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Get new episodes in your inbox - https://vc10x.com Aoifinn Devitt is Managing Director of Global Wealth at Moneta, a wealth management firm with $50.54 billion in assets under management. She previously served as Chief Investment Officer of Moneta and London CIV, ran her own investment consulting firm, and holds a PhD in psychological safety in investment management from King's College London. She also hosts the Fifty Faces podcast and the weekly Markets Happy Hour. In this episode, Aoifinn explains how wealthy families approach alternatives, why risk tolerance is really tested in drawdowns, and why she blames advisors for the liquidity mismatch in private market funds. ⭐ This episode is brought to you by Podcast10x - https://podcast10x.com Key topics we cover: • How US and UK high-net-worth families differ on alternatives and risk • Bringing institutional governance into private wealth and family offices • What neuroscience reveals about investor behavior and active management's existential crisis • Rebalancing in a concentrated market and staying cautious on the AI cycle • Venture access for RIAs and who is to blame for the liquidity mismatch Connect with Aoifinn Devitt: LinkedIn - https://www.linkedin.com/in/aoifinndevitt/ Fifty Faces - https://www.fiftyfaceshub.com/ Moneta - https://monetagroup.com Connect with Prashant Choubey: LinkedIn - https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Timestamps: (00:00) Opening preview: investor psychology, active management, and liquidity (00:41) Aoife Devitt and Moneta introduction (01:50) Moneta’s UK expansion and US–UK wealth differences (04:13) Centralized investment philosophy and advisor autonomy (05:32) Esoteric investments and evaluating unusual opportunities (08:03) Institutional governance in private wealth (10:23) Capital preservation and client risk tolerance (13:02) Neuroscience, investor behavior, and psychological safety (16:03) Manager behavior during market drawdowns (17:23) Active management’s performance challenge (18:16) Equity concentration and the search for active alpha (19:59) Portfolio rebalancing and trimming positions (21:18) Tax planning for private wealth clients (23:17) Due diligence on technology and AI investments (27:09) Bonds, yields, and portfolio risk (29:20) Venture capital access and manager selection (30:06) Emerging managers and venture allocation (32:39) Alternatives, liquidity, and the RIA model (35:09) Qualitative signals in manager due diligence (36:47) Cognitive diversity and investment team performance (39:48) What asset managers offer RIAs (40:48) Venture capital rapid-fire questions (41:03) Venture themes and regions (42:09) Typical venture fund commitments (42:42) How fund managers can reach Moneta (43:06) Where to follow Aoife Devitt (43:43) Closing remarks #VC10X #WealthManagement #FamilyOffice #Alternatives #PrivateMarkets #RIA #AssetManagement #VentureCapital #BehavioralFinance #InvestorPsychology

Get new episodes in your inbox - https://vc10x.com Yash Patel is Managing Partner at Capra Ventures, a fund built around Lean AI: AI native companies that do more with less. Capra takes high conviction bets in seed and Series A companies, primarily at the AI application layer. Its first portfolio company, Higgsfield AI, grew from zero to $200M in ARR in nine months and to $1B in annualized revenue in eighteen months. Yash has previously led investments across vertical software and platforms, including OpenGov and Super.com. In this episode, Yash breaks down his Lean AI playbook and what tiny, fast-growing AI teams mean for fund math, metrics, moats and the future of venture capital. ⭐ This episode is brought to you by Podcast10x - https://podcast10x.com Key topics we cover: • Why Lean AI companies call for more concentrated funds and more capital up front • Net dollar retention of 300%+ and revenue per employee as the metrics that matter most • Where the moat lies when every competitor has access to the same frontier models • What the org chart of a one-person, $10M ARR company tells us about which roles stay human • Why pricing is moving to outcome-based models and the middle of venture is being hollowed out Timestamps: (00:00) - Preview (02:16) - How lean AI changes fund size, reserves, and growth economics (07:39) - What founders need from venture partners and flexible capital (10:20) - Retention, engagement, and the metrics that signal product-market fit (14:14) - Open models, competition, and defensible AI startup moats (18:13) - Distinguishing temporary viral spikes from durable AI product habits (20:52) - Managing inference costs and protecting AI gross margins (23:07) - Token pricing, model-company discounts, and compute deals (25:04) - Internal model routers and choosing models by use case (26:51) - AI-native company roles, automation, and human oversight (31:23) - Founder skills and product velocity in lean teams (34:10) - Building resilient organizations without corporate bloat (37:39) - AI startup independence, acquisitions, and IPO prospects (40:28) - How AI agents could shift SaaS pricing toward outcomes (43:36) - Venture capital requirements as software gets cheaper to build (46:49) - Changing venture milestones and the hollowing out of mid-stage funding (48:38) - Rapid-fire questions about Capra Ventures (48:50) - Investment sectors (49:10) - Geographic focus and distributed talent (49:58) - Typical investment stage and check size (50:48) - Leading and co-leading rounds (51:18) - How founders can contact Yash Patel (51:44) - Where listeners can follow Yash (52:22) - Closing remarks Connect with Yash Patel:https://www.linkedin.com/in/ypatel1/ Connect with Prashant Choubey:https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com #VC10X #VentureCapital #LeanAI #AIStartups #StartupFunding #VCPodcast #ArtificialIntelligence #Investing

