Why venture's dispersion drives flight to quality

What does it take for a GP to successfully raise capital in today’s venture and private markets? In this episode, I sit down with Ron Biscardi, co-founder and CEO of iConnections, to unpack the realities of LP relationships, fund-raising cycles, and scaling a global platform for capital introduction. Ron shares insights on how humility, patience, and responsiveness differentiate managers, why business risk matters more than returns for LPs, and how building trust over years compounds into large-scale success.

Highlights:

• Why capital is abundant but only flows to managers who invest in relationships over time
• The trend from blind pool funds to deal-by-deal vehicles and SMAs and what it means for emerging managers
• How long sales cycles depend on GP size, track record, and business infrastructure
• Why emerging managers must focus on smaller funds, deal execution, and network-building before scaling
• How business risk drives LP decisions more than upside potential, and the importance of transparency when performance dips
• The role of humility and attitude in differentiating GPs and accessing top-tier LPs
• How crises and operational challenges can be leveraged to innovate and elevate client experiences
• The power of network effects in building a global capital introduction business from zero to thousands of participants
• Strategic considerations for expanding to Europe and running focused events that maximize engagement and deal flow

Guest Bio:

Ron Biscardi is co-founder and CEO of iConnections, a global capital introduction and networking platform that connects GPs and LPs. Since launching from a charity event in 2018, Ron has scaled iConnections to thousands of participants and facilitated tens of thousands of meetings between top institutional investors and emerging managers. He focuses on building long-term relationships, delivering high-touch experiences, and innovating under pressure to create value for the investment community.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Ron Biscardi:

LinkedIn:https://www.linkedin.com/in/rbiscardi/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Is capital scarcity a myth? The rise of conviction over capital abundance (1:02) Shift from blind pool capital to deal-by-deal investment (4:45) The critical role of relationship building in fundraising (6:10) Fundraising challenges for new vs. established managers (6:37) LPs' emphasis on risk management (8:21) Aligning product market fit with LPs' career considerations (10:01) The necessity of institutional quality for GPs (11:55) How GPs can sustain relationships with LPs (14:03) The importance of transparency during economic downturns (16:36) GP humility and the stewardship of LP capital (20:30) The exclusivity and differentiation of top venture GPs (22:16) Venture capital fundraising: challenges and advantages (23:27) Analyzing the persistence of venture capital returns (25:55) Understanding venture capital's compounding growth (27:54) The network effect in successful capital allocation (29:08) The impact of the roadshow module on fundraising (31:18) Strategies for GPs entering the European market (33:55) Strategic resilience and response to crises (38:09) Business anti-fragility and competitive dynamics (40:09) Leveraging innovation during crises (40:55) Closing remarks