The Biggest Untapped Impact Money Pool You’ve Never Heard Of

This week on Swimming with Allocators, Earnest and Alexa talk with Thomas Knowles, managing partner and Co-CEO of Gratitude Ventures, about how he built a community of 150 family offices focused on mission-driven investing. Thomas traces his path from SVB Capital and microfinance to launching Gratitude, and explains how impact has evolved from a niche, KPI-obsessed segment into a more integrated approach across products, governance, and operations. He shares how Gratitude structures its platform across fund-of-funds, direct investments, co-invests, and secondaries; why emerging managers remain a core part of their strategy; and how they curate and sustain a high-quality, action-oriented community of LPs. The conversation also dives into specific themes like small commercial solar yield vehicles, the hype and current limitations around nature-based solutions, the impact of AI and rising energy demand on climate and data centers, and the untapped potential of donor-advised funds. Along the way, listeners get practical LP-side insight into fees-on-fees, co-invest dynamics, and what truly differentiates impactful GPs and founders beyond ESG box-checking. Also, Shane Goudey explains how Sidley helps venture funds navigate tax traps around QSBS and secondaries, structure warehousing and distributions smartly, and why their client-focused, full-service fund formation platform stands out. Highlights from this week’s conversation include: Thomas’ Journey From Microfinance and SVB Capital to Founding Gratitude (0:52) How Mission-Driven Investing Has Changed (2:12) Gratitude Ventures' Origins and Growth (4:42) Integrating Impact Across the Capital Markets (6:42) Founder Philosophy Versus Formal ESG Metrics (8:40) Building a Helpful Investor Community (11:56) Who Joins and Why Action Orientation Matters (14:08) AI, Data Centers, and Rising Energy Demand (18:59) Investing in Emerging Managers (20:32) Investor Commitments and Typical Check Sizes (32:17) Co-Investments and Later-Stage Exposure (38:32) AI's Potential in Healthcare and Education (40:22) How to Get Involved with Gratitude Ventures (42:40) Final Thoughts and Takeaways (44:07) Links for items referenced in the episode:  https://impactassets.org/https://capshift.com/https://lohas.org/ Gratitude Ventures invests in companies that are helping solve social and environmental challenges at scale through for-profit businesses working alongside philanthropy and public policy. The team provides private market opportunities through a diversified, multi-asset class impact platform designed to transform capital for a thriving world. Learn more at www.gratitudeventures.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

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

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

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

This week on Swimming with Allocators, Roy Swan of the Ford Foundation returns to discuss how impact investing can simultaneously “do good and make money,” unpacking the foundation’s $1 billion mission-related investments endowment, its 9.5% return hurdle, and why achieving market-rate returns with impact is both possible and necessary. He explains why impact investing is harder than traditional investing in requiring analysis of positive and negative externalities, careful manager selection, and a deeper understanding of human psychology and narrative. Roy introduces ideas from his book Positive Sum, revisiting misunderstood economic thinkers like Adam Smith and Milton Friedman, and connects quality jobs, broad-based employee ownership, and empathy-driven culture to stronger democracies and better long-term outcomes. The conversation also touches on Anthropic as an example of public-interest-focused AI, the dangers of narrow, extractive capital allocation, and a rich reading list for listeners who want to rethink capitalism from first principles. Also, Shane Goudey of Sidley joins the show and explains how a hot venture market, driven by AI, deep tech, and emerging managers, is creating intense demand for fund formation, SPVs, and holistic LP structures, while Sidley helps GPs navigate timing, strategy, and LP capital availability. Highlights from this week’s conversation include: Roy Returns and What’s Changed Since Last Episode (0:04) Cost Of Capital, Hurdle Rate, and Spectrum Of Impact Returns (2:41) Proving You Can Do Well and Do Good Without Financial Trade-Offs (4:51) From Cave Mentality to Cooperative Economies and Broader Portfolios (6:47) Introducing Positive Sum and Rethinking Adam Smith and Milton Friedman (10:19) Shane On Venture Fund Formation, SPVs, and Co-Invest Structures (17:16) Planning Fund Launches, First Closes, and LP Capital Availability (20:03) Applying Positive Sum Ideas: Worker Power and Quality Jobs Examples (24:02) What Asset Managers and VCs Can Do To Challenge Conventional Wisdom (28:36) Work Hours, Elon Musk, and Different Definitions Of Wealth (32:34) Anthropic Case Study: Slower Growth for Safety and Long-Term Advantage (32:42) Key Book: Why Nations Fail and Inclusive Versus Extractive Economies (37:14) Final thoughts and Episode Wrap-Up (41:28) The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East. 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

