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

So my message here to all venture capitalists, now is the time. Please. Take your companies public. I breed investing. These business models these GPs are creating are some of the best high margin businesses ever created. My question to any new allocator or investor is do you think you're going to have access to top decile managers? Because at that point, top decile, you are achieving returns above the PME consistently. But below that, even top quartile, you're not. This is 20 VC with me, Harry Stabbings. Now the best podcasts of shows where you've never heard the guest on any other show, and you hear truly unique stories. Well, today we dive inside the$4 billion Carnegie Mellon endowment fund with a

First time interview with this guest. When we uncover what they look for in managers, red flags, how they view Vanshift Day in their portfolio, the rise of multi-stage funds, what specific funds they love and what they don't. And joining us in the hot seat, Carnegie Mellon's managing director of investments, Miles Diffenbach. Now this is a newfound friend for me, and this is One of the joys of doing the show, making incredible relationships with awesome people. A very special conversation today. But before we dive into the show's day, I love seeing the team come together to make this show happen. What I don't love is trying to keep track of all the information, the data, and the projects that we're working on across dozens of platforms, products, and tools. That's why we use Coda, the all in one collaborative workspace that's helped 50,000 teams all over the world get on the same page, offering the flexibility of docs, with the structure of spreadsheets, Coda facilitates deeper teamwork and quicker creativity. And their turnkey AI solution, the intelligence of Coda Brain, is a game changer. Powered by Grammarly, Coda is entering a new phase of innovation and expansion, aiming to redefine productivity for the AI. era. Whether you're a startup looking to organize the chaos while staying nimble, or an enterprise organization looking for better alignment, Coda matches your working style. It's seamless work space connects to hundreds of your favorite tools, including Salesforce, Jira, Asana and Figma, helping your teams transform their rituals and do more faster.

Head over to coda.io slash twenty V C right now and get six months off the team plan for startups for free. That's codaC-O-D A dot IO slash two zero V C and get six months off the team plan for free. Coda.io slash 20VC. And while Coda keeps our team aligned, acuity scheduling ensures our time stays on track. This show is brought to you by Acuity Scheduling, the flexible scheduling software that helps you focus on what matters most, growing your business. With acuity, you can manage your calendar, you can accept secure payments, offer clients a seamless booking experience that reflects your brand. I've been using my complimentary subscription and it's been a game changer for staying organized and saving time. I especially love online booking. Clients can book, reschedule, or cancel anytime, and the booking page looks fully branded with my logo and colours. The calendar management tools let me set buffer times and sync with other calendars, so I never feel overbooked, and with secure payments I can collect deposits or full payments up front through Stripe or PayPal, making The process smooth and professional. Head over to acuityscheduling.com forward slash 20VC for a free trial, and when you're ready to launch, use the offer code 20VC20 to save 20% off your first acuity scheduling subscription. And speaking of incredible companies, don't forget what really keeps those customers.

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