Johnson: Institutional Allocators Cannot Trade Venture NAV Cycles
Letitia Johnson · Letitia Johnson - Concentrated and Long-Term at Amherst College (EP.382) · Apr 29, 2024 · at 37:49
Amherst College CIO Letitia Johnson explains her endowment's approach to navigating venture capital cyclicality and managing exposure through market swings.
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“Venture is incredibly cyclical. There are going to be times when our venture NAV really spikes, and we just had that, and then it's going to come back down. I am in absolutely no position to trade our venture NAV. No one is. So that's not what I'm going to do. I'm going to be a through cycle investor and support terrific managers over time.”
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