This week on Swimming with Allocators, Rachel Kloepfer shares her journey from growing up on a farm near Seattle and working as an investigative crime reporter to becoming an institutional allocator at Lenora Capital, the private investments arm of Brighton Jones. She explains how journalism skills like asking sharp, unscripted questions, digging through public records (FOIA), and backchanneling translate directly into better fund due diligence and manager selection. Rachel breaks down how she evaluates mega funds versus emerging managers, the importance of sourcing edge, media strategy, and succession planning, and why DPI and realistic timelines matter for families versus endowments. She also coaches on when wealthy individuals should use diversified vehicles like Lenora versus doing direct deals or backing emerging GPs themselves. Finally, Rachel looks ahead to the “media wars” in venture, predicting that owned media, storytelling, and entertainment-level content will become central to how firms attract founders, talent, and LPs, and how they control their narrative in an increasingly volatile market. Also, don’t miss Sidley’s Michael Podolny, who explains how he helps startups navigate founder separations and complex AI/data deals, and how AI tools are transforming his legal workflow. Highlights from this week’s conversation include: Rachel’s Origin Story and Farm-to-Finance Journey (0:04) Parallels Between Journalism and Investing Question from Alexa (3:10) Using Public Records and FOIA Tools to Backchannel and Check Narratives (8:37) What Lenora Capital Is and How It Fits Inside Brighton Jones Family Office (10:54) Benchmarking Top-Tier Funds, DPI Focus, and Limits of Quantitative Metrics (16:28) AI, Data, and How Generative Tools Are Changing Legal Workflows at Sidley (20:38) Returning to LP Interview and Framing Talent at Mega Funds vs Emerging GPs (22:43) How Rachel Assesses Talent, Network, and Founder Pull Across the Barbell (23:16) Why Succession Planning at Major VC Firms Can Be a Dealbreaker for LPs (25:53) Coaching Clients on Direct Deals vs Pooled Vehicles (33:13) Future of Media Wars, Owned Media, and Entertainmentification of Venture (36:09) Parting Thoughts and Episode Wrap-Up (39:06) Lenora Capital was created in partnership with a group of family offices to deliver holistic private market solutions for deploying capital and providing comprehensive advisory services. The platform is augmented by partners with the expertise to enhance Lenora Capital’s value proposition. We offer select family offices and RIAs tailored investment opportunities, personalized advisory services, and exclusive access to private markets, specifically, to opportunities not easily accessible to individual investors. Learn more at www.lenoracapital.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

This week on Swimming with Allocators, Henrik Reimavuo traces his path from teen volunteer at Slush to LP and co-founder of Firm, a fund of funds backing next-gen venture managers. He explains how Slush exposed him to the power of narrative in capital flows, what he learned from legendary investors with low ego and high conviction, and how his stints at Nokia’s NGP and a Swiss insurer shaped his view of incentives. The conversation dives into why Europe’s VC gap with the US is more about quality and misallocation than raw capital, the outsized role of government and corporates, and today’s hot themes like European resilience, defense, and cybersecurity. A key takeaway: incentives and authentic community-building matter more than ever, and the future of European venture will be defined by specialized, culturally rooted managers rather than broad, state-driven capital programs. Also, Sidley’s Michael Podolny shares how he’s increasingly helping startups navigate early founder breakups and complex AI/data licensing deals, and how deeply integrated AI tools have transformed his legal workflow without replacing his core judgment and client relationships. Highlights from this week’s conversation include: Henrik’s Path From Slush Volunteer to Venture (0:14) Scale of Slush and First Lessons on How Capital Flows (1:53) Traits of Great Investors and Lessons from Industry Legends (4:51) Direct Investing Roles at NGP, Tempo Driven Fund, and Swiss Insurer (7:57) Swiss Wealth Culture, Capital Preservation, and Slow Venture Adoption (13:04) How State-Backed Capital Shapes Incentives and Misallocation in Europe (14:50) Defining Next Gen Managers Operating at the Esoteric Edge (18:47) IRL Community Building, Niche Founder Networks, and New Funds (26:43) Frame Overview, Sub 100 Million Focus, and Firm Building Philosophy (30:36) European Focus, Cultural Proximity, and European Links for US Managers (33:34) Why LPs Want More Direct Deals and Power Law Concentration (38:19) Future Role of Fund of Funds as Filters and Strategic Partners (41:32) Emerging Manager Map and VC Fund Benchmarking Tool Insights (43:31) Radical Transparency, LP Behavior, and Just Saying No Clearly (45:27) Closing Thoughts and Episode Wrap-Up (47:02) FIRM Capital is a next-generation fund-of-funds backing next-gen venture managers “defined by a clear strategic edge, formed by firsthand operating and investing experience.” The firm looks for managers who “operate at the esoteric edge, invest at inception, build belief through proximity,” and it aims to become the first call on the cap table — writing up to $10 million as a manager’s first institutional check into sub-$100M funds across Europe and the US, where it looks for a strong European link. FIRM runs a deliberately concentrated portfolio where every manager has to matter, offers its LPs direct, fee-free co-investment alongside its portfolio GPs, and publishes open resources for the ecosystem including its Emerging Manager Market Map and Venture Fund Performance Benchmarks. Learn more at wearefirm.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

