E69: How Texas Municipal Retirement System Deployed $1B into Venture Capital

This podcast episode explores the process of building a billion-dollar venture capital portfolio. It delves into the concept of alpha generation and how diversification can affect it. The episode also discusses the hub-and-spoke approach to building a venture book, highlighting the advantages and challenges of this strategy. Pacing models and target allocations in venture investing are examined, as well as the importance of governance and delegated investment authority. The section concludes by addressing the difficulties faced by emerging managers in raising capital and the significance of paying investment professionals well.