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Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

Hosted by Ryan Miller

Episodes

228

Latest episode

Aug 2026

Language

EN-US

About the show

Making Billions with Ryan Miller — The Wolf of Alt Street — is the definitive top 2% ranked podcast for fund managers who want to raise capital and gain a competitive edge in private markets. Are you a fund manager trying to raise capital? Do you want to know how the top 0.01% in finance actually build and scale their funds? THE HOST Ryan Miller — fund manager, capital strategist, and former CFO turned angel investor in technology and energy — delivers the unfiltered playbook serious fund managers use to raise capital and compete at the highest level across: · Capital Raising & LP Relations · PE Deal Sourcing & Acquisition Strategy · Value Creation & Exit Strategies · Private Credit, Venture Capital & AI in Fund Management THE SHOW Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and venture capital investors alternate between two powerful formats every week: Expert interviews with top fund managers, family office allocators, institutional investors, and alternative asset operators who have done it at the highest level — and Making Billions Academy episodes where Ryan delivers solo masterclasses teaching the exact finance principles and capital raising frameworks serious fund managers need to compete and win in private markets. New episodes every week. No theory. No fluff. Just the playbook. This is the show your competitors hope you never find. How do you raise capital for a fund? 👉 https://go.fundraisecapital.co/apply For educational purposes only. Not financial, legal, or investment advice. Not a solicitation. Full disclaimer here: https://making-billions.com/disclaimer

Listen to episodes

60 recent
August 17, 2026Episode 23042 min

Billions Made From 80 Unicorns

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com How do you actually get into the top venture funds that are closed to new investors ? In this episode of Making Billions , I sit down with Matthew Le Merle, managing partner and CEO of Fifth Era and Blockchain Coinvestors , a blockchain and AI fund of funds now in its 10th year, backed by more than 400 investors and holding positions across 50 venture funds , 1,500 companies, and 80 unicorns . Matthew breaks down the exact playbook he uses to access top-tier managers , build a fund of funds , and position for what he calls the autonomous digital economy , the convergence of internet, blockchain, and AI that he believes will capture most of the alpha over the next 20 years. He also makes the case for why the next two decades of returns will be captured at the intersection of internet, AI, and blockchain , and why most portfolio managers are dangerously under-allocated to it while overpaying for late-stage names they could have owned years earlier. [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. [THE GUEST]: Matthew Le Merle is managing partner and CEO of Fifth Era and Blockchain Coinvestors. He is the best-selling author of six books. He holds a double first from Oxford and an MBA from Stanford. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

August 10, 2026Episode 22929 min

Michael Burry's 2026 Portfolio Doesn't Exist: Steal His 3-Step Method Instead

Send us Fan Mail What is really inside Michael Burry's 2026 recession portfolio? Nothing you can see. Burry deregistered Scion in November 2025, so his book is now invisible. In this episode of Making Billions , I explain why the portfolio every video claims to reveal probably does not exist , and show you Burry's actual method instead and how to run it in private markets where you operate. This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies , and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com Instead of copying a portfolio you cannot see , I show you how to steal the method . Burry did not forecast a recession in the big short . He read the loan documents , found the exact reset date millions of borrowers could not survive , then bought a defined downside instrument with asymmetric upside . Read the contract , find the date , buy the asymmetry , define the downside . That is the whole edge , and he ran the same playbook again in 2025. The translation for private markets : you cannot short a buyout fund , but distress shows up as a date on which someone is contractually forced to transact. For fund managers , allocators , family offices , and institutional investors , this is the framework for reading the calendar instead of the news and making sure you are still solvent when your date arrives. Watch to learn why being right does not pay, but being right and solvent does. DOWNLOAD The Hidden Investing Framework Michael Burry Actually Used (That Almost Nobody Understands): https://fundraisecapital.slack.com/archives/D09PDJ5MTFV/p1786324300534479 LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

