VC10X - Investing, Venture Capital, Asset Management, Private Equity, Family Office

Most families worth $2.4 billion still struggle to govern themselves. That's not an opinion — it's what the data says.

In this episode, Prashant sits down with Mark Tepsich, Executive Director of Family Office Advisory at UBS — the world's largest private wealth manager with over $4.3 trillion in AUM, serving roughly half of the world's billionaires.

Mark recently led a research study of 100+ family offices and found that even the most sophisticated, multigenerational families rated their own governance weaker than expected. The reason isn't money. It's culture.

We get into what actually separates families that preserve wealth across generations from those that don't — and what to do about it.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

In this episode:

- Why governance fails even the wealthiest families
- How to start a family constitution without getting overwhelmed
- The next gen mistake that wealth creators keep making
- Family vs. institutional investment committees — a critical difference
- When to build a family office and what your first hires should be
- Family banks and why 60% say they drive next gen entrepreneurship
- The one governance rule every family should follow

Timestamps:

(00:00) - Preview

(00:46) - Introduction to the guest Mark Tepsich and the episode's topics.

(02:51) - Deeper dive into the surprising findings from the Family Enterprise Governance Report.

(04:22) - Key governance challenges for mature, multi-generational families.

(06:59) - How to advise families to fix governance issues.

(09:02) - Where to start when building family governance.

(11:09) - The key components of an effective family constitution.

(13:26) - Who should lead governance conversations: family members or a neutral third party?

(15:16) - Why some families hesitate to formalize their governance.

(17:26) - Power dynamics within the family when building governance structures.

(19:39) - At what stage should families start building a family office and governance?

(22:01) - Common misunderstandings about preparing the next generation for wealth transfer.

(25:32) - What separates families that successfully transition wealth from those that struggle.

(28:36) - The importance of letting the next generation make low-risk financial mistakes.

(31:26) - Why regular, non-financial family meetings lead to stronger governance.

(33:31) - The role of investment committees and formal investment policies (IPS).

(35:46) - How family office investment committees differ from institutional ones.

(38:31) - Emotional dynamics that influence family investment decisions.

(39:42) - Who has the final say when investment decisions get messy.

(41:15) - Why don't mature families just split their capital and operate independently?

(45:41) - The role and benefits of involving external professionals in governance.

(47:24) - How to balance outsourcing expertise versus building in-house teams.

(50:27) - The most critical first hires for a family office with a limited budget.

(52:11) - How "family banks" work to fund next-generation entrepreneurship.

(54:24) - What destroys family wealth: Poor investments or weak governance?

(56:13) - The single most important governance rule for preserving wealth across generations.

(57:31) - Where to learn more about Mark Tepsich's work at UBS.

Links:

UBS - https://www.ubs.com/global/en
Connect with Mark Tepsich - https://www.linkedin.com/in/mark-tepsich-88826b33/

Connect with Prashant: https://linkedin.com/in/choubeysahab

VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠

YouTube - ⁠https://youtube.com/@VC10X ⁠

Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠

Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠

Website - ⁠https://vc10x.com

#FamilyOffice #WealthManagement #MultigenerationalWealth #UBS #FamilyGovernance

In this episode, we break down why investors should be cautious about chasing market rallies driven by fragile ceasefire headlines in the Middle East.

While headlines suggest de-escalation, continued strikes in Lebanon and unresolved geopolitical tensions are keeping oil markets, inflation expectations, and global risk sentiment on edge. For institutional investors, this is not a simple risk-on or risk-off moment—it is a regime of uncertainty that demands smarter portfolio construction.

We examine:

- Why headline-driven rallies can be misleading

- The case for barbell portfolio positioning in volatile markets

- How to balance quality compounders with energy and commodity hedges

- Why long-duration growth assets remain vulnerable

- The strategic role of cash in uncertain geopolitical regimes

- What scenario-based portfolio allocation looks like in today’s market

If you manage capital, advise clients, or track macro risk, this episode offers a practical framework for navigating one of the most complex investing environments of the year.

LINKS

Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠

Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠

Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠

Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠

Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠

VC10X website - ⁠https://vc10x.com⁠

For sponsorship queries reach out to [email protected]

This channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.

Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.

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Disclaimer:This content is for informational purposes only and does not constitute investment advice.

#Investing #PortfolioStrategy #MiddleEastCrisis #MarketOutlook #InstitutionalInvesting #Geopolitics #OilMarkets #MacroStrategy

Yoni Tuchman returns to VC10x for his third appearance — and this one might be the most practical yet. If you're an emerging manager raising a fund, structuring a GP commitment, or trying to figure out what you can and can't say publicly about your fund, this episode is required listening.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

Links to previous VC10X episodes with Yoni:

1. Fund Formation 101 - https://www.youtube.com/watch?v=6eLPeQDPjCo

2. The Legal Landmines Hiding Inside Your Fund Docs - https://vc10x.beehiiv.com/p/the-legal-landmines-hiding-in-your-fund-docs-yoni-tuchman-partner-dla-piper

All these episodes can be listened to independently, but if you are a GP, I recommend you listen to all 3 (in any order).

We cover:

— 506(b) vs. 506(c): the legal line between building in public and breaking your fund exemption
— Why Yoni tells almost every client not to warehouse deals — and what to do instead
— The cashless GP commitment: how cash-poor managers can fund their commitment without writing a check
— Side letters: what to push back on and how to find the version that works for both sides
— Removing a non-performing GP partner without blowing up the fund
— Venture partner compensation: carry yes, management company equity never
— Rapid fire: the most overrated legal document, the biggest Fund I money-waster, and the one clause every GP should delete

LINKS:

DLA Piper - https://www.dlapiper.com/en

Connect with Yoni - https://www.linkedin.com/in/yoni-tuchman-58153b5/

Connect with Prashant: https://linkedin.com/in/choubeysahab

Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠

Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠

Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠

Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠

VC10X website - ⁠https://vc10x.com⁠

Timestamps:

(00:00) - Preview

(01:02) - Introduction to the episode and guest, Yoni Tuchman.

(03:00) - Deep Dive: Differentiating between 506(b) and 506(c) fundraising rules.

(04:47) - Defining what constitutes a "preexisting relationship" for fundraising purposes.

(07:11) - How to navigate fundraising conversations at conferences without violating 506(b).

(11:03) - The mechanics of pivoting from a 506(b) to a 506(c) offering (and why you can't go the other way).

(13:17) - The historical downsides of 506(c) and how recent SEC guidance has changed the calculation.

(17:42) - The new, lower-friction rules for verifying accredited investors under a 506(c) offering.

(21:38) - Best practices for what to say (and not say) when publicly fundraising under 506(c).

(24:55) - How to legally structure warehousing deals to transfer them to the fund later.

(32:00) - A streamlined alternative: Using the fund itself as the warehouse for early deals.

(35:53) - Using a cashless contribution (waiving future management fees) to fund the GP commitment.

(40:10) - The complexities and potential clawback scenarios of using a fee waiver.

(44:01) - An LP's perspective on a cash-poor manager using a cashless contribution.

(49:15) - Why LPs should be supportive of GPs using tax-efficient cashless contributions.

(51:18) - The most burdensome side letter requests and how to negotiate them.

(54:56) - The legal mechanism for removing a non-performing partner without disrupting the firm.

(58:33) - Structuring compensation for venture partners and advisors: Fund-level carry vs. deal-specific carry.

(01:00:44) - Start of the rapid-fire round.

(01:01:01) - The most overrated legal document in fund formation.

(01:01:12) - The biggest waste of money for a first-time fund.

(01:01:44) - The one standard clause every GP should push to delete.

#VentureCapital #FundFormation #EmergingManagers #VC10X #PrivateEquity #FundManager #506c

Oracle’s recent layoffs are not just another tech headline—they’re a signal of a deeper shift in how large technology companies are allocating capital in the AI cycle.

In this video, we break down what actually happened at Oracle Corporation:

The exact timing and structure of the layoffs

What the internal communication said

The scale of job cuts (and why estimates vary widely)

More importantly, we analyze what this means from an investor’s perspective.

