This week on Swimming with Allocators, Earnest and Alexa welcome Senia Rapisarda of HarbourVest, who walks through her journey from Italy and Wall Street to leading venture and Growth efforts in Canada, first at BDC and now as a major LP. She explains how Canada’s venture ecosystem has evolved, the creation and impact of the Venture Capital Action Plan, and why innovation capital is critical to national sovereignty. The conversation covers what makes great Canadian fund managers (curiosity, humility, team-building, and agility), how emerging managers should approach institutional LPs and avoid basic fund management mistakes, and why valuation discipline and non-greedy founders matter in down cycles. Also, Nick Cassin explains how continuation vehicles (CVs) give LPs a choice between liquidity and extended exposure to high-conviction assets when a fund’s term and capital are running out. He describes how the market has broadened to more types of investors and fund sizes, and outlines the conflict-of-interest controls that make these GP-led secondaries work.
Highlights from this week’s conversation include:
Senia’s Background, Global Career, and Move to Canada (0:21)
Moving to HarbourVest and Designing Canada Growth Strategy (4:00)
Canada’s “Perfect Storm” and Agriculture vs Geology Metaphor for Venture (5:42)
What Canada Needs to Fully Capture Innovation Opportunity (8:04)
How US Allocators Should Approach Canada and Diversification Benefits (11:21)
Expectations of Emerging GPs and Importance of Fund Management Basics (17:59)
When Continuation Vehicles Make Sense for Venture (21:39)
Trends in New Money Capital and Expansion of CV Market (23:40)
Managing Conflicts of Interest in GP-Led Continuation Vehicles (26:29)
LP Behavior: Who Rolls vs Sells in CV Transactions (31:14)
Four Filters for Durable Companies and Role of Founder Non-Greed (34:29)
Longevity as an Asset Class and Implications for Pensions (37:03)
Applying Longevity and Defense-Tech Themes in Manager Diligence (41:00)
Innovation Capital as Part of Canada’s Sovereignty and Late-Stage Capital Gaps (44:33)
How Emerging Managers Should Approach HarbourVest and Build Track Record (47:12)
Connecting with Senia and Parting Thoughts (51:01)
HarbourVest Partners is a global private markets investment firm managing approximately $150B in assets, with a 45-year history and venture as a core part of its Franchise. The firm operates as a multi-strategy, multi-manager platform — primary fund investments, secondaries, direct co-investments, and credit — across North America, Europe, and Asia. Senia Rapisarda leads HarbourVest’s Canadian strategy from Toronto, deploying capital across funds and growth-stage companies and serving as a bridge between the Canadian ecosystem and HarbourVest’s global LP and GP network.
Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.
Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry Experts shedding light on emerging trends and technologies.
The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.
HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.
Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any Security or investment and should not be relied upon by you in evaluating the merits of Investing in HarbourVest funds or in any other investment decision.
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