Alexis Ohanian, venture investor and husband of tennis superstar Serena Williams, loves getting asked how he balances family life and his career as managing partner of Initialized Capital.

He and Ms. Williams became first-time parents in 2017, and in the months that followed, Mr. Ohanian frequently spoke out about why it was so important for him to take time away from the Bay Area firm he co-founded to bond with their daughter.

Parental...