Swimming with Allocators – Details, episodes & analysis

This week on Swimming with Allocators, Earnest and Alexa welcome Quincy Brown, Managing Director at FEG Investment Advisors. With 29 years of experience, Quincy discusses how his firm serves mission-driven organizations by integrating responsive investing strategies, focusing on diverse and emerging managers, and balancing financial performance with social impact. Key topics include the evolution of ESG investing, technology's role in creating new investment opportunities, and the importance of understanding client missions. Quincy also emphasizes that organizations can achieve both financial returns and social objectives by taking a long-term, strategic approach to investing, particularly in venture and private equity sectors. The conversation provides a nuanced look at how investment consultants are navigating changing landscapes of mission-aligned investing. Don’t miss it! 

Highlights from this week’s conversation include:

• Quincy’s Career Path (1:09)
• FEG’s History and Client Base (4:44)
• Building Trust and Client Relationships (7:00)
• Values-Aligned and Responsive Investing (9:17)
• Shift Toward Venture and Private Equity (12:26)
• Identifying Diverse and Emerging Managers (14:36)
• Diversity Criteria and Thresholds (17:01)
• Advice for Emerging Managers (18:03)
• Role of the Research Team (19:10)
• Fund Performance Trends (21:55)
• Mission Alignment Across Asset Classes (24:33)
• Lessons from ESG and DEI Trends (28:44)
• Exciting Trends in Venture and Private Markets (30:16)
• Advice for Allocators on Values-Aligned Investing (35:14)
• Connecting with Quincy and FEG and Parting Thoughts (36:34)

FEG Investment Advisors is a Cincinnati-based investment consulting and OCIO firm serving nonprofits, endowments, and foundations nationwide. With a legacy of research-driven diligence, values-based investing, and a deep commitment to diverse and emerging managers, FEG is a leader in aligning capital with mission. Learn more at www.feg.com.

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.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.

This week on Swimming with Allocators, Earnest and Alexa welcome Farhan Lalji and Dario de Wet, Co-Founders of LTV Capital. During the conversation, Farhan and Dario discuss their unique approach to investing in emerging fund managers. They share insights into evaluating new venture capital funds, emphasizing the importance of understanding a manager's "why," network strength, and hustle factor. The conversation also explores the challenges of venture capital scaling, the potential of managers with atypical backgrounds, and the evolving landscape of startup exits. Key takeaways include the value of investing in smaller, innovative funds, the need for differentiation in a competitive market, and the potential of legacy industries for venture investment. Also, don’t miss our insider segment as Idan Netser and Jason Kropp from Sidley Law Firm discuss critical regulatory considerations for venture capital and startups, focusing on tax implications of carried interest, Qualified Small Business Stock (QSBS) benefits, and evolving FDA regulations in the medical and biotech sectors.

Highlights from this week’s conversation include:

• Dario’s Career Journey (0:58)
• Farhan’s Background and Anthem Group Experience (1:43)
• Emergence of LTV Capital’s Thesis (3:36)
• Influential Experiences Shaping VC Perspective (5:27)
• Should Venture Capital Scale? (8:08)
• Why Focus on Emerging Managers? (13:10)
• Intangibles in Fund Managers (18:26)
• Intentionality in Fund Construction (21:24)
• Insider Segment: Regulatory and Tax Updates (23:02)
• Hands-On LP Support for Emerging Managers (27:21)
• First Close vs. Last Close LPs (30:37)
• Why LPs Choose LTV Capital (33:53)
• Venture Beta vs. Alpha and Fund of Funds Debate (36:18)
• Venture Exits and Liquidity Outlook (40:43)
• Parting Advice for GPs and LPs and Final Thoughts (44:10)

LTV Capital is dedicated to investing in top-tier emerging managers globally, aiming to empower the next generation of venture capital leaders. By providing support and resources, LTV Capital fosters innovation and growth within the venture capital ecosystem.

LTV Capital: Empowering Emerging Managers | Uniting the Fund Ecosystem

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.

Highlights from this week’s conversation include:

• Lockwood's Background and Journey (0:46)
• Vincimus Capital Overview (2:09)
• Democratization of Private Markets (3:51)
• Transition to Private Equity (4:52)
• Influence of Shackleton's Endurance (7:43)
• Current Market Opportunities (8:40)
• Criteria for Ideal Clients (14:26)
• Opportunities in Larger Investments (17:09)
• Slow Dating in Manager Selection (20:26)
• Evaluating Deal Opportunities (22:07)
• Insider Segment: SVB's Approach to Innovation (26:10)
• Diversification in Venture Capital (31:07)
• Investment Buckets (36:02)
• Philanthropy in Wealth Management (39:00)
• Fund Manager Dynamics (41:55)
• The Importance of Patience in Investment (46:28)
• Connecting with Contacting Vincimus Capital and Final Thoughts (48:22)

Vincimus Capital is an investment platform and community founded upon shared values and trusted relationships. As a team of capital allocators, we seek to deliver risk-adjusted returns that support the present and future needs of the values-aligned families we serve. Learn more: https://www.vincimus.com/

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.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.

