Swimming with Allocators

This week on Swimming with Allocators, Earnest and Alexa welcome Charlotte Zhang, Senior Portfolio Manager at Inatai Foundation. Charlotte shares her unconventional path from tech investment banking into LP life, her work at Inatai Foundation, and how she evaluates fund managers across asset classes. She explains Inatai’s mission-driven, endowment-style strategy centered on efficiency, innovation, and impact, and how they manage capital for other aligned foundations. She also shares how generalist allocators run thematic research sprints, why they avoid rigid asset class buckets, and how they think about biotech, crossover, and platform value creation. For venture managers, she outlines what LPs look for: real differentiation rooted in an unmet need, some form of specialization, strong networks and early access, and the “four Ps” all anchored in people with integrity and learning agility. Also, don’t miss Michael Podolny as he explains how Sidley’s emerging companies practice is increasingly busy as AI-driven and globally ambitious startups seek sophisticated, full‑lifecycle legal and tax advice from day one, with a particular focus on planning early to maximize QSBS tax benefits and founder outcomes. Highlights from this week’s conversation include: Charlotte’s Path From Banking to Allocator (1:12)   Inatai’s Mission and Investment Focus On Racial Justice (6:12) Investment Strategy and The “Three I’s” (Inefficiency, Innovation, Impact) (7:54) Managing Multiple Asset Classes W\with Thematic Research (12:23) How Sidley Supports Sophisticated, AI-Driven Startups and QSBS Planning (18:25) What Emerging Managers Get Wrong With Foundations and OCIOs (23:39) Why Specialization and Differentiation Matter in Venture (24:09) Charlotte’s Take on Venture Versus NASDAQ and Top-Decile Returns (36:38) Charlotte’s Immigrant Background and Empathy or Underdogs (41:19) Inatai Foundation is a 501(c)(4) philanthropy seeking to transform the balance of power to ensure equity and racial justice across Washington state and beyond. The organization is accountable to leaders and organizations building power in racially diverse communities in Washington state and seeks to primarily fund community based organizations led by people of color. With a team based throughout Washington, it works to advance four distinct areas of work: relationship building, policy and advocacy, investment management, and grantmaking. Learn more at www.inatai.org. Inatai Investment Management Company is guided by the belief that successful investing is about more than money. The organization leverages extensive expertise, deep resources, nimble governance structure, and knowledgeable investment managers to generate long-term, sustainable returns for Inatai Foundation and other mission-aligned organizations, using a cost-sharing model. The investment options chosen are determined not just for their potential for growth but for how they support our values and the positive impact they may achieve for the world. Our goal is to become a proactive, community-driven force for change in capital markets and in the investment sector at large. Learn more at www.inatai.partners. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

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.

They debate rising founder misconduct and how weak governance and storytelling cultures enable risky behavior. They map five enterprise AI adoption paths and whether big SaaS will survive vertical AI newcomers. They explain accelerating GP-led secondaries, data on continuation vehicles, and liquidity pressures. They argue which fund tiers will drive innovation and whether to back first-time managers based on learning velocity and soft skills.

Rebecca Stuart, labor and employment attorney at Sidley Austin who advises founders and VCs on restrictive covenants. She breaks down shifting non-compete rules, practical non-solicit strategies for remote, multi-state teams, and layered trade secret protections. Conversation focuses on enforceable, operational ways to safeguard talent and IP as covenant law evolves.

Marcia Mitchell, a GP-seeding investor at Mesa Lane Capital who supports emerging managers and brings prior VC and public‑sector experience. She talks about Mesa Lane’s co‑builder model, hands‑on diligence and term negotiation support. They discuss where capital is overlooked, evolving founder–investor dynamics, and how parenthood reshaped her investing boundaries and priorities.

This week on Swimming with Allocators, Earnest and Alexa welcome Iliana Oris Valiente, a F500 corporate executive, independent LP,   and founder of the Capital Decoded program, to explore the evolving landscape of venture capital. Iliana shares insights from her global background, discusses why generalists excel in the AI era, and outlines the challenges next-gen family offices face when entering VC. The conversation also covers the importance of clear investment thesis, trends in emerging markets, and the critical need for trust and education between GPs and LPs. Listeners will gain practical frameworks and actionable advice for navigating today’s rapidly changing investment world. Also, don’t miss Sidley’s Shane Goudey discussing current trends in venture capital fundraising, with an emphasis on where LP investment is coming from and the growing interest in co-investment opportunities. Iliana Oris Valiente, CPA, CA  is an accomplished corporate executive, emerging tech pioneer, board member, author, and global citizen. She is a recognized media figure, having been featured from Bloomberg to The Financial Times, across TV and print.  Iliana is an angel investor, fund LP, and regularly advises family offices on emerging trends. She built Capital Decoded — an investor education program specifically designed to demystify VC as an asset class. Learn more at IlianaOV.com  Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

David Clark, CIO at VenCap International and veteran data-driven VC analyst, joins to unpack venture returns and power-law dynamics. He discusses why a tiny share of companies and funds drive results. Topics include evaluating managers, structuring secondaries, AI acqui-hires and talent-raid risks, and retention and change-of-control tactics for protecting portfolio teams.

