E151: The Rise of Asset-Backed Credit w/Billy Libby

How I Invest with David Weisburd

How I Invest with David Weisburd is a podcast that interviews the world's leading institutional investors. Previous guests include The Ford Foundation, Northwestern University Endowment, CalPERS, Stepstone, and other top limited partners.

E151: The Rise of Asset-Backed Credit w/Billy Libby

E151 • Apr 1, 2025 • 32 mins

In this episode of How I Invest, Billy Libby, Co-Founder and CEO of Upper90, discusses how his firm is redefining venture capital through a hybrid investment model that combines equity and credit. He shares how Upper90 empowers founders to scale without excessive dilution and offers insights into navigating today’s venture landscape. Billy’s approach to alternative financing provides valuable lessons for entrepreneurs and investors alike.

Highlights: Alternative Financing: How Upper90's unique blend of equity and credit helps founders grow without giving up control.

Venture Capital Insights: Billy's perspective on the changing dynamics of the VC world.

Supporting Founders: The importance of aligning incentives between investors and entrepreneurs.

Navigating Market Cycles: Lessons from managing capital through different economic environments.

Growth Stories: Real-world examples of companies that benefited from Upper90's approach.

Guest Bio: Billy Libby is the Co-Founder and CEO of Upper90, a leading hybrid investment firm providing both equity and credit to high-growth companies. With a background in trading and risk management, Billy leverages data-driven strategies to support founders in building successful, sustainable businesses. Upper90 has backed numerous successful startups and continues to innovate in the venture capital landscape.

Our podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].

Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Billy Libby: https://www.linkedin.com/in/billy-libby-76464b1/

Links: Upper90: https://upper90.io/

Questions or topics you want us to discuss on How I Invest? Email us at [email protected].

Speakers

Billy Libby

Guest • 82%

David Weisburd

Host • 18%

Chapters

0:00	Episode preview
2:37	Startups' perception of credit usage and structuring investments in new theses like NVIDIA chips
6:27	When startups should consider credit versus equity and the financial metrics required
9:22	Seasoning process for financial instruments and capital availability
12:12	Impact of macroeconomic cycles on capital deployment
17:36	Network-driven fundraising, time management, and investor relations
20:23	Institutional practices for transitioning between funds
24:05	Equity flavor in private credit and catalysts for institutional investors
26:17	Hiring strategy, rationale for early hiring, and diversification
29:56	Consistency in returns and addressing lack of diversification
31:14	Closing remarks

Transcript

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