Highlights from this week’s conversation include:

• Ian’s Journey in Wealth Management (0:41)
• Founding Westfuller Advisors (5:05)
• Challenges in Early Days (10:36)
• Current Differentiation and Pitch (12:18)
• Long-term Strategic Asset Allocation Model (14:37)
• Ownership Lens Focus (16:57)
• Advocacy for Due Diligence (18:16)
• Economic Mobility and Career Decisions (22:32)
• Insider Segmeng: Catalyst 2045 Initiative Overview (25:59)
• Investment Focus Areas (28:32)
• Challenges in Supporting Underrepresented Founders (32:16)
• Future of Values-Aligned Investing (35:04)
• Investment in Generative AI (40:56)
• Incremental Impact in Investment (43:46)
• Active Ownership and Corporate Stewardship (46:43)
• Building Long-Term Partnerships (48:39)
• Final Thoughts and Takeaways (50:55)

Westfuller Advisors is a values-driven investment advisory and wealth management firm dedicated to providing advice, strategy, and investment management for mission-aligned individuals, families, nonprofits, and foundations globally. Committed to fostering a just and equitable society, Westfuller integrates clients' values into tailored financial solutions. Learn more: https://westfulleradvisors.com/

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.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.

Highlights from this week’s conversation include:

• Meghan's Background and Journey (1:18)
• Capital Formation Insights (7:39)
• Lessons from Goldman Sachs (9:05)
• Advice for Emerging Managers (11:11)
• Importance of Client Experience (17:00)
• The Competitive Landscape of Venture Capital (19:14)
• Changing GP and LP Relationships (23:29)
• Creativity in Investor Relationships (28:19)
• Insider Segment: Florida’s Diverse Venture Ecosystem (31:10)
• Challenges and Opportunities in Florida Startups (35:40)
• Talent Access and Flexibility (39:08)
• Institutional Reporting Challenges (41:02)
• Trust and Transparency in Fundraising (45:23)
• Institutional LP Process Advice (49:35)
• Power Law in Venture Capital (54:35)
• Understanding Capital Allocation (56:49)
• Fund Sizes and Venture Capital Dynamics (1:00:12)
• Final Thoughts and Takeaways (1:05:10)

Altimeter Capital Management is a leading investment firm specializing in technology-focused public and private market investments. By integrating insights across markets, Altimeter aims to drive innovation in the financial industry.

http://www.altimeter.com/

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.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.

Highlights from this week’s conversation include:

• ​​Samir’s Background and Journey (0:31)
• Founding Allocate (1:09)
• Emerging Managers Focus (4:26)
• Market Cycles and Investment Strategies (8:11)
• Current Market Trends (12:22)
• Illiquidity in Venture Capital (14:04)
• Misconceptions About Venture Capital (16:05)
• Direct Investments vs. Fund of Funds (19:51)
• Operational Needs of Wealth Advisors (22:13)
• Building Infrastructure for Investment (24:16)
• Insider Segment: Nico Toro of Silicon Valley Bank (27:00)
• Customization in Different Markets (28:55)
• Understanding Local Ecosystems (30:07)
• Opportunities in Fintech (32:26)
• Consolidation in Private Equity (36:49)
• Investment Strategies for Family Offices (40:43)
• Responsible Participation in Venture Capital (44:50)
• Ideal Investor Profile (47:05)
• Market Growth and Challenges (50:04)
• Current Investment Climate (52:00)
• Connecting with Samir and Final Thoughts (53:12)

Allocate is a platform designed to modernize and democratize private market investing by providing accredited investors with curated access to top-tier private capital funds and direct investment opportunities. Allocate’s mission is to empower a broader audience of investors to participate in private markets while emphasizing transparency, efficiency, and inclusivity. https://www.allocate.co

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.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.

Highlights from this week’s conversation include:

• Insider Segment: SVB’s Role in the Innovation Economy (1:14)
• Challenges for Emerging Managers (4:31)
• Global Innovation and Connectivity (6:15)
• SVB's Offerings Beyond Financing (8:41)
• Treasury Services and Liquidity Solutions (10:59)
• Ertan Can’s Background and Journey into VC (13:45)
• The Birth of Multiple Capital (17:41)
• Pan-European Portfolio Strategy (20:38)
• Investment Jurisdictions and Structures (24:06)
• Opportunities for US Investors (28:27)
• Exit Markets and Valuation Benefits (30:01)
• The Rise of European Startups (33:08)
• Identifying Outliers in the Ecosystem (35:10)
• Focus on Small and Seed-Stage Funds (38:31)
• Adapting to Market Changes (42:26)
• Advantages of Solo GPs (45:24)
• Future of the European Market (50:27)
• The Randomness of Venture Success (54:25)
• Final Thoughts and Takeaways (1:01:09)

Multiple Capital is Europe’s first tech-focused fund of micro funds, founded in 2018 by Ertan Can. The firm invests in emerging and solo fund managers across Europe and the U.S., focusing on overlooked opportunities in niche geographies and verticals. With a portfolio spanning over 1,000 companies, Multiple Capital aims to democratize access to early-stage tech investments and foster innovation. Learn more: https://www.multiple.capital/

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.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.

