Podcast
Swimming with Allocators
Hosted by Earnest Sweat, Alexa Binns · EN
Swimming with Allocators dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. In each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!
28episodes
Episodes
Newest firstAll episodes
A New Playbook for Deep Tech Fund Investing
1w ago00:46:27Tap to summarizeThis week on Swimming with Allocators, Wes Panek joins Earnest and Alexa to share his unconventional journey from consulting and international development to venture capital, and ultimately to his current role as an LP at the Astera Institute, a multi-billion-dollar foundation focused on deep tech and frontier science. Wes explains how his family background shaped his desire to make markets work for everyone, what he learned evaluating hundreds of emerging managers at Screen Door, and why he believes there is no single playbook for success in venture. He breaks down how and why Astera is adding fund investing alongside grants and research, the structural advantages of foundations backing deep tech funds, and the gaps he sees in LP coverage of technical managers. Wes also offers practical lessons on building a new fund-of-funds program from scratch, including the importance of deploying capital sooner, being highly selective with time, and leveraging flexibility without losing discipline. For LPs and GPs interested in deep tech, he shares advice on underwriting technical strategies without a PhD, the rare “unicorn” profile of ideal managers, and concrete qualifiers for funds that might be a fit for Astera’s capital. Additionally, Chuck Daly of Sidley explains how today’s SEC and global regulators are refocusing on core anti-fraud, valuation, conflicts of interest, and disclosure principles for venture managers, with growing state and international scrutiny—especially around process, governance, and ESG — outside the US. Highlights from this week’s conversation include: Wes’s Journey From Consulting to International Development and Venture (0:35) Learning GP–LP Dynamics and Two Customers in Venture (3:55) Mission of Astera Institute and Focus on Frontier Tech (5:54) Adding Fund Investing and Deep Tech Focus at Astera (7:19) Designing Astera’s Deep Tech Fund Strategy as an Experiment (11:05) Regulatory Priorities for VC Managers: Communication and Anti Fraud (15:45) SEC Expectations on Valuation Process and Consistency (20:21) Global Regulatory Trends and ESG Focus for Venture (23:20) Foundation vs Fund of Funds: Flexibility, Risk, and Time Horizon (28:36) How Astera Underwrites Deep Tech Funds and Direct Investments (29:09) Do LPs Need To Be Technical and How To Skill Up (34:43) Ideal Traits of Deep Tech GPs and Wes’s Bias Toward Technical Founders (39:52) Fund Parameters Wes Backs: Size, Stage, and Themes (43:20) Astera Institute is a philanthropic organization dedicated to advancing frontier science and technology for the benefit of humanity. The Institute supports in-house scientific research, grantmaking, direct investments, and fund investing to accelerate progress in areas such as artificial intelligence, neuroscience, energy, and other deep-tech domains. Learn more at asterainstitute.org. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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Aligning Capital With Community Impact
2w ago00:46:29Tap to summarizeThis week on Swimming with Allocators, Alexa Binns and Earnest Sweat talk with Avivar Capital Co-Founders Lisa Richter and Tina Castro about how they built an impact investing firm focused on aligning capital with social and environmental outcomes. They trace their paths from ShoreBank, Goldman Sachs, and the California Endowment to launching Avivar, and explain why all investing has impact, positive or negative. The conversation covers place-based investing, creative deal structuring for disaster recovery (like post-wildfire efforts in California), using venture capital as the right tool for scalable solutions such as edtech, and their distinctive approach to diligencing emerging managers without conventional track records. Key takeaways include starting with the end impact in mind, matching capital type to the problem, the power of proximity to communities being served, and why persistence and thoughtful risk-taking are essential to building more equitable capital markets. Also, don’t miss Michael Podolny from Sidley as he explains that his startup clients are increasingly dealing with early founder breakups and complex AI/data licensing issues, and that he now relies on AI tools daily to dramatically speed up legal work while preserving his core advisory value. Highlights