On Episode 32 of the Alt Investing Made Easy podcast, hosts Roland and Sarah welcomed BIP Capital COO and General Partner Mark Flickinger to talk about expanding access to private equity through evergreen funds and other alternative investment innovations. The conversation covered everything from Mark's background as an elite athlete to BIP Capital's distinctive fund structure and long-term commitment to working with entrepreneurs and individual investors.
Mark opened with a story about how his experience as a U.S. National Team rower shaped his approach to business and investing. In rowing, success is driven by team performance, not individual stardom—a mindset that also applies to venture investing.
"It's not about fearing failure. It's about pursuing better." (Mark Flickinger)
That philosophy underpins his work with BIP Capital and BIP Venture, where the team partners deeply with founders to build sustainable, high-growth businesses. Mark emphasized that his operational background—not just financial training—positions him and the firm to deliver long-term value through hands-on guidance in go-to-market strategy, talent development, and capital efficiency.
BIP Capital was designed from the outset to serve individual investors and their advisors, not just institutions. Rather than confining investments to narrow venture categories like seed or Series A, BIP uses a multi-stage, modified options strategy. That means identifying promising early-stage B2B software and tech-enabled services companies, investing modestly, and then doubling down on those that show traction. This approach avoids the high-risk "power law" model typical of many private market investment firms.
"We're different by design. We're not swinging for the fences and hoping one out of ten hits. That doesn't serve individual investors well." (Mark Flickinger)
Mark introduced the BIP Ventures Evergreen BDC, a fund designed to make high-performing private equity strategies more accessible. Traditional private funds require high minimums, long lockups, and limited access. The Evergreen BDC addresses those challenges by combining the following:
"We took everything that's worked over the past 15 years and put it into a structure that works better for individuals and advisors," Mark said. "Now you can start small, get exposure to venture-backed private equity, and grow from there." (Mark Flickinger)
A key part of BIP Ventures' performance comes from its operator-led approach. Mark shared the story of PlayOn! Sports, an NFHS Network platform used by 12,000+ high schools to broadcast games. When early-stage distribution issues arose, BIP Ventures helped the team pivot to automated production, accelerating growth and improving user experience. "Our team is there to solve problems in real-time," Mark said. That operational support isn't just anecdotal; it's institutionalized through the firm's Performance Engineering team, which works with portfolio companies to improve product-market fit, hiring strategy, and growth execution.
Mark closed the conversation by reflecting on why individual investors should consider private markets: "Of all the companies in the U.S. with $100M+ in revenue, only 13% are public. That's where the value creation is happening." He encouraged listeners to get educated and start participating, even with small checks.
"If it's not with us, do it with someone. The future of investing is here."
Roland: Welcome to Alt Investing Made Easy, where we explore the complex world of alternative assets. I'm Roland, a securities attorney and investment advisor.
Sarah: And I'm Sarah, also an investment advisor and corporate attorney. We guide you through real estate, private equity, and more, making complex topics accessible.
Roland: Today, we're excited to welcome Mark Flickinger of BIP Ventures. He's going to tell us about his firm's unique approach to alternative investing—and how they're helping more people access private equity through evergreen structures.
Sarah: Before we get into the firm, let's start with Mark himself. Mark, you're a heavyweight rowing champion from Princeton and a former U.S. National Team member. Tell us about your experience in athletics and how it informs your business philosophy.
Mark: Thanks for having me. Athletics—especially rowing—has been foundational in shaping how I work. Rowing is the ultimate team sport: you can see when a boat is going fast, but not who the superstar is. That mindset translates well to venture. You can't succeed alone—you need a team. And setbacks, like just missing out on the Olympics in 2004 and 2008, taught me resilience. I came to believe in "pursuing better" instead of fearing failure. That applies to investing and entrepreneurship.
Sarah: That's a powerful message. Let's talk about BIP Ventures. What makes you different?
Mark: BIP Ventures has been around for more than 15 years. We're based in Atlanta and have built a track record that ranks in the top quartile of our vintage. What makes us different is that we were designed for individual investors and their advisors—not just institutions. Our strategy is multi-stage and option-based. We invest early in companies in sectors we know—B2B SaaS, fintech, insurtech, healthcare tech—and then double down on the winners.
Roland: So you're not swinging for the fences?
Mark: Exactly. The traditional VC model relies on the power law—you hope one out of ten is a huge success. That doesn't work well for individual investors. Our approach increases the batting average by giving us more chances to win with the same companies over time.
Sarah: That's helpful. Now let's dive into your Evergreen BDC. Tell us how it works and why it matters.
Mark: Sure. Traditional private funds have high minimums, limited access, and long lockups. That excludes a lot of people. So we built something more accessible: the BIP Ventures Evergreen BDC. It combines:
You get the same investment team, same strategy, and same access—but in a better wrapper for individuals.
Roland: And it's open to accredited investors, right?
Mark: Yes. If you meet the accredited investor criteria—based on income or investable assets—you can get in. It's a way to start small, learn, and grow your position over time.
Sarah: And your firm is very hands-on with founders. Can you share an example?
Mark: One great story is PlayOn! Sports. They built the NFHS Network to stream high school sports. Early on, they relied on student broadcasters. But if the student didn't show up—game over. Our team helped them find an automated production solution and scale to over 12,000 schools. That's our value-add in action.
Roland: That's an incredible example. I also want to highlight your operational background. You're not just an investor—you're a builder.
Mark: Absolutely. I've always been on the operating side—whether at startups or inside large companies. At BIP, we institutionalize that through our Performance Engineering team. We help with go-to-market strategy, financial metrics, hiring, and more. We're not buying companies—we're building them with the founders.
Sarah: Let's close with one big question: Why should people pay attention to private markets?
Mark: Of all U.S. companies with $100M+ in revenue, only 13% are public. The rest of the value creation is happening in private markets. But most people still don't have access. We built the Evergreen BDC to change that. Even if you don't invest with us, start learning. Get involved. The future of wealth creation is in the private markets.
Sarah: That's a great message.
Roland: Mark, thanks for joining us. We really appreciate your time and insights.
Mark: Thanks for having me. This was great.
Sarah: For anyone listening, you can find more info at bipevergreenfunds.com. And remember to take AIM with your alternative investing strategy.
Roland: See you next time on Alt Investing Made Easy.
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