August 3, 2026Episode 22836 min

How Funds Use AI to Beat Rivals

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Can AI actually find hedge fund trades a human would miss? In this episode of Making Billions , Ryan Miller sits down with Jan Szilagyi , CEO and co-founder of Reflexivity , the AI investment analysis platform used by firms including Soros Fund Management and MUFG . How do hedge funds use AI to find trade ideas ? What is a knowledge graph in finance? How do you stop AI from hallucinating numbers when real capital is on the line ? Can a small fund use AI to compete with a multi-manager giant ? Jan answers all of it from a two-decade macro career that included trading alongside Stan Druckenmiller at Duquesne and running a 15 billion dollar book. Together, we discuss why the expression of a trade idea matters more than the idea itself and how a knowledge graph maps market ripple effects a spreadsheet cannot show. Learn why AI is a leveler for fund managers and how to run scenario analysis before risking capital . [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. [THE GUEST]: Jan Szilagyi is CEO and co-founder of Reflexivity , the AI investment platform used by Soros Fund Management and MUFG . At Reflexivity , he pairs large language models with a proprietary knowledge graph to surface trades and map risk in a zero-hallucination environment . Holds the world record for the fastest Harvard Economics PhD. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

July 27, 2026Episode 22728 min

The US Debt Collapse Everyone Predicts Is Wrong

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com Is the US debt about to collapse? No, but debasement already is. In this episode of Making Billions , I address this question and more about the US debt , gold , and the dollar . What is the debasement trade , and how is it different from a default? This week, I, Ryan Miller , break down the interest spiral behind the 39 trillion dollar US debt , now costing over 1 trillion dollars a year in interest, more than the entire defense budget. For anyone building an investment mindset , working as a capital strategist , or stepping into private equity leadership , this is the framework for reading fiscal policy as a signal instead of noise. To measure portfolio risk and protect purchasing powe r, DOWNLOAD my U.S. Debt Debasement Exposure & Positioning Scorecard . [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

July 20, 2026Episode 22627 min

Matt Ober: How Dan Loeb's Fmr Data Chief Finds an Unfair Edge in Funds

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies , and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com How do I build a data edge with no team or budget? Matt Ober' s first move: go all in on Claude and ensure every tool has an MCP connection. Fund admin, LP communications , compliance, capital calls , unified through MCP. Operations automate and you return to what you are paid to do. In this episode of Making Billions , Ryan Miller sits down with Matt Ober, General Partner at Social Leverage . Their riveting conversation covers building fund data infrastructure from nothing using MCP-connected tools! Separating alpha data from beta data before spending a dollar & why most AI fundraising tools are gimmicks. They discuss how prediction markets are becoming the most important new institutional signal , and the single discipline separating managers who turn data into returns from those who burn through budgets with nothing to show. What is the difference between alpha data and beta data ? Alpha is a fleeting trading advantage. Beta is sticky and pays the bills. The data that was once edge is now infrastructure . The new edge is using AI to synthesize more data faster . [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. [THE GUEST]: Matt Ober , General Partner at Social Leverage , the seed-stage firm with over 500 million dollars AUM and more than 150 portfolio companies . He holds the CAIA charter, one of the most rigorous credentials in alternative asset management . Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

July 13, 2026Episode 22524 min

AI Is a Bubble — How the Smart Money Is Quietly Getting Rich Underneath It

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com DOWNLOAD The AI Infrastructure Capital Scorecard : https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-426463-122119-538372-417197 Download Ryan Miller's AI Infrastructure Capital Scorecard to evaluate AI investments , identify infrastructure opportunities, and avoid speculative risk . Is AI a bubble ? AI infrastructure investing is the question defining private capital in 2026 and most fund managers are answering it wrong. In this episode of Making Billions , Ryan Miller asks the sharper question: where in the AI capital stack do contracted, asset-backed cash flows actually live? This episode delivers the framework every serious allocator needs. Not hype. A five-rung capital stack separating infrastructure money from bubble money and a scoring tool making it impossible to confuse the two in a live deal . The pattern has played out before. In 1999, dot-com equity was vaporized, trillions gone. The fiber laid during that bubble still carries traffic 25 years later. The bubble lived in the equity . The durable money lived in the infrastructure. AI is following the exact same pattern in real time. Allocators who see both things at once come out of this era wealthy. [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

