How I Invest with David Weisburd

E328: Why Most Funds Get Rejected in the First Five Minutes

15 snips
Mar 19, 2026
Guest
Jorge Felippe
Jorge Felippe, CEO of Almulla and builder of multigenerational private markets portfolios, explains why alignment and governance dominate fund selection. He covers quick rejections, why small GP commitments are red flags, how fund size and fees shape incentives, the edge of fund-ones, and using funds and fund-of-funds to balance early-stage upside with liquidity.
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INSIGHT

Fund Ones Offer The Highest Alpha

  • Fund ones statistically deliver the best returns but are hit-or-miss and scarce.
  • Jorge attributes this to founders' hunger, alignment and pre-existing deal pipelines built before fundraising.
ADVICE

Verify Track Records Beyond The Pitch

  • Rigorously verify claimed track records instead of accepting them at face value.
  • Jorge describes checking audit reports with firms like BDO and calling prior employers or portfolio CEOs to validate attribution.
ANECDOTE

Hedge Fund Track Record Pulled From A Family Office Example

  • Jorge recounts diligencing a hedge fund with a 12-year track record partly run inside a family office and verifying a BDO audit.
  • They confirmed BDO produced the report but still faced limits verifying the underlying numbers.
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