This week on Swimming with Allocators, returning guest Chris Schelling of Aksia joins Earnest Sweat and Alexa Binns to unpack how AI, private markets, and the wealth channel are evolving. They discuss where AI may already be in bubble territory, how it’s reshaping SaaS, services, and investment processes (including AI “agents” on investment committees), and why some SaaS and low-value information services are most at risk. Chris explains Aksia research-driven approach across private equity, private credit, real assets, and hedge funds, and shares why he’s skeptical of layered SPV “sandwiches” and headline-driven fear around private credit. The conversation explores the democratization of alternatives for wealthy clients, the role of content as a strategic edge for allocators, challenges in structuring venture access products, and why early-stage technical venture and quantum computing are compelling. Chris closes with advice for newer professionals: in a world of AI tools, differentiated relationships, networks, and deep domain expertise matter more than ever. Also, Nick Cassin explains how Sidley’s secondary practice spans multiple asset classes and deal types, highlights the growing role of secondaries in venture (including GP‑leds and LP trades), and shares how Sidley’s breadth, commercial mindset, and experience help clients navigate complex liquidity and continuation vehicle structures.

Highlights from this week’s conversation include:

Chris Schelling Returns & Aksia Career Move (0:13)
Why To Be Skeptical of AI Valuations & Bubbles (2:26)
How AI Is Reshaping SaaS, Services, and Credit (6:48)
Using AI for Diligence, Memos, and Investment Committees (11:29)
Behavioral Coaching and Training Analysts With AI (15:06)
SPVs, SPV “Sandwiches,” and 2008-Style Layering Risk (19:58)
Checklist Ideas for Evaluating SPVs and Access Claims (29:24)
How Mega RIAs Are Building Private Markets Platforms (36:38)
Strategic vs Tactical Allocations Across Private Markets (41:38)
Product Diversity Needed Across RIAs and Client Segments (44:08)
Segmenting Venture: Seed, Growth, and Late Stage Dynamics (47:52)
Crystal Ball on Venture, Deep Tech, and Quantum Computing (49:39)
Skills for Young Investors: Networks, Relationships, and Domain Expertise (54:22)
Where To Read Chris’s Research and Writing (55:13)

Aksia is a global private markets investment advisory and research platform with deep expertise across private equity, private credit, real assets, and hedge funds. The firm advises institutional investors globally and also manages discretionary capital through customized funds-of-one, co-investment vehicles, fund-of-funds, and wealth-oriented private markets solutions. Aksia is known for its open architecture model, broad GP relationships, and rigorous diligence culture across alternative assets.

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.

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