Get new episodes in your inbox - https://vc10x.beehiiv.com Jessie Jia Guo is an Investment Partner at Next Legacy, a venture fund-of-funds that has been investing since 1999 on behalf of philanthropists, nonprofit organizations, and a community of athletes, entertainers and changemakers. One hundred percent of the distributions from Next Legacy's legacy funds go to nonprofit causes chosen by its investors, crossing three billion dollars to date. Jessie began her career on the LP side in Beijing before joining Next Legacy through a cold email to its founder. Jessie Jia Guo on capital with a soul, how Chinese VCs scale differently, and the new liquidity playbook for GPs. ⭐ This episode is brought to you by Podcast10x - https://podcast10x.com Key topics we cover: • Why benchmarks are table stakes and how force-ranking managers adds rigor • Whether capital with a soul makes an LP take more risk or less • How Chinese VCs scale their companies and the role of geopolitics • The portfolio construction blind spot experienced GPs have when pitching LPs • Triaging a portfolio for liquidity and spotting real AI conviction versus hype Timestamps: (00:00) - Episode highlights (01:06) - Introduction to Jessie Jia Guo and Next Legacy (01:37) - Sponsor: Podcast10x (02:18) - Landing a role at Next Legacy through a cold email, and how Jessie reads cold pitches today (06:25) - Bringing force ranking from China to US-style benchmarking (10:59) - Capital with a soul: how 100% charitable distributions shape risk appetite (13:33) - Full-spectrum portfolio: emerging managers alongside established firms (15:12) - Telling generational managers apart from trend-chasers (18:05) - How Chinese VCs scale companies: USD vs RMB funds, going global and local government support (20:56) - Exit routes and the impact of geopolitics on US-China venture (25:30) - Next Legacy's history and early entry into China (28:05) - A common blind spot when VCs pitch LPs: long-term portfolio construction (31:28) - The new liquidity playbook: triaging breakouts, M&A candidates and pivots (36:19) - Spotting real AI and deep tech conviction vs hype (39:55) - $3 billion in charitable distributions and Jessie's personal legacy (42:03) - The next frontier: institutional investors reinventing themselves with AI (43:48) - Rapid fire: themes, check sizes and how to reach Jessie (45:24) - Closing thoughts Connect with Jessie Jia Guo: https://www.linkedin.com/in/jessiejiaguo/ Connect with Prashant Choubey:https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com #VC10X #VentureCapital #LimitedPartners #FundOfFunds #EmergingManagers #ImpactInvesting #Philanthropy #ChinaVC #Liquidity #AIInvesting #Podcast

Jev by TypeSafe is a different kind of AI model. It doesn’t write essays, generate images, or try to replace frontier LLMs. Instead, Jev is designed to make fast, structured decisions — which tool to use, which model should handle a task, whether an action is safe, how relevant information is, or whether something should be escalated. And that could become an important layer in the emerging AI agent stack. In this episode, we break down what Jev actually does, why TypeSafe built a specialized decision model, and whether this approach can make AI agents faster, cheaper and more reliable. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - [https://podcast10x.com](https://podcast10x.com) Key topics we explore: — What Jev actually does and how it differs from traditional LLMs — Why not every AI decision requires a frontier model — How Jev could fit into the AI agent stack — The economics of fast, structured AI decisions — Where Jev could improve agent reliability and orchestratio — The limitations and risks of specialized decision models — What this could mean for the future architecture of AI The bigger question: How many decisions inside the AI economy can be separated from expensive generative models and handled by specialized models instead? The next phase of AI may not just be about models that generate more. It could be about specialized models that decide what happens next. LINKS Prashant Choubey - [https://www.linkedin.com/in/choubeysahab](https://www.linkedin.com/in/choubeysahab) Subscribe to VC10X newsletter - [https://vc10x.beehiiv.com](https://vc10x.beehiiv.com) Subscribe on YouTube - [https://youtube.com/@VC10X](https://youtube.com/@VC10X) Subscribe on Apple Podcasts - [https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986](https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986) Subscribe on Spotify - [https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ](https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ) VC10X website - [https://vc10x.com](https://vc10x.com) Sponsorship queries: [[email protected]](mailto:[email protected]) This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight. Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets. #VC10X #AI #ArtificialIntelligence #Jev #TypeSafe #AIModels #AIAgents #VentureCapital #Investing #AIInvesting #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.com Tom Duffy is a Director on the private markets team at TIFF Investment Management, an institutional investment firm founded over 35 years ago to serve nonprofit endowments and foundations. TIFF runs outsourced CIO and individual asset class strategies, with a 13-person private markets team and over three billion dollars in private market commitments across lower middle market private equity, micro-cap direct investments, small-cap secondaries, and an early-stage venture fund of funds program running since 1997. Tom breaks down how TIFF selects venture managers, how it underwrites a first fund with no track record, how it gets exposure to AI without chasing the theme, and what it's actually doing about the DPI drought. ⭐ This episode is brought to you by Podcast10x - https://podcast10x.com Key topics we cover: - What TIFF looks for in an early-stage venture manager, and why focus beats coverage - How to underwrite an emerging manager raising Fund I with no attributable track record - Why judgment and partnership are the traits AI can't commoditize - Investing in AI and crypto through specialists rather than chasing the narrative - Why forcing exits to manufacture DPI is a worse outcome for LPs Chapters: (00:00) - Preview (02:11) - The Origin Story and Mission of TIF (04:26) - Differentiating on Fees in Investment Management (05:29) - TIF's Private Market Strategies and Key Differentiators (08:06) - The Profile of a VC Manager That TIF Backs (10:40) - How TIF Evaluates and Underwrites Emerging Managers (13:21) - The Single Most Important Trait of the Best Managers: Focus (15:54) - Investing in AI and Crypto Without Chasing Themes (19:15) - Portfolio Diversification and Exposure to the AI Theme (21:07) - Managing the "DPI Crisis" and Liquidity in Private Markets (25:37) - Exploring Opportunities Beyond Popular Sectors and Geographies (27:00) - Rapid-Fire Round on TIF's Investment Thesis (27:20) - Sectors and Regions of Investment (27:38) - Allocation Between Emerging and Established Managers (28:13) - Preferred Fund Stage (Early vs. Late) (28:50) - Typical First-Time Check Size (29:17) - How Listeners Can Get in Touch (29:34) - Conclusion and Final Words Connect with Tom Duffy: LinkedIn - https://www.linkedin.com/in/tom-duffy-cfa-cfp/ TIFF - https://www.tiff.org Connect with Prashant Choubey: LinkedIn - https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Disclaimer: Tom Duffy, CFA, CFP, is a Director, Private Markets at TIFF Investment Management. All views expressed by him on this podcast are solely his opinions and do not reflect the opinions of TIFF. You should not treat any opinions expressed by Tom as a specific endorsement to make a particular investment. References to any securities are for informational purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Any past performance discussed is not indicative of future results. Please keep in mind that investment in a fund entails a high degree of risk, including the risk of loss. Please note that TIFF does not endorse the ads featured in this podcast, and TIFF is not a sponsor of these ads. #VentureCapital #LimitedPartners #EmergingManagers #PrivateMarkets #FundOfFunds #Endowments #DPI #VentureLiquidity #AIInvesting #VC10X

AI spending isn't slowing down. But the AI investment story may be changing. Global AI spending is still accelerating, Nvidia is reporting extraordinary growth, and hyperscalers continue committing hundreds of billions of dollars to data centers, GPUs, networking and power. So why are we hearing more about an "AI slowdown"? Because there are several very different things that could be slowing — model development, infrastructure spending, AI revenue growth, or simply investor expectations. And those distinctions matter. In this episode, we break down what is actually happening beneath the AI boom, why massive infrastructure spending is creating a new focus on returns, and what happens when investors start asking whether AI growth is fast enough to justify the capital being deployed. