What separates the venture investors who consistently outperform from those who simply get lucky? In this episode, I sit down with Miguel Luina, Co-Head of Global Venture Capital at Hamilton Lane, to discuss how one of the world's largest private markets investors evaluates venture managers, constructs portfolios, and thinks about the future of innovation investing. Miguel explains why venture and growth have become an essential allocation for institutional investors, how LPs distinguish skill from luck, and why conviction investing, secondaries, and portfolio construction may be the biggest drivers of long-term returns.

Highlights:

• Why venture capital is entering a new liquidity cycle driven by AI and IPOs
• How Hamilton Lane distinguishes skill from luck when selecting venture managers
• Why sourcing, selection, and access are the three pillars of venture investing
• The importance of conviction investing—and doubling down on exceptional companies
• Why venture secondaries represent one of the most undercapitalized opportunities in private markets
• How continuation vehicles are reshaping venture liquidity
• Why institutional investors can no longer ignore venture and growth allocations
• The evolution of portfolio construction across funds, co-investments, and secondaries
• How the best venture managers compound relationships over decades
• Miguel's timeless advice on investing in people and letting relationships compound

Guest Bio:

Miguel Luina is Co-Head of Global Venture Capital at Hamilton Lane, where he oversees the firm's global venture, growth equity, and technology investment strategy. He leads investment sourcing, due diligence, and portfolio management across venture capital funds, co-investments, secondaries, and growth equity opportunities while serving as a member of the firm's investment committee. Hamilton Lane manages and supervises more than $1 trillion in assets across private markets, making it one of the world's largest private markets investment firms.

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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.

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Stay Connected with Miguel Luina:

LinkedIn: https://www.linkedin.com/in/miguel-luina/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

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.

(0:00) Why Venture Capital Is Entering a New Golden Age (1:06) How SpaceX, OpenAI, and Anthropic Could Reshape Venture (3:13) The Secret to Separating Skill From Luck in Venture Capital (6:05) Has Venture Capital Become a Consensus Trade? (11:41) Why Ignoring Venture Is Now a Massive Allocation Bet (16:10) The Portfolio Strategy Most Venture LPs Get Wrong (20:03) Why Continuation Vehicles Are Exploding in Venture (28:17) The Structural Alpha Hidden Inside Venture Secondaries (35:58) The Portfolio Construction Mistake That Kills Returns (40:56) Why the Best Investors Keep Doubling Down on Winners