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

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.

On March 23rd, 2026, a single Truth Social post moved S&P 500 futures up 4% and crashed Brent crude from $109 to $92 — in under ten minutes. $1.7 trillion in equity value shifted before most investors had finished their morning coffee.

What happened before that post is the real story.

In the minute preceding the announcement, $580 million in oil contracts — positioned to profit from falling crude prices — were executed at 4 to 6 times normal volume. Estimated profit if held through the move: over $100 million.

No charges. No confirmed coordination. But a regulatory framework that was never designed for this.

In this episode, we break down the anatomy of a TACO trade (Trump Announcement Calms Oil), the trading anomalies that preceded it, the legal gap that makes accountability nearly impossible — and what it means for how you price tail risk in a market increasingly driven by executive announcements.

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What we cover:

- The morning of March 23rd: what moved and how fast
- The TACO pattern: three occurrences, one structure
- $580M in oil shorts, one minute before the post
- The legal framework — and why it doesn't reach here
- What this means for your portfolio

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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.

Sources: WSJ, CNBC, Fortune, CNN Politics, NYT, The Atlantic, Oxford Business Law Blog. All claims verified and cited in episode.#VentureCapital #MarketManipulation #InsiderTrading #Iran #CrudeOil #SP500 #MacroInvesting #VC10X #FinancePodcast #AssetManagement

Sinead Colton Grant manages investment strategy for $350 billion+ in private client assets at BNY Wealth. In this episode, she shares her full macro outlook — including a non-consensus call on the dollar, why markets are underpricing Middle East risk, and what the wealthiest family offices are doing differently right now.

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

We cover:

— Why holding cash right now may be more dangerous than staying invested
— The dollar thesis almost nobody agrees with coming into this year
— Why gold is not the safe haven most investors think it is
— The one risk markets are pricing as a tail event — but shouldn't be
— Why AI memory chips are already sold out through 2027–2028
— How family offices are using sports investing as an inflation hedge
— Why private markets are no longer optional for long-term wealth creation
— The truth about the BlackRock private credit gating story

If you manage wealth, allocate capital, or just want to understand how the smartest money in the world is thinking right now — this is the episode.

Timestamps:

(00:00) - Preview

(01:41) - Introduction & Sponsor Message

(02:51) - BNY Wealth's Current Market Positioning & Non-Consensus Views

(06:10) - Liquidity Cycles vs. Market Fundamentals

(08:02) - Impact of Geopolitical Crises on Asset Allocation

(09:46) - The "Dash for Cash" Strategy Among Allocators

(13:00) - How Ultra-Wealthy Clients Are Investing Differently

(16:55) - A Deeper Dive into Digital Asset & Crypto Investing

(20:32) - Is the AI Investment Space Over-Deployed?

(23:12) - Are Private Markets Becoming Too Crowded?

(27:17) - Is Risk Being Underpriced in Private Credit?

(29:42) - Redefining Safe Haven Assets Beyond Gold

(33:03) - Alternative Hedges and Diversifiers in a Portfolio

(34:33) - Passive vs. Active Investing: Which Strategy Wins?

(36:40) - The Underpriced Risk of Extended Middle East Conflict

(39:17) - How Global Custody Flows Influence Investment Decisions

(40:30) - Practical Applications of AI in Wealth Management

(42:24) - Structural Shifts in Family Office Diversification

(45:36) - The Asset Class Poised to Surprise Investors

(47:50) - A Framework for Investing During Uncertainty

(50:47) - Where BNY is Not Investing Despite Strong Narratives

(52:26) - A Tactical View on Investing in Silver

(53:40) - How to Connect with Sinead Colton-Grant

LINKS

Website: bnywealth.com

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

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.

Global money market funds just hit a record $8.24 trillion in assets — 65% above the COVID-era peak of $5 trillion. This month's Bank of America Global Fund Manager Survey recorded the single largest jump in cash allocations since March 2020. So what's driving it?

