E44: Chris Prestigiacomo of SWIB ($140B AUM) on What Pensions Look for in VCs

Chris Prestigiacomo, Portfolio Manager at the State of Wisconsin Investment Board (SWIB) sits down with David Weisburd and Erik Torenberg to discuss his journey, the role of private debt in venture portfolio management, and the Wisconsin Investment Board's asset allocation strategy. They delve into backing criteria for General Partners, venture capital's role in SWIB's strategy, and the unique governance structure of Wisconsin's retirement system. (0:00) Introduction and Chris Prestigiacomo's journey to becoming a portfolio manager (1:48) The role of private debt portfolio in venture portfolio management (3:02) The State of Wisconsin Investment Board's asset allocation strategy and venture returns (4:08) Criteria for backing General Partners and types of managers backed (7:27) Sponsor: Deal, an all-in-1 HR and payroll platform (8:03) Venture capital's role in SWIB's asset management and strategy for direct investments (10:19) The unique governance structure of the Wisconsin retirement system and SWIB (12:09) Chris Prestigiacomo's philosophy on portfolio management and re-up decisions (15:03) Erik Torenberg's perspective on VCs backing founders and portfolio construction (15:57) Sponsor mention: Carrie Alabs (16:19) Assessing managers through referencing and building relationships over time (17:30) Final thoughts from Chris Prestigiacomo on dynamic investing and openness to new opportunities