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.
The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co
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X / Twitter:
@rolandreynolds (Roland)
@dweisburd (David)
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LINKS:
Industry Ventures: https://www.industryventures.com/
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SPONSOR: Bidav Insurance Group
The Limited Partner Podcast is proudly sponsored by Bidav Insurace Group.
Today's episode is sponsored by Bidav Insurance Group. Bidav Insurance Group is run by my close friend, Ahmet Bidav, who insures me both personally and at the corporate level.
Most people are not aware of the inherent conflicts in insurance, where insurance agents are incentivized to send their clients to the most expensive option. Ahmet has always been an incredible partner to me and 10X Capital, driving down our fees considerably while providing a premium solution. I am proud to personally endorse Ahmet and I ask that you consider using Bidav Insurance Group for your next insurance need, whether it be D&O, cyber, or even personal, car, and home insurance.
You could email Ahmet at ahmet@luxstr.com.
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Questions or topics you want us to discuss on The Limited Partner podcast? Email us at david@10xcapital.com
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TIMESTAMPS
(00:00) Episode Preview
(01:40) Overview on Industry Ventures
(04:21) Industry’s direct and secondary focus on emerging managers
(09:28) Episode Sponsor: Bidav Insurance Group
(10:17) How to evaluate secondary fund opportunities
(16:46) Industry’s portfolio construction
(21:52) How direct investments return risk adjusted alpha
(23:44) The importance of knowing macroeconomic headwinds
(25:05) The history of Industry Ventures
(27:46) Why Roland likes extension rounds
(30:58) Utilizing SPVs for pro-rata allocations
(34:14) Starting a relationship with a direct investment?
(35:18) Why every emerging manager needs a PPM
(39:37) What is operational due diligence?
(43:47) Closing thoughts
