Selecting suitable private equity funds is not the same as reliably predicting future outperformers. In Fund Shack episode #92, John Renkema, Partner and Head of Private Markets at Avida International, joins Ross Butler to discuss the work behind an institutional LP's investment programme: portfolio construction, diversification, commitment pacing and alignment of interests.

Drawing on 24 years at APG, John challenges the emphasis on forecasting winners among established institutional funds. He is not arguing that selection is pointless: access, negotiated terms and portfolio fit still matter. He also distinguishes this market from venture capital, smaller buyouts and emerging managers, where the selection challenge can be different.

IN THIS EPISODE

• Fund selection: choosing suitable managers versus predicting future outperformance.
• Portfolio construction: diversification across sectors, regions, strategies and vintage years.
• Commitment pacing: maintaining the capacity to invest when liquidity becomes scarce.
• Governance and incentives: committed capital, fund terms and who receives the carried interest.
• Continuation funds and LP–GP relationships: why “sell or roll” does not settle every conflict, and why professional distance matters.

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EPISODE PARTNER: SRS ACQUIOM

Thank you to our Episode Partner, SRS Acquiom.

SRS Acquiom provides a comprehensive platform to help manage merger and acquisition transactions and bilateral and syndicated loan facilities.

https://www.srsacquiom.com/eu/

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CHAPTERS

00:00:00 The LP's Role

00:04:54 Beyond Fund Selection

00:10:18 Governance and Diversification

00:18:17 Terms and Continuation Funds

00:25:22 Building an LP Programme

00:30:29 Understanding Investment Risk

00:32:52 Partners or Clients?

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ABOUT JOHN RENKEMA

John Renkema is Partner and Head of Private Markets at Avida International. He previously managed a global private equity portfolio at APG. At Avida, his work focuses on independent advice to limited partners, particularly around private markets strategy and governance.

Avida International:

https://www.avida-int.com/

John Renkema on LinkedIn:

https://www.linkedin.com/in/john-renkema-02198a/

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ABOUT FUND SHACK

Fund Shack explores the decisions, incentives and investment strategies shaping private markets, through in-depth interviews with investors and industry specialists and focused analysis with Ross Butler.

Ross Butler is the founder and host of Fund Shack and the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.

Explore our episodes, transcripts and articles:

https://fund-shack.com/

Fund Shack newsletter on Substack:

https://privateequitypodcastfundshack.substack.com/

Fund Shack newsletter on LinkedIn:

https://www.linkedin.com/newsletters/privateequity-with-fund-shack-7159157815326949376/

Ross Butler's book:

http://q-r.to/Invest-Like-A-Barbarian

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Suggest a guest, sponsorship and content partnerships: Katie@linearB.media

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