20VC: Inside Carnegie Mellon's $4BN Endowment | Why 90% of LPs Shouldn't Invest in VC | The $140BN Problem with Multi-Stage Funds | The Hidden Math Behind DPI, TVPI, and Illiquidity with Miles Dieffenbach | The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

In this episode of 20VC, Harry Stebbings interviews Miles Dieffenbach, Managing Director of Investments at Carnegie Mellon's $4 billion Endowment Fund. Miles shares his personal story of overcoming cancer and how it shaped his investment mindset. The conversation covers CMU's portfolio construction, asset allocation strategies, and views on venture capital, including the debate on whether LPs are adequately compensated for the risks involved. Miles discusses the challenges and opportunities in venture investing, the importance of manager selection, and the evolving landscape of multi-stage funds. He also touches on the significance of liquidity, the role of public markets, and the potential impact of AI on the venture capital industry, offering insights into fund management, investment strategies, and the future of venture capital.

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20VC: Inside Carnegie Mellon's $4BN Endowment | Why 90% of LPs Shouldn't Invest in VC | The $140BN Problem with Multi-Stage Funds | The Hidden Math Behind DPI, TVPI, and Illiquidity with Miles Dieffenbach

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Introduction to Miles Dieffenbach and His Perspective on Life

Carnegie Mellon Endowment's Portfolio Construction and Venture Capital Allocation

Access to Top Managers and the Pillars of Venture Capital

Selling Strategies, Book Valuations, and Proprietary Sourcing

Proprietary Access, Picking Skills, and Partnership Dynamics

Spin-Outs, Relationship Building, and LP Churn

Fundraising Advice, Management Company Sales, and Multi-Stage Platforms

Outcome Sizes, Market Caps, and Top Performers

Fund Sizes, Alignment, and Fee Structures

Fee Structures, Loyalty, and Brand-Driven Allocations

Liquidity Problems, Public Market Performance, and Secondary Sales

Secondary Sales Analysis, Distribution Expectations, and China Investments

China Market Dynamics, Public Market Acquisitions, and OpenAI's Future

AI's Impact on GDP, NVIDIA's Valuation, and Founder-Friendly Culture

Quick Fire Questions

Closing Remarks and Sponsor Mentions

20VC: Inside Carnegie Mellon's $4BN Endowment | Why 90% of LPs Shouldn't Invest in VC | The $140BN Problem with Multi-Stage Funds | The Hidden Math Behind DPI, TVPI, and Illiquidity with Miles Dieffenbach

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

00:00Introduction to Miles Dieffenbach and His Perspective on Life

Introduction to Miles Dieffenbach and His Perspective on Life

07:55Carnegie Mellon Endowment's Portfolio Construction and Venture Capital Allocation

Carnegie Mellon Endowment's Portfolio Construction and Venture Capital Allocation

13:10Access to Top Managers and the Pillars of Venture Capital

Access to Top Managers and the Pillars of Venture Capital

18:22Selling Strategies, Book Valuations, and Proprietary Sourcing

Selling Strategies, Book Valuations, and Proprietary Sourcing

23:55Proprietary Access, Picking Skills, and Partnership Dynamics

Proprietary Access, Picking Skills, and Partnership Dynamics

29:24Spin-Outs, Relationship Building, and LP Churn

Spin-Outs, Relationship Building, and LP Churn

34:14Fundraising Advice, Management Company Sales, and Multi-Stage Platforms

Fundraising Advice, Management Company Sales, and Multi-Stage Platforms

39:13Outcome Sizes, Market Caps, and Top Performers

Outcome Sizes, Market Caps, and Top Performers

44:10Fund Sizes, Alignment, and Fee Structures

Fund Sizes, Alignment, and Fee Structures

49:39Fee Structures, Loyalty, and Brand-Driven Allocations

Fee Structures, Loyalty, and Brand-Driven Allocations

55:37Liquidity Problems, Public Market Performance, and Secondary Sales

Liquidity Problems, Public Market Performance, and Secondary Sales

1:00:27Secondary Sales Analysis, Distribution Expectations, and China Investments

Secondary Sales Analysis, Distribution Expectations, and China Investments

1:05:30China Market Dynamics, Public Market Acquisitions, and OpenAI's Future

China Market Dynamics, Public Market Acquisitions, and OpenAI's Future

1:11:13AI's Impact on GDP, NVIDIA's Valuation, and Founder-Friendly Culture

AI's Impact on GDP, NVIDIA's Valuation, and Founder-Friendly Culture

1:16:24Quick Fire Questions

Quick Fire Questions

1:23:23Closing Remarks and Sponsor Mentions

Closing Remarks and Sponsor Mentions