Articles by Alexa
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Alexa Binns reposted thisAlexa Binns reposted thisEvery year, Aksia's ODD team reviews fund terms for hundreds of managers across private markets and alternative investments. This allows for a view into market trends in fees, carry, and expenses across asset classes. We summarize these observations in the latest research piece at AC Private Markets.
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Alexa Binns reposted thisAlexa Binns reposted thisAs everyone knows, the emerging manager market has gone through a meaningful reset over the past few years. Many LPs have pulled back. At the same time, new firm formation has continued, and dispersion has increased. This has raised the bar for how LPs need to engage. We recently published a report at Fairview, A Playbook for Emerging Manager Leadership, where we share six years of data from our investing across the last cycle. It’s a look at how we’ve approached pacing, selectivity, and partnership across very different market conditions. I’m proud of how our team has executed through this period - particularly our willingness to lean in when the environment became more uncertain. That shows up in the data, including increased anchoring and first-close participation in recent years, as well as continued co-investment alongside high-conviction managers. We’ve been fortunate to have a platform and partners that have allowed us to stay focused on the work. We continue to believe strongly in the category and are excited about the next generation of firms being built today.
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Alexa Binns shared thisI appreciate allocator Juan Diego Briceño's point that “co-investing” means very different things in private equity versus venture capital. In PE, co-investing is structured and disciplined—you invest alongside the GP in the same round, on the same terms, typically with no fee or carry, with full access to diligence and a clear, controlled process. “Co-investing in venture capital can mean anything for a lot of people.” In VC, it’s far looser. “Co-investment” can range from true aligned access to effectively opportunistic allocations of what’s left over, and LPs often import a private equity framework into a market that moves far faster and more competitively. JDB runs Pomifer Capital, an extension of family office teams focused on private equity and venture capital. He explains how sophisticated family offices think about alternatives, why many learn the hard way that they shouldn’t try to be full-time VCs, and how to avoid adverse selection in both direct deals and co-investments. Listen here: https://lnkd.in/eqeu22Hv
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Alexa Binns shared thisSPACS are BACK. You heard it here. Michael Podolny and the team at Sidley Austin LLP are suddenly slammed again. But it's not quiet 2020 all over again. In this podcast interview, Mike shares where the VCs are wheeling and dealing; secondaries, acquihires, and even SPACS. Michael has a really active secondary/tender offer practice with VC-backed companies. He shares a warning for all of us on the investing side of these offers: In mixed primary and secondary rounds, investors often end up with a blended valuation and mix of shares, which usually evens out at exit, but can make it much harder, particularly for fund-of-funds or aggregator investors, to accurately track ownership and the true value of your holdings. VC friends if your portfolio companies are considering a secondary offer or even a SPAC, highly recommend speaking with Michael Podolny. Thanks to Shane Goudey and the Sidley’s Venture Funds practice for teeing up a fantastic guest. Link in comments to the full interview.
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Alexa Binns shared thisIn 2018, Goldman Sachs launched Launch With GS, an initiative to invest in diverse founders and fund managers. By mid-2023, they hit the full $1B deployment goal and in early 2024, Goldman quietly shut the program down. Regina Green spent 17 years at Goldman Sachs and lead the Launch With GS initiative. I personally believe it is SO important to do retrospectives on these kinds of initiatives to understand how we can continue to move the ball forward. Those lessons learned led Regina to launch Catalyze which provides working capital loans to emerging managers. For diverse fund managers just getting started, Regina's start-up capital incredibly helpful. But her seasoned understanding of how things go in this industry is probably event more helpful. 🎧 Absolutely worth a listen.
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Alexa Binns shared thisThank you Anthony Giambrone for sharing how StepStone Group is thinking about VC this next decade. Don't miss this one! 🎙️🎙️🎙️Alexa Binns shared this🎙️New Episode Alert! From gas station manager to one of the most influential venture allocators in the world. We sit down with Anthony Giambrone of StepStone Group to unpack: - His non-linear path into investing (gas station → nightclub job → receptionist → banker → growth equity → venture allocator) - How StepStone’s venture platform operates across funds, directs, and secondaries with a global footprint - Why consistency across vintages beats market timing in venture - Data-driven insights on power laws and vintage volatility (and what that means for LP portfolio construction) - What separates the emerging managers who actually win allocations in a world where allocators may only add 1–2 new relationships per cycle - How StepStone approaches secondaries, GP-leds, and liquidity solutions as private companies stay private longer - The impact of AI on sourcing, competition, and why relationships/EQ still sit at the center of the asset class If you’re allocating to venture, raising a fund, or building in this ecosystem, Anthony’s perspective is packed with actionable insight.
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Alexa Binns reposted thisAlexa Binns reposted thisThe response to my last post genuinely caught me off guard. 20,000+ impressions, 50 comments, and DMs still coming in, I knew the gap was real, but I underestimated just how many women were waiting for the opportunity to get connected. So I'm expanding the intake. If you are a woman LP looking to be connected to emerging fund managers, a woman fund manager open to $25K checks, or someone simply curious about what it even means to become an LP, drop your name in the link below. I'm currently coordinating a way to bring both groups together, whether that's direct introductions or a Zoom workshop where fund managers and future LPs can connect, learn, and build together. More details coming soon. The goal here more than anything is to build awareness and a network. My hope is that this grows into something bigger than a post. A small but mighty community of women sharing resources, knowledge, and capital to increase our representation across venture and fund management. Even if it only helps 10 women, it's a step in the right direction. https://lnkd.in/gf6Z52-E
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Alexa Binns reposted thisAlexa Binns reposted thisA-Frame Brands is #hiring for a VP of Product Development. This is an incredible role for a senior level PD leader who is looking to develop innovative beauty and personal care products with some of the world's leading global brands. This role is designed to be based in the LA area and will require at least 2 days per week in person at our Santa Monica office. We're moving quickly so if you are interested please apply soon!
Alexa Binns commented on a post
1w
🎙️🎙️🎙️ Episode 93: What LPs Want and GPs Need to Hear
Regina Green, Michael Podolny, Earnest Sweat and Alexa Binns on Swimming with Allocators
https://podcasts.apple.com/us/podcast/what-lps-want-and-gps-need-to-hear/id1713183207?i=1000761494205
Alexa Binns replied to a comment
2w
Nimmi Roche Jemma Wolfe Kelsey Willock Jones Maxeme Tuchman This feels like a reunion of the superstar women in my life! So curious to hear if there's anything you would add on this retrospective. Catalyze is an amazing outcome from Launch. What else do we need? What else would you do in Launch 2.0?
Alexa Binns commented on a post
2w
Regina's full episode is here
https://www.youtube.com/watch?v=jxR8PHN_kOc
Swimming with Allocators Earnest Sweat
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Alexa Binns liked thisAlexa Binns liked thisEvery year, Aksia's ODD team reviews fund terms for hundreds of managers across private markets and alternative investments. This allows for a view into market trends in fees, carry, and expenses across asset classes. We summarize these observations in the latest research piece at AC Private Markets.
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