Colibrí Institute × Illumen Capital — Milken Co-Activation Proposal
Colibrí Institute × Illumen Capital
Milken Global Conference · May 2026 · Beverly Hills

Co-Activation
Proposal

Building on a shared commitment to emerging manager performance, research-driven capital allocation, and bias reduction across institutional investing.

7.2% IRR outperformance by
emerging managers
Scroll to explore ↓
The Partnership Context

Two Organizations, One Thesis

Colibrí Institute and Illumen Capital operate from a shared conviction: emerging managers are systematically excluded from institutional capital flows, and that exclusion carries a measurable performance cost.

Colibrí Institute

Independent nonprofit research organization producing open-access, empirical, venture-specific research. Our flagship white paper, "Why Emerging Venture Capital Managers Matter," analyzed 2,471 U.S. VC funds (2000 to 2024) and documented a 7.2 percentage point IRR outperformance by emerging managers, translating to $72M in foregone value per $100M allocated through consensus-driven selection.

Illumen Capital

Research-backed fund of funds investing in the next generation of venture and private equity managers. Illumen combines investment capital with IllumenIQ, a proprietary bias-reduction platform developed alongside Stanford SPARQ, to help portfolio managers expand their investable landscape and unlock stronger returns by reducing bias in allocation decisions.

Strategic Alignment

Where Our Work Converges

Both organizations lead with research, center performance over compliance narratives, and are building infrastructure to shift how institutional capital reaches emerging managers.

1

Research-first approach to emerging managers

Illumen was built on PNAS-published research demonstrating racial bias in investor decision-making. Colibrí Institute launched with empirical evidence that emerging managers outperform. Both organizations lead with data rather than narrative alone.

2

Performance framing over compliance framing

Neither organization positions emerging manager allocation as a concession. The shared thesis is that exclusion creates market inefficiency, and capturing overlooked alpha is a performance imperative, not a diversity mandate.

3

GP development as a value lever

Illumen works hands-on with portfolio managers through IllumenIQ to install bias-reduction practices. Colibrí's research equips GPs with empirical data to strengthen their fundraising positioning and portfolio construction discipline. Both invest in the manager, not just the fund.

4

LP education as a structural lever

Colibrí's white paper directly addresses LP due diligence, AUM screening, and enterprise risk assessment. Illumen's LP base (foundations, family offices, institutional allocators) is exactly the audience that can act on these findings to shift capital allocation patterns.

Milken Week Event Options

Five Formats, Pick What Fits

Each format is designed to be low-lift, high-signal, and adaptable. They range from ultra-intimate to broader networking, and from zero cost to modest venue spend. We are happy to combine formats or adapt based on Illumen's capacity and what feels right for the week.

Format Size Energy Timing Est. Cost
A. Cafecito & Conversation 15 to 20 Research-driven roundtable Mon or Tue morning $1.5K to $3.5K
B. Fireside: Why Emerging VCMs Matter 20 to 30 Moderated dialogue + reception Mon or Tue evening $3K to $5K
C. La Sobremesa 10 to 15 Guided tasting + allocator dialogue Monday or Tuesday evening $2.5K to $5K
D. Sunset Hour 25 to 30 Networking reception Monday evening $3K to $6K
E. Chef's Table 10 to 14 Private dinner + guided conversation Monday or Tuesday evening $3.5K to $7K
A

Cafecito & Conversation

Intimate Roundtable · 15 to 20 guests · Monday or Tuesday morning

A private, off-agenda morning roundtable. Colibrí presents the core findings from the white paper in a condensed, LP-facing format, followed by a facilitated Chatham House Rules conversation. Coffee, pastries, and a curated guest list of allocators, emerging GPs, and ecosystem partners.

The format mirrors the "provocateur" model that has worked well at Illumen's Impact Experiences, but adapted for a 60 to 90 minute activation with a focused ask: how do we rethink due diligence and allocation for emerging managers?

Format

15-minute research presentation by Colibrí, followed by 45 to 60 minutes of structured roundtable discussion under Chatham House Rules. Colibrí provides a written readout post-event.

Guest List

Co-curated by Illumen and Colibrí. Target: institutional LPs already in LA for Milken or Power 100, plus a small number of Illumen portfolio managers and ecosystem partners.

