From Consumer Insights to AI Upside: How LPs Win in the Next Decade
This week on Swimming with Allocators, Elizabeth Egan of TIFF Investment Management shares her journey through the investment industry, offering insights from her experiences as both an LP and GP, and highlighting the valuable lessons learned from her time in the consumer sector. The conversation also explores TIFF’s focused approach to private markets, why brand and network effects matter in venture investing, and the necessity of diligence and unique perspectives to identify emerging managers in a competitive landscape. Key takeaways include the importance of building long-term relationships, the critical role of GP talent density, and how LPs can generate strong returns by backing early-stage, specialist managers. Also, don’t miss our insider segment as Shane Goudey of Sidley discusses how fund managers are increasingly engaging with the secondary market and adopting creative structures like continuation funds and preferred equity to provide liquidity options and manage complex relationships with limited partners.
Highlights from this week’s conversation include:
Welcome, Introductions, and Elizabeth’s Career Journey (0:42)
Benefits of Early LP Experience and Investment Perspective Shift (3:07)
The Importance of Evaluating Deals with the "Sniff Test" (4:43)
How Consumer Packaged Goods Experience Informs Investing (6:39)
The Role of AI in Venture Capital and the Importance of Judgment (8:37)
Human-Centric Strategies and Network Effects in Venture Capital (10:19)
Defining Success at TIFF and Generating High Returns (14:07)
Discussion of Venture and Private Equity Liquidity Strategies (18:12)
The Negotiation Layers in SPV and Fund Structures (23:35)
Rationale Behind TIFF’s Focus on Specific Market Segments (26:19)
How TIFF Selects and Builds Relationships With Early Managers (28:43)
Communicating Early Investment Focus to Clients (31:10)
Growing With Managers Through Direct and Fund Investments (32:55)
Seeking Long-Term Vision in Fund Managers, Not Just Investors (35:09)
The Future of Venture: GP Talent Density and Market Trends (37:59)
The Importance of Finding Breakout GPs and Parting Thoughts (41:02)
TIFF Investment Management TIFF is an OCIO (Outsourced Chief Investment Office) founded by the Rockefeller and MacArthur Foundations to serve the nonprofit community. TIFF manages approximately $10 billion in assets as of September 30, 2025, including roughly $3.0 billion overseen by the private markets team across venture capital, private equity, and direct equity strategies. Learn more at https://www.tiff.org.
Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.
Elizabeth Egan is a Director at TIFF Investment Management. The views expressed on this podcast are her own and are for informational purposes only. They should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. Any examples or discussions are intended for general educational purposes and should not be relied upon for making investment decisions. Past performance is not indicative of future results. Investments in private funds involve a high degree of risk, including the potential loss of principal. TIFF does not endorse, sponsor, or approve any advertisements that may appear during this podcast.
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