David Weisburd

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So Alex, you have one of the most prolific career backgrounds of any guests, having been at Morgan Creek, JP Morgan, Cleveland Clinic, and most recently CIO of Aberdeen Investments Ireland.

You have a deeper pulse on the LP community than almost anybody that I know.

Give me a sense for the biggest issues facing LPs today.

I do want to get into whether AI tools are going to replace the two of us as well as factor analysis.

But first, let's start on the DPI question.

Maybe set some context for where DPI was in 2024 and 2025 versus historically.

So you invest $100 million, you're getting 25% of the invested amount on average on a yearly basis.

So in 2024, we had 9% DPI, which was way below the 25% model.

What is 2025?

One of the hardest things of investing is seeing what's shifting before everyone else does.

For decades, only the largest hedge funds could afford extensive channel research programs to spot inflection points before earnings and to stay ahead of consensus.

Meanwhile, smaller funds have been forced to cobble together ad hoc channel intelligence or rely on stale reports from sell-side shops.

But channel checks are no longer a luxury.

They're becoming table stakes for the industry.

The challenge has always been scale, speed, and consistency.

That's where AlphaSense comes in.

AlphaSense is redefining channel research.