What It Takes to Win With Institutional LPs
From Swimming with Allocators by Earnest Sweat, Alexa Binns
May 20, 2026 · 49 min
About this episode
Yuri Lee discusses her investing philosophy and insights on institutional LPs and emerging managers.
This week on Swimming with Allocators, growth-investor-turned-LP Yuri Lee (TMRS) joins Earnest and Alexa and explains how her global upbringing and love of technology shaped her investing philosophy and belief that talent can come from anywhere. She walks through TMRS’s $3B and growing venture/growth mandate, how they split exposure between early-stage and multi-stage funds, and why they are building an aggressive 50/50 funds and co-investment program. Yuri shares what she looks for in emerging managers in clear, differentiated edge in sourcing, picking, or winning; true product–market fit between a manager’s edge and fund strategy; and non-consensus, outlier ideas. Throughout, she offers candid advice on how GPs can better pitch institutional LPs, why most decks sound the same, and what it really takes to stand out in a consensus-heavy, AI-dominated market. Also, Chuck Daly of Sidley talks about how emerging VC managers should think proactively about compliance, conflicts of interest, disclosure, and performance/marketing practices under (and aligned with) the Advisers Act and SEC’s marketing rule principles. Highlights from this week’s conversation include: How a Global…
People in this episode
Hosts: Earnest Sweat, Alexa Binns
Guest: Yuri Lee
Topics covered
- investing philosophy
- venture capital
- emerging managers
- institutional LPs
- compliance
- market strategies
Keywords
- institutional LPs
- venture capital
- emerging managers
- investment strategies
- compliance
- product-market fit
- AI market trends
Mentioned in this episode
Organizations: TMRS, Sidley
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