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: — Why AI spending and infrastructure demand remain extraordinarily strong — What Nvidia's latest numbers reveal about AI demand — Why hundreds of billions in AI infrastructure investment changes the investment equation — The growing importance of capital efficiency, margins and infrastructure utilization — Why highly leveraged AI infrastructure companies could face different pressures than hyperscalers — How frontier AI development could slow without AI adoption slowing — Why inference, AI agents and enterprise automation may become increasingly important — The difference between slowing AI growth and slowing AI expectations — Why the next phase of the AI boom could be defined by returns rather than spending The bigger question: Can AI generate enough economic value to justify the enormous amount of capital being invested into the technology? AI doesn't have to stop growing for the AI trade to slow down. It simply has to grow more slowly than the expectations already priced into the market. For investors, that distinction could become increasingly important as the AI ecosystem moves from a period of aggressive capital deployment toward a period where revenue, margins, utilization and return on invested capital matter much more. The question is no longer simply: "How big can AI become?" It's: "Show me the returns." LINKS Prashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Sponsorship queries: [email protected] This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight. Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets. #VC10X #AI #ArtificialIntelligence #Nvidia #AIInvesting #AIInfrastructure #AIBubble #DataCenters #AIAgents #VentureCapital #Investing #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.com Morgan Flager is Managing Partner at Silverton Partners, the longest-running and most active early-stage venture firm in Texas. He joined Silverton in 2006 and has spent two decades backing seed and Series A companies out of Austin, with outcomes including SailPoint, Ping Identity, Vacasa, AlertMedia, Black Locus and TrendKite. Silverton closed Fund VII at $248M, the largest in the firm's history, and is currently in market with Fund VIII. Before Silverton, Morgan invested at FTV Capital and held operating roles at Kintana and Ingrian Networks. He holds a BS from Stanford. Morgan is at least doubling Silverton's allocation to hard tech, and he explains why part of that rotation is real conviction and part of it is the venture industry running from a broken toy. ⭐ This episode is brought to you by Podcast10x - https://podcast10x.com Key topics we cover: - Why Silverton's hard tech allocation is moving to 30-40% of the fund across defense, AI infrastructure, manufacturing and energy - What still makes a software company defensible when features are commoditized and wrappers are worse than features - Why he's writing more seed checks instead of holding deeper reserves as the power law sharpens - The valuation math that makes him walk away: a $300M seed entry needs a $5B outcome, and only ~30 companies have crossed $10B in 20 years - How LP conversations changed between Fund VII and Fund VIII, and why liquidity is now the first question Chapters: (00:00) - Preview (00:52) - Introduction to Morgan Flager & Silverton Partners (02:19) - Silverton's Evolving Deployment Strategy (2022-2026) (03:15) - Increased Allocation to Hard Tech & Emerging Categories (06:01) - Why VCs are Shifting from Software to Hard Tech (08:03) - Distinguishing AI Wrappers from Defensible Enterprise Platforms (12:25) - The Next Era of the Texas Startup Ecosystem (15:07) - Portfolio Construction: More Shots on Goal vs. Deeper Reserves (18:20) - How AI Creates More Capital-Efficient Software Companies (22:26) - Maintaining Valuation Discipline in a Hot Market (25:55) - How AI Will Change the Healthcare Landscape (29:40) - The Changing Architecture of a Successful Marketplace (33:00) - The Risk of Frontier Models (OpenAI, Claude) Competing with Startups (38:00) - Distinguishing Genuine Founder Obsession from Trend Chasing (40:38) - The Most Common Scaling Friction for B2B Founders ($1M to $10M ARR) (43:40) - The Shift in LP Conversations and Priorities for Fund VII (47:01) - How LP Composition has Shifted Over Time (49:36) - Navigating Tough Board Conversations About Fundraising (54:33) - The Core Investing Philosophy Morgan Had to Unlearn (58:34) - Rapid Fire Round Begins (58:46) - Sectors and Regions (59:11) - Stage of Investment (59:20) - Leading Rounds (59:30) - Typical Check Size (59:45) - How Founders Can Get in Touch (01:00:16) - Where to Follow Morgan Online Connect with Morgan Flager: LinkedIn - https://www.linkedin.com/in/mflager/ Silverton Partners - https://www.silvertonpartners.com Connect with Prashant Choubey: LinkedIn - https://linkedin.com/in/choubeysahab X - https://x.com/ChoubeySahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com #VentureCapital #DeepTech #StartupInvesting #SeedFunding #AustinTech

