In today’s episode, David Cruz e Silva talks with Justinas Milasauskas, an investment manager at Willgrow, a single-family office based in Lithuania. Justinas explains how Willgrow approaches venture investments worldwide, focusing on US and European early-stage managers. He shares the family office’s history, reasons for getting into venture, and how they think about manager selection, covering everything from ticket sizes to fund-of-funds benefits. It’s a great look at how an LP outside the traditional financial hubs can still build a global venture portfolio.
In this conversation, Justinas also reveals the importance of balancing conviction with consistent due diligence, highlighting why his team benchmarks managers against top peers worldwide. He talks about how they stay disciplined by maintaining a structured watchlist, stacking GPs based on strategy fit, and investing across multiple vintages. It’s an honest, behind-the-scenes view of how a first-generation family office grows its exposure to private markets while keeping that entrepreneurial spirit front and center.
Chapters:
03:02 WillGrow's Investment Strategy and Focus
04:31 The Background and Experience of Justinas
08:39 Building a Convincing Strategy for Sourcing
09:45 The Role of Senior Advisors and Fund of Funds
12:09 The Importance of Diversification and Long-Term Commitment
13:56 Understanding WillGrow's Investment Approach
14:28 Investment Strategy and Risk Profiles
18:10 Active vs Passive Investment Approach
20:54 Biggest Learnings in Venture Investing
22:43 The Importance of Proper Benchmarking
23:53 Diversification Across Funds and Vintages
28:03 The Role of Stack Ranking in Investment Decisions
34:47 Overcoming Barriers to Access in Venture Investing
42:45 The Value of Fund of Funds
43:48 Book Recommendation: Leading by Alex Ferguson
In this conversation, Justinas also reveals the importance of balancing conviction with consistent due diligence, highlighting why his team benchmarks managers against top peers worldwide. He talks about how they stay disciplined by maintaining a structured watchlist, stacking GPs based on strategy fit, and investing across multiple vintages. It’s an honest, behind-the-scenes view of how a first-generation family office grows its exposure to private markets while keeping that entrepreneurial spirit front and center.
Chapters:
03:02 WillGrow's Investment Strategy and Focus
04:31 The Background and Experience of Justinas
08:39 Building a Convincing Strategy for Sourcing
09:45 The Role of Senior Advisors and Fund of Funds
12:09 The Importance of Diversification and Long-Term Commitment
13:56 Understanding WillGrow's Investment Approach
14:28 Investment Strategy and Risk Profiles
18:10 Active vs Passive Investment Approach
20:54 Biggest Learnings in Venture Investing
22:43 The Importance of Proper Benchmarking
23:53 Diversification Across Funds and Vintages
28:03 The Role of Stack Ranking in Investment Decisions
34:47 Overcoming Barriers to Access in Venture Investing
42:45 The Value of Fund of Funds
43:48 Book Recommendation: Leading by Alex Ferguson
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