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.
E28: Roland Reynold, Industry Ventures on Investing $7 Billion into Startups & Venture Funds
Roland Reynolds, Senior Managing Director at Industry Ventures, sits down with David Weisburd to discuss being one of the first investors in emerging managers and how he uses secondaries to drive alpha. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans.
Key Points
- Industry Ventures allocates around 40% of its capital to primary commitments in 35-45 underlying venture capital funds, giving them roughly a thousand "shots on goal" through investments principally at the seed and Series A stages, despite expecting 40-70% of losses at the company level within these funds.
- The firm's early-stage hybrid fund strategy incorporates primary commitments, early secondaries, and direct investments, aiming to mitigate risk and duration without compromising returns, with early secondaries addressing the J curve and direct investments intended to generate alpha.
- Industry Ventures differentiates itself by offering flexible capital through collaborations and SPVs with emerging managers, allowing them to participate in investment rounds that may otherwise be oversubscribed or inaccessible.
Chapters
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| 27:46 | |
| 30:58 | |
| 34:14 | |
| 35:18 | |
| 39:37 | |
| 43:47 |
Transcript
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