Concentration Over Diversification: A New Era for Crypto Fund-of-Funds

A Swimming with Allocators Episode

This week on Swimming with Allocators, Earnest and Alexa welcome Diego De Colombres, founding GP of Dissent Capital, for a candid conversation on what it takes to build a specialized crypto fund-of-funds. Diego makes a sharp case against over-diversification: in a market this volatile, concentration with conviction beats spreading thin across the index of GPs. The most useful angle for allocators is his framework for backing emerging crypto managers - why specialization wins over generalization, and why over-engineered fund structures quietly kill returns. He also flags stablecoins and the crypto-AI intersection as the next frontier worth allocator attention.