Rob Adams

Excerpted From the Stanford Closer Look Series paper titled: "THE CEO SCORECARD: HOW DIRECTORS SELECT A CEO WHEN THEY HAVE REAL SKIN IN THE GAME" "In this Closer Look, we consider the perspective of ValueAct Capital, an institutional investor with extensive, direct experience serving on the boards of directors of portfolio companies during multiple succession events. Through an analysis of these events, ValueAct has identified common deficiencies, including the manner in which required skills are identified and framed and the process by which they are evaluated. "ValueAct has also observed that many companies do not use rigorous scorecards built on quantitative metrics to guide the CEO evaluation process. Instead, the qualifications for a replacement CEO are often expressed as a list of vague qualities or adjectives, such as “leadership,” “vision,” “customer-centricity,” “communication skills,” “operational excellence,” and others. "Why are scorecards not more rigorous? Part of the problem lies with the board. All too often, board members lack a clear consensus around a company’s strategy and priorities and struggle to define the company’s future success in terms of specific outcomes. Without consensus, it is not possible to develop a rigorous and objective scorecard by which to evaluate potential internal and external candidates." Think about what ValueAct is saying. Boards (not sometimes but all too often) have difficulty defining the future success of a company in specific outcomes. This is obviously a huge problem in regard to defining what is needed in a new CEO in terms of experience, skills and track record. But it is also a huge problem in regard to: 1. Holding management accountable for results. If there is no consensus on outcomes, how can there be clarity in regard to what is expected of management? 2. If the board has a lack of consensus or clarity in regard to what the value creation drivers are how can there be any assurance that the board is doing its job well in allocating capital and driving operating performance and longer-term shareholder value? Said another way, how can shareholders have any degree of comfort that the board is focused on the development of the full potential of the company? Without major value creation initiatives with measurable results there cannot have been a deep dive diligence process designed to identify the full potential of the company. If such a process is absent, then there must also be the absence of a value maximization governing objective. And if that is absent, what is the role of the board? #valuemaximization #corporategovernance #boardofdirectors #governance #shareholdervalue

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Interesting insights about AI (you never learn enough) by Blair Garrou of Mercury Fund at the Plug and Play Tech Center Fall Expo 2025 here in Sugarland Texas Key Insights: 1) B2B over a 10 year span was more favorable towards middle market and SMBs. AI However, is now all in on enterprise 2) Revolutionizing/Modernizing older industries is where AI will be seamless (in construction, certain types of engineering and older processes in energy) 3) It's better to invest in AI that equips workers with another skillset than ones that result in layoffs #startups #venturecapital #ai #emergingtech

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I’ve spoken to over 2 dozen MDs at PE firms I can confidently say that the arb of figuring out how to implement Vertical AI at portfolio companies is very real right now It will fundamentally change underwriting for those who can do it predictably and unlock generational returns. Most are aware they need to act. Very few have.

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**Navigating the Intersection of Innovation and Accountability** In the world of venture capital, transparency is a cornerstone of trust. Recent developments around Luminar's founder, Austin Russell, and his alleged flight from a bankruptcy subpoena highlight the importance of open communication in our industry. As General Partners at ElevenX Capital, we believe that fostering accountability among leaders can significantly influence investor confidence and long-term success. How can we ensure accountability while fostering innovation in our portfolios? #investing #innovation #venturecapital #entrepreneurship

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I enjoyed joining Peter on Technoventure for a discussion about the next chapter of AI investing. As significant CapEx continues to flow into AI infrastructure, the opportunity we’re most focused on is how those investments translate into real enterprise productivity. The next wave of value creation will likely come from application-layer companies—teams using AI to solve concrete industry problems, streamline workflows, and deliver measurable outcomes. Founders who understand the mechanics and pain points of their verticals are well-positioned to build durable businesses. We’re seeing meaningful momentum in verticals including healthcare, financial services, and legal, markets where automation can materially change unit economics. Additionally, the challenges of data management and cybersecurity keep getting more complex and remain attractive investment opportunities. It is an exciting time. Thank you to Peter for the thoughtful conversation. I look forward to seeing you at The Montgomery Summit in March. 🎧 Episode here: https://lnkd.in/e7USCqUV

