Swimming with Allocators copertina

Swimming with Allocators

Swimming with Allocators

Di: Earnest Sweat Alexa Binns
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Swimming with Allocators 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. In 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. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!2023-2024 Swimming with Allocators Economia Finanza personale Gestione e leadership Leadership Management
Episodi
  • Stop Taking Dumb Money

    Stop Taking Dumb Money
    Oct 14 2026
    This week on Swimming with Allocators, Craig Schedler, head of Intuit Ventures and former leader of Northwestern Mutual’s venture program, breaks down how corporate VC really works across both direct investments and LP commitments. He shares lessons on defining a clear “north star” for corporate venture programs, balancing strategic and financial goals, and using LP relationships to gain early insight into emerging areas like AI-native fintech and agentic commerce. Craig explains how corporates evaluate and diligence funds, what GPs often get wrong when pitching corporate LPs, and why having a thoughtful LP strategy can amplify a lean venture team. He also highlights future opportunities in vertical-specific wealth management and AI for the Main Street economy, plus practical advice for founders and GPs on working effectively with large organizations and corporate investors. Also, Shane Goudey of Sidley explains how the Invest Act and the broader “retailization” of venture expand access to private markets while significantly increasing risk, responsibility, and potential litigation exposure for managers taking on less sophisticated capital. Highlights from this week’s conversation include: Craig’s Path From Investment Banking to Intuit Ventures (0:19) Defining the North Star for Corporate Venture (3:31) Why Corporate VCs Should Consider LP Investments (5:56) Moving from Direct Investments to Fund Commitments (8:09) Diligencing Funds and Setting LP Expectations (10:26) Fintech’s Shift toward Vertical AI (15:42) Using LP Networks to Explore Agentic Commerce (17:55) The Invest Act, Retail Investing, and Investor Risks (20:19) How Corporate Venture Programs Demonstrate Value (27:10) Translating between Startups and Large Organizations (31:44) Why GPs Should Welcome Corporate VCs (36:18) Intuit Ventures and the Corporate Development Team (40:23) Opportunities in Career-Specific Wealth Management and AI (42:02) Building Stronger Startup–Corporate Partnerships (44:52) Intuit Ventures invests in companies that are helping shape the future of financial technology for consumers and small businesses. The team focuses on direct investments from Series A through Series C and uses fund relationships to expand market coverage, access differentiated insight, and strengthen Intuit’s connection to the broader venture ecosystem. Learn more at www.intuit.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
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    49 min
  • LP Destroys ‘Fees on Fees’

    LP Destroys ‘Fees on Fees’
    Oct 7 2026
    This week on Swimming with Allocators, LP allocator Dan Fordyce walks through his journey from growing up in Baltimore to studying operations research at Cornell, interning at NEA, and ultimately helping co-found Summation alongside former Cornell CIO Roger. Dan explains how his experience at the Cornell endowment and Summit Rock shaped his view of endowment-style private equity and why he believes the traditional “fees on fees” fund-of-funds model is broken. He breaks down Summation’s open-ended structure, its global allocation across venture, growth equity, and buyout, and its distinctive alpha-based carry where they only earn performance fees if they outperform liquid equity benchmarks. Along the way, he discusses manager selection, vintage year discipline, navigating today’s AI-fueled hype cycles and late-stage mega-rounds, and why long-term relationships, reputation, and the “spirit of partnership” matter more than ever in a world where information is increasingly commoditized. Also, Shane Goudey from Sidley explains how the surge in SPVs, secondaries, and late-stage mega-rounds is reshaping LP access, regulatory burdens, and company control over cap tables in today’s venture market. Highlights from this week’s conversation include: Discovering Venture Capital and Joining the Cornell Endowment (0:45) Cornell Endowment Stories: A Teachers’ Pension and a Baltimore Connection (3:16) From Summit Rock to Co-Founding Summation (8:11) Summation’s Endowment-Style Private Equity Model (10:50) Fundraising Feedback and LP Concerns (12:18) Shane Goudey on Venture SPVs, Secondaries, and LP Access (15:19) Late-Stage Deal Frenzy and Company Control Rights (18:43) Avoiding Hype and Managing Fees Across the Portfolio (23:12) How Summation Evaluates Managers and Builds Its Portfolio (28:20) Open-Ended Fund Structure and Cash-Flow Approach (33:27) Why Relationships and Reputation Matter in an AI Era (35:39) The Case for a New Allocation Model and Closing Thoughts (38:01) Summation Capital is an investment firm founded by Roger Vincent, who previously led the private equity portfolio at Cornell University’s endowment. It aims to give smaller endowments access to diversified, endowment-style private equity portfolios by investing across funds. The firm also addresses a practical challenge for investors—how to manage capital before private equity managers call it—and ties its performance fees to returns above a public-market benchmark. Learn more: https://www.summationcapital.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
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    42 min
  • DDQ: Why LPs Still Aren’t Buying the Venture Comeback

    DDQ: Why LPs Still Aren’t Buying the Venture Comeback
    Sep 30 2026
    This week on Swimming with Allocators, Earnest and Alexa unpack the post-SpaceX IPO environment, why LPs still aren’t writing checks, and what might actually unlock capital for emerging managers in the coming years. They explore how liquidity flows back into institutions, the growing preference for barbell strategies, and where allocators are shifting attention beyond venture, including middle-market PE and new hedge fund strategies. Drawing on insights from LP conferences, they share practical fundraising advice for GPs—how to differentiate, communicate future potential, and avoid bad pitch dynamics. They debate the renewed role and structure of fund of funds, the risks and FOMO around mega AI bets, and how AI tools are reshaping outbound, deal flow, and relationship management. The episode closes with tactical guidance on building momentum with anchors, hosting intentional LP/GP gatherings, and rethinking how GPs present themselves as “founder magnets” and long-term partners to allocators.Highlights from this week’s conversation include: SpaceX IPO, Lockups, and Why LPs Still Aren’t Re‑Upping (1:20) Why IPO Liquidity May Not Prompt Immediate Reinvestment (4:24) Returning Capital and Questions About Established VC Brands (6:07) LP Pitch Advice: Make It a Conversation (7:52) Finding Your Differentiation by Asking Why Friends Invested (8:52) Assessing GPs for Future Potential (9:38) Becoming a Founder Magnet and an Ecosystem Node (10:20) Fund of Funds and the Shift Back From Direct Investing (13:31) The Barbell Approach to Venture Investing (17:04) AI Risks, the Space Race, and Open-Weight Models (19:44) AI Downside Scenarios and Broader Economic Risk (22:22) Fundraising Momentum and Finding Anchor Investors (23:23) Why LPs May Prefer Returns Over Lavish Events and Parting Thoughts (28:30) 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
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    32 min
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