Allocate

Grateful to have hosted an intimate GP/LP dinner this week alongside Vista Equity Partners, Pinegrove Venture Partners, Mantis Venture Capital and M13 during #AltsLA — bringing together a thoughtful group of investors and fund managers for candid conversations around the evolving landscape of #privatemarkets. Key themes from the evening included: ?? The institutionalization of private alternatives and how LP investors are differentiating across venture, secondaries, and co-investments ?? Where AI is delivering real business value — and where it’s still more hype than substance ?? A shifting liquidity environment, buoyed by an uptick in M&A activity ?? The continued importance (and complexity) of manager selection in a crowded fundraising market Thank you to everyone who joined us — always a privilege to gather with peers pushing the industry forward! Nic Millikan, CFA, CAIA and Peter Epstein on behalf of the Allocate team

We are excited to announce that Krilogy, a nearly $4bn wealthy advisory firm has partnered with Allocate to roll out their white-label solution, a step forward towards a better, data-driven personalization and access to all types of alternatives. The Allocate team appreciates the trust and partnership, and looks forward to continuing to build on the existing foundation! Read more about the collaboration in the PR link provided in comments below. Samir Kaji, Hana Yang, Peter Epstein, Ace Clarke-Fisher, CIMA?, Austen McGregor

Key Takeaways from “The Great Convergence”?panel at #AltsLA Markets Group Just wrapped up an insightful keynote on how?everything is becoming an alternative?in asset management. The lines between public and private markets, institutional and wealth management, and traditional and alternative assets are blurring—driving demand for more diversified, long-term strategies. Big thanks to?Jenny Johnson from Franklin Templeton, Katie Koch from TCW, and @Ryan Marshall from BlackRock?for sharing their perspectives on navigating this shift. The convergence is here—how are you adapting? Let’s discuss! Ace Clarke-Fisher, CIMA?, Austen McGregor, Nic Millikan, CFA, CAIA, Peter Epstein ?#AlternativeInvestments #AssetManagement #Investing

Celebrating Pi Day & the Women Powering Innovation ? On this Pi Day—where numbers drive discovery and innovation—we’re spotlighting the brilliant women shaping the future. From investors and founders to ecosystem leaders, we’ve been privileged to host trailblazing voices on the Allocate Podcast who are redefining what’s possible. As we honor Women’s History Month, we also celebrate the incredible women at Allocate and across the venture ecosystem who push boundaries, break barriers, and build what’s next. Here’s to their leadership, achievements and impact thus far! ???To tune in to any of these podcasts, check out Allocate substack link in comments below. Thank you and cheers to you all, Cameron Dawson, CFA of NewEdge Wealth, CFA, Elizabeth "Beezer" Clarkson of Sapphire Ventures, Erin Harkless Moore, CFA of Pivotal Ventures, Hana Yang of Allocate, Seyonne Kang of StepStone Group! #PiDay #WomensHistoryMonth #Innovation #VentureCapital #AllocatePodcast

The Allocate team hosted its most recent community dinner with a group of leading emerging managers. The dinner topic was "What’s Happening in Venture Right Now? Here are a few takeaways from the group discussion: * The Rise of Efficient Companies: AI is reshaping cost structures, enabling hyper-efficient companies to scale fast with lean teams—but does this mean less capital is needed or just a shift in how it’s deployed? * The Future of VC Models: Large firms are evolving into asset managers with multiple vehicles across growth, credit, and secondaries, mimicking the private equity model. Meanwhile, smaller funds must prove their value beyond capital, whether through customer introductions, product expertise, or deep sector specialization. * Public Markets vs. Private Equity: Many high-growth companies are delaying IPOs indefinitely, preferring the private markets. As a result, secondary sales and continuation funds are gaining traction as liquidity solutions. The conversation made one thing clear—venture is changing fast, and differentiation is more important than ever!

