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.
E44: Chris Prestigiacomo of SWIB ($140B AUM) on What Pensions Look for in VCs
Chris Prestigiacomo, Portfolio Manager at the State of Wisconsin Investment Board (SWIB) sits down with David Weisburd and Erik Torenberg to discuss his journey, the role of private debt in venture portfolio management, and the Wisconsin Investment Board's asset allocation strategy. They delve into backing criteria for General Partners, venture capital's role in SWIB's strategy, and the unique governance structure of Wisconsin's retirement system.
Key Points
- Evaluating a venture capital manager's effectiveness involves assessing their adherence to initial strategies, team consistency, market changes, and the performance of their portfolio companies.
- The State of Wisconsin Investment Board (SWIB) prefers smaller, early-stage funds due to their potential for higher multiples and IRRs, and values managers with operational backgrounds who can provide substantial support to founders.
- SWIB's unique governance structure allows for swift decision-making and investment flexibility, which they leverage to maintain a concentrated portfolio of about 25 managers, enabling deeper relationships and better investment opportunities.
Chapters
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| 13:39 | |
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| 17:11 |
Transcript
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