from this week’s conversation include: Lisa’s Path From ShoreBank to Impact Investing Advisory Work (0:34) Transition from Wall Street to Impact Investing (2:46) Launching Independent Practices and Merging Into Avivar (4:09) Moving From Impact Theory to Practical Execution (8:37) Comprehensive Mission‑Aligned Investment Approach (11:23) Starting With Outcomes and Choosing the Right Type of Capital (14:31) Creative Structuring Example for Wildfire Recovery Capital (17:35) AI, Data Licensing, and Deal Structures (20:31) Handcrafted Deals, AI’s Role, and Scaling Impact (24:30) All Investing as Impact and Reframing Positive Impact Investing (27:39) Diligencing Emerging Managers With Nontraditional Track Records (32:11) Venture Capital for Scaling Digital Education Solutions (35:43) Standout GP Characteristics and Key Signals (38:37) Reflections on a Decade of Building Avivar (41:52) Pride in Team, Talent, and Firm Culture (43:09) Final Thoughts and Takeaways (44:06) Avivar Capital is a women-led registered investment advisor founded to advance impact investing and system-level change. Emerging from The California Endowment and built on decades of mission-driven experience, Avivar specializes in rigorous evaluation of first-time managers and partners only with investors who share a vision for equity, inclusion, and catalytic capital. Learn more at www.avivarcapital.com. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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Rethinking the Venture Co-Investment Playbook
3w ago00:40:12Tap to summarizeThis week on Swimming with Allocators, Juan Diego Briceno (JDB) shares his journey from New York private banking and Latin American wealth management to building and spinning out Pomifer Capital, an “extension of family office teams” focused on private equity and venture capital. He explains how sophisticated family offices think about alternatives, why many learn the hard way that they shouldn’t try to be full-time VCs, and how to avoid adverse selection in both direct deals and co-investments. The conversation covers hype cycles and climate investing, the dangers of over-concentrating in themes, what makes a family office truly institutional-ready, and how to design a durable venture program through vintage diversification, strategy mix, and manager selection. JDB also breaks down key differences between PE and VC (from GP backgrounds to data transparency), why traditional PE-style co-investing often fails in venture, and how creative structures like lower management fees with higher carry can better align GPs and LPs. Also, Michael Podolny of Sidley explains how current macro uncertainty and the AI boom are slowing some venture deals, concentrating capital into a few “prized” AI companies, driving consolidation and acqui-hires, and sparking an early comeback of SPACs for high-growth startups. Highlights from this week’s conversation include: Learning to Relentlessly Advocate for Clients in Wealth Management (1:10) Climate Co Investments and Managing Venture Hype Cycles (3:26) Why Family Offices Should Not Do All Venture Deals Direct (5:38) Spinning Out to Create Pomifer Capital (8:02) Designing PE and VC Programs With Patient, Flexible Capital (10:03) Examples of Patient Capital and Holding Concentrated Winners (12:12) Macro Environment and AI-Driven Markets (15:12) How Startup Legal Practice Has Evolved and Globalized (18:25) Automating Rote Legal Work and Focusing on High Stakes Advice (19:55) Why Starting a Venture Program Is Hard for Family Offices (21:08) Traits of Top-Performing Venture Managers (23:31) Questions to Test GP Self Awareness and Blind Spots (25:52) Data Transparency Differences in Private Equity and Venture (28:05) Who Should Reach Out to Pomifer For Capital (34:23) What Juan Wants to See More of in GP Strategy and Firm Design (35:27) Final Thoughts and Takeaways (37:43) Pomifer Capital Partners is a Registered Investment Adviser based in Texas, serving as an extension of family office investment teams. Pomifer focuses on differentiated venture capital and private equity fund investments, co-investment opportunities, and other distinctive private-market strategies. Registration as an investment adviser does not imply a certain level of skill or training. The information provided is for informational purposes only and does not constitute a solicitation or recommendation. Additional information, including services, fees, and potential conflicts of interest, is available in Pomifer Capital’s Form ADV Part 2A. Learn more at www.pomifercapital.com Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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What LPs Want and GPs Need to Hear
