Advertise on podcast: Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

Send us Fan Mail Close to half of all the money raised in U.S. private equity went to just 10 funds, according to PitchBook’s mid-year check-in. The headline says fundraising is coming back, but the trend line says something different. It says the money is going to the people investors already trust. If you’re a new fund manager, the moves that feel like progress could be the ones quietly burning your cash and your reputation. When I started raising capital nearly two decades ago, I flew to event after event, and everyone in the room needed money. Nobody had it. On this week's episode of Making Billions, I break down the four traps draining emerging managers right now: buying investor lists, launching a fund too soon, hiring broker-dealers to raise for you, and flying to networking events to find investors. A fund tourist wants to be seen. A fund titan builds something an investor can check, and it holds up when they check it. Get Tourist to Titan, my free tool from this episode. It does the paycheck math, shows the real cost of a broker-dealer retainer, prices your event budget, checks your list against the rules, and writes you a plan. DOWNLOAD: The Fund Tourist to Fund Titan Guide: https://making-billions.com/tourist-to-titan-fund-manager-fundraising-traps/ AND TO LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Ryan Miller is the host of the Making Billions podcast, co-founder and GP of Darqside Ventures, an early-stage venture firm investing in deeptech, AI, robotics and quantum, GP of Aequor Capital Partners, and CEO of Fund Raise Capital. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail In the first half of 2026, American venture funds put more than $400 billion to work, more than all of last year. Nearly 9 of every 10 of those dollars went into rounds of $100 million or more, and AI took about 86% of it. When the crowd piles into one door, the price of that door goes up. But the doors next to it stay cheap for a little while. On this week's episode of Making Billions, I walk through those doors. I call it the rise of the Darqside: deep tech, AI, robotics and quantum. AI is the brain, robotics is the hands, quantum is a brand new sense, and deep tech is the skeleton and the power plant. First each sector grows on its own, then they converge. I give you the investment case for all four, with the data drivers, the risks and the signals that the convergence is already beginning. Then I lay out three possible futures and a starter move and pro move for investing early. A law with a date is a buyer with a calendar. Prove it, then dream it. Get The Rise of The Darqside Guide, my free guide to this episode.  DOWNLOAD it here: https://go.fundraisecapital.co/rise-of-the-darqside-guide-860536-648168-166304-294483-404065-890148-464903 AND TO LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Full disclosure: I’m a principal in DarqSide Ventures, which invests in deep tech, AI, robotics and quantum. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail You walk out of a family office meeting certain it went great. Then nothing. No follow-up, no check, no explanation. Often, the deal didn’t kill it. The approach did. Family offices aren’t institutions. It’s their own money, wealth they may never make again, and treating them like a pension fund quietly costs managers the very relationships they need. On this episode of Making Billions, I sit down with DJ Van Keuren, Co-Managing Member of Evergreen Property Partners as he breaks down how real families think about their money, which of the five types of families actually writes checks to outside managers, and why one of them will almost never write you one, no matter how strong your IRR looks.  He shares why you should never ask for money in a first meeting, the one question that gets families talking, and why 70% of families want to go direct. If you raise from families, or want to, this is the conversation to have before your next meeting.  AND To Learn capital raising strategies and frameworks used by alternative asset professionals, go to: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: DJ Van Keuren is co-founder of Evergreen Property Partners and founder of The Family Office Real Estate Institute. He has structured over $5 billion of real estate, led real estate for several single family offices, and is the author of Real Estate Investing for Family Offices. