About this episode
How do experienced LPs evaluate venture managers in an increasingly crowded and bifurcated market?
David Weisburd speaks with Kate Simpson about her career as a venture allocator, her move to GEM to lead venture investing, and how institutional LPs assess sourcing, portfolio construction, and power-law dynamics. Kate explains how reference calls, fund sizing, access, and long-term relationships shape conviction in venture manager selection.
Highlights:
Kate’s path from the UNC Endowment to leading venture at GEM
Lessons learned from fund-of-funds investing and institutional due diligence
Why asking the right questions matters more than having the right answers
Differentiating between “good” and “glowing” references
Evaluating venture funds through sourcing, picking, and winning
The role of portfolio construction and reserve strategy in venture returns
Why venture has become two distinct games: access vs. discovery
How fund size impacts the ability to capture power-law outcomes
Signals LPs use to evaluate managers before liquidity
The evolving role of LPs as long-term partners in venture ecosystems
Guest Bio:
Kate Simpson is a senior venture allocator at GEM, where she leads venture investing across the firm’s OCIO and discretionary platforms. She has spent her career as an institutional LP, with prior experience at the UNC Endowment and multiple fund-of-funds, focusing on venture manager selection, portfolio construction, and long-term partnerships. Kate brings a deep understanding of both qualitative and quantitative diligence across early-stage and multi-stage venture strategies.
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Sponsor:
AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.
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