10X Capital Podcast
The 10X Capital podcast interviews the world's premier institutional investors to deliver insights on how they manage their capital. Interview topics include investment decision frameworks, capital allocation strategies, GP/LP relationships and many more.
E69: How Texas Municipal Retirement System Deployed $1B into Venture Capital
Peter Teneriello, former Senior Portfolio Manager at Texas Municipal Retirement System, sits down with David Weisburd to discuss how TMRS deployed $1B into venture capital. In addition, they discuss institutional allocation pacing models, the importance of aligned investment teams and why investors may allocate to median performing managers.
Key Points
- Institutional investors need to align incentives and trust their investment teams to maximize returns and reduce the revolving door of talent.
- Building a diversified venture capital portfolio requires a strategic approach, often involving a mix of direct investments and fund of funds to mitigate risks and optimize returns.
- Emerging managers face significant challenges in raising capital due to inherent principal-agent problems in the LP consultant model, which often favors established firms with long track records.
Chapters
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| 17:07 |
Transcript
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