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail Most people who want to start a fund think $5 million is a big fund. My rule is $100 million and I show you exactly why. On this episode of Making Billions, I show you the math that decides whether you get paid. I start with my fundraise formula: trust times the transaction equals capital coming to you. I walk you through the full launch. You’ll learn how to choose between 506(b) and 506(c), the paycheck formula that tells you how much capital you need to place to get paid, why half of 1% on $5 million is only $25,000 a year, and the four support teams every serious fund needs, including the firms I like for fund administration and compliance and why I audit every year no matter what. I break down the three-company fund structure, the LPA, PPM and subscription documents, and the equity waterfall, including the GP catch-up most people misunderstand. Then I share how to build urgency right into your fund documents with fee tranches, how to build a data room and flipbook that look institutional, and how an advisory board lets you rent the reputation, relationships and results you don’t have yet. Trust is the scarce asset, not capital. Welcome to Making Billions. Get The Fund Launch Map, Free: https://go.fundraisecapital.co/the-fund-launch-map-860536-648168-166304-294483-404065-743531-976090 Ten moves, the paycheck math and a fund plan written from your own answers, ready before your first lawyer call. AND TO LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail If you’re still chasing shiny AI wrappers, you could miss the biggest multiple expansion of your career. On this episode of Making Billions, I sit down with Jim Ferry, Partner at Volition Capital, which just announced its $950 million Fund 6 and took assets under management from $1.7 billion to $2.6 billion. Jim breaks down the trade most investors are overlooking: buying low margin service businesses at 3 to 4x EBITDA, layering on AI, and exiting at 10 to 12x as a technology asset. Then he shows a revenue stream that barely existed nine months ago, where AI robotics labs pay $200 to $300 per hour for video of skilled trades like plumbing and HVAC. If this conversation helped you think differently about AI deals, subscribe to Making Billions and share it with a founder or fund manager who needs to hear it. AND To Learn capital raising strategies and frameworks used by alternative asset professionals, go to: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Jim Ferry is a Partner at Volition Capital, a growth equity firm with $2.6B in AUM. Since 2014, he has backed technology-enabled consumer and internet businesses, from ad tech to marketplaces. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail What happens next in the Canada-US trade war, and where does the money go?  Right now, a Section 338 tariff of 50% hits about $20 billion of Canadian goods, mostly cars and trucks. Canada answered on September 8 with 15, 25 and 50% on dairy, farm equipment, steel, appliances, paper and electronics. The trade deal is on a one-year leash until 2036, and about $100 billion in refunds from tariffs the Supreme Court struck down is stuck in line. Four times in a hundred years, two economies this tied together went to war over tariffs, and four times it ran the exact same way. Prices moved first. Then the plants. Then the government checks. Then a deal that gave back some of the tariff and none of the plants. Here's what I've learned from studying every one of these cases, the fund managers who wait for the snapback get trapped on the wrong side of the border. The ones who own the reroute, the plant site, the building, the port land, the paperwork and the bridge loan, get paid in every future. In this episode of Making Billions, I walk you through all four phases, the timing of each, and three futures: escalate, deal and grind. Position before the next move hits instead of reacting after it does. DOWNLOAD The Position Map with the six moves, three futures, five signals each, sector cards and a seven-question deal scorecard: https://go.fundraisecapital.co/the-position-map-860536-648168-166304-294483-404065 LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail My guest this week on Making Billions is Rod Khleif. Rod and I break down his broker system word for word, the weekly KPIs that prevent another 2008, and exactly how forced appreciation turns one dollar of NOI into twenty dollars of value.  He's calling this the greatest transfer of wealth we'll see in our lifetimes. How do you find distressed multifamily deals right now? "I'd start hunting them down," Rod says. "Brokers, SEC attorneys handling distressed borrowers and lenders. It's a meltdown in multifamily right now. Deals are being sold for less than they cost to build." Why is senior housing being called the biggest opportunity of the decade? "There are 10,000 people a day turning 80 in this country, and they will be for the next 20 years," Rod says. "We're building about 4% of what we need right now. I'm closing on four more facilities tomorrow." AND To Learn capital raising strategies and frameworks used by alternative asset professionals, go to: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Rod Khleif is a Sarasota based multifamily investor, best-selling author, and top ranked podcast host who rebuilt a real estate empire after losing $50M in the 2008 crash. He supports his mission of abundance through the Tiny Hands Foundation, which has fed more than 160,000 children. Rod combines his market knowledge with a strong personal comeback story.  Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply China holds the fusion record. America holds the only licensed fusion plant on Earth. Only one of those is something a fund can actually buy. You were told America achieved net energy from fusion in 2022. That's not exactly what happened. The lasers drew 300 megajoules to get 3 back. No fusion machine anywhere on Earth has put a single net kilowatt hour into a power grid.  