Swimming with Allocators

Power Laws, Secondaries, and Staying Consistent: StepStone’s VC Framework

Apr 1, 2026
Guest
Anthony Giambrone
Anthony Giambrone, Partner at StepStone Group who scaled Greenspring and leads StepStone’s venture allocation platform. He recounts his unconventional path and stresses consistency over timing. Conversations cover power‑law returns and vintage volatility. They explore where ambition, GP edge, and emerging managers matter, plus why secondaries hinge on asset quality and how AI and liquidity are reshaping venture.
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ANECDOTE

Humble Start To Venture Leadership

  • Anthony Giambrone described starting as a gas station manager and nightclub worker before breaking into investment banking as a receptionist in Charlotte.
  • That progression—hands-on roles to analyst to growth equity—illustrates empathy and EQ shaping his venture leadership.
INSIGHT

You Can't Time Early Stage Venture

  • StepStone argues you cannot reliably time early-stage venture and should invest consistently across vintages.
  • They recommend steady, measured allocations while tactically using growth directs and secondaries when attractive.
INSIGHT

Power Law Concentrates Venture Returns

  • Venture returns are power-law driven with a few vintages and companies producing most value.
  • StepStone's analysis: five to seven vintages created ~80% of outperformance and ~100 companies generated ~50% of exit value.
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