Last week, we hosted 20 Emerging Managers for dinner to discuss the industry. Here are the main takeaways from the dinner: 1) Despite the efficiency AI brings, it will not be cheaper to scale a company (not to be confused with starting a company and get to a few MM in early ARR, which is far cheaper). Dollar spend will be different, but given the almost zero barriers of entry to create competition, companies will still need to capital to scale. Spend may shift toward distribution, brand, and sales versus engineering. 2) VC is evolving, and small funds versus large shops are essentially nearly distinct asset categories from biz model, risk, return. Time to think about these similar to how we'd view a $30B large cap buyout firm versus a $250MM small cap buyout firm. 3) Big funds hoover up capital in times like this as LPs value consistency over top end upside (but with more volatility/illiquidity) 4) AI companies with quick early ARR growth can lead to false positives as many are seeing massive churn rates. "Annual Curiosity Revenue" is something to be highly considered. There will be a lot of burned capital going into false positive companies; but because no one knows which one will be the next Glean or Cursor, expect hoardes to get funded, with many AI App companies facing quick ramp ups only to have revenue fall of a cliff with churn. 5) Liquidity needs to be solved...full stop. Cannot have this continued mismatch of company lifecycles and 10 year fund lives w/o better and more efficient ways to generate liquidity. Fortunately, we are seeing two things 1) GPs much more open to unique ways to generate liquidity and 2) More capital offering liquidity. Expect to see more sponsor to sponsor, strip sales, in the years ahead. Funds without a clear calculus for generating liquidity will have a difficult time raise.

?? We're Hiring! Check out all open positions on our Careers site: - Senior DevOps Eng - Senior Quality Eng - Lead Technical Project Manager - Implementation Specialist - Client Account Specialist - Relationship Manager for Wealthy Advisory Firms - Relationship Manager/Private Market Advisor for Family Offices & UWNI Join Allocate and help us build and transform the private market investing experience!

?? Beyond Summit 2025 is coming—and we couldn’t do it without our incredible sponsors! CrowdStreet, SVB, Forge, Gunderson Dettmer, Grasshopper Bank, Juniper Square, Moss Adams, PitchBook, Foley & Lardner LLP, Tactyc by Carta, Three Bell Capital Each year, we gather the most forward-thinking investors and industry leaders to explore what’s next for private markets. This year’s event is made possible by the support of our valued partners, who help us create a space for meaningful conversations, deep insights, and game-changing connections. A huge thank you to our sponsors for making this experience possible—we can’t wait to share what’s in store! ?? More details in the comments. #BeyondSummit #PrivateMarkets #VentureCapital #Innovation #ThankYouSponsors

Allocate Institute recently hosted its inaugural Masterclass on Fund Portfolio Construction with expert speakers Andrew Harrison of S32, Anubhav Srivastava of Carta, and Kate Beardsley of Hannah Grey VC, moderated by Josh Garcia from the Allocate Investment team. Key takeaways from this educational session can be found below as well as on Allocate Institute's site found in comments below: * LP Expectations & Portfolio Strategy - LPs prioritize?portfolio concentration, reserves, and liquidity strategies, with co-investment access becoming more relevant. - Successful managers balance?portfolio size vs. reserve allocations, ensuring enough follow-on capital while maximizing shots on goal. * Liquidity & Fund Lifecycle Management - DPI remains a challenge—some funds explore?secondaries and recycling, but disciplined reserve planning is key. - Data-driven monitoring?ensures fund pacing and investment strategy remain aligned over time. * Follow-On Decisions & Data Utilization - Underwriting to multiple?on each follow-on dollar is critical for capital allocation. - Firms leverage?real-time performance tracking, scenario modeling, and AI-driven insights?to assess portfolio winners vs. write-offs. * The Role of Technology & Continuous Optimization - Funds are integrating?AI & research tools?to improve investment decision-making. - A?living, adaptable portfolio model?helps managers optimize in evolving market conditions. ? #PrivateMarkets #Innovation #PortfolioConstruction #PortfolioModeling #Liquidity #FundLifeCycleManagement #RoleofAI #ArtificialIntelligence

?? Beyond Summit is back! Once a year, we bring together the most forward-thinking investors and industry leaders to explore the future of private markets. This exclusive gathering is designed to foster deep insights, meaningful connections, and conversations that shape the next wave of innovation. We’re excited to unveil the featured GPs for this year’s event—Aileen Lee, Aydin Senkut, Ben Lerer, Chad Byers, Charles Hudson, Chris Farmer, Eurie Kim, Katelin Holloway, Kristina Shen, Lan Xuezhao, Mamoon Hamid, Peter Hebert, Pejman Nozad, Sergio Monsalve, Tomasz Tunguz, TJ Nahigian, Tripp Jones, Wesley Chan, Will Coffield and more—check out our website to see the rest of the GP lineup! ?? Beyond Summit website and more details can be found in the comments. #BeyondSummit #VentureCapital #PrivateMarkets #Innovation Samir Kaji, Hana Yang, Austen McGregor, Peter Epstein, Ace Clarke-Fisher, CIMA?, Nic Millikan, CFA, CAIA, Ben Weintraub, Camila Orozco Gil, Josh Garcia, Nassar Omar