Venue & Cost

Private room at a hotel or restaurant near the Milken venue. Estimated total cost for 15 to 20 guests: $1,500 to $3,500, broken down as private room ($500 to $1,500) and coffee service with pastries and light bites ($15 to $25 per person, or $300 to $500). Many Beverly Hills hotel meeting rooms waive rental fees with a food and beverage minimum. Co-branded or Illumen-hosted. Colibrí covers content preparation and readout.

Deliverable

Post-event readout documenting key themes, takeaways, and open questions. Shareable with both organizations' networks.

B

Fireside: Why Emerging VCMs Matter

Moderated Dialogue · 20 to 30 guests · Monday or Tuesday evening

A moderated fireside conversation anchored on Colibrí Institute's flagship white paper, Why Emerging Venture Capital Managers Matter. The conversation walks through the paper's core findings (the 7.2pp IRR advantage, how configuration choices drive performance, the enterprise risk reframing) and then opens into a broader dialogue between Colibrí and Illumen leadership about what these findings mean for how institutional capital actually moves.

This format works well for a slightly larger audience and creates a clear narrative arc. It positions both organizations as thought leaders grounded in empirical research while keeping the tone conversational rather than presentational. Light reception with passed hors d'oeuvres before or after the conversation.

Format

30-minute moderated fireside between Colibrí and Illumen leadership, walking through the paper's five core findings and their implications for institutional allocation. Followed by 20 minutes of audience Q&A and 15 to 20 minutes of networking. Total: 75 to 90 minutes.

Guest List

A curated mix drawing from both organizations' networks. LPs, GPs, ecosystem partners, and policymakers in LA for Milken week. Co-curated with a balance of allocators and practitioners.

Venue & Cost

Hotel lounge, gallery space, or private venue with flexible seating. Estimated cost: $3,000 to $5,000 depending on venue and catering. AV needs are minimal (two chairs, one mic, a screen for a few key slides from the paper).

Deliverable

Post-event summary with key themes and audience questions. Printed copies of the white paper available for attendees. Optional: short video capture of the fireside for social distribution and Substack cross-promotion.

C

La Sobremesa

Guided Tasting & Allocator Dialogue · 10 to 15 guests · Monday or Tuesday evening

An intimate, LP-focused tasting experience where great spirits and great research meet. Sobremesa is the tradition of lingering at the table after a meal, the part of the evening where the real conversation happens. That is the energy here: no podiums, no slides projected on a wall, just a guided tasting paired with conversation prompts drawn from the white paper's findings on how allocators can rethink due diligence, enterprise risk, and portfolio construction for emerging managers.

Each flight is introduced alongside a key finding from the research, giving the conversation a natural arc without it ever feeling like a working session. By the second pour, people are talking about their own institutional constraints. By the third, they are being honest about what would actually have to change internally for their organizations to move capital differently. That is the kind of conversation that does not happen on a conference panel, and it is what sobremesa is designed for.

Tasting Options

Three tasting formats to choose from, depending on the tone Illumen wants to set. Mezcal: a curated flight of 3 to 4 artisanal mezcals with a guided tasting led by a local mezcal specialist ($60 to $100 per person). Tequila: a premium tequila flight featuring top-shelf expressions like Clase Azul or Don Julio 1942 ($75 to $100 per person). Wine: a sommelier-led tasting of 4 to 5 wines, ideal if the group leans toward a more traditional format ($50 to $80 per person). All options include light bites.

Guest List

Allocators only: institutional LPs, foundation CIOs, family office principals, fund of funds. This is an LP-to-LP space where people can be candid about their own screening processes and institutional constraints without worrying about how it lands with managers in the room.

Venue & Cost

Private room at a mezcalería, wine bar, or hotel lounge near the Milken venue. LA has excellent options at every price point. Estimated total cost for 10 to 15 guests: $2,500 to $5,000, broken down as tasting ($600 to $1,500), light bites and service ($600 to $1,200), and private room ($1,000 to $2,300). Colibrí covers content preparation and the LP diagnostic tool.

Deliverable

A printed tasting card that doubles as a conversation guide with key data points on one side. Confidential readout of themes and questions raised (no attribution). LP diagnostic tool distributed to all attendees. Follow-up introductions facilitated by both organizations where appropriate.

D

Sunset Hour

Networking Reception · 25 to 30 guests · Monday evening

A relationship-forward evening reception with lighter programming. The goal is less about presenting research in depth and more about creating a warm, curated space where Illumen's network and Colibrí's network can overlap. The research serves as the reason people are in the room, but the real value is in the connections that get made over a drink.

