This 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

Rethinking the Venture Co-Investment Playbook