Not America, not China, no one. I am Ryan Miller and this week on Making Billions, I break down the eight-row scoreboard, the six-layer stack, and the exact scorecard that separates a real deal from a hope with a wire transfer attached.  How do you actually invest in fusion energy? It's not one decision, it's six layers, and they pay on completely different clocks. Reactor developers don't see cash until the early 2030s. Magnets, fuel cycle, land and grid rights, and engineering all bill sooner, and one of them gets paid whether fusion works or not. DOWNLOAD The Fusion Allocation Brief: https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-294483 [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply If you're still pitching upside to institutions, you'll never see a pension fund check. The managers winning nine and ten figure allocations obsess over how they lose money more than how they make it. I am Ryan Miller, and on Making Billions this week, I sit down with Ari Rastegar, Founder and CEO of Rastegar Capital. Together, Ari and I break down vertical integration, off-market deal flow, and the exact trust-building system that turned strangers into decade-long investors. How do emerging managers actually attract institutional capital? Ari explains it's not with a great deal pitch, it's with risk controls, a third-party fund administrator, audited financials, and never touching investor money directly. He never handled a dollar himself, and that single decision is what let institutional diligence checkboxes get checked before he ever needed them. [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Ari Rastegar is the Founder and CEO of Rastegar Capital and is known as “The Oracle of Austin”, a leader in Texas real estate, known for his resilience and vision. He turned a $3,500 loan into a portfolio across many asset classes, including self-storage, multi-family, and industrial spaces worth over five billion dollars.  Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply The economy is telling you one story. The market is paying you for another. One of them is wrong, and if you run a fund, that gap decides your next three years. In this week's episode of Making Billions, I break down all four economies, the five decisions inside each one, and the exact trigger plan that turns a downturn into your best vintage yet. DOWNLOAD The Delta Board | 4 Economy Fund Manager Playbook: https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-426463-122119-538372-417197-290247-559679-843888 Inflation is running at 3.3% against a 2% target. The same month, America lost 23,000 jobs. But credit markets are priced like a storm that never comes. That gap is an invoice. Somebody's going to pay it. If you manage capital, this isn't a market call, it's a map. Same asset, different economy, and the businesses that compound for decades wrote their plan down before the storm arrived, not during it. Discover the 4 economic environments every fund manager should prepare for and the 5 decisions that determine how to source, price, structure, exit, and raise capital. [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Everyone thinks AI just discovered real estate investing. It didn't. One investor cracked this code back in 2009, before AI even had a name, using a data-driven bet on a market everyone else avoided, and built a fund that now runs with zero human underwriters. It started with a $90,000 house nobody else wanted. He used that system to grow to the peak of over a billion dollars in AUM in real estate alone, ranking hundreds of cities a year for profitability before ever making a single offer. I am Ryan Miller, and on Making Billions this week, my guest is Neal Bawa, CEO & Founder at Grocapitus, a commercial Real Estate investment company. Together, Neal and I break down his city scoring method, the LASAL framework for catching failing properties before they fail, and how AI replaced his entire underwriting department. This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors, email [email protected] [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Neal Bawa is  CEO & Founder at Grocapitus, a commercial Real Estate investment company. Neal’s companies use cutting-edge real estate analytics technology to source and acquire OR build large Commercial properties across the U.S., for nearly 800 investors. Grocapitus Website - https://www.grocapitus.com Free eBook: Location Magic - https://multifamilyu.com/lp/location-magic-ebook/ Join Our Investor Club - https://multifamilyu.com/club Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Is AI a bubble? Wrong question. It keeps you a spectator while the people moving capital are already three moves ahead. The right question: when this wobbles, are you a forced seller or the buyer of the wreckage? The technology is real. The financing structure underneath it is one of the most fragile capital architectures in recent history. Both are true at once. In this week's episode of Making Billions, I break down the circular financing loop, the depreciation mirage, and the exact four-move framework for positioning before the unwind starts.  