In this episode of View from the Top, Ganesh Nayak of Avataar Ventures sits down with Lee Tilghman, Managing Director at The Dietrich Foundation — one of the most respected U.S. foundations investing substantially in VC and PE.

With over 15 years of experience leading manager selection and portfolio strategy across continents, Lee brings a long-term allocator’s lens to investment. 

They discuss what conviction-driven investing looks like in practice, and how India is being places in global capital conversations.

This conversation goes beyond the typical LP-GP dialogue — exploring how long-term institutions assess risk, patience, and performance in markets that are still evolving. 

Lee shares how The Dietrich Foundation approaches manager selection, the qualities that separate enduring partnerships from short-lived ones, and how mentorship, military discipline, and process-driven decision-making have shaped his approach to investing.

Together, Ganesh and Lee dive into:

• How long-term investors balance conviction and patience across illiquid portfolios
• What separates exceptional GPs from the rest — passion, curiosity, and humility
• How allocators like The Dietrich Foundation built conviction in India long before consensus
• Lessons from military leadership that apply to investing: initiative, accountability, and ownership
• Why “getting on the plane” remains a time-tested diligence principle for global LPs

Candid, and deeply human, this episode offers an inside look into how one of America’s leading foundations thinks about global capital deployment — from Pittsburgh to Bangalore.

For founders, VCs, and investors alike, Lee’s perspective is a masterclass in long-term thinking, conviction, and how disciplined capital fuels the next generation of global category leaders emerging from India.