Apr 1500:48:40Tap to summarizeThis week on Swimming with Allocators, Earnest and Alexa chat with Regina Green as she shares her journey from growing up as “the different one” in Georgia to spending 17 years at Goldman Sachs and leading the Launch With GS initiative focused on channeling capital to underrepresented founders and fund managers. She explains how that experience led her to Catalyze, where she now supports “capital entrepreneurs” through a GP fellowship and the GP Runway Fund, providing working capital loans to emerging managers building institutional-quality firms. Key takeaways include the importance of context and empathy in investing, why diversity strategies must start early in the capital stack, how GPs should think about firm-building beyond deal-making, and why Regina is optimistic about the rise of innovative capital products and more inclusive asset management over the next three to five years. Also, Michael Podolny of Sidley explores how secondary and tender offer markets have evolved into a standard part of late-stage private companies’ path to IPOs, highlighting who’s buying these shares, how deals are structured, and the legal/structural pitfalls GPs and companies need to navigate. Highlights from this week’s conversation include: Identity, Perspective, and Being Different In Predominantly White Institutions (0:21) Southern Upbringing, Magnet Schools, and Becoming a Listener (3:04) Launch with GS and Diversity in Venture (4:09) Rethinking Institutional Diversity Programs in 2020 (9:44) Equipping New Managers and Filling Early Stage Capital Gaps (12:32) Catalyze, Capital Entrepreneurs, and Innovative Capital Products (16:02) Firm Infrastructure, Service Providers, and GP Working Capital (19:07) Strategic Investors and Secondary Only Funds In Growth Stage Deals (24:29) Blended Valuations Across Primary and Secondary Rounds (27:36) Staying High Touch with Capital Entrepreneurs at Catalyze (29:09) GP Stakes Versus Non-Dilutive Working Capital Loans (31:55) How LPs View GP Stakes and GP Loans (35:50) Treating LP Outreach Like a Sales Process (39:06) Signals of Enduring Firms and Long-Term Orientation (42:00) Innovative Capital, Wealth Building, and Future Optimism (45:40) Catalyze is a national platform that provides Capital Entrepreneurs with the capital and support they need to build enduring firms. Catalyze also operates capital solutions including the GP Runway Fund, extending flexible working capital loans to underrepresented and innovative investors raising funds one through three. https://catalyze.community/ Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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The Allocator’s Checklist: How LPs Size Up Managers
Apr 800:44:50Tap to summarizeThis week on Swimming with Allocators, Earnest and Alexa welcome Charlotte Zhang, Senior Portfolio Manager at Inatai Foundation. Charlotte shares her unconventional path from tech investment banking into LP life, her work at Inatai Foundation, and how she evaluates fund managers across asset classes. She explains Inatai’s mission-driven, endowment-style strategy centered on efficiency, innovation, and impact, and how they manage capital for other aligned foundations. She also shares how generalist allocators run thematic research sprints, why they avoid rigid asset class buckets, and how they think about biotech, crossover, and platform value creation. For venture managers, she outlines what LPs look for: real differentiation rooted in an unmet need, some form of specialization, strong networks and early access, and the “four Ps” all anchored in people with integrity and learning agility. Also, don’t miss Michael Podolny as he explains how Sidley’s emerging companies practice is increasingly busy as AI-driven and globally ambitious startups seek sophisticated, full‑lifecycle legal and tax advice from day one, with a particular focus on planning early to maximize QSBS tax benefits and founder outcomes. Highlights from this week’s conversation include: Charlotte’s Path From Banking to Allocator (1:12) Inatai’s Mission and Investment Focus On Racial Justice (6:12) Investment Strategy and The “Three I’s” (Inefficiency, Innovation, Impact) (7:54) Managing Multiple Asset Classes W\with Thematic Research (12:23) How Sidley Supports Sophisticated, AI-Driven Startups and QSBS Planning (18:25) What Emerging Managers Get Wrong With Foundations and OCIOs (23:39) Why Specialization and Differentiation Matter in Venture (24:09) Charlotte’s Take on Venture Versus NASDAQ and