This format works well if Illumen wants to host something that feels generous and social rather than heavy on content. A brief welcome and framing (5 minutes from each organization), and then the evening is for conversation. Copies of the white paper and diagnostic tools are available on-site for anyone who wants to go deeper.

Format

90 to 120 minutes. Brief co-welcome (10 minutes total), followed by open networking. Optional: a "data wall" with key white paper findings displayed as large-format prints that serve as natural conversation starters.

Guest List

A curated mix of LPs, GPs, ecosystem partners, and allies already in LA for Milken or Power 100. Intimate enough to feel intentional, broad enough to spark unexpected connections.

Venue & Cost

Rooftop, terrace, or lounge with a view. Beverly Hills and West Hollywood have great options for standing receptions. Estimated total cost for 25 to 30 guests: $3,000 to $6,000, broken down as venue rental ($1,000 to $2,500), hosted bar and light bites ($40 to $60 per person, or $1,000 to $1,800), plus tax and gratuity.

Deliverable

Attendee list shared between both organizations for follow-up. Optional photo/social content for LinkedIn. White paper and diagnostic tool access provided to all guests post-event.

E

Chef's Table

Private Dinner & Guided Conversation · 10 to 14 guests · Monday or Tuesday evening

A multi-course seated dinner at a private chef's table or a restaurant with a private dining room, where the meal itself sets the pace for a structured but relaxed conversation. The idea is simple: people open up over a good meal in ways they never will at a conference. Each course is paired with a conversation prompt drawn from the research, creating a natural progression from the performance case through portfolio construction, enterprise risk, and what would actually have to change for institutional capital to move differently.

This format is designed for the kind of mixed table that generates the best conversations: a few allocators, a few emerging GPs, an ecosystem builder or two, and someone who brings a different perspective entirely. The seating is intentional, the food is excellent, and by dessert, people at the table know each other in a way that does not happen at a reception or a panel. It is the format you remember six months later.

Format

3 to 4 course dinner with a conversation prompt introduced at each course by Colibrí. No formal presentations, no slides. A printed menu card doubles as a conversation guide with a key data point per course. Chatham House Rules. 2 to 2.5 hours, because a good dinner should never be rushed.

Guest List

10 to 14 people, co-curated with intention. The table should have a mix: LPs, emerging GPs from Illumen's portfolio, ecosystem partners, and at least one person who brings a perspective from outside the usual VC circle. Seating is planned, not accidental.

Venue & Cost

Private dining room or chef's table at a restaurant near the Milken venue. Beverly Hills options include Avra, CUT at the Beverly Wilshire, Steak 48, and Mastro's, all of which offer private rooms for groups of 10 to 14. Estimated total cost: $3,500 to $7,000, broken down as prix fixe or minimum food and beverage spend ($150 to $300 per person, or $1,800 to $4,200 for 12), plus tax, gratuity, and service charges (typically 30 to 35% on top). Some venues waive room rental fees when minimum spend is met. Colibrí covers content preparation, menu cards, and follow-up.

Deliverable

Personal follow-up notes from Colibrí to each guest within 48 hours. White paper and diagnostic tools shared directly. This format is about building 10 to 12 relationships that compound over time, not about content distribution.

Complementary Programming

These Pair With Any Event Format

Regardless of which event option(s) Illumen selects, the following two programs can run alongside them to extend the impact of the partnership beyond a single activation.

+

GP Fieldwork Session

Virtual or In-Person · Illumen Portfolio Managers

A dedicated session for Illumen's portfolio managers (on-site during Milken week or virtual in the weeks following) that goes beyond the white paper headlines. This session would focus on how emerging GPs can leverage the research data in their own fundraising conversations, including the diagnostic tool Colibrí developed for emerging managers.

This slots naturally into the quarterly learning sessions Illumen already runs with their managers, and can be positioned as a resource drop during a period when many portfolio managers are going back out to fundraise.

Format

60-minute session. 20 minutes presenting key data points and fundraising implications, 15 minutes walking through the GP diagnostic tool, and 25 minutes of open Q&A and discussion.

Audience

Illumen portfolio managers who are currently fundraising or preparing to go out to market. Especially relevant for Fund II and Fund III managers who need to articulate track record and configuration advantage to new LPs.

