How I Invest with David Weisburd

Narayan Chowdhury, Co-founder and Partner at Franklin Park who oversees ~$21B and has 20+ years in venture and private markets. He explores why today’s venture market feels untethered and hard to underwrite. They discuss gaps in venture data, the growing importance of access and long-term founder relationships, risks of consensus strategies, and when specialist conviction outperforms brand.

Rakesh Jain, Global Head of Private Credit at Pantheon and builder of a large credit secondaries platform. He explains why credit secondaries emerged, how seasoned portfolios differ from primary origination, and the mechanics of liquidity in private markets. Short takes cover diversification across thousands of loans, LP versus GP-led trades, adverse selection, and where credit secondaries may head next.

Jesse D. Serventi and Atif Gilani, Founding Partners of Renovus Capital Partners, dive into the secrets behind raising $875M in a challenging fundraising landscape. They discuss how focusing on sub-$10M EBITDA businesses offers competitive advantages and enhances deal flow. The duo emphasizes the importance of talent density and a strong firm culture as key drivers of success. They also explore innovative portfolio construction strategies, advocating for longer holding periods of winning investments and the significance of selecting the right long-term partners.

In this insightful discussion, Chris Brimsek, Managing Director of CAB Advisory and former COO at Carlyle, reveals the secret sauce for building resilient investment firms. He highlights the importance of eliminating intellectual hierarchy and fostering a culture of forgiveness and trust. Chris emphasizes that true leadership involves using mistakes as learning moments. He shares challenges faced by emerging managers, such as talent retention and the oversight of business operations, and offers advice on how to create a successful, sustainable firm culture.

Abe, a consulting researcher at AngelList and CIO of Strawberry Tree Management Company, dives deep into the dynamics of venture investing. He reveals how venture capital returns often misrepresent skill versus structure. Discover why seed stage investing requires broad exposure and how adverse selection plays a crucial role in outcomes. Abe shares insights on why small checks can outperform larger bets and how access, rather than mere insight, drives success in the venture ecosystem. His data-driven strategies challenge traditional assumptions, making for a compelling discussion on finding alpha in venture.

Jeff Schwartz, the Founder and Managing Partner of Corbel Capital Partners, discusses his journey in the lower middle market. He highlights the market gap left by banks, which paved the way for structured capital solutions. Jeff also delves into the challenges of growing an investment firm and the significance of SBIC leverage in enhancing returns. He emphasizes the increasing appeal of special situations investing and shares insights on aligning team incentives to drive success in a competitive landscape.

In this engaging conversation, Robert Blabey, Founder and CIO of Align, shares insights on how family offices differ in their investment strategies. He discusses the unique market gaps that inspired him to create Align, focusing on capital preservation and a downside-first investment approach. Robert highlights the importance of private credit and opportunistic investments, explaining how families collaborate rather than compete. His take on mid-duration investments reveals strategies for reducing macro risk, making this a must-listen for those interested in innovative investment tactics.

Richard Socher, Co-founder and CEO of You.com and a prominent NLP researcher, discusses the transformative effects of AI on financial markets and beyond. He dives into how You.com prioritizes search accuracy and data quality. Socher reveals early AI applications in various sectors like coding and healthcare, while predicting a shift in labor dynamics as intelligence becomes cheaper. He emphasizes the need for targeted regulation, the role of computer science in education, and the importance of infrastructure in realizing AI's potential economic impact.

In this discussion, Tom Duffy, a Director on TIFF’s Private Market Investment Team, reveals the crucial role independent sponsors play in lower middle market private equity. He highlights the growth of this market and the qualities that set high-quality sponsors apart. Tom explains how deal-by-deal investing enhances alignment, and why flexibility attracts seasoned professionals. He also shares TIFF's diligence approach and how strong sourcing can lead to durable GP relationships, shaping future fund commitments.

Trey Ward, Founder of Rook, dives deep into the challenges facing venture-backed technology companies, especially in hard-tech. He highlights the significant differences in revenue growth between software and hardware. Trey also discusses the notorious "Death Valley" that many startups face, where funding runs dry before profits emerge. He emphasizes the importance of distinguishing between failed companies and those with unrealized potential and shares insights on how profitability can provide a lifeline for founders amid declining venture funding.