Swimming with Allocators

What It Takes to Win With Institutional LPs

This week on Swimming with Allocators, growth-investor-turned-LP Yuri Lee (TMRS) joins Earnest and Alexa and explains how her global upbringing and love of technology shaped her investing philosophy and belief that talent can come from anywhere. She walks through TMRS’s $3B and growing venture/growth mandate, how they split exposure between early-stage and multi-stage funds, and why they are building an aggressive 50/50 funds and co-investment program. Yuri shares what she looks for in emerging managers in clear, differentiated edge in sourcing, picking, or winning; true product–market fit between a manager’s edge and fund strategy; and non-consensus, outlier ideas. Throughout, she offers candid advice on how GPs can better pitch institutional LPs, why most decks sound the same, and what it really takes to stand out in a consensus-heavy, AI-dominated market. Also, Chuck Daly of Sidley talks about how emerging VC managers should think proactively about compliance, conflicts of interest, disclosure, and performance/marketing practices under (and aligned with) the Advisers Act and SEC’s marketing rule principles. Highlights from this week’s conversation include: * How a Global Upbringing Shapes an Investor’s Worldview (0:13) * Consumer Investing and Game Development Experience (2:22) * Market Cycles in SaaS and Consumer Narratives (4:19) * TMRS Mandate and Building a New Venture Program (6:16) * Early Stage Managers and Differentiated, Non-Consensus Portfolios (9:20) * What Matters Most at Early Stage vs Growth Stage (12:08) * What LPs Really Want to Hear About: Companies and Decisions (14:11) * How Pensions and Institutional LPs Run Diligence (17:04) * Managing Portfolio Company Synergies and Conflicts (23:56) * Marketing Rule Principles, Performance, and Case Studies (26:21) * Why TMRS Uses Co-Invests and Target Mix With Funds (30:15) * Barbell Approach: Early Stage Funds and Later Stage Co Invests (32:02) * Information Gaps for LPs vs GPs and Founder Access (35:55) * Consensus Rounds, Party Rounds, and Manager Profiles (38:56) * Role of Non-Consensus Managers and Unique Edges (42:09) * Rethinking AI Thesis and Value Capture by Model Labs (43:22) * Advice For GPs Moving to LP Roles and Building Empathy (45:20) * Final Thoughts and Takeaways (47:18) The Texas Municipal Retirement System is a $48+ billion public pension plan serving employees of participating Texas cities. TMRS invests across a diversified portfolio including public equities, fixed income, real assets, and private equity, with venture and growth investments forming an important component of its private markets strategy. 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 [https://www.sidley.com/]. Swimming with Allocators [https://swimmingwithallocators.com/] 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 [https://megaphone.fm/adchoices]

How Denmark Built a Big-Tech Future From a Small-Country Base

This week on Swimming with Allocators, Erik Balck Sørensen joins Earnest and Alexa to share his journey from serial founder in an almost non-existent Danish startup scene to CIO of Denmark’s Export and Investment Fund, a sovereign platform backing innovation at scale. Erik explains how Denmark went from having no venture funds or ecosystem infrastructure to becoming a global player in biotech, green tech, and deep tech, and why “giving back” and tight founder communities were crucial to that evolution. He breaks down what it really means to run a sovereign wealth fund with a dual mandate, balancing financial returns for taxpayers with societal impact, and how political momentum, past missteps, and investment discipline shape their strategy. Erik also details Denmark’s 2030 plan: moving faster, professionalizing as an LP and direct investor, and doubling or tripling down on stronghold verticals like life sciences, selected green technologies, quantum computing, and European growth-stage capital. Additionally, Chuck Daly explains how evolving market dynamics, LP demands, and longer-dated, more complex venture products are reshaping the regulatory landscape for VC managers, driving greater scrutiny on valuation, fund structures, and exemptions, and highlighting the value of Sidley’s deep, shared institutional expertise for GPs navigating this shift. Highlights from this week’s conversation include: * Erik’s Journey From Founder to Sovereign Wealth CIO (0:13) * Community Building and Giving Back Culture (5:26)   * Corporates, Biotech, Green Tech, and Deep Tech (8:17)   * What Denmark’s Export and Investment Fund Is (9:39)   * Balancing Political Momentum, Purpose, and Profit (12:52)   * Small Country Strategy and Global Fund Partnerships (15:51)   * 2030 Strategy to Move Faster and Smarter (19:42)   * Priority Verticals: Biotech, Quantum, Green Tech, Growth (32:08)   * Misconceptions About the Fund and New Operating Style (36:58)   * Infrastructure Bets: AI Supercomputer and Quantum Facility (40:48)   * Technological Sovereignty and Europe’s Tech Dependence (44:14)   * Defense Technology Catch-Up with US Partners (48:47)   * Optimism From Founders and How to Contact Erik (51:01)   Denmark´s Export and Investment Fund is a new, state-owned fund which proves a single point of contact to all Danish companies in need of state financed risk capital. We cover both the entrepreneur, small and medium-sized companies who need capital to unfold their full potential, and export companies who wish to conquer new or emerging markets. We can guide you all the way, from the company´s tentative beginnings through substantial growth to entry into the global markets with export guarantees and stock market listings, because our mission is to help to grow the Danish economy and green the globe. http://www.eifo.dk [http://www.eifo.dk] 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 [https://www.sidley.com/]. Swimming with Allocators [https://swimmingwithallocators.com/] 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 [https://megaphone.fm/adchoices]

A New Playbook for Deep Tech Fund Investing

This 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 [http://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 [https://www.sidley.com/]. Swimming with Allocators [https://swimmingwithallocators.com/] 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 [https://megaphone.fm/adchoices]

Aligning Capital With Community Impact

This 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 [https://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 [https://www.sidley.com/]. Swimming with Allocators [https://swimmingwithallocators.com/] 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 [https://megaphone.fm/adchoices]

Rethinking the Venture Co-Investment Playbook

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 [http://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 [https://www.sidley.com/]. Swimming with Allocators [https://swimmingwithallocators.com/] 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 [https://megaphone.fm/adchoices]