, building trust, and then capital absolutely flows."
  — Ron Biscardi, [00:05]

2. The Shift Away from Blind Pools

[01:02 – 02:43]

• LPs are increasingly favoring SMAs, continuation vehicles, SPVs over traditional blind pool funds due to more control and less administrative complexity.
• Technology platforms are facilitating this trend, reducing GP administrative burden.

  "It gets custody in your name. You can control the day you decide, 'I just don't want to do this anymore,' for whatever reason. It gives you that safety valve."
  — Ron Biscardi, [01:42]

3. The Realities of Fundraising Timelines

[02:43 – 04:45]

• Sub-$200M-$300M GPs face long sales cycles (years) due to perceived business risk by LPs.
• Frequent engagement and repeated touchpoints with LPs (showing up to multiple events) materially increases capital-raising success.

  "...the smaller GPs who pop into one event and then we don't see them again for a few years, much lower success rates because it just feels like they don't really have the commitment to the relationship building process."
  — Ron Biscardi, [04:10]

4. Understanding & De-Risking for LPs

[06:10 – 10:52]

• LPs’ primary job is capital protection, not solely optimizing for returns; career and business risk loom large in their decision-making.
• LPs prefer consistent execution, robust infrastructure, and institutional quality over unproven managers with high potential returns.

  "It's a much worse outcome for these teams if they lose money because they took unnecessary risk... until the business is really well established and you have a Nice long track record, there is this risk that it just might not make it for all the reasons small businesses don't make it."
  — Ron Biscardi, [07:15]

• David Rubenstein's view:

  "Good LP management is average returns with great customer service."
  — Quoted by David Weisburd, [10:52]

5. Flight to Quality & The Emerging Manager Dilemma

[11:58 – 16:05]

• Building LP relationships is a numbers game—develop value-adding touchpoints without expectation of immediate payoff.
• Consistency and transparency, especially when performance dips, distinguishes the best GPs from the rest.

  "When their numbers are down, that's the moment when you should be much more active and much more in front of your LPs... The transparency is so core to a long-term relationship."
  — Ron Biscardi, [16:05]

• Humility is a significant differentiator: the truly successful GPs treat every LP interaction as a privilege.

6. The Danger of Entitlement

[17:35 – 24:07]

• The expectation that LPs “owe” GPs capital is toxic and counterproductive.

  "It's crazy for GPs to ever—that's like the absolute worst thing you can do as a GP."
  — Ron Biscardi, [19:06]

• The venture world uniquely amplifies these patterns; despite elite backgrounds, most venture GPs aren’t meaningfully differentiated to LPs.

  "...they think they're very special and they are actually extremely special. But on a relative basis they may not be differentiated at all."
  — David Weisburd, [23:54]

7. Enduring Advantages for Top VCs

[24:07 – 28:59]

• Massive dispersion in venture returns leads to a “tale of two cities”: Top-quartile VCs persist and get best deal flow; others struggle.

  "Venture is not the kind of business where the portfolio companies would prefer a better deal from a lesser known manager... The deal flow power once you're in the top tier of VC is so enormous it really creates a huge advantage."
  — Ron Biscardi, [25:20]

• New VCs are better off raising small funds and building networks, rather than chasing big AUM at the outset.

  "...Focus on small checks, build your network...I've never seen anyone build a network as fast and effectively as Daniel [Dart]..."
  — Ron Biscardi, [27:27]

8. Scaling iConnections & Building Network Effects

[28:59 – 36:59]

• iConnections grew explosively from a pandemic-era digital experiment into a 6,000-person, global platform by leveraging opportunity, building robust infrastructure, and focusing on user experience.
• Recent product innovation (roadshow modules, investor portals) aims to streamline the fundraising/investor relations process for members year-round.

  "As these things start to catch on and we drive adoption of them, I think there's an enormous opportunity for growth here at iConnections as we just start to do more beyond simply these physical events throughout the year."
  — Ron Biscardi, [33:44]

• Strategic event locations (e.g., Paris over London or NY) maximize attendee focus and relationship-building by removing local distractions.

9. Career & Business Lessons for Leaders

[36:59 – 43:58]

• Proactivity in moments of crisis (e.g., dealing with a snowstorm that threatened a major event) is a key differentiator; rapid, creative problem-solving drives client loyalty and sustainable culture.

  "We are so good at being scrappy and problem solving. We totally thrive on it... it's those moments that give you the chance to think outside of the box."
  — Ron Biscardi, [37:31] "We chartered a commercial airliner... in a matter of hours... that's just a cultural thing."
  — Ron Biscardi, [43:07]

• Anti-fragility—institutionalizing a culture that runs toward, not from, hard problems—compounds long-term organizational success.

  "At iConnections, we never say, 'Oh, well, there's nothing we can do.' Like, there's always something more that we can do, and we try to do it."
  — Ron Biscardi, [43:49]

Notable Quotes & Memorable Moments

• On capital scarcity:

  "I would not say capital is scarce at all."
  — Ron Biscardi, [00:55]

• On why LPs avoid new/small GPs:

  "Their responsibility is to protect that capital and they're focused on protecting it before they're focused on growing it."
  — Ron Biscardi, [03:23]

• On building lasting LP relationships:

  "The best marketing teams are always looking for ways to pay it forward with LPs... If you send them high quality content...they love that."
  — Ron Biscardi, [12:36]

• LP discipline advice:

  "A person that pretends to be an honest person for 20 years becomes an honest person."
  — David Weisburd, [15:33]

• Compounding through crisis:

  "In a matter of hours, that's a cultural thing, would think like that... we sold it out in five hours and we flew over a hundred people up here."
  — Ron Biscardi on chartering a plane during a snowstorm, [43:07]

Key Timestamps

• 00:05 – Is capital scarce today?
• 01:26 – Shift away from blind pools and rise of SMAs
• 02:54 – Fundraising timelines by GP size; relationship-building importance
• 06:10 – Contrasting fundraises: Andreessen vs. emerging managers
• 07:15 – Why LPs prioritize downside protection
• 10:52 – David Rubenstein on "average returns, great customer service"
• 12:26 – How to build relationships & follow up after LP meetings
• 16:05 – Why transparency during drawdown matters most
• 17:35 – John Gray (Blackstone) on facing tough patches head-on
• 19:06 – Entitlement as a trap for GPs
• 23:54 – The illusion of differentiation among elite venture GPs
• 24:07 – Venture's dispersion of returns & persistence
• 27:27 – Case study: Daniel Dart’s networking approach
• 31:17 – iConnections growth curve, building network effect
• 34:21 – Strategy for events in Paris & rationale for destination events
• 37:15 – How company culture compounds in moments of crisis
• 43:07 – Chartering a plane for clients during snowstorm as cultural proof point

Takeaways

• For Emerging Managers: Accept long sales cycles, focus on relationships, and build institutional infrastructure early on; humility and follow-through are your best assets.
• For LPs: Downside protection, team cohesion, and business risk trump promised returns, especially with new managers.
• For Industry Leaders: Resilience and scrappiness—not perfection—are the seeds of compounding organizational success. Crisis is both test and opportunity.
• For the Industry: Massive capital flows continue, but standards have shifted; only those who adapt, remain transparent, and tirelessly build relationships will capture outsized rewards.

Tone & Style Note:
The episode balances frank advice, insider anecdotes, and humble reflection. Biscardi’s tone is pragmatic yet encouraging, offering emerging managers actionable, sometimes tough-love commentary on LP psychology and the real ingredients behind successful fund management. Weisburd frames questions with industry color and personal insight, driving to the crux of each issue.

End of Summary.