The 10X Capital Podcast
The 10X Capital Podcast is a podcast that interviews the world's leading institutional investors. Previous guests include The Ford Foundation, Northwestern University Endowment, CalPERS, Stepstone, and other top limited partners.
E24: Joshua Berkowitz of Berkocorp on Why LP's Should Care about IRR% not TVPI
Joshua Berkowitz of Berkocorp, sits down with David Weisburd to discuss investing in venture capital as a family office and why all investors should care about IRR (and not TVPI). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans.
Key Points
- A well-executed follow-on strategy should align with the GP's investment thesis and their proximity to portfolio companies, allowing GPs with close relationships and board seats to make more informed decisions about additional investments.
- Emerging managers should focus on clear communication with LPs, especially when there are changes in strategy or portfolio construction, and always be fundraising to mitigate the risk of losing LPs due to shifts in their own strategies or pressures.
- LPs should treat their co-investment opportunities like their own mini-funds, applying the same level of scrutiny and strategic thinking to these direct investments as they would when evaluating an external GP's track record and strategy.
Chapters
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| 27:27 | |
| 29:09 | |
| 29:45 | |
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| 40:41 | |
| 41:25 | |
| 48:56 | |
| 52:05 | |
| 54:30 | |
| 56:17 | |
| 57:50 | |
| 1:01:31 | |
| 1:01:54 |
Transcript
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