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

Vishal Verma's family office has been operating out of Silicon Valley for over thirty years. His father arrived from India in 1977 with eight dollars in his pocket, worked as a rocket scientist, and eventually became an entrepreneur and venture capitalist.

The family formalized their office in the late nineties with early LP positions in Sequoia Fund IX and Kleiner Perkins. Today Vishal manages a portfolio split across twenty-one venture capital firms and twenty-eight direct co-investments in generational companies including Anthropic, Wiz, Stripe, and xAI.

In this episode, Prashant and Vishal go deep on how a thirty-year family office actually thinks about venture capital — the vintage strategy, the concentration framework, the Anthropic bet, and why most of what you hear about the first mover advantage is wrong.

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

We talk about -

– The family origin story: $8 at the border to Silicon Valley
– Portfolio construction: 70/30 public to private
– The vintage strategy: why you have to be at every party
– Three concentrations reshaping the VC ecosystem
– The Anthropic investment at $18B valuation
– AI vs crypto: behavioral change is everything
– Bigger funds not returning DPI is hogwash
– Emerging managers: what actually earns a check
– DPI reality and the IPO bottleneck
– Why family offices exist and what banks can't do

Timestamps:

(00:00) -Preview

(01:40) - Introduction to Vishal Verma and His Family's VC Legacy

(03:39) - The Family Office Origin Story: From India to Silicon Valley

(06:57) - Challenges and Triumphs of Early Indian-American Entrepreneurs

(08:56) - Why the Indian-American Community Thrives: Hard Work, Education, and Family

(10:22) - Portfolio Construction and the First Investment in Sequoia

(14:15) - The Rationale Behind a 30% Allocation to Venture Capital

(17:22) - How Shorter Fundraising Cycles Have Changed LP Strategy

(22:25) - The Differentiator for Top-Tier VC Funds

(24:34) - Understanding the "Concentration" of Returns, Capital, and Founders in VC

(28:08) - Do Bigger Funds Actually Lead to Shrinking Returns?

(30:17) - The "Mafias" of Silicon Valley and Their Role in Deal Flow

(32:32) - The Investment Thesis for Anthropic at an $18B Valuation

(36:55) - AI vs. Crypto: The Critical Difference of Behavioral Change

(39:15) - First-Mover vs. Best-to-Market: Lessons from Tech History

(40:32) - The Reality of Stretched DPI and Liquidity Challenges

(41:35) - The Rise of "Megacorns" and the Upcoming IPO Wave

(44:34) - AI Investing: When Does Conviction Become Overexposure?

(48:38) - Public Market Strategy: A Tech-Heavy Portfolio

(52:50) - Conclusion

Links:

Edgewood Ventures - https://www.edgewoodvp.com/

Connect with Vishal Verma - https://www.linkedin.com/in/vishal-verma-551327

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

🔔 Subscribe for weekly conversations with family offices, fund managers, and the LPs behind the biggest names in venture.

#VC10x #VentureCapital #FamilyOffice #AngelInvesting #Anthropic #Silicon Valley #LP #VentureCapitalPodcast #StartupInvesting #FamilyOfficePodcast #PrivateMarkets #AIInvesting #EmergingManagers #FundInvesting #VC

In this episode of VC10X, we break down one of the most counterintuitive market moves in recent weeks.

Despite the failure of the first round of Iran–US talks and rising geopolitical tensions — including increased military positioning around key oil transit routes — global equity markets have erased their losses and added several trillion dollars in market capitalization.

So what are markets actually pricing in?

We analyze:

- Why equities are rallying despite geopolitical risk
- The role of oil supply stability and the Strait of Hormuz
- How institutional investors think about “contained escalation”
- Why liquidity conditions continue to outweigh headline risk
- What could break the current market narrative

This is not a headline-driven view — but a framework to understand how capital is positioning itself in uncertain environments.

If you’re a fund manager, allocator, or serious market participant, this episode will help you separate signal from noise.

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.

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

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.

---

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