This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors, email [email protected] What does "bubble" actually mean? Not that prices went up. A bubble is when price detaches from the cash flow justifying it, financed by belief instead of earnings. Pull the confidence, and the financing mechanism stops functioning entirely, not just prices drifting down. If you manage capital, raise it, or allocate it, the next 18 to 36 months transfer enormous wealth from the fully invested to the patient. That transfer is already loaded into the structure. The only thing undecided is which side you're on. Explore the risks and opportunities behind the AI boom with my AI Bubble Exposure & Capital Positioning framework.  DOWNLOAD: The AI Bubble Exposure & Capital Positioning Scorecard [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors, email [email protected] How do you actually get into the top venture funds that are closed to new investors? In this episode of Making Billions, I sit down with Matthew Le Merle, managing partner and CEO of Fifth Era and Blockchain Coinvestors, a blockchain and AI fund of funds now in its 10th year, backed by more than 400 investors and holding positions across 50 venture funds, 1,500 companies, and 80 unicorns. Matthew breaks down the exact playbook he uses to access top-tier managers, build a fund of funds, and position for what he calls the autonomous digital economy, the convergence of internet, blockchain, and AI that he believes will capture most of the alpha over the next 20 years. He also makes the case for why the next two decades of returns will be captured at the intersection of internet, AI, and blockchain, and why most portfolio managers are dangerously under-allocated to it while overpaying for late-stage names they could have owned years earlier. [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Matthew Le Merle is managing partner and CEO of Fifth Era and Blockchain Coinvestors. He is the best-selling author of six books. He holds a double first from Oxford and an MBA from Stanford. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail What is really inside Michael Burry's 2026 recession portfolio? Nothing you can see.  Burry deregistered Scion in November 2025, so his book is now invisible. In this episode of Making Billions, I explain why the portfolio every video claims to reveal probably does not exist, and show you Burry's actual method instead and how to run it in private markets where you operate. This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors, email [email protected] Instead of copying a portfolio you cannot see, I show you how to steal the method. Burry did not forecast a recession in the big short. He read the loan documents, found the exact reset date millions of borrowers could not survive, then bought a defined downside instrument with asymmetric upside.  Read the contract, find the date, buy the asymmetry, define the downside. That is the whole edge, and he ran the same playbook again in 2025. The translation for private markets: you cannot short a buyout fund, but distress shows up as a date on which someone is contractually forced to transact.  For fund managers, allocators, family offices, and institutional investors, this is the framework for reading the calendar instead of the news and making sure you are still solvent when your date arrives. Watch to learn why being right does not pay, but being right and solvent does. DOWNLOAD The Hidden Investing Framework Michael Burry Actually Used (That Almost Nobody Understands): https://go.fundraisecapital.co/the-hidden-investing-framework-michael-burry-used-352837-316070-307574-313055-192531-537908 LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Can AI actually find hedge fund trades a human would miss? In this episode of Making Billions, Ryan Miller sits down with Jan Szilagyi, CEO and co-founder of Reflexivity, the AI investment analysis platform used by firms including Soros Fund Management and MUFG. How do hedge funds use AI to find trade ideas? What is a knowledge graph in finance? How do you stop AI from hallucinating numbers when real capital is on the line? Can a small fund use AI to compete with a multi-manager giant? Jan answers all of it from a two-decade macro career that included trading alongside Stan Druckenmiller at Duquesne and running a 15 billion dollar book. Together, we discuss why the expression of a trade idea matters more than the idea itself and how a knowledge graph maps market ripple effects a spreadsheet cannot show. Learn why AI is a leveler for fund managers and how to run scenario analysis before risking capital.  [THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Jan Szilagyi is CEO and co-founder of Reflexivity, the AI investment platform used by Soros Fund Management and MUFG. At Reflexivity, he pairs large language models with a proprietary knowledge graph to surface trades and map risk in a zero-hallucination environment. Holds the world record for the fastest Harvard Economics PhD.  Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X: https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...