Swimming with Allocators

About Swimming with Allocators

Swimming with Allocators dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. In each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com. See you later, Allocator!

Publisher

Earnest Sweat, Alexa Binns

Category

business

Language

en

Explicit

No

First episode

23 Oct 2023

Latest episode

11 Nov 2026

Latest episodes

119 episodes in the feed.

1. 

   11 Nov 2026

   Can You Index Venture Capital?

   This week on Swimming with Allocators, Alex Kirk shares how his endowment-style investing background shaped Verdis’s diversified, index-like approach to pre-seed and seed venture. He explains why power-law returns make broad exposure valuable, why his team emphasizes managers’ processes over past track records, and how generalist funds can capture emerging winners without trying to predict the next hot sector. Listeners will also hear his perspective on backing fund-one managers, avoiding pattern-matching bias, adapting to AI-driven market shifts, and building durable relationships with emerging GPs. Also, don’t miss our insider segment as Shane Goudey of Sidley discusses a busy venture fund-formation market, driven by deal activity, AI and deep-tech opportunities, emerging managers, and renewed fundraising. Highlights from this week’s conversation include: Alex Kirk’s Allocator Background (0:46) Building an Early-Stage Venture Strategy (2:23) Why Seed Investing Calls for an Index Approach (5:05) Scaling Sourcing, Investing, and Portfolio Data (7:50) Advice for Allocators Outside Major VC Hubs (9:38) Qualitative Diligence and Manager Process (11:20) Portfolio Construction and Generalist Strategies (14:02) AI and Cap-Weighted Exposure (16:10) Continuing or Cycling Out of Manager Relationships (17:41) Shane Goudey on Venture Fund Formation (19:12) Why Funds Are Returning to Market (22:47) Avoiding Bias and the Case for Fund Ones (26:27) Fund Ones, Luck, and Skill (30:04) What’s Different About the Current Market Cycle (31:12) The Blurring Line Between Pre-Seed and Seed (34:16) Manager Processes for Pricing and Deployment (35:51) LP Demand for Diversified Venture Portfolios (38:29) Diligence Questions for Emerging Managers (41:05) Strategies to Approach Cautiously in Seed Investing (43:25) Growing Acceptance of Diversified Portfolio Construction (44:22) Verdis Investment Management, LLC ("Verdis") is a Registered Investment Adviser ("RIA") under the Investment Advisers Act of 1940. Registration as an RIA does not imply any particular level of skill or training. All information contained herein reflects the opinions of Verdis, is subject to change without notice, and is provided for informational purposes only. Nothing contained herein should be construed as legal, tax, or investment advice, or as a solicitation or offer to buy or sell any security or investment advisory service. For more information on Verdis, please visit https://www.verdisinvestment.com. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

2. 

   4 Nov 2026

   The Fund Everyone Will Wish They Backed

   This week on Swimming with Allocators, Earnest and Alexa welcome Trish Spurlin, Investments Director at Babson College. Trish shares how an unconventional path from accounting and startup finance led her to manage Babson College’s endowment. She explains how Babson built its venture portfolio gradually, why consistent partnerships and patient manager selection matter more than chasing hot returns, and how the team evaluates funds for fit, execution, and potential. The conversation also explores the realities of venture liquidity, the endowment’s approach to AI exposure, and opportunities in areas such as consumer, physical products, and in-person experiences. Highlights from this week’s conversation include: Trish’s Unconventional Path to Managing the Endowment (0:43) The Babson Endowment’s History and Investment Committee Structure (6:17) How Babson Built Its Venture Portfolio Gradually (9:56) The Role of Investment Committee Experience and Trust (12:24) Advice for Smaller Endowments Investing in Venture (15:55) Learning to Underwrite Venture Fund Managers (18:03) LP Diligence and Fund Succession Planning (21:20) Babson’s Current Portfolio and Buyout Allocation (30:17) How Babson Evaluates Managers and Portfolio Fit (33:12) Finding the Next Generation of Venture Managers (39:44) Venture Liquidity, SpaceX, and Portfolio Reallocation (44:10) AI Concentration and Exploring “Anti-AI” Sectors (49:25) Final Thoughts and Closing Remarks (52:43) The Babson College Endowment has built one of the most differentiated venture-focused portfolios in higher education. Originally launched in 2009 through a highly engaged alumni network, the program has evolved into a concentrated, relationship-driven private equity strategy with a strong emphasis on venture capital and emerging managers. Today, Babson’s endowment combines institutional discipline with an entrepreneurial mindset, partnering closely with boutique, partner-led firms across venture and growth equity while maintaining a long-term focus on alpha generation, innovation, and enduring GP relationships. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

3. 

   28 Oct 2026

   The $9B Portfolio That Fits on One Page

   This week on Swimming with Allocators, Frank Mihail describes his path from oil and gas engineering to real estate, wealth management, institutional investing, and his current role as CIO of North Dakota Board of University and School Lands. The roughly $9 billion portfolio is supported in part by revenue from state-owned land, including oil royalties, which Mihail says can help cushion market declines. Because the fund has no pension liabilities and a perpetual time horizon, it can take a long-term approach while keeping its investments concentrated and manageable for a lean three-person team. Mihail explains how he uses a two-meeting education-and-approval process with the elected board, relies on external commingled funds to simplify operations, and uses consultants or fund-of-funds when they provide access to smaller managers. The conversation also explores infrastructure and rising energy demand from data centers, the evolution of alternatives in public plans, and the scarcity value of sports teams. Also, Shane Goudey of Sidley describes how legal counsel can provide fund managers with proactive business guidance and legal support. Highlights from this week’s conversation include: Frank’s Career Path From Oil And Gas To Institutional Investing (1:02) Why Frank Joined North Dakota Trust Lands (2:54) Lessons From New Mexico’s More Mature Program (4:46) Building a Venture Portfolio With Fewer Line Items (6:33) Oil Royalties, Portfolio Risk, and the 2022 Downturn (9:32) Board Approval, Due Diligence, and Public Records (12:33) Running a $9 Billion Portfolio With a Lean Team (14:32) Using Consultants and Fund-of-Funds Managers (16:50) Selecting Consultants and Evaluating Emerging Managers (26:38) Alternatives in Personal Wealth Portfolios (28:25) Market Cycles, Skepticism, and Staying Invested (31:02) Infrastructure, Data Centers, and Long-Term Energy Demand (32:53) The History of Alternatives and Venture Allocations (38:07) Strategies Frank Wants to See More Of (42:03) Final Thoughts and Takeaways (44:01) North Dakota Trust Lands manages 2.6 million mineral acres, 700,000 surface acres and 13 permanent education trusts, including the Common Schools Trust Fund currently valued at over $8.8 billion as of Feb 2026. North Dakota Trust Lands operates under the direction of the five-member North Dakota Board of University and School Lands, chaired by the governor of North Dakota. Mineral royalty income, agricultural rents and easement revenues from state-owned lands are invested to provide income and grow trusts to benefit education now and for future generations. Since 2014, the Common Schools Trust Fund has distributed more than $2 billion to K-12 education, reducing the burden on local property taxpayers and the state’s general fund. During the 2025-2027 biennium, the Common Schools Trust Fund will distribute $585 million, translating to approximately $2,508 in funding per K-12 student and making up 24% of state funding share. Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

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