Venture capital is in the midst of a reckoning. With exits frozen and distributions at historic lows, limited partners (LPs) are growing increasingly impatient. Many are pausing re-ups, slashing commitments, and asking a once-unthinkable question: Is venture capital still worth it? The disconnect between capital in and capital out is forcing a hard reset on the industry's promises.
In this timely and unfiltered conversation, two leading LPs—Alifia Doriwala of RockCreek and Mohamed Eissa of the IFC—join moderator Amjad Ahmad to delve into how institutional investors are navigating today’s uncertain landscape. They’ll confront hard truths, unpack emerging trends, and examine how expectations generate liquidity and shape VC actions.
- Has the current environment changed the perceived role of VC within the broader alternatives portfolio?
- How are LPs recalibrating their venture allocations in light of extended hold periods and limited distributions?
- Are traditional VC performance metrics (DPI, TVPI, IRR) still relevant in this environment, or are LPs looking at new indicators?
- What are LP's expectations of GPs?
- What are the best GPs exploring to provide liquidity (e.g., secondaries, structured exits, continuation vehicles), and how do LPs view those?
- Does venture capital need significant changes, or is this just a cyclical slowdown?
Amjad has invested in emerging markets for over two decades, building two growth capital firms and providing over $1 billion in venture and growth financing to companies in the Middle East, North Africa, Pakistan, and Turkey, in sectors ranging from technology and education to healthcare and finance. Amjad serves on the board of directors of Amideast, Homzmart, Koita Foods, and Tapal Tea. Amjad holds a master’s degree in international finance and economics from Columbia University and is a graduate of the general management program at Harvard Business School.
Alifia Doriwala is a Managing Director at RockCreek, responsible for Outsourced Chief Investment Officer (OCIO) portfolios. She focuses on sourcing and establishing relationships across public and private investments, as well as portfolio management, asset allocation, and investment decisions. Alifia works closely with endowments and foundations in the ongoing investment management of their portfolios.
Prior to joining RockCreek, Alifia was an Equity Arbitrage Trader at Wolverine Trading, L.P., where she was responsible for sourcing, analyzing, and modeling equity linked trades together with equity options. She started her career as an Investment Banking Analyst at Merrill Lynch and member of the Financial Sponsors Group assessing the suitability of potential targets for private equity portfolio companies.
Alifia graduated from Georgetown University, magna cum laude, with a B.A. in Economics and English and holds an MBA in Finance and Marketing from New York University’s Stern School of Business. She is a board member and Chair of the finance committee at The Maret School, advisory board member of the Georgetown University Baratta Center and member of The Economic Club of Washington DC. She is a board member for Teach for America-DC Region and WETA, a public broadcasting company. Alifia is a frequent panelist and speaker at investment conferences focused on sustainable investing and alternative investments, and supports various non-profit organizations focused on educational initiatives.
Global Head of Venture Capital and Direct Investments, Disruptive Technologies and Funds, International Finance Corporation
Mohamed is the Global Head of IFC’s Venture Capital and Direct Investments group. As a member of the investment committee, he leads a global team of investment professionals in Latin America, Africa, the Middle East, Eastern and Central Europe, and Asia. IFC’s portfolio investments include venture capital funds and direct investments in disruptive startups in over 30 countries across a broad set of sectors, including SaaS, Climate, Health, Fintech, Mobility, and others. Prior to IFC, he led technology investments at Gulf Investment Corporation (GIC) – a joint fund with equal ownership by the six Gulf Cooperation Council countries’ sovereign wealth funds. Mohamed also held operational roles (P&L) in technology in the US and venture capital investments at Bell Labs’ New Ventures Group.
Mohamed holds both a bachelor’s and master’s degrees from Massachusetts Institute of Technology in Electrical Engineering & Computer Science and an MBA from Harvard Business School.
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