Michael Sidgmore is the Co-Founder of Broadhaven Ventures and the creator of the Alt Goes Mainstream podcast, which explores the intersection of private markets, technology, and wealth management. His career spans early roles at Goldman Sachs and iCapital, experience building businesses in fintech and asset management, and investing across the private market ecosystem. Our conversation offers an in-depth introduction to the intersection of private markets and private wealth. We discuss the origins of Alt Goes Mainstream, the rapid evolution of private markets, the convergence of institutional and wealth channels, and the rise of evergreen structures and new distribution models. We close with Michael’s perspective on how the wave of capital flowing into private markets from private wealth will impact investors, and on the importance of content, brand, and community in shaping the industry’s future. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Original Release Date: 08/29/2022   On today’s show we’ll discuss a classic empty room – an opportunity ignored by most investors. In this case, we dive into the investment case for Venezuela, a non-starter for pretty much every institution because of the country’s autocratic political regime, sanctions, and headline risk. But alongside those known risks are the potential for significant rewards. Rodrigo Bitar is the Co-Founder and Managing Partner of 3B1 Partners, the leading private equity fund making growth investments in Venezuela. 3B1 invests in high-quality companies with leading positions in basic industries, while looking to capture a change in macroeconomic conditions in the country. Our conversation covers Rodrigo’s upbringing in Chile, professional background, and investment opportunity in Venezuela. We discuss Venezuela’s sanctions, economic contraction, and dollarization of the economy. We then turn to investing in the country, including sourcing, due diligence, and an example of a recent transaction. We close with a discussion of the upside and risks to investing in Venezuela. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership  Show Notes (3:18) Rodrigo’s background (6:50) Family dynamics (10:13) Investible assets in Venezuela (12:03) Impact of Russian oil restrictions (13:38) Surviving economic turmoil  (17:27) Private vs. public markets in Venezuela (19:31) Identifying companies  (21:51) Due diligence process  (23:49) Assessing valuations  (25:28) Risks unique to Venezuela  (28:09) Conversations with potential investors (32:05) Closing questions