This week on Swimming with Allocators, allocator Michael Wooten shares his journey from early fascination with investing to managing capital across multiple family offices and building a venture program in Silicon Valley. He explains how family offices differ based on principals’ goals and control, why venture and growth equity should be treated as distinct risk buckets, and what he learned starting a venture effort from scratch. The conversation also covers trends in secondaries and SPVs, the challenges of liquidity and cyclicality in venture portfolios, the merits of generalist versus specialist strategies, and how LPs really diligence fund managers, emphasizing curiosity, communication, alignment, and not working with people who are difficult or misaligned. Also, Sidley’s Michael Poldony explains how secondaries and tender offers have become a standard step on the path to IPOs, how strategic investors and secondary-only funds are reshaping late-stage liquidity, and why careful structuring, valuation awareness, and legal guidance are critical for both companies and allocators participating in these transactions. Highlights from this week’s conversation include: Michael’s Early Money Story and Buffett Inspiration (0:21) First Atlanta Family Office Role and Exposure to Alternatives (4:57) Control Dynamics at a Silicon Valley Family Office (7:28) Lessons From Building a Venture Program During 2020 (10:27) Curiosity, Tenacity, and Fit for a Career in Venture (13:33) Storytelling, Execution, and Being Differentiated but Underwritable (16:58) Secondaries as a Standard Step on the IPO Journey (21:59) Who Is Buying Growth Secondaries and Related Legal Considerations (24:49) Blended Valuations in Combined Primary and Secondary Rounds (27:56) Reconciling Capital-Efficient Startups With Mega AI Rounds (29:38) How Allocators Should Think About Venture’s Role and Cyclicality (31:39) Pet Peeves About Manager Behavior and Treatment of LPs (37:16) Running Snowball Adventures SPVs and Ensuring LP Alignment (39:25) Final Thoughts and Episode Wrap-Up (41:07) Michael Wooten is the Founding Partner of Snowball Adventures, a private angel syndicate to invest in early-stage companies with adventurous founders tackling big, bold problems. With over fourteen years of experience in alternative investments, asset management, and entrepreneurship, I am a passionate and driven investor. I leverage my expertise and education to invest in and support innovative and impactful startups, such as Boardy, Function Health (via Getlabs acq.), CalypsoAI (acquired), Spoak Décor, Fellow Health, Nota AI, Solace Health, and Chooch AI. Motivated by insatiable curiosity, I bring a diverse perspective and a collaborative approach to my work and I enjoy continuously learning from and empowering others. 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

