SPVs were once a secondary tool used by venture capitalists looking to build a track record or take advantage of opportunistic deals. Today, they have become a fundamental part of the investing toolkit and a primary way that capital reaches private companies. This conversation will cover why more managers are running deal-by-deal strategies without a committed fund, how SPVs are reshaping private markets, and what LPs and regulators now expect from independent venture managers.

In Hamilton Lane's 2026 private wealth survey, 47% of advisors said they plan to increase allocations to venture and growth this year, more than any other private markets strategy. Many of those clients want specific companies rather than blind pools. Two things are driving this. Advisors now treat alternatives as a standard part of a portfolio instead of a niche allocation. And a younger generation is inheriting the money, with more risk tolerance and more interest in private companies. This panel covers what that means on both sides. For venture managers, wealth capital changes how they fundraise and who sits in the LP base. For advisors, the questions are how to diligence a venture manager, which fee and structure terms they expect, and when a specific company through a single asset SPV beats broad fund exposure.

Jason Calacanis has been investing through SPVs for more than a decade. He now runs that strategy from pre-seed through late-stage, with more than 10,000 accredited investors participating alongside him. Even as his firm LAUNCH has raised over $90 million across its two recent funds, Jason continues to leverage a deal-by-deal investing strategy. In conversation with Nik Talreja, Calacanis covers what this strategy demands at volume: sourcing, deal memos, investor communication, and the operational discipline he argues managers underestimate before they try to scale. Calacanis makes the case for SPV investing as a standalone strategy, not just a route to a committed fund.