These layoffs are happening alongside a significant increase in AI-related capital expenditure. That combination—rising investment and declining headcount—points to a broader reallocation of resources across the tech sector.

We explore how:

AI is increasing capital intensity

Companies are shifting from opex (labor) to capex (infrastructure)

Higher interest rates are influencing these decisions

Workforce restructuring fits into long-term operating models

This is not a discussion about layoffs in isolation.It’s about understanding how the AI buildout is reshaping cost structures, margins, and capital allocation across large-cap technology.

If you’re an investor tracking AI, tech, or global capital flows, this is a development worth paying close attention to.

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Topics covered: AI investing, tech layoffs, Oracle layoffs 2026, capital allocation, data centers, cost of capital, tech margins, AI infrastructure, macro + tech intersection

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LINKS

Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠

Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠

Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠

Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠

Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠

VC10X website - ⁠https://vc10x.com⁠

For sponsorship queries reach out to [email protected]

This channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.

Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.

---

Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Most fund managers ask for two and twenty and assume the job is done. It isn't.

Yoni Tuchman, Fund Formation Partner at DLA Piper, is back on VC10x for his second appearance, and this time he goes clause by clause through the legal landmines hiding inside your fund documents.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

In this episode:

- Why a poorly drafted management fee clause can cost a GP millions over the life of a fund
- The three sections of your LPA you actually need to read — and why the waterfall is "the heart of the heart of the heart" of the document
- What happens when an LP defaults on a capital call — and why their commitment is essentially an option until they've funded
- The real story of a wire that cleared on time and turned out to be stolen money
- How to draft a key person clause that actually reflects your team
- The ERA exemption most VCs don't know they're already violating

If you're an emerging manager, a GP, or building your first fund — this one is not optional.

TIMESTAMPS:

(00:00) - Preview

(01:01) - Introduction to the episode and guest, Yoni Tuchman

(01:34) - Sponsor Message: Podcast 10x

(02:48) - The 2 and 20 model and management fee traps

(03:22) - How management fees work in VC funds

(04:42) - Investment vs. Post-Investment Periods and fee step-downs

(06:08) - The risks of PE-style management fees

(07:05) - Defining "invested capital" for fee calculation

(08:24) - The impact of transaction fee offsets on management fees

(10:25) - Are fees for services to portfolio companies considered transaction fees?

(11:45) - How venture partner compensation can affect management fees

(14:14) - Top 3 overlooked clauses in a Limited Partnership Agreement (LPA)

(14:45) - Should GPs read the entire 80-page LPA?

(16:01) - #1 Overlooked Clause: The Distribution Waterfall

(17:17) - #2 Overlooked Clause: The Management Fee

(17:45) - #3 Overlooked Clause: Time, Attention, and Conflicts of Interest

(19:21) - What happens when a Limited Partner (LP) defaults on a capital call?

(19:50) - Standard remedies for a defaulting LP

(20:55) - Why remedies are only as strong as the capital already contributed

(22:25) - The critical importance of verifying the source of an LP's capital

(25:13) - The negotiation dynamic between GPs and LPs on default clauses

(28:06) - How to negotiate the key person clause

(30:20) - Key questions for drafting a key person clause

(34:30) - Accounting for temporary absences (illness, vacation) in the key person clause

(35:58) - Triggers for registering as a Registered Investment Advisor (RIA)

(36:17) - The Venture Fund and Private Fund Adviser exemptions from registration

(37:35) - How a secondary strategy can accidentally disqualify you from the venture exemption

(39:55) - The downsides of registering as an RIA

(41:22) - The silver lining: Investor confidence in registered advisors

(42:19) - Outro and conclusion

LINKS:

Previous episode with Yoni - https://www.youtube.com/watch?v=6eLPeQDPjCo

DLA Piper - https://www.dlapiper.com/en

Connect with Yoni - https://www.linkedin.com/in/yoni-tuchman-58153b5/

Connect with Prashant:LinkedIn: https://linkedin.com/in/choubeysahab

Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠

Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠

Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠

Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠

VC10X website - ⁠https://vc10x.com⁠

For sponsorship queries, reach out to [email protected]

Subscribe for more conversations at the intersection of family office investing, private markets, and emerging trends in wealth management.