Assertion certainty 4/5 debate potential 2/5

In 2021, venture capital funds returned to market faster than ever

Paula Volent · Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219) · Oct 25, 2021 · at 33:48

Paula Volent, CIO of Rockefeller University and former CIO of Bowdoin College, discusses the changing dynamics in venture capital fundraising pace.

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“I've never seen funds come back to market so fast in my whole career, and so you're always doing these re-ups, where before you had a lot of time to do the due diligence and think about it.”

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More from Paula Volent

Insight
Institutional venture capital is not worth doing without top-tier manager access
“Also, in some of the cases in some asset classes, for instance, venture capital, unless you had access to the very best managers, it wasn't worth doing at all.”
Paula Volent Oct 25, 2021 ▶ 14:34 Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
Assertion Not checkable as stated
Bowdoin's endowment outperformance was driven entirely by manager selection, not allocation
“If you look back on the attribution of our performance over the years, it's all manager selection, and I think asset allocation is important, but as, like, even today, asset allocation gets blurry.”
Paula Volent Oct 25, 2021 ▶ 17:10 Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
Disclosure
David Swensen urged Bowdoin to exit global macro, but Volent refused
“And when I first got there, David would look over my shoulder and say, no one can anticipate interest rates. You should get rid of these investments in global macro. However, those have been a signature part of Bowdoin's portfolio.”
Paula Volent Oct 25, 2021 ▶ 15:02 Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
Insight
VC funds cannot afford concentrated bets in regulatory-risk sectors like Chinese education
“Lately, I've been thinking a lot about risk management because I've been thinking about China and some of the manager's That we're so overweight in some of the education companies and things like that. You can't really do that in venture capital because it's a…”
Paula Volent Oct 25, 2021 ▶ 24:06 Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
Insight
Scale impairs performance, giving an advantage to smaller, meaningful portfolio allocations
“Scale doesn't work in many asset classes, and so The ability to invest small amounts of money, but it will make a big impact on the bottom line is important.”
Paula Volent Oct 25, 2021 ▶ 25:54 Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
Insight
The Yale Model is not a transferable recipe for other endowments
“Well, first of all, I think that the Yale model, quote unquote, is not a recipe that can be transferred. It's different for every organization, so it's more the key tenets of thinking about long-term investing rather than a recipe.”
Paula Volent Oct 25, 2021 ▶ 13:52 Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
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