This week on Swimming with Allocators, Earnest and Alexa welcome Kelli Fontaine of Cendana Capital, as she traces her path from journalism to data-driven venture investing and explains how her obsession with finding the truth shapes her work as an LP. She breaks down how Cendana builds and uses its data systems, why early-stage power laws and portfolio construction matter more than headline TVPIs, and how she balances hard data with judgment about GPs. Kelli challenges the idea that pre-seed always outperforms seed, shares why fund I and II managers are uniquely compelling, and explores trends like concentrated portfolios, deep tech, defense tech, AI-native founders, and secondaries. Also, Sidley emerging companies lawyer Michael Podolny explains that rapid growth and complexity in AI-driven startups are driving demand for globally sophisticated legal advice from day one, with a particular focus on repeat founders, control, and tax optimization through QSBS planning. Highlights from this week’s conversation include: Kelli’s Journalism Roots and Early Fascination with Data (0:29) Moving from Finance to Tech and Startups at RPX (2:42) Building Data Infrastructure and Dashboards at Sandana (7:07) What People Mean by the “Sandana Model” and Relationship Focus (10:31) Why Funds Ones and Twos Are Special and How GPs Evolve Over Time (15:09) Why Late-Stage AI and Mega Rounds Don’t Replace Early Stage Alpha (19:30) Sponsor Segment: Sidley’s Work With AI and Sophisticated Startups (21:16) Tax Optimization and QSBS Considerations for Founders and Investors (24:49) KPIs That Matter: Revenue, Customer Quality, and Go-To-Market (28:40) How Changing Graduation Rates Affect Fund One and Fund Two Diligence (30:24) How to Think About Founder Secondaries vs GP Secondaries (34:54) Portfolio Management, Write-Offs, and the Real Role of Acqui-Hires (37:13) Treating Venture Like Public and Private Equity Segments (Small vs Mega) (40:05) Frustrations With AI Hype, FOMO, and Public Perception of Tech (43:50) Closing Remarks and Reflections on Macro Conversation (45:39) Cendana Capital is a venture fund-of-funds focused on investing in seed-stage venture capital firms and partnering with managers at the earliest stages of company formation. The firm is one of the most active LPs dedicated to the seed ecosystem, with a focus on identifying and supporting differentiated early-stage venture managers. Learn more at www.cendanacapital.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

This week on Swimming with Allocators, returning guest Chris Schelling of Aksia joins Earnest Sweat and Alexa Binns to unpack how AI, private markets, and the wealth channel are evolving. They discuss where AI may already be in bubble territory, how it’s reshaping SaaS, services, and investment processes (including AI “agents” on investment committees), and why some SaaS and low-value information services are most at risk. Chris explains Aksia research-driven approach across private equity, private credit, real assets, and hedge funds, and shares why he’s skeptical of layered SPV “sandwiches” and headline-driven fear around private credit. The conversation explores the democratization of alternatives for wealthy clients, the role of content as a strategic edge for allocators, challenges in structuring venture access products, and why early-stage technical venture and quantum computing are compelling. Chris closes with advice for newer professionals: in a world of AI tools, differentiated relationships, networks, and deep domain expertise matter more than ever. Also, Nick Cassin explains how Sidley’s secondary practice spans multiple asset classes and deal types, highlights the growing role of secondaries in venture (including GP‑leds and LP trades), and shares how Sidley’s breadth, commercial mindset, and experience help clients navigate complex liquidity and continuation vehicle structures. Highlights from this week’s conversation include: Chris Schelling Returns & Aksia Career Move (0:13) Why To Be Skeptical of AI Valuations & Bubbles (2:26) How AI Is Reshaping SaaS, Services, and Credit (6:48) Using AI for Diligence, Memos, and Investment Committees (11:29) Behavioral Coaching and Training Analysts With AI (15:06) SPVs, SPV “Sandwiches,” and 2008-Style Layering Risk (19:58) Checklist Ideas for Evaluating SPVs and Access Claims (29:24) How Mega RIAs Are Building Private Markets Platforms (36:38) Strategic vs Tactical Allocations Across Private Markets (41:38) Product Diversity Needed Across RIAs and Client Segments (44:08) Segmenting Venture: Seed, Growth, and Late Stage Dynamics (47:52) Crystal Ball on Venture, Deep Tech, and Quantum Computing (49:39) Skills for Young Investors: Networks, Relationships, and Domain Expertise (54:22) Where To Read Chris’s Research and Writing (55:13) Aksia is a global private markets investment advisory and research platform with deep expertise across private equity, private credit, real assets, and hedge funds. The firm advises institutional investors globally and also manages discretionary capital through customized funds-of-one, co-investment vehicles, fund-of-funds, and wealth-oriented private markets solutions. Aksia is known for its open architecture model, broad GP relationships, and rigorous diligence culture across alternative assets. 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