In this episode of View From The Top, Ganesh Nayak sits down with Lee Tilghman, Managing Director at The Dietrich Foundation — one of the most respected U.S. and impactful foundations in the world, which interestingly has chosen to invest almost exclusively only in VC and PE!
With 15+ years of experience leading manager selection and portfolio strategy across continents, Lee brings a long-term allocator’s lens to emerging markets. They discuss what conviction-driven investing looks like in practice, how disciplined governance defines successful LPs, and where India is placed 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: patience, endurance, and risk tolerance
- 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.
About The Dietrich Foundation:
Established by William S. “Bill” Dietrich II, an accomplished industrialist, investor, historian, and philanthropist, The Dietrich Foundation emerged following the sale of his steel enterprise in 1997. Built on his vision of using private capital for public good, the foundation’s assets have expanded more than elevenfold to around $1.5 billion, even after distributing over $400 million to charitable causes. It remains a major supporter of Carnegie Mellon University and the University of Pittsburgh, advancing Bill Dietrich’s lifelong commitment to education, research, and innovation. Over the past two decades, the foundation’s returns have placed it among the most successful endowments globally.
In the Frame
Ganesh Nayak
Ganesh leads fundraising and global capital markets at Avataar Venture Partners. He brings deep experience across venture capital, fundraising, and startup ecosystems.
Based in Bengaluru, Ganesh is an active angel investor in SaaS, B2B tech, and digital consumer brands, with notable investments in Curefoods, Uni Cards, and Capillary Technologies.
Ganesh combines strategic capital insights with a strong operator mindset spanning marketing, business development, venture investing, and mentoring early-stage founders.
Lee S. Tilghman
Lee serves as a Managing Director at the Deitrich Foundation. He focuses on manager selection and portfolio monitoring with a special interest in emerging managers. He was formerly a Transaction Associate with BNY Mellon’s Global Corporate Development team where he analyzed acquisitions, divestitures, and early-stage financial technology investments for the bank. Prior to BNY Mellon, he was a field artillery officer in the US Army’s 101st Airborne Division.
Lee earned his BA in Mathematics at Vanderbilt University and his MBA at the University of Pittsburgh.
Outside of the Foundation, Lee serves as a Trustee of Thiel College and as a member of the Carnegie Hero Fund Commission.