Top-Decile Returns (36:38) Charlotte’s Immigrant Background and Empathy or Underdogs (41:19) Inatai Foundation is a 501(c)(4) philanthropy seeking to transform the balance of power to ensure equity and racial justice across Washington state and beyond. The organization is accountable to leaders and organizations building power in racially diverse communities in Washington state and seeks to primarily fund community based organizations led by people of color. With a team based throughout Washington, it works to advance four distinct areas of work: relationship building, policy and advocacy, investment management, and grantmaking. Learn more at www.inatai.org. Inatai Investment Management Company is guided by the belief that successful investing is about more than money. The organization leverages extensive expertise, deep resources, nimble governance structure, and knowledgeable investment managers to generate long-term, sustainable returns for Inatai Foundation and other mission-aligned organizations, using a cost-sharing model. The investment options chosen are determined not just for their potential for growth but for how they support our values and the positive impact they may achieve for the world. Our goal is to become a proactive, community-driven force for change in capital markets and in the investment sector at large. Learn more at www.inatai.partners. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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Power Laws, Secondaries, and Staying Consistent: StepStone’s VC Framework
Apr 100:45:13Tap to summarizeThis week on Swimming with Allocators, Earnest and Alexa chat with Anthony Giambrone, Partner at StepStone Group. Anthony shares his unconventional path from gas station manager and nightclub worker to leading a major global venture allocation platform. The conversation covers his break into investment banking, the scaling of GreenSpring into StepStone, and why relationships, EQ, and consistency across vintages matter more than market timing in venture. Key takeaways include the power-law nature of VC returns, how emerging managers and spinouts can stand out with a real edge and long-term relationship-building, why asset quality matters more than discounts in secondaries, and how AI, liquidity pressures, and longer private company lifecycles are reshaping the next decade of venture capital. Also, Rebecca Stuart, an employment-focused partner at Sidley, explains how she helps venture-backed companies navigate complex employment and co‑founder separations, equity and vesting pitfalls, evolving worker classification and pay transparency laws, and the fast-changing regulatory landscape around AI in hiring and employment decisions. Highlights from this week’s conversation include: Anthony’s Background and Humble Beginnings (0:42) Importance of Empathy and Relationships in Venture (4:16) Applying Greenspring/StepStone Experience to Today’s Market (6:15) StepStone Venture Team, AUM, and Global Footprint (8:07) Why You Can’t Time Early Stage Venture (9:38) Vintage Volatility and Power Law in Venture Outcomes (11:23) How Founder Ambition Affects GP and Fund Diligence (14:28) Insider Segment: Co‑Founder Divorce (18:04) Using New Investments to Clean Up Equity and IP (21:43) Employees Demanding Human Review in AI‑Driven Processes (25:43) Fund Slot Constraints and LP Down‑Selection (28:33) Advice for New LPs on Capturing Upper Quartile Returns (31:36) Is Top Quartile Performance Still Good Enough? (33:08) Secondaries Strategy and Asset Quality Over Discounts (34:31) Liquidity Pressures, DPI, and GP‑Led Solutions (38:37) StepStone’s 10‑Year Lifecycle Partner Vision (40:35) StepStone Group is a global private markets firm focused on providing customized investment solutions and advisory and data services to its clients worldwide. The firm’s venture capital and growth equity platform, built on the foundation of Greenspring Associates, manages $25B+ in AUM across primary fund investments, secondaries, and co-investments, as of June 30, 2025. Learn more at www.stepstonegroup.com. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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DDQ: Founders, Fraud & ‘Fake It Till You Make It’
