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. 

The 10X Capital Podcast is part of the Turpentine podcast network. Learn more: turpentine.co

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X / Twitter:

@dweisburd (David Weisburd)

@_PeterT_ (Peter Teneriello)

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LinkedIn:

Peter Teneriello: https://www.linkedin.com/in/peterteneriello/

David Weisburd: https://www.linkedin.com/in/dweisburd/ 

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LINKS: 

Texas Municipal Retirement Systems (TMRS): https://www.linkedin.com/company/texas-municipal-retirement/

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NEWSLETTER:

By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email. To subscribe please visit: http://10xcapital.beehiiv.com/ 

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Questions or topics you want us to discuss on The 10X Capital Podcast? Email us at david@10xcapital.com

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TIMESTAMPS: 

(0:00) Introduction 

(0:55) Diversification strategies in venture capital investing

(3:32) Co-investment practices and fee management 

(6:58) Importance and role of pacing models

(9:39) Incentives for LP Consultants and their impact

(12:25) Strategy for setting up a billion-dollar single family office

(15:39) Building effective LP / GP relationships

(16:22) Career insights and investment philosophy from Peter Teneriello