The Lifestyle Investor - Investing, Passive Income, Wealth
Aug 13, 2026 · 59 min · 14 segments
Investing in private markets has become one of the most sought-after opportunities for sophisticated investors. But while venture capital has created extraordinary wealth for some investors, success…
Yotis TonnelierGuest
Justin DonaldHost
Yeah, and I wanna dive deeper into both, into really the spaces and niches that you're in, but then also the performance on your first fund.

Before I do, I just wanna comment that I do a lot of research on what single family offices do and multifamily offices, and specifically for families that have net worth of 100 million or greater.

I like to democratize that, especially on the single family office side when you kind of hit billionaire status, because the playbooks are great playbooks, and you don't have to have a billion dollars to do the same playbook.

But what I notice in asset allocation is they're all in venture capital, I mean, across the board, somewhere between 4% and 10%, some that are a little bit more aggressive, maybe they're going on up to 15%, maybe a little higher than that.

You see it a lot less on the early side, right? As an angel, seed, pre-seed, it's like 1% or less than 1%.

But you see a lot of these families, and for me, I like kind of being in that 10%, even sometimes I'm, depending on whenever we're rebalancing the portfolio because I've done so well in venture, we're often pushing 12% or 14% for us as a family.

So I love the space, but some of your numbers the first time around in your first fund are just, like, incredible, right? A 14.6% gross return across the board, and this was what blows my mind, 'cause I feel like in venture, I learned when I first started investing in this space, you're gonna have a bunch of losers, but the winners are gonna balance out the losers, and that's virtually what everyone says.

We have two position that we still have, Canva and Mercury, that are our biggest position, but the both company are going pretty well, so we can get liquidity to that tomorrow if we want.

Yeah, and I wanna dive deeper into both, into really the spaces and niches that you're in, but then also the performance on your first fund.

Before I do, I just wanna comment that I do a lot of research on what single family offices do and multifamily offices, and specifically for families that have net worth of 100 million or greater.

I like to democratize that, especially on the single family office side when you kind of hit billionaire status, because the playbooks are great playbooks, and you don't have to have a billion dollars to do the same playbook.

But what I notice in asset allocation is they're all in venture capital, I mean, across the board, somewhere between 4% and 10%, some that are a little bit more aggressive, maybe they're going on up to 15%, maybe a little higher than that.

You see it a lot less on the early side, right? As an angel, seed, pre-seed, it's like 1% or less than 1%.

But you see a lot of these families, and for me, I like kind of being in that 10%, even sometimes I'm, depending on whenever we're rebalancing the portfolio because I've done so well in venture, we're often pushing 12% or 14% for us as a family.

So I love the space, but some of your numbers the first time around in your first fund are just, like, incredible, right? A 14.6% gross return across the board, and this was what blows my mind, 'cause I feel like in venture, I learned when I first started investing in this space, you're gonna have a bunch of losers, but the winners are gonna balance out the losers, and that's virtually what everyone says.

We have two position that we still have, Canva and Mercury, that are our biggest position, but the both company are going pretty well, so we can get liquidity to that tomorrow if we want.
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