Ignite LP: Avoiding Team-Risk and Finding True GP–Strategy Fit with Justinas Milašauskas | Ep204

Ignite: Conversations on Startups, Venture Capital, Tech, Future, and Society

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4d ago 54:35

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Justinas Milašauskas is an Investment Manager at Willgrow, a Lithuania-based family office and diversified investment platform. With over 15 years of experience across trading, institutional sales, and portfolio management, Justinas brings deep insight into public and private markets — from credit and derivatives to venture and private equity. He’s also an active angel investor and a member of the Lithuanian Business Angel Network (LitBAN), combining his analytical background with a passion for backing emerging founders and fund managers.

With a journey that spans global finance hubs from Amsterdam to Paris and Vilnius, Justinas offers an insider’s look into how family offices evolve from traditional asset classes to cutting-edge venture investing. In this episode, he discusses the discipline behind manager selection, the lessons learned from early angel bets, and how Willgrow is navigating a shifting global investment landscape.

In Today’s Episode We Discuss:

00:02 Early life in Vilnius and family influence in finance

03:00 Starting career as a trader in Amsterdam

04:10 Transition from public markets to family office investing

05:30 Discovering venture capital and building early networks

06:25 Joining Willgrow and professionalizing the venture journey

07:45 Lessons from angel investing and early portfolio wins

09:45 Evolution of Willgrow from transport and real estate to investments

11:50 Growth into a diversified global investment platform

13:00 Five core investment areas at Willgrow

14:10 Why Willgrow focuses on funds over direct deals

16:30 Building a “bulletproof” fund portfolio strategy

18:10 Strategic asset allocation and balancing risk across classes

20:40 How Willgrow sets portfolio weights and long-term targets

22:40 Shifts in venture returns and performance assumptions

23:50 Managing liquidity and duration through secondaries

25:55 Currency exposure between U.S. and European investments

28:20 Sourcing fund managers and building LP networks

30:40 Partnering with fund-of-funds and global advisors

31:00 GP–strategy fit as a key selection criterion

32:30 Evaluating track records and past success indicators

33:00 Investing in first-time GPs and assessing credibility

34:20 Soft referencing and network-based validation

35:00 From concentrated bets to diversified fund portfolios

37:20 Navigating a more competitive venture landscape

38:20 Specialist vs. generalist fund approaches

40:40 How Willgrow evaluates sector focus and adaptability

44:30 Benchmarking and monitoring fund performance

46:50 Lessons learned after four years of venture investing

48:50 Ticket sizing, pacing, and realistic growth assumptions

49:30 Risks of first-time teams in emerging managers

51:00 Case study: when a first-time GP team collapses

52:00 Evaluating fund valuations and markup practices

53:00 Due diligence and data room best practices

54:20 What LPs look for in deal memos and documentation

54:37 End of main discussion

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203 episodes

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