Mar 2500:39:35Tap to summarizeThis week on Swimming with Allocators, it’s time for another discuss, debate, and question (DDQ) episode as Earnest and Alexa riff on founders behaving badly and the cultural and governance failures enabling fraud-like behavior, then dive into how enterprises will actually adopt AI and what that means for the future of SaaS and vertical software. They unpack the rise of GP-led secondaries, strip sales, and mounting impatience around liquidity, using recent market data to explain why secondary activity is accelerating. The conversation shifts to Brendan Baker’s three-tier venture framework (mega, middle, and small funds), where they debate where innovation, desperation, and real differentiation will come from. They explore whether LPs should back first-time fund managers without a traditional track record, what “track record” should really mean, and why softer skills, pattern recognition, and learning velocity matter. They also discuss treating fundraisers like enterprise B2B sales, how to qualify LPs and build authentic GP–LP relationships, and close with a playful “start, bench, cut” on SpaceX, OpenAI, and Anthropic to frame how they think about pre-IPO AI and space bets. Highlights from this week’s conversation include: Prediction: 2026 as the Year of Founders Behaving Badly (1:16) Misuse of Startup Funds and Rise in Legal Issues (1:48) Narrative-Driven Investing and Weak Governance in VC (2:28) Enterprise AI Adoption: Rory O’Driscoll’s Five Paths (3:25) Will Big SaaS Survive the “SaaS Apocalypse”? (5:43) LP Liquidity Pressure and GP-Led Secondaries (9:19) Data on Secondary Pricing, Continuation Vehicles, and Strip Sales (12:04) Venture Splitting into Mega, Middle, and Small Funds (15:26) Desperation, Differentiation, and Innovation Across Fund Sizes (17:52) Should LPs Back First-Time Fund Managers Without a Track Record? (21:41) Learning Velocity, Curiosity, Kindness, and Willingness to Schlep (24:49) The Value of Apprenticeship and Seeing Portfolios Over Time (25:50) Game: Start, Bench, Cut – SpaceX, OpenAI, Anthropic (30:16) One Question to Ask a First-Time Fund Manager (34:32) Signs of Strong GP–LP Fit: Informal Contact and Vulnerability (36:48) Closing Remarks and Episode Wrap-Up (37:40) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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How to Separate Yourself When Everyone Has the Same Deck
Mar 2000:49:38Tap to summarizeThis week on Swimming with Allocators, Earnest and Alexa welcome Zach Ruchman, Shareholder & Managing Director, Private Investments at HB Wealth. Zach shares how his unconventional path through the Middle East, international development, consulting, and BlackRock has helped shape the way he makes decisions under uncertainty and evaluates managers. He talks about why venture requires comfort with long duration and illiquidity, why fund size defines strategy, and how alignment of incentives between GPs and LPs really works. Zach explains HB Wealth’s multi-family office approach to private markets across credit, real estate, private equity, and venture, and stresses that in a crowded VC market, authentic differentiation, deep curiosity, and long-term relationship building still matter more than any tool or trend. Also, Rebecca Stuart of Sidley explains how founders and VCs should think about non‑competes, non‑solicits, and trade secret protection in a multi‑state, remote‑work world, emphasizing practical, enforceable ways to safeguard talent and IP as restrictive covenant law shifts across the U.S. Highlights from this week’s conversation include: Zach’s Non-Linear Path and LP as the Best Job in Finance (0:31) Investing Into Uncertainty and the Need for 10x Venture Outcomes (2:33) Fund Size as Strategy and How Cost of Capital Shapes Venture Models (4:44) HB Wealth Overview, AUM, and Focus on Private Markets (7:25) How HB Packages Private Offerings for Different Client Profiles (8:35) Incentive Alignment, Fees, and Why Zach Prefers Smaller Managers (11:09) What True GP-LP Partnership Looks Like Beyond Formal Diligence (12:45) Radical Transparency, Learning Velocity, and Updating Investment Priors (15:07) Full Life Cycle Counsel for Venture Backed Companies (17:29) Non Competes, Regulatory Shifts, and Implications for VC Portfolios (19:31) Non-Solicitation Agreements, Remote Teams, and Multi-State Compliance (22:32) Trade Secrets, IP Assignments, and Layered Protection Strategies (24:59) Differentiation in a World with Thousands of Venture Funds (27:07) Authentic Superpowers, Avoiding Generic YC Adjacent Strategies (32:58) Venture as an Essay Test and the Industry’s Maverick DNA (35:52) What Drives Quick Passes and Alignment Issues for New Funds (39:18) How LPs Triage Email, Say No, and Capacity Constraints on Commitments (41:24) Advice To High Net Worth Families Entering Venture (44:03) Long Term Optimism About Innovation and Private Markets (45:54) HB Wealth is a national independent wealth management firm providing fiduciary, fee-only investment management and financial planning services. With over $28 billion in assets under management and more than 3,700 client relationships nationwide, HB helps families, executives, and entrepreneurs steward their capital with purpose. Learn more at www.hbwealth.com. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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Built for Venture: Problem-Solving Meets People Work
