How I Invest with David Weisburd E203: How Elite Endowments Invest w/John Felix
Aug 22, 2025
In a thought-provoking discussion, John Felix, General Partner & Head of Research at Pattern Ventures, dives into elite endowment investing strategies. He explains how concentrating on top ideas leads to better performance and shares insights on differentiating true specialists from mere pedigree. The conversation highlights the critical differences between access and selection, emphasizing the importance of filtering for quality managers. Felix also discusses the intricacies of portfolio construction and the importance of operator empathy in making sound investment judgments.
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Concentrate On Best Ideas Across Layers
- WashU concentrated both across managers and within manager portfolios, then doubled down on top underlying names.
- They combined manager research with their own primary research to amplify conviction.
Proactively Buy Managers' Top Names
- Re-underwrite managers' top names yourself and increase exposure via SPVs or co-invests when conviction is higher.
- Keep core LP exposure to the fund while layering additional exposure to the manager's best ideas.
Re-Underwrite Co-Invests To Avoid Adverse Selection
- Always re-underwrite co-invest opportunities and ask why you are seeing the deal now to guard against adverse selection.
- Don't accept co-invests reflexively; validate incentives and deal quality first.
