Superclusters - The Emerging LP Podcast (Superclusters by David Zhou)

“If you want to build trust with someone [on your team], if they screw up, you have to be okay with them screwing up because you put them in the situation.” – Ben Ehrlich

Ben Ehrlich is the founder and General Partner of First Momentum Capital, where he helps seed a new generation of venture capital firms. He is also the Director of Strategy at the Long Term Stock Exhange. Previously Ben worked across the venture ecosystem supporting companies in the Canadian Technology Accelerator, OutCast Communications and Cribspot (YC 15). In his free time Ben takes his Irish setter doodle hiking and enjoys watching the University of Michigan football team (mostly) win.

You can find Ben on his socials here: Twitter: https://x.com/benjaminehrlich LinkedIn: https://www.linkedin.com/in/benjamin-ehrlich-43b75498/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:43] The origins of the Out of the Crisis podcast

[06:54] Ben's advice for rookie podcasters

[08:35] How did Ben first meet Eric Ries?

[11:46] The play-by-play for Ben's interview with LTSE

[13:36] What do decisions and conversations look like at LTSE?

[16:23] Building trust among team members

[18:29] How does Ben build trust with GPs?

[25:14] How did First Momentum Capital start?

[30:42] What was the pitch to close First Momentum's first fund?

[33:54] How does Ben underwrite Fund I managers?

[36:42] How does Ben measure a GP's future deal flow (as opposed to today's)?

[45:40] What does a "No" from Ben look like?

[57:50] Thoughts on fund governance

[1:05:57] What is the role of serendipity in Ben's life?

[1:08:17] Commisso Bakery in Toronto

[1:10:35] Thank you to Alchemist Accelerator for sponsoring!

[1:11:35] If you enjoyed the episode, I'd appreciate it if you could share it with one friend! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Susan Kimberlin builds and invests in things that are Good & Useful. She is an angel investor, limited partner and product leader with a career that is equal parts building SaaS software products, and investing in companies, funds, teams, and projects that promote social equity with practical solutions for real-world problems. She is committed to bringing more diverse people into investing and the innovation economy. With a background in building search and natural language products for companies like PayPal and Salesforce, she leverages her experience to help her portfolio companies with product and fundraising strategies. Susan believes that bringing diverse perspectives to creative and practical challenges is the best way to create durable and impactful change.

In addition to her tech roles, Susan co-owns and manages Tammberlin Vineyards, growing Rhône wine varietals in Bennett Valley, Sonoma County. She works on documentary and narrative film projects as an executive producer, supporting creative projects that raise awareness, start conversations, and bring joy. She is a lifelong singer, and has been singing with pop a cappella group The Loose Interpretations for nearly 20 years.

You can find Susan on her socials here:

Twitter: https://x.com/susansearchpro

LinkedIn: https://www.linkedin.com/in/susankimberlin/

Substack: https://goodanduseful.substack.com/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:51] What are madrigals?

[10:10] How to balance high expectations for your team and the trust that they will get there

[14:53] How does Susan recognize drive and excellence in others?

[21:49] What made Susan's founding LP check in Backstage Capital so unique?

[26:01] Difference between LP stakes and GP stakes

[38:51] The smokes and mirrors behind the first pitch

[43:54] Susan's investment strategy as an individual LP?

[50:21] What topic would Susan give a TED talk in that's not startups or venture?

[59:24] Thank you to Alchemist Accelerator for sponsoring!

[1:00:25] If you enjoyed this episode, could you share this with one other friend? Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Samir Kaji is the CEO and Co-Founder of Allocate, a private markets technology company that pairs origination with portfolio management tools to allow investors to efficiently construct and manage their alternatives portfolios.  Prior to Allocate, Samir spent 22 years in venture banking between SVB and First Republic Bank and closely worked with and advised over 700 venture capital and private equity firms. During this time, he completed over $12B in structured debt transactions and has invested personally in over 75 funds and companies, including early-stage investments into Carta (seed), Side (seed), PolicyGenius (Series A), and FanDuel (Series B) as well as Growth investments into Reddit, Alto Pharmacy, and Carbon Health. He has also invested in over 40 funds across various investment types.  Samir completed a finance undergraduate degree at San Jose State University, a finance MBA from Santa Clara University, and completed the prestigious Kauffman Fellows venture program in 2017. Samir is also the host of Venture Unlocked, a top venture capital podcast available on Itunes, Spotify, and Substack. You can find Samir on his socials here: Twitter: https://twitter.com/Samirkaji LinkedIn: https://www.linkedin.com/in/samirkaji/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro [04:15] What will be the biggest change in the next decade for the LP universe? [08:45] Portfolio allocation for emerging LPs [12:32] How has Samir's LP investment strategy evolved over the years? [16:04] Why Samir invested in Bullpen Capital's Fund I [17:43] GP-business model fit [19:40] GP red flags [21:00] The one question Samir asks to see if GPs understand how to do portfolio math [23:31] The art of asking good questions [29:44] What is the Minimum Viable Fund? [36:14] How to pick 10 funds out of 4000 VC funds [42:19] How did Samir pitch Allocate to his investors? [48:11] The first hires at Allocate [50:53] How Samir defines work-life integration [56:38] The first two emerging fund managers Samir backed at First Republic Bank [59:41] The lesson Samir's father shared with him when he thought about leaving SVB [1:02:41] What happens when you overanalyze [1:07:27] Thank you to Alchemist Accelerator for sponsoring! [1:10:02] If you liked it, give us a like or share! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“Executional excellence can get you to being great at something – let’s call that top quartile – but it really is passion that distinguishes the best from great – top decile.” – Charlotte Zhang

