When funds become fee businesses

What if the best venture returns come from managers no one else can access? In this episode, I sit down with Jorge Felippe, CEO of Almulla, a Dubai-based single family office, to explore how he builds high-conviction private markets portfolios while managing a multi-generational family and complex governance. Jorge shares why alignment, patience, and process matter more than flashy deals, and how a thoughtful approach to fund selection can capture early-stage alpha without the chaos of direct investing.

Highlights:

• Why GP commitments below 2% are a red flag, and why 10–30% signals real alignment
• How fund size, management fees, and carry structures shape incentives and performance
• The discipline required to scale AUM without strategy drift
• Why first-time managers often outperform and how to underwrite emerging GPs
• The challenge of verifying track records and true attribution in fund performance
• How family offices collaborate on references and diligence without competing for deals
• Why Almulla often prefers funds over direct deals for efficiency and oversight
• Jorge’s advice: play to your strengths, build complementary teams, and leverage emotional intelligence

Guest Bio:

Jorge Felippe is the CEO of Almulla, where he has built a diversified private markets portfolio focused on venture, private equity, and pre-IPO opportunities while establishing governance frameworks for multigenerational wealth. Previously working in strategy consulting and investment roles, he focuses on disciplined fund underwriting, strong alignment with managers, and leveraging networks to capture alpha in early-stage and private markets.

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Sponsor:

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LinkedIn: https://www.linkedin.com/in/jorge-felippe/

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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) Why LPs Reject Funds Before Seeing IRR (0:37) The 2% GP Commitment Rule (Minimum) (1:10) Why Rapid Fund Growth Is a Red Flag (2:14) When Funds Become Fee Businesses (3:03) Why Fund Ones Generate the Best Returns (5:13) The Truth About Track Records and Attribution (8:49) Why References Can Mislead Investors (12:58) Why Family Offices Avoid Direct Deals (15:33) The Problem With Capital Calls and Cash Drag (19:26) Why DPI Matters More Than IRR