AI researchers are resigning — and some are warning that the technology is getting dangerously good. The latest is Jacob Coxon, who recently resigned from Anthropic after previously working at OpenAI and publicly shared his reasoning on X. But this isn't simply a story about one researcher leaving an AI lab. The bigger issue is the race between frontier AI companies. OpenAI, Anthropic, Google, Meta and others are competing to build increasingly capable models, while some researchers are warning that the safety systems needed to control these models may not be keeping pace. Even if one lab slows down, its competitors have an incentive to keep moving. In this episode, we break down why AI researchers are increasingly raising concerns, what the frontier AI race looks like from inside the labs, and why self-improving AI could fundamentally change the risk equation. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: — Why Jacob Coxon resigned from Anthropic — The growing divide between AI capability and AI safety — Why frontier AI has become a race nobody wants to lose — What happens when AI becomes capable of doing AI research — The potential implications of recursive self-improvement — Why even safety-focused AI labs face enormous competitive pressure — What the AI arms race means for investors, companies and policymakers The bigger question: What happens when every AI lab believes it can't afford to slow down? For investors, this is more than an AI safety debate. The incentives driving frontier AI development could shape how capital flows into the sector, how companies compete, and ultimately who controls the most powerful technology being built today. The challenge isn't simply making AI more capable. It's building an environment where companies can slow down when necessary — without handing the entire advantage to whoever keeps accelerating. LINKS Prashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Sponsorship queries: [email protected] This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight. Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets. #VC10X #AI #ArtificialIntelligence #Anthropic #OpenAI #AISafety #AIInvesting #VentureCapital #Investing #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.com Ned Brines is Chief of Investment Strategy at Arnel & Affiliates, a single family office in Southern California, where he runs the portfolios for both the family and its foundation. He spent six years in investment banking and more than two decades as an institutional money manager before moving into the family office world, and he serves as an independent director of a publicly traded apartment REIT. In this episode, Ned breaks down how a multi-billion dollar family office actually builds a portfolio, and why most of what passes for diversification isn't. ⭐ This episode is brought to you by Podcast10x - https://podcast10x.com Key topics we cover: • Why thirty equity managers is one bet wearing thirty different labels • What real estate is really there to do in the portfolio, and why he doesn't think it's the inflation hedge everyone claims • How IRR gets manipulated with subscription lines, and what he does to strip it back out • Why he caps venture funds at $150M and PE funds at $750M • Why he holds twelve percent cash, waits for downside volatility, and once waited fourteen years to buy a stock Links: Connect with Ned Brines: LinkedIn - https://www.linkedin.com/in/ned-brines/ Connect with Prashant Choubey: LinkedIn - https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Timestamps: (00:00) - Preview (03:12) - The Biggest Misconception in Portfolio Construction (04:16) - Building a Portfolio Based on Economic Conditions (05:43) - The Role of Real Estate in a Family Office Portfolio (06:25) - Framework for In-sourcing vs. Outsourcing Investments (08:47) - The Dangers of Illiquid Strategies for Retail Investors (11:08) - How Rising Interest Rates Challenge Private Equity (12:11) - Hedging Against Geopolitical and Interest Rate Uncertainty (14:34) - What Specific Role Does Real Estate Play in a Portfolio? (16:11) - How Families Without a Real Estate Background Should Invest (19:30) - Are REITs the Best Way to Invest in Real Estate? (20:37) - Evaluating Established vs. Emerging Fund Managers (22:15) - Focusing on MOIC (Multiple on Invested Capital) Over IRR (24:15) - How to Differentiate Between Two Seemingly Similar Managers (26:08) - Why High-Conviction, Concentrated Bets Are Preferred (29:32) - Determining the Right Amount of Cash to Hold for Opportunities (32:40) - Managing a Single Cash Pool for Family Needs and Investments (33:55) - Uncovering Hidden Risks in Private Markets (37:13) - Operational Improvements with the Biggest Impact (39:10) - Distinguishing Between Genuine Risk and Market Volatility (41:50) - Thoughts on the AI Stock Thesis and Valuations (47:31) - An Investment Belief That Has Changed Over the Last Decade (50:13) - How Serving on a REIT Board Changed His View on Real Estate (55:53) - The Future Advantages and Disadvantages for Family Offices (01:00:43) - Start of Rapid Fire Round (01:00:59) - Sectors and Regions of Investment (01:03:48) - Typical Commitment Size for VC and PE Funds (01:05:10) - Sourcing Deals: Inbound vs. Outbound (01:07:22) - Where Listeners Can Follow Ned #VentureCapital #FamilyOffice #PrivateEquity #Investing #AssetAllocation