Highlights from this week’s conversation include:

• Reflections on Season 2 (0:45)
• Discussion on Industry Changes (2:18)
• Concerns Over Capital Allocation (6:05)
• Emerging Trends in Allocator Careers (8:18)
• Co-Investments Trend (10:23)
• Challenges of Co-Investing (12:43)
• Allocator Self-Awareness in Co-Investing (17:52)
• Debate on Valuation Processes (19:02)
• Challenges of Fundraising (22:00)
• Impact of AI on the Industry (23:21)
• Targeting the Right LPs (25:02)
• Predictions for 2025 (29:51)
• Future Guests for the Podcast (32:08)
• Recommended Reading (34:41)
• Final Thoughts and Reflections (37:12)

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.

Highlights from this week’s conversation include:

• Bob’s Background and the Best and Worst of Running a Coffee Shop (0:11)  
• Transition to Nonprofit Work (1:59)  
• Formative Experiences in Finance (3:47)  
• Transforming Nathan Cummings Foundation (5:43)  
• Shifting Organizational Culture (7:36)
• Convincing Skeptics of Impact Investing (11:53)
• Defining Impact Investing (15:03)  
• Mission-Aligned Investing Toolkit (16:28)  
• Insider Segment: AI Solutions for Today’s Financial Institutions (18:43)
• Custom AI Solutions (20:36)
• Multi-Channel Strategies (22:39)
• Investment Team Reflection (25:02)
• Due Diligence 20 Pledge (27:49)
• Accountability in Search Processes (32:02)
• Impact America Fund Investment (35:53)  
• Understanding Allocator Decisions (37:26) 
• Pay It Forward Mindset (38:02)  
• Encouragement for Impact Investing (39:17)
• Flexible Capital Initiative and Parting Thoughts (41:38)

Nathan Cummings Foundation is a multigenerational family foundation, rooted in the Jewish tradition of social justice, working to create a more just, vibrant, sustainable, and democratic society. We partner with social movements, organizations and individuals who have creative and catalytic solutions to climate change and inequality. Learn more: http://nathancummings.org

Bottega8 offers secure and cost-efficient AI Model Training and Fine-Tuning tailored for financial institutions. If you're concerned about the expense and complexity of building in-house AI teams, or worried about the privacy and security risks inherent in Big Tech AI APIs, we provide the ideal solution for your proprietary data.Bottega8's solution is specifically designed for institutional financial clients, including PE/VC funds, hedge funds, broker-dealers, traders, investment banks, and fintechs. By partnering with us, you eliminate the need for expensive AI engineers, hefty API fees, and complex technical roadmaps—reducing your AI development costs by up to 85%. If you're seeking AI Model Training and Fine-Tuning services that prioritize security and cost-efficiency without sacrificing Big Tech fidelity, we'd love to talk to you. Learn more at bottega8.com/swimming.

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.

Highlights from this week’s conversation include:

• The Story of the Ford Foundation (1:05)
• Development of Mission Investment Criteria (4:08)
• Results of the Investment Strategy (7:21)
• Complexity of Impact Investing (10:16)
• Importance of Long-Term Perspective (12:57)
• Learning and Adapting in Impact Investing (17:08)
• Quality Jobs Impact Investing (21:41)
• Insider Segment: AI-Driven Solutions for VC Funds and Portfolios (24:09)
• Successful Engagements and Outcomes (27:55)
• AI Integration in Business Strategies (29:53)
• Public Recognition of AI Efforts (33:29)
• Capital Access Imbalance (35:14)
• Impact of Diversity on Economic Growth (37:02)
• Portfolio Diversity Challenges (40:39)
• The Weaponization of Quotas (42:52)
• The Role of Behavioral Insights (48:43)
• Strategies to Reduce Bias (52:02)
• Advice for Diverse Fund Managers (57:55)
• Mergers and Consolidation Opportunities (1:00:14)
• Final Thoughts and Takeaways (1:04:46)

The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.

Bottega8 offers secure and cost-efficient AI Model Training and Fine-Tuning tailored for financial institutions. If you're concerned about the expense and complexity of building in-house AI teams, or worried about the privacy and security risks inherent in Big Tech AI APIs, we provide the ideal solution for your proprietary data.Bottega8's solution is specifically designed for institutional financial clients, including PE/VC funds, hedge funds, broker-dealers, traders, investment banks, and fintechs. By partnering with us, you eliminate the need for expensive AI engineers, hefty API fees, and complex technical roadmaps—reducing your AI development costs by up to 85%. If you're seeking AI Model Training and Fine-Tuning services that prioritize security and cost-efficiency without sacrificing Big Tech fidelity, we'd love to talk to you. Learn more at bottega8.com/swimming.

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.