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Don't get "stuck in the middle." A recent Institutional Limited Partners Association (ILPA) white paper highlighted the tensions and concerns that institutional LPs are having over the race for "retail" by alternative asset managers. Balancing the needs and demands of both institutional and wealth channel LPs is a question that’s moving to the forefront of conversations between GPs and LPs as the industry evolves to cater to the needs of the new, relatively untapped LP: the wealth channel. Institutional LPs are wondering how GPs that decide to work with the wealth channel will handle the influx of capital from private wealth and what that means for their own relationships with GPs. Scott Ramsower, Head of Private Equity Funds at the $221B AUM Teacher Retirement System of Texas, said this topic is “is top of mind for limited partners.” Institutional Limited Partners Association (ILPA) then said the quiet part out loud. "More pointedly, ILPA elevates these issues at a time when the underlying mix of investments of these products may exacerbate a strategy-structure misalignment ..." Reorienting an asset manager to be able to properly serve the wealth channel requires capital, commitment, and comprehension. Perhaps the most important “c” for firms to internalize? Comprehension. Asset managers will do well to comprehend the nuances of balancing the needs of both the wealth channel and their long-standing existing customers, the institutional LPs. EQT Group CEO Per Franzen said it well when he remarked recently that responsible growth is critical: “If I had a magic wand, I would use that and make sure that every larger player in the private markets industry pursues that opportunity in a long-term responsible way.” Responsible is the keyword here. With people’s retirements hanging in the balance, it’s never been more important to get retail right. If asset managers — and the industry — want to be successful, they can’t afford to get “stuck in the middle” of not serving either institutional or wealth channel LPs well. Read on for more👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by Nomura Capital Management, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Blue Owl Capital, Franklin Templeton, iCapital, Goldman Sachs, Partners Group, Ultimus Fund Solutions, Allocate, SageSpring Wealth Partners, MSCI Inc. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ehsbjSBA

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AI isn't just powering software. BrightAI just raised $51 million to automate inspection and other hardware-based AI capabilities. As Alexa von Tobel, co-founder of Inspired Capital put it: “So many people are so focused on the future of digital AI, but we’re excited about this new layer of AI: the physical world AI.” We are in the early innings of a series of AI-fueled innovations! https://lnkd.in/enhmafvH

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ASVLP 2026 | EMERGING FUND MANAGERS ROUNDTABLE Navigating the 2026 VC Cycle: Opportunities, Constraints & Competitive Edge for Emerging Fund Managers Raising and deploying capital as an emerging fund manager in 2026 is no longer about momentum. It’s about positioning, credibility, and structural advantage. LP expectations have tightened. Capital formation is slower and more selective. And differentiation is no longer declared — it’s demonstrated. At ASVLP — Africa Startup & VC Landscape Preview, this high‑signal roundtable brings together experienced investors, capital allocators, and ecosystem leaders to unpack what it truly takes to compete — and survive — as a new fund manager in the current cycle. This is not a discussion about starting funds. It is a candid examination of how capital is actually being allocated, where emerging managers face real constraints, and what separates those who scale institutional credibility from those who stall. Speakers Emmie van Halder — @/MPower Netherlands Varun Turlapati — Chaanakya Capital Abiola Adediran, MBA, FCA, FIMC, CMC, M.CIoD — GENEA FAMILY OFFICE Emmanuel Adegboye — Madica Mope Abudu — AfriGloCal VC Zachariah George — Launch Africa Ventures Amb. Dr. Dunston P. — Private Office of H.H. Sheikh Ahmed Bin Faisal Al‑Qassimi Moderator Maha M. — COREangels MEA The conversation will explore: • What LPs are truly underwriting in emerging managers today • Where structural constraints — not talent — limit fund performance • How new managers can build defensible edge in portfolio construction, signalling, and partnerships • What must change for emerging funds to graduate into durable institutions Who should attend Emerging fund managers, LPs, DFIs, and ecosystem builders focused on shaping Africa & MENA’s next generation of venture capital — with discipline, not hype. ASVLP 2026 Participation is FREE but strictly by invitation. To join: Repost and comment #ASVLP2026 — your registration link will be sent via DM. This Session is Powered by COREangels MEA

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Shutdowns don’t just pause government - they stall America’s ability to build at scale. Factory buildouts, pilot production lines, heavy-equipment installs, and AI datacenter rollouts all depend on predictable public actions: grant payments to fund R&D, timely permits and inspections to break ground, customs clearances for critical machinery, and utility/interconnection approvals to power facilities. When agencies pause, each link snarls. The effects are real: Long-lead experiments stop and become costly to restart. Permits and inspections slip, leaving capital idle and suppliers scrambling. Equipment piles up at ports while customs backlogs delay production ramps. AI datacenter projects stall without steady approvals and infrastructure support. “Pause and resume” kills scale. Startups and manufacturers can’t certify, build, or ramp when timelines are political theater. Other countries keep building - they win the investment and capacity. If we want industrial strength and AI infrastructure here, fund flows, permitting, inspections, and procurement must be reliable. Pass clean funding and protect the steady public processes that let pilots become production. #BuildNotBreak #Manufacturing #AIInfrastructure #IndustrialScale

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My DCVC partner Milo Werner at the announcement of MIT's New Manufacturing Initiative: the highly automated factories of the future will re-industrialize the United States, tightly couple R&D and manufacturing to accelerate innovation, and decarbonize industry.

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