Nvidia just announced its acquisition of Hugging Face for $12.93 billion — one of its biggest moves yet. But this isn't simply Nvidia buying another AI company. Hugging Face sits at the developer and model layer of the AI stack, while Nvidia dominates the compute underneath it. The deal could give Nvidia a much deeper position across the AI ecosystem — from chips and infrastructure to models, developers and deployment. In this episode, we break down what Nvidia is really buying, why open AI matters, and what this could mean for the competitive landscape. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: — Why Nvidia is paying nearly $12.92B for Hugging Face — Hugging Face's role in the open AI ecosystem — Nvidia's move from chips toward a full-stack AI platform — The strategic importance of developers, models and inference — How the deal could strengthen Nvidia against custom AI chips — The tension between Nvidia ownership and Hugging Face's compute-agnostic model The bigger question: Is Nvidia buying Hugging Face for its current business — or to control a much larger part of the AI stack? For investors, the deal is another signal that the AI value chain is moving beyond GPUs. Nvidia isn't just trying to sell the picks and shovels of AI — it's increasingly positioning itself across the platform where AI gets built. LINKS Prashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Sponsorship queries: [email protected] This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight. Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets. #VC10X #Nvidia #HuggingFace #AI #ArtificialIntelligence #VentureCapital #Investing #OpenAI #AIInvesting #TechInvesting

Get new episodes in your inbox - ⁠https://vc10x.beehiiv.com⁠ Ken Goldman spent five years as President of Hillspire, Eric Schmidt's family office, an organization of over five hundred people spanning investments, legal, IT, aviation, personal property, foundations, and an oceanographic research vessel. He was CFO of Siebel Systems and CFO of Yahoo, was employee number seven at VLSI Technology, and has served on dozens of public and private boards. He now invests actively across venture and private equity funds and sits on the PCAOB advisory group. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - ⁠https://podcast10x.com⁠ Topics covered: - Why the analysis that said sell Alphabet was the best call Hillspire never made - How you hire and retain people when you have no equity to offer, and who you stop competing for - The split between the institutional book and the "VIP investments" Eric Schmidt made himself - What separates a family office conference worth attending from one where you are the product - Why Ken says we are in a bubble even though every insider he asks says AI is under-hyped Connect with Ken Goldman: LinkedIn: ⁠https://www.linkedin.com/in/ken-goldman-552a47⁠ Connect with Prashant Choubey: LinkedIn: ⁠https://www.linkedin.com/in/ken-goldman-552a472⁠ Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠ Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠ Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠ Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠ VC10X website - ⁠https://vc10x.com⁠ Timestamps: (00:00) - Preview (01:19) - Guest intro (03:07) - The operational scale of a 500+ person family office (07:12) - Tips for retaining high-quality talent in the age of AI startups (08:45) - The importance of being in the office to build team culture (12:04) - The trend of institutionalization in family offices (12:45) - A breakdown of Hillspire's diverse in-house operations (15:15) - Why private equity and VC firms are now targeting family offices (17:47) - Identifying the highest quality family office conferences (18:17) - What makes a family office conference valuable (non-solicitation, quality speakers) (23:31) - Common blind spots of emerging family offices (26:41) - Approach to venture capital: direct investing vs. backing funds (30:56) - Framework for executing philanthropy in a family office (34:51) - Building a personal portfolio of alternative investments (39:35) - Essential financial controls for startups before hiring a CFO (43:45) - Is the current AI cycle overhyped or underhyped? (48:00) - Governance warning signs that a startup is drifting off course (49:05) - Key metrics to watch: customer churn and net ARR (52:18) - Dangerous assumptions investors carry from bull to bear markets (55:20) - Why we are likely in an investment bubble, especially in data centers

Nvidia is now a roughly $5 trillion company—and it's still growing at more than 100% year over year. In its latest earnings, Nvidia reported $96.2 billion in quarterly revenue, up 106% year over year, with Data Center revenue reaching $89 billion, up 117%. The company is also guiding for approximately $108 billion of revenue next quarter. But for investors, the bigger question isn't whether Nvidia is growing. It's how a company of this scale can continue growing at rates normally associated with startups—and how much of that growth is already priced into the stock. In this episode, we break down Nvidia's latest earnings and what they tell us about the broader AI infrastructure cycle. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: – How Nvidia is still growing revenue at 100%+ at a ~$5T valuation – Why Data Center revenue remains the core driver of the business – What Nvidia's $108B quarterly guidance tells us about AI demand – Why inference could become an even bigger driver of AI compute – Nvidia's expanding role across GPUs, networking, software, and AI systems – The growing threat from AMD, custom silicon, and hyperscaler-designed chips – Margin risks as memory costs and next-generation systems evolve – What Nvidia's results tell us about the broader AI infrastructure thesis – Whether extraordinary growth can continue long enough to justify today's valuation The bigger question: How long can Nvidia continue compounding at extraordinary rates—and what happens when the law of large numbers eventually catches up? For investors, Nvidia's earnings provide perhaps the clearest evidence yet that AI infrastructure demand remains exceptionally strong. But at a $5 trillion valuation, the debate is no longer simply about whether AI is growing. It's about how much of that future growth Nvidia can capture—and what investors are paying for it today. LINKS Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠ Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠ Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠ Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠ Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠ VC10X website - ⁠https://vc10x.com⁠ For sponsorship queries reach out to [email protected] This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight. Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets. #Nvidia #NVDA #AI #ArtificialIntelligence #AIInfrastructure #Semiconductors #DataCenters #Investing #TechStocks #VC10X #NvidiaEarnings #AMD #TSMC #Broadcom #AIInvesting #GPUs #Inference #Markets #WallStreet #Finance

Sydney Landau joined SHAKTI as an intern with no background in venture. Two years later, she became a Partner, at 24. Sydney breaks down how she reads founders using the psychology training she picked up as a psych major, why her firm invests in what they call "reimagination of toothbrushes," and what SHAKTI's primary research with 42 next-gen members of wealthy families revealed about where the intergenerational wealth transfer is actually going. Plus: how she sourced an investment off a TikTok her friends were forwarding around, what running an AI native firm on its own portfolio companies actually looks like day-to-day, and the one part of the job AI has not changed at all. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com What we cover - Reading founder psychology, and why SHAKTI backs the founder and the problem rather than the solution - How next gen allocators break from their parents, and what the 42-person study found - The toothbrush test, and how SHAKTI sizes a market before anything else - Sourcing a deal off a TikTok, and where founders are actually showing up now - Running an AI native venture firm, and the one thing AI has not changed About the guest Sydney Landau is a Partner at SHAKTI, an inception-stage venture firm investing across AI, robotics, and consumer. She leads the firm's next gen research and its AI native operations. Sydney on LinkedIn - https://www.linkedin.com/in/sydney-landau-740644236 Shakti VC on LinkedIn - https://www.linkedin.com/company/shakti-vc Sydney on X - https://x.com/Sydney_landau Book she mentioned: The Venture Mindset - https://www.amazon.com/Venture-Mindset-Smarter-Achieve-Extraordinary/dp/0593714237 About VC10X VC10X is a podcast on venture capital, fund management, and institutional allocation, hosted by Prashant Choubey. Conversations with the GPs, LPs, and allocators shaping how capital gets deployed. Connect with Prashant Choubey: LinkedIn: https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X VC10X website - https://vc10x.com Timestamps: (00:00) - Preview (01:01) - Introduction to the episode and guest, Sydney Landau. (02:18) - Sydney’s journey into venture capital without a tech background. (04:34) - Key learnings from intern to partner in two years. (05:07) - The importance of founder psychology in early-stage investing. (07:11) - Operator experience vs. starting a career directly in VC. (08:10) - How Shakti VC's Titan Platform supports founders. (10:07) - Understanding and investing in Gen Z founders. (12:00) - The rise of IRL (in-real-life) events and personal branding in venture. (14:05) - Study on next-gen wealth transfer and capital allocation. (15:40) - Why next-gen investors are active generalist learners. (18:16) - What drives the shift from specialist to generalist investing. (20:40) - Surprising findings from the next-gen wealth study. (23:04) - Motivation behind studying next-gen high-net-worth individuals. (24:42) - How Gen Z evaluates AI opportunities differently. (25:30) - The "toothbrush" investment thesis: investing in frequent and ubiquitous use cases. (28:03) - Combining generational perspectives within a venture firm. (31:45) - The story of sourcing and winning a deal from TikTok. (36:08) - Transforming Shakti into an AI-native venture firm. (40:17) - What the next-generation consumer wants. (42:50) - How AI will lead to a new generation of entrepreneurs. (43:55) - A trend obvious to Gen Z that isn't priced into markets yet: resale and autonomy. (46:25) - Advice for a 22-year-old wanting a career in venture capital. (48:51) - Rapid-fire round: Investment sectors, stage, and check size.

