A New Playbook for Deep Tech Fund Investing
From Swimming with Allocators by Earnest Sweat, Alexa Binns
May 6, 2026 · 46 min
About this episode
Wes Panek discusses his journey to venture capital and insights on deep tech fund investing.
This week on Swimming with Allocators, Wes Panek joins Earnest and Alexa to share his unconventional journey from consulting and international development to venture capital, and ultimately to his current role as an LP at the Astera Institute, a multi-billion-dollar foundation focused on deep tech and frontier science. Wes explains how his family background shaped his desire to make markets work for everyone, what he learned evaluating hundreds of emerging managers at Screen Door, and why he believes there is no single playbook for success in venture. He breaks down how and why Astera is adding fund investing alongside grants and research, the structural advantages of foundations backing deep tech funds, and the gaps he sees in LP coverage of technical managers. Wes also offers practical lessons on building a new fund-of-funds program from scratch, including the importance of deploying capital sooner, being highly selective with time, and leveraging flexibility without losing discipline. For LPs and GPs interested in deep tech, he shares advice on underwriting technical strategies without a PhD, the rare “unicorn” profile of ideal managers, and concrete qualifiers for funds that…
People in this episode
Hosts: Earnest Sweat, Alexa Binns
Guest: Wes Panek
Topics covered
- venture capital
- deep tech
- fund investing
- emerging managers
- LP coverage
- anti-fraud principles
Keywords
- venture capital
- deep tech
- fund-of-funds
- LPs
- emerging managers
- Astera Institute
- Screen Door
- anti-fraud
- valuation
Mentioned in this episode
Organizations: Astera Institute, Screen Door, Sidley, SEC
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