In this episode, we break down the three forces behind the fastest institutional rotation to cash since the pandemic: the U.S.-Israel war on Iran and its impact on oil markets, a stagflation repricing that shifted consensus in 60 days, and private credit systemic risk that 63% of fund managers now consider the most likely source of the next credit event.

KEY DATA REFERENCED
→ BofA Global Fund Manager Survey, March 2026 — 210 managers, $589B AUM
→ ICI / Crane Data — MMF assets $8.24T (Feb 2026)
→ Brent crude: $70 → $102 in under three weeks
→ Berkshire Hathaway cash: $381.7B — an all-time record
→ Shiller CAPE ratio: 39.42x — only exceeded during the dot-com peak
→ Private credit flagged as top systemic risk for 8 consecutive months

SOURCES

Bank of America Global Research | ICI | Crane Data | IEA | Bloomberg | CNBC | Al Jazeera | Oxford Economics | World Economic Forum | IATA | AAA | FRED

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]

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VC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights.

#VentureCapital #Investing #CashAllocation #PrivateCredit #Stagflation #OilPrice #MacroInvesting #FundManagerSurvey #RiskOff #AssetManagement

Tom Chi was a founding member of Google X — the team behind self-driving cars, Google Glass, and deep learning AI. At the peak of that career, he watched a coral reef die outside his home in Hawaii. In eight weeks, it was gone. That moment changed everything. Tom founded At One Ventures to fund companies building that future.

In this episode, Tom breaks down why the climate crisis is not a political debate — it's a physics problem. And physics doesn't negotiate.

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

We cover:

- The calculation Tom ran in 2012 that predicted mass fires, floods, and displacement by 2022 — and why nobody was talking about it
- Why "green premium" is a myth, and how AT1 Ventures finds climate tech that is cheaper than the incumbent
- The physics framework he uses to evaluate every deal: matter, energy, time, and space
- Why Venezuela is a live case study in what the petrol-first worldview actually produces
- The difference between sustainable, net zero, and net positive — and why only one of them is the right target
- Why freshwater scarcity is a management problem, not a supply problem
- What ancient civilizations in Hawaii and South Asia got right about working with nature — that we've completely forgotten

Tom is also the author of Climate Capital: Investing in the Tools for a Regenerative Future (Wiley, Feb 2026).

Timestamps:

(00:00) - Why Tom Chi left AI and robotics to focus on climate change.

(00:32) - Disagreeing with Bill Gates' "green premium" concept.

(01:09) - Introduction to Tom Chi's background and AtOne Ventures.

(02:54) - Tom Chi on his career and the mission of AtOne Ventures.

(03:58) - The personal story of watching a coral reef die and how it changed his career path.

(08:00) - Using physics to predict the rise in climate volatility a decade ago.

(10:45) - The realization that climate change is a time-sensitive problem that can't be delayed.

(12:38) - Discussing global inaction and the influence of the fossil fuel industry on geopolitics.

(14:32) - Contrasting the US's fossil fuel policy with China's dominance in green technology.

(18:25) - Why climate change is a physics problem, not a political debate.

(20:47) - The thesis that green technology must be cheaper, not more expensive, to scale.

(21:54) - The investment framework: Using physics to find economic advantages in green tech.

(26:08) - How green energy can compete against the policy influence of the cash-rich oil industry.

(29:15) - The difference between "sustainable" and "net positive."

(31:52) - Is freshwater scarcity a real and urgent global risk?

(32:11) - Reframing the water crisis as a mismanagement of hydrological cycles, not a scarcity issue.

(36:08) - The real choice: Deciding the level of human misery, not "saving the planet."

(39:34) - Rapid-fire round: Investment sectors and regions.

(41:19) - Typical stage and check size of investments.

(42:23) - How to get in touch with Tom Chi and AtOne Ventures.

(43:16) - Final thoughts on the "category error" of treating scientific truth as a political debate.

🎧 Also available on Spotify and Apple Podcasts — links below.

LINKS

Website: atoneventures.com
Social: https://www.linkedin.com/in/thegoodtomchi/

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]

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