As the director of investments, Charlotte Zhang oversees the selection of external investment managers, conducts portfolio research, and helps to institutionalize processes, tools, and resources. Experienced in impact investing, she previously served as a senior associate at ICONIQ Capital and, before that, Medley Partners. Investing on behalf of foundations affiliated with family offices, her investments supported a variety of nonprofit work, from early childhood education to autism research. Charlotte was a founding partner of Seed Consulting Group, a California-based nonprofit that provides pro bono strategy consulting to environmental and public health organizations, and currently serves on the Women’s Association of Venture and Equity’s west coast steering committee and as a Project Pinklight panelist for Private Equity Women Investor Network. She is also on the advisory boards of MoDa Partners, a family office whose mission is to advance the economic and educational equity of women and girls, and 8090 Partners, a multifamily office consisting of families and entrepreneurs across diverse industries that is currently deploying an impact investment fund.

Charlotte earned a BS with honors in business administration from the University of California, Berkley. When not working, you can find her globetrotting (18 countries and counting), writing a Yelp review about the best bite in town, or cuddling up with a book and her two adorable cats.

You can find Charlotte on her LinkedIn here: LinkedIn: https://www.linkedin.com/in/charlotterzhang/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:56] Charlotte's humble beginnings

[07:02] Lessons as a pianist

[10:23] Lessons from swimming that piano didn't teach

[14:52] How Charlotte became an LP

[17:44] Where are emerging managers looking for deal flow these days?

[21:23] Reasons as to why Inatai may pass on a fund

[24:35] The 4 P's to Evaluate GPs

[29:26] How small is too small of a track record?

[34:42] How do you build a multi-billion dollar portfolio from scratch

[39:43] The minimum viable back office for an LP

[42:03] Underrated Bay Area restaurants

[47:01] Thank you to Alchemist Accelerator for sponsoring!

[48:02] If you learned something from this episode, it would mean a lot if you could share it with ONE friend!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

“We overcomplicate almost nothing as LPs. And this is a criticism of myself. And I think we oversimplify almost everything. Because by definition, we’re the customer of the end product. [...] LPs watch the movie, but don’t read the book.” – Ben Choi

We're doing a three-part series with some of our fan favorites over the last three seasons on the LP perspective of succession-planning and VC firm-building.

Lisa Cawley is the Managing Director of Screendoor, a highly respected LP of GPs, investing in firm-builders by firm-builders, with a unique model for partnering with allocators to access the emerging manager ecosystem.

Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses.

Jaclyn Freeman Hester is a Partner at Foundry. Jaclyn helped launch Foundry’s partner fund strategy, building the portfolio to nearly 50 managers. Bringing her unique GP + LP perspective, Jaclyn has become a go-to sounding board for emerging VCs.

You can find Lisa on her socials here: LinkedIn: https://www.linkedin.com/in/31mml/ Screendoor: https://www.screendoor.co/contact

You can find Ben on his socials here: Twitter: https://twitter.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/

You can find Jaclyn on her socials here: Twitter: https://twitter.com/jfreester LinkedIn: https://www.linkedin.com/in/jaclyn-freeman-hester-70621126/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:00] Questions Ben asks GPs to see if they're thinking long-term

[06:50] Questions Jaclyn asks GPs to assess long-term thinking

[09:45] What does leverage look like for a GP?

[20:13] The role of AI internally at a firm

[21:06] Advice to people looking to take junior VC roles

[25:33] Questions Lisa asks GPs to assess long-term thinking

[29:19] When does a fund turn into a firm?

[31:26] Lisa: What do LPs often oversimplify vs overcomplicate about firm-building?

[35:31] Ben's answer to oversimplification vs overcomplication

[41:00] What do emerging and established GPs oversimplify and overcomplicate?

[45:06] Thank you to Alchemist Accelerator for sponsoring!