July 6, 2026Episode 22426 min

Why 1 in 3 Fund Partnerships Fail: 3 Strategies to Survive

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply DOWNLOAD The GP Partnership Stress Test : https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-426463-122119-538372 This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com Capital raising in private equity starts with one decision most fund managers get wrong: who you choose as your co-GP . One in three GP partnerships fail or fundamentally restructure within the first five years; not because capital dried up or deal flow collapsed, but because two people who built something together stopped moving in the same direction. In this episode of Making Billions with Ryan Miller , he reveals the most expensive mistake in fund management : optimizing for chemistry instead of complementarity. The " Founder Best Friend Effect" — partnering with peers who validate you instead of challenge you — is the silent killer of co-GP relationships that look perfect on day one and implode by year three. Ryan delivers three non-negotiables every fund manager must verify before signing a partnership agreement . [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

June 29, 2026Episode 22351 min

3 Principles Used to Raise $500M in 2 Years

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com How does a real estate fund manager land a $500 million commitment from one of the world's largest insurers when his firm is barely two years old? Discover the answers with a real playbook from someone who actually did in this episode of Making Billions with Ryan Miller . This week on Making Billions , Ryan Miller sits down with Josh Parker, the founder of Ancora, who built a half-billion-dollar partnership with Legal & General , by doing three things that every fund manager , emerging GP, and capital allocator needs to understand: reputation, relationships, and repeatable results . Josh breaks down exactly how that deal happened, what the two-year closing process looked like, how COVID nearly derailed it, and why patience is the single most underrated skill in institutional fundraising . If you are wondering how to raise institutional capital , how to make a fund institutional ready , or how fund managers maintain conviction during uncertain markets , this conversation is a must listen for you! [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. [THE GUEST]: Josh Parker is Ancora’s Founder , Chairman and Chief Executive Officer. A national leader in the anchor institution and innovation sectors, he has unique investment experience. Over his career he has experienced industry success that includes developing a combined 5 million square feet totaling over $4.5 billion in value. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

June 22, 2026Episode 22256 min

23 Reasons Your Mind Loses You Millions

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply DOWNLOAD The 23 Cognitive Biases : https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-426463-122119 This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors, email holdcofounders@reefpassinvestors.com In the competitive realms of private equity and venture capital , general partners spend resources building complex risk models and assessments , assuming data alone drives portfolio outperformance. However, sustainable alpha is fundamentally capped by human behavior . How does anchoring bias impact private equity valuations ? In this masterclass episode of Making Billions , Ryan Miller challenges managers to treat decision calibration as a compounding asset , shifting the focus from financial metrics to rigorous behavioral oversight. Discover an engineered approach to investment psychology that will redefine how you run due diligence , manage LP communication , and shield your fund from systemic blind spots . [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

June 15, 2026Episode 22159 min

3 Operational Moves That Built a $300M Private Equity Fund

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply This episode is brought to you by Reef Pass | Serial Acquisition Investors : Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com In this episode of Making Billions with Ryan Miller , special guest Eric Wiklendt breaks down his proprietary PortCo Value Creation System —a framework utilized to close over 38 deals across metals, specialty chemicals, and industrial manufacturing, and secure a $300 million hard cap on Fund II. Whether you are underwriting distressed assets , navigating complex corporate carve-outs , or structuring executive incentives , this masterclass reveals how to replace standard financial engineering with an unassailable operational playbook. [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally. [THE GUEST]: Eric Wiklendt is a Managing Director at Speyside Equity, where he spearheads the full lifecycle of investments, sourcing, executing, managing, and exiting control positions in middle‑market businesses. Eric brings an operator’s mindset to private equity —combining deep industrial experience with deal execution expertise. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Smells Like Humans Like listening to funny friends discuss curious human behavior. Listen on: Apple Podcasts Spotify Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

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