20VC: How LPs Allocate to Venture in 2026: What They Want, What They Do Not Want | Why Fund Multiple Does Not Matter Without a Timeline | Why Velocity of Cashback is the Most Important Thing with David Morehead, CIO @ Baylor

David Morehead, CIO of Baylor University's $2.6 billion endowment, joins 20VC to reveal how limited partners are allocating to venture in 2026 He explains why portfolio construction outstrips manager selection, why LPs should back emerging managers over well‑known brands, and how Baylor scored big during the SaaSpocalypse The conversation covers public market volatility versus private valuation games, tactics for deploying capital during market crashes, the awkward dilemma of firing a profitable fund manager, and whether grassroots pushback against data centers could stall the AI boom