Cost

No cost for virtual delivery. If incorporated into a Milken-week in-person session, cost limited to space and refreshments. Colibrí provides all content and diagnostic tool access at no charge.

Deliverable

Post-session resource package for managers: key data points for pitch decks, the GP diagnostic tool, and a one-pager on configuration-performance fit that managers can reference in LP conversations.

+

Research Co-Distribution

Ongoing · Multi-Channel

A structured research distribution partnership that extends beyond Milken week. This involves co-branded or Illumen-authored distribution of Colibrí research findings through Illumen's existing channels, reaching both the GP portfolio and the LP base with targeted messaging for each audience.

IllumenIQ Post

A dedicated post within the IllumenIQ platform highlighting the research findings and connecting them to bias-reduction practices. Authored by Illumen's team with Colibrí-provided data. Reaches all Illumen portfolio managers.

LP Newsletter Feature

A feature in Illumen's LP newsletter presenting key findings from the white paper, framed around the cost of exclusion and the performance case for emerging managers. Reaches Illumen's LP base of foundations, family offices, and institutional allocators.

Diagnostic Tool Distribution

Sharing both the GP and LP diagnostic tools through Illumen's channels. The GP tool helps managers self-assess configuration discipline. The LP tool helps allocators evaluate whether their emerging manager programs are performance-driven.

Cost

No cost. Colibrí provides all content, data highlights, and diagnostic tool access. Illumen provides distribution infrastructure and audience. Both organizations benefit from expanded reach and credibility.

What Each Organization Gains

Mutual Value Creation

For Illumen

Empirical ammunition for your thesis

Independent, peer-quality research that validates Illumen's investment thesis with hard data. The 7.2pp IRR finding and $72M foregone returns framing give Illumen's team concrete numbers to use in LP conversations and portfolio manager coaching.

For Illumen

GP retention and fundraising support

Portfolio managers who are going back out to fundraise get a research-backed toolkit that directly addresses LP objections around risk, track record, and fund size. This strengthens Illumen's value-add to portfolio managers beyond capital.

For Colibrí Institute

Direct channel to target audiences

Illumen's GP portfolio and LP base are exactly the stakeholders who need to see and act on this research. Distribution through Illumen's trusted channels reaches allocators and managers who are already predisposed to the thesis.

For Colibrí Institute

Milken-week visibility and credibility

Co-hosting with Illumen during Milken week positions Colibrí Institute alongside an established institutional investor. This is particularly valuable as the Institute builds its public profile and expands its research distribution footprint.

Included Resources

Diagnostic Tools

As part of any activation option, Colibrí is prepared to share both diagnostic tools at no charge for distribution to Illumen's portfolio managers and LP network.

GP Diagnostic Tool

A self-assessment for emerging managers that evaluates portfolio configuration discipline, including check size policy, portfolio breadth, stage focus, and alignment with their resource environment. Designed to surface early signals of strategic fit or misalignment before performance data is available.

LP Diagnostic Tool

An assessment for institutional allocators to evaluate whether their emerging manager program is built around performance objectives or compliance mandates. Covers screening criteria, enterprise risk assessment methodology, integration with core allocations, and graduation pathways.

Beyond Milken

Building Toward a Longer Partnership

Milken is the starting point, not the finish line. There are two longer-horizon collaboration opportunities worth exploring together.

2027 Impact Experience

We would be honored to explore what a future Impact Experience could look like with Colibrí as a research provocateur, potentially timed to the release of our second white paper on risk-adjusted returns for emerging managers.

Research Collaboration

Illumen's partnership with Stanford SPARQ and Colibrí's empirical work on VC fund performance represent complementary research agendas. We would welcome a conversation about where our work might intersect or build on each other in future cycles.

Let's Talk

Build the right room together.

Colibrí Institute and Illumen Capital are peers in this ecosystem, and this activation is stronger because of it. Colibrí brings the first empirical dataset documenting emerging manager outperformance across a 25-year, 2,471-fund sample, and a growing network of LP, GP, and institutional relationships. Illumen brings one of the most trusted platforms in research-driven emerging manager investing, a portfolio of fund managers who are exactly who this data is for, and an LP base of foundations, family offices, and institutional allocators who can act on it. Together, we build a room that commands attention, not because of who is hosting, but because of what is in the room.

None of this is fixed. We would love to get on a call to think through format, structure, guest mix, and which additional partners might make sense alongside us. Consider this a first draft of a conversation.