[46:07] If you can't wait for Part 3 of this conversation, leave us a like or comment! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Aakar Vachhani is the Managing Partner and a member of Fairview’s investment committee. He is involved in research, due diligence, investment monitoring, and business development for Fairview's venture capital and private equity partnership and direct co-investment portfolios. Prior to joining Fairview, Aakar was with Cambridge Associates, a leading investment advisor to foundations, endowments and corporate and government entities. He was responsible for analyzing private equity and venture capital investments in support of the firm's clients and consultants. In addition, he led research and data analytics projects on the firm’s private equity and venture capital database. Aakar also spent time with MK Capital, a multi-stage venture capital firm with a sector focus on software and cloud services. Aakar Vachhani holds a B.S. in Economics-Finance from Bentley University and an MBA in Finance and Entrepreneurship & Innovation from the Kellogg School of Management. He is a member of the Board of Directors of San Francisco Achievers and the New Breath Foundation. On top of that, Aakar established and leads Fairview's San Francisco office. You can find Aakar on his socials here: Twitter: https://twitter.com/aakar15 LinkedIn: https://www.linkedin.com/in/aakarvachhani/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[04:29] Growing up in a household of 10

[09:36] Aakar's leadership style when he was a child

[12:12] Why Aakar turned down a job in insurance back at home

[17:25] The third time Aakar applied to Cambridge Associates

[21:56] How Fairview aligns incentives with each investment they make

[26:15] How Fairview helps their GPs

[28:58] How Fairview gives pitch feedback to GPs

[32:54] Reasons Fairview passes on a GP

[34:58] How does Aakar define what a "new manager" looks like?

[37:55] How did Aakar build out Fairview's SF Bay Area practice?

[44:26] Fairview's onboarding process for new hires

[47:21] Why Fairview's investment decisions need to be unanimous

[52:17] The balancing act between a narrow thesis and a big market

[56:09] Why Fairview invested in Eniac Ventures

[57:56] What does a helpful LPAC member look like?

[59:30] Typical questions GPs bring to their LPAC

[1:01:13] How do the best GPs communicate strategy drift to their LPs?

[1:03:01] Why LPs dislike strategy drift

[1:06:28] What new technologies does Aakar think LPs should pay attention to?

[1:08:30] Aakar's core memories

[1:11:45] Thank you to Alchemist Accelerator for sponsoring!

[1:14:22] If you enjoyed the episode, it would mean a lot if you could like, comment, share, or subscribe! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“When you bring people in as partners, being generous around compensating them from funds they did not build can help create alignment because they’re not sitting there getting rich off of something that started five years ago and exits in ten years. So they’re kind of on an island because everybody else is in a different economic position and that can be very isolating.” – Jaclyn Freeman Hester

We're doing a three-part series with some of our fan favorites over the last three seasons on the LP perspective of succession-planning and VC firm-building.

Lisa Cawley is the Managing Director of Screendoor, a highly respected LP of GPs, investing in firm-builders by firm-builders, with a unique model for partnering with allocators to access the emerging manager ecosystem.

Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses.

Jaclyn Freeman Hester is a Partner at Foundry. Jaclyn helped launch Foundry’s partner fund strategy, building the portfolio to nearly 50 managers. Bringing her unique GP + LP perspective, Jaclyn has become a go-to sounding board for emerging VCs.

You can find Lisa on her socials here: LinkedIn: https://www.linkedin.com/in/31mml/ Screendoor: https://www.screendoor.co/contact

You can find Ben on his socials here: Twitter: https://twitter.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/

You can find Jaclyn on her socials here: Twitter: https://twitter.com/jfreester LinkedIn: https://www.linkedin.com/in/jaclyn-freeman-hester-70621126/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[01:55] Lisa on documenting the how and why behind decisions

[05:52] Ben on leadership transitions at VC firms

[08:08] GP commits by young GPs at established firms

[11:56] What makes Kauffman Fellows special

[14:33] Should Kauffman sponsor Superclusters?

[15:34] A rising tide raises all ships

[16:41] Partnerships that choose to stay together

[18:21] Jaclyn on leadership transitions at VC firms

[25:48] The economics of succession planning

[31:28] Lisa on succession planning vs wind-down planning

[33:10] Jaclyn on pros & cons of succession planning & committee decisions

[41:50] Thank you to Alchemist Accelerator for sponsoring!

[42:51] If you liked this 3-part series, do let us know with a like or a comment below!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“If you are governing things from a point of a legal document, whatever that may be and having to refer to that in order to trigger a behavior, that often to me feels emblematic of a transaction, not a relationship.”

Lisa Cawley is the Managing Director of Screendoor, a highly respected LP of GPs, investing in firm-builders by firm-builders, with a unique model for partnering with allocators to access the emerging manager ecosystem. She’s been covering venture capital for more than a dozen years, since 2010 at Ernst and Young, a private investment firm, and now