Etched just raised another $700 million at a $21 billion valuation, nearly doubling its valuation from around $10.3 billion in less than a month. But the headline valuation isn't the most interesting part. Etched is building specialized AI chips and inference systems designed to challenge the economics of Nvidia for one of the fastest-growing parts of AI compute: inference. And one of the most notable investors and customers is Jane Street. In this episode, we break down what Etched is actually building, why inference could become an enormous AI compute market, and whether a $21B valuation can be justified. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: – What Etched is actually building and why it is focused on AI inference – Why specialized ASICs could compete with general-purpose GPUs – How Etched's approach differs from Nvidia's GPU strategy – Why Jane Street is both an investor and early customer – Why Etched's valuation jumped from ~$10B to $21B in less than a month – The opportunity and risks in the rapidly growing inference market – Why specialized AI hardware could become increasingly important as AI workloads scale – Whether Etched can become a meaningful Nvidia competiton—or carve out a specialized market of its own The bigger question: As AI inference becomes a larger share of global compute, will specialized chips challenge Nvidia's dominance? For investors, the story isn't simply Nvidia vs. AMD anymore. The AI hardware ecosystem is becoming increasingly specialized—and the companies that can deliver more intelligence per dollar, per watt, and per second could capture enormous value. LINKS Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠ Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠ Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠ Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠ Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠ VC10X website - ⁠https://vc10x.com⁠ For sponsorship queries reach out to [email protected] This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight. Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets. #Etched #AI #ArtificialIntelligence #AIChips #Inference #Nvidia #Semiconductors #JaneStreet #AIInfrastructure #ASIC #GPUs #TechStocks #Investing #VC10X #VentureCapital #Datacenters #MachineLearning #SiliconValley #Finance #Markets

Matt Curtolo is an independent advisor to LPs & GPs with over twenty years on the LP side of private markets, across Hamilton Lane, Hirtle Callaghan, MetLife, and Allocate. He now works directly with fund managers on strategy, fundraising, and positioning, giving them the candid LP read most of them never get. This is his third appearance on VC10X. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Topics covered: - Why 2021 is the wrong baseline, and what the fund one attrition data actually shows - Why "we invest in AI" has stopped being a thesis, and where Matt is looking instead - How LP incentives, economic and non-economic, decide whether you ever get a check - The biggest mistake GPs make when telling their fund story - Why Matt thinks LPs who refuse to back fund ones are misunderstanding risk Connect with Matt Curtolo: LinkedIn: https://www.linkedin.com/in/matt-curtolo-caia/ Connect with Prashant Choubey: LinkedIn: https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.com Timestamps: (00:00) - Preview (00:52) - Introduction to the host, guest, and the episode's central theme. (01:23) - Sponsor read for Podcast NX. (02:26) - Comparing the 2021 LP market to today's. (04:52) - Investment trends and opportunities outside of AI. (08:55) - How General Partners (GPs) are positioning themselves for fundraising. (11:18) - Understanding Limited Partner (LP) incentives and their impact on investment decisions. (14:40) - Key factors for securing a second meeting with LPs. (17:15) - The biggest mistake GPs make when telling their fund's story. (19:32) - How LPs evaluate first-time fund managers today. (22:21) - The impact of SPVs and the "deal-first" mentality on portfolio building. (27:23) - Principles of good portfolio construction for long-term LPs. (30:46) - What separates durable franchises from one-fund wonders. (33:08) - A hypothetical fundraising strategy for launching a new fund today. (35:48) - Start of the rapid-fire round. (36:00) - An important LP question every GP should be prepared for. (36:19) - An exciting investment theme outside of AI. (36:31) - Outdated fundraising advice to ignore. (36:53) - A prediction for the GP fundraising market in the next three years. (37:19) - Concluding thoughts.