Mar 1100:41:20Tap to summarizeThis week on Swimming with Allocators, Marcia Mitchell joins Earnest and Alexa to trace her path from FF Venture Capital to New York Ventures and now Mesa Lane Capital, a GP-seeding fund focused on emerging managers. She shares how her time in government shaped a broader, more responsible view of innovation and capital allocation, and discusses the increasingly crowded emerging manager landscape and where capital is still being overlooked. Marcia also breaks Mesa Lane’s differentiated model of large anchor checks, follow-on commitments, co-invest pools, no carry at the FoF level, and hands-on support, positioning the firm as a true co-builder. The conversation closes with how parenthood reshaped her approach to focus, boundaries, and investing in people who energize her. Highlights from this week’s conversation include: Welcoming Marcia Mitchell to the Show (0:22) Moving Into Public Sector Allocations at New York Ventures (3:39) Are We Capped Out on Emerging Managers in Today’s Market? (7:33) How Mesa Lane Differentiates Its Fund of Funds Model (9:49) Facilitating Direct Relationships Between GPs and LPs (12:07) How Engaged Are LPs With Direct Deals and Co‑Investments? (13:22) Radical Transparency and Hands‑On Support in Diligence (14:42) Shifts in Founder Boards, Equity, and Employment Terms (17:54) Power Dynamics and “Prenup” Mindset in Founder–Investor Negotiations (19:46) Drafting Around Founder Entrenchment and Board Deadlock (20:57) Why Rebecca Joined Sidley and the Firm’s Venture Platform (22:14) What a Mesa Lane GP Looks Like (24:16) Industry Maturation, Hedge Fund Parallels, and Co‑Opetition in Venture (26:07) Back Office Platform, Service Provider Discounts, and AI in Operations (28:46) How Parenting Changed Marcia’s Perspective and Boundaries as an Investor (30:42) Prioritization, Structure at Home, and Investing in Energizing People (33:11) Who Mesa Lane Wants to Hear From: Ideal Fund Size and Stage of GPs (35:46) Sector Focus, Crypto Caveats, and Thoughts on Solo GPs (37:10) Mesa Lane Capital is a $300M emerging manager investment platform backing early-stage VCs. The firm makes $20M anchor-style fund commitments and offers operational support across legal, tax, admin, and HR functions. Mesa Lane is not a traditional FoF: they offer access to their LP network and prioritize transparency and value-add. Founded by Scott Sherman (ex-Blackstone, Tiger) and Mark Friedman (hedge fund builder), they blend Wall Street rigor with venture approachability. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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The New Rules of Venture: What Next-Gen LPs Should Know First
Mar 400:45:17Tap to summarizeThis week on Swimming with Allocators, Earnest and Alexa welcome Iliana Oris Valiente, a F500 corporate executive, independent LP, and founder of the Capital Decoded program, to explore the evolving landscape of venture capital. Iliana shares insights from her global background, discusses why generalists excel in the AI era, and outlines the challenges next-gen family offices face when entering VC. The conversation also covers the importance of clear investment thesis, trends in emerging markets, and the critical need for trust and education between GPs and LPs. Listeners will gain practical frameworks and actionable advice for navigating today’s rapidly changing investment world. Also, don’t miss Sidley’s Shane Goudey discussing current trends in venture capital fundraising, with an emphasis on where LP investment is coming from and the growing interest in co-investment opportunities. Iliana Oris Valiente, CPA, CA is an accomplished corporate executive, emerging tech pioneer, board member, author, and global citizen. She is a recognized media figure, having been featured from Bloomberg to The Financial Times, across TV and print. Iliana is an angel investor, fund LP, and regularly advises family offices on emerging trends. She built Capital Decoded — an investor education program specifically designed to demystify VC as an asset class. Learn more at IlianaOV.com Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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