CEO of Commonfund on Venture Capital, Power Laws & the Future of IPOs

What if the biggest edge in venture capital isn’t manager selection—but earning access to the managers everyone already knows are the best? In this episode, I sit down with Mark Anson, CEO, President, and CIO of Commonfund, to discuss what he has learned managing capital across some of the world’s most influential institutions, including CalPERS, the Bass Family Office, and Commonfund. Mark explains why venture capital remains one of the most persistent alpha-generating asset classes, how LPs earn access to top managers, and why relationships, responsiveness, and knowledge-sharing matter more than check size. Highlights: The surprising story of how donuts helped unlock access to a top-tier VC fund Why venture capital has the greatest performance dispersion in investing The difference between average and top-quartile venture returns How Commonfund evaluates emerging managers before the market finds them Why access in venture is earned, not bought The case for a rules-based approach to venture investing Why innovation is completely uncorrelated with the business cycle Mark’s framework for managing “human capital” throughout a career Guest Bio: Mark Anson is the Chief Executive Officer, President, and Chief Investment Officer of Commonfund, where he oversees more than $35 billion in assets serving endowments, foundations, and institutional investors. Throughout his career, Mark has led investment organizations at some of the world’s most prominent institutions, including CalPERS, the Bass Family Office, British Telecom Pension Scheme, Hermes Pension Management, and Nuveen Investments. A prolific author, researcher, and educator, he has published more than 100 journal articles and several leading finance textbooks, including The Handbook of Alternative Assets. Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at [email protected]. We’d like to thank AlphaSense for sponsoring this episode! 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. Stay Connected with David Weisburd: X/Twitter: @dweisburd LinkedIn:   / dweisburd   Weisburd Capital: https://www.weisburdcapital.com/ Stay Connected with Mark Anson: LinkedIn:  / mark-anson-7a9b4a75   Questions or topics you want us to discuss on How I Invest? Email us at [email protected]. Disclaimer: Each of CF Private Equity, Inc. and Commonfund OCIO, Inc. (collectively, “Commonfund”) is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the participants at the time of publication, are not investment advice, and should not be relied upon as such. The information discussed herein has been developed internally and/or obtained from sources believed to be reliable; however, Commonfund does not guarantee the accuracy, adequacy, or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions stated herein. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. TIMESTAMPS: 0:00 How a Box of Donuts Got CalPERS Into a Top VC Fund 2:35 Why Venture Capital Rewards Failure Differently Than Any Other Asset Class 4:20 The Power Law That Drives Nearly All Venture Returns 8:05 How Commonfund Wins Access to the Best Venture Managers 10:14 How Top LPs Can Approve Venture Deals in Just 48 Hours 11:50 The Secret Process for Finding Tomorrow’s Top VC Funds 15:10 Why Buying Into Carlyle Was Better Than Negotiating Lower Fees 18:37 Is Capital Still a Moat in Venture Capital? 24:38 Why the Biggest Investment Opportunities Happen Every 10 Years 33:31 The Hidden Cost of Companies Staying Private Too Long #privatemarkets #venturecapital #ai #fundraising #privateequity #wealthmanagement ##fundmanagement #podcast #interview #familyoffice #alpha #vc #tax