E389: The Future of Investing: Data Centers, AI & the Next Trillion-Dollar Companies

Highlights:

• How experience as both a GP and LP changes investment decision-making
• Why traditional asset allocation buckets may no longer reflect reality
• The growing divide between investors with access to elite private companies and everyone else
• Why Anthropic, OpenAI, and SpaceX are reshaping private market investing
• The rise of venture co-investments and SPVs
• How LPs evaluate alignment when reviewing co-investment opportunities
• Why references matter more than track records when evaluating spinout managers
• The debate between concentration and diversification in institutional portfolios
• How AI, power generation, natural resources, and venture capital are becoming deeply interconnected
• Why data centers, energy infrastructure, and even space-based computing may become major investment themes

Guest Bio:

Rob Stephens is Director of Investments at Spider Management, the University of Richmond’s $7 billion investment office and OCIO platform. He leads investments across venture capital, private equity, real assets, and thematic public market strategies, with a focus on deep tech, space, defense, AI, energy, natural resources, and China. Prior to joining Spider in 2022, Rob was a Managing Director at DAC Management in Hong Kong and New York, where he specialized in Chinese markets and cross-border investing.

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We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Pierce: https://www.weisburdcapital.com/

Stay Connected with Rob Stephens:

Spider Management Company: https://spiderinvests.com/ LinkedIn: https://www.linkedin.com/in/robstephens3/ X/Twitter: @robstephens_

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

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.