This week on Swimming with Allocators, Earnest wraps up the “Best of” moments of the year for the podcast. These moments feature insightful conversations with leading voices in venture capital and fund management. Topics include the challenges LPs face in today’s market, strategies for selecting and supporting emerging fund managers, evolving industry trends in fintech, crypto, and AI, and the critical importance of transparency, humility, and strong client relationships. Key takeaways highlight the necessity for a compelling thesis, expert communication, and adaptability in a hyper-competitive market, providing actionable lessons for both established players and new entrants in the venture ecosystem. Don’t miss the top moments from the show this year!  Highlights from this week’s conversation include: Season Highlights and the Best Of Countdown (0:34) Reflections on Venture Capital Lessons and Year-End Energy (3:45) Laura Thompson and Her Impact on LP Transparency (7:37) Challenges of Fund Underwriting and the Importance of Reference Work (11:21) Trends in Fintech, AI, Crypto, and Their Effect on Manager Selection (15:12) How to Approach Reserves and Portfolio Construction (18:55) The Difficulties and Opportunities for Emerging Managers Today (22:41) Capital Formation Insights With Guest Megan Reynolds (26:25) Why Client Experience Is as Important as Fund Performance (30:10) Industry Institutionalization, Reporting, and Relationship Trends (33:57) The Evolving Retail LP Market and the Future of Venture Access (37:41) What Makes Great Emerging Managers and Fund Builders Stand Out (41:25) Lessons Learned, Teamwork in Investing, and Season Wrap-Up (45:12) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, it’s a bonus episode as Earnest talks about the "Best of Season Three" on the show, highlighting memorable moments and insights from the year’s most popular shows. Topics include building intentionally diverse venture portfolios, the value of connecting distinct networks in the VC space, and innovative approaches to GP seeding and strategic partnerships for fund managers. Key takeaways for listeners are the importance of focusing on quality and flexibility over rigid investment categories, embracing discomfort to foster impactful professional connections, and looking beyond the largest funds to find unique opportunities and generate true alpha in venture capital. Don’t miss a look back at some of the best moments on the podcast in 2025. Highlights from this week’s conversation include: Welcome and Introduction to the Best Of Episode (0:02) Honorable Mention: Joshua Berkowitz on Venture Portfolios (3:43) Embracing “A Mess by Design” in Portfolio Strategy (4:03) Kevin and Raudline on Network Building and Connectivity (9:41) The Value of Bridging Networks and Network Effects (12:36) Capital Concentration and Middle-Market Allocators (14:33) Trends in Venture Capital for 2025 and Beyond (17:35) Jason Howard on GP Seeding and Strategic Partnerships (22:25) Partnership Benefits and Advisor Roles for GPs (27:02) Final Thoughts and Takeaways (35:57) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Swimming with Allocators, Elizabeth Egan of TIFF Investment Management shares her journey through the investment industry, offering insights from her experiences as both an LP and GP, and highlighting the valuable lessons learned from her time in the consumer sector. The conversation also explores TIFF’s focused approach to private markets, why brand and network effects matter in venture investing, and the necessity of diligence and unique perspectives to identify emerging managers in a competitive landscape. Key takeaways include the importance of building long-term relationships, the critical role of GP talent density, and how LPs can generate strong returns by backing early-stage, specialist managers. Also, don’t miss our insider segment as Shane Goudey of Sidley discusses how fund managers are increasingly engaging with the secondary market and adopting creative structures like continuation funds and preferred equity to provide liquidity options and manage complex relationships with limited partners. Highlights from this week’s conversation include: Welcome, Introductions, and Elizabeth’s Career Journey (0:42) Benefits of Early LP Experience and Investment Perspective Shift (3:07) The Importance of Evaluating Deals with the "Sniff Test" (4:43) How Consumer Packaged Goods Experience Informs Investing (6:39) The Role of AI in Venture Capital and the Importance of Judgment (8:37) Human-Centric Strategies and Network Effects in Venture Capital (10:19) Defining Success at TIFF and Generating High Returns (14:07) Discussion of Venture and Private Equity Liquidity Strategies (18:12) The Negotiation Layers in SPV and Fund Structures (23:35) Rationale Behind TIFF’s Focus on Specific Market Segments (26:19) How TIFF Selects and Builds Relationships With Early Managers (28:43) Communicating Early Investment Focus to Clients (31:10) Growing With Managers Through Direct and Fund Investments (32:55) Seeking Long-Term Vision in Fund Managers, Not Just Investors (35:09) The Future of Venture: GP Talent Density and Market Trends (37:59) The Importance of Finding Breakout GPs and Parting Thoughts (41:02) TIFF Investment Management TIFF is an OCIO (Outsourced Chief Investment Office) founded by the Rockefeller and MacArthur Foundations to serve the nonprofit community. TIFF manages approximately $10 billion in assets as of September 30, 2025, including roughly $3.0 billion overseen by the private markets team across venture capital, private equity, and direct equity strategies. Learn more at https://www.tiff.org. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Elizabeth Egan is a Director at TIFF Investment Management. The views expressed on this podcast are her own and are for informational purposes only. They should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. Any examples or discussions are intended for general educational purposes and should not be relied upon for making investment decisions. Past performance is not indicative of future results. Investments in private funds involve a high degree of risk, including the potential loss of principal. TIFF does not endorse, sponsor, or approve any advertisements that may appear during this podcast. Learn more about your ad choices. Visit megaphone.fm/adchoices