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

Peter Teneriello, former Senior Portfolio Manager at Texas Municipal Retirement System, sits down with David Weisburd to discuss how TMRS deployed $1B into venture capital. In addition, they discuss institutional allocation pacing models, the importance of aligned investment teams and why investors may allocate to median performing managers. (0:00) Introduction (0:55) Diversification strategies in venture capital investing (3:32) Co-investment practices and fee management (6:58) Importance and role of pacing models (9:39) Incentives for LP Consultants and their impact (12:25)Strategy for setting up a billion-dollar single family office (15:39)Building effective LP / GP relationships (16:22)Career insights and investment philosophy from Peter Teneriello