E437 | Justinas Milasauskas, Willgrow: Turning Peripheral Roots into a Global Advantage

In today’s episode, David Cruz e Silva talks with Justinas Milasauskas, an investment manager at Willgrow, a single-family office based in Lithuania. Justinas explains how Willgrow approaches venture investments worldwide, focusing on US and European early-stage managers. He shares the family office’s history, reasons for getting into venture, and how they think about manager selection, covering everything from ticket sizes to fund-of-funds benefits. It’s a great look at how an LP outside the traditional financial hubs can still build a global venture portfolio.In this conversation, Justinas also reveals the importance of balancing conviction with consistent due diligence, highlighting why his team benchmarks managers against top peers worldwide. He talks about how they stay disciplined by maintaining a structured watchlist, stacking GPs based on strategy fit, and investing across multiple vintages. It’s an honest, behind-the-scenes view of how a first-generation family office grows its exposure to private markets while keeping that entrepreneurial spirit front and center.Chapters: 03:02 WillGrow's Investment Strategy and Focus04:31 The Background and Experience of Justinas08:39 Building a Convincing Strategy for Sourcing09:45 The Role of Senior Advisors and Fund of Funds12:09 The Importance of Diversification and Long-Term Commitment13:56 Understanding WillGrow's Investment Approach14:28 Investment Strategy and Risk Profiles18:10 Active vs Passive Investment Approach20:54 Biggest Learnings in Venture Investing22:43 The Importance of Proper Benchmarking23:53 Diversification Across Funds and Vintages28:03 The Role of Stack Ranking in Investment Decisions34:47 Overcoming Barriers to Access in Venture Investing42:45 The Value of Fund of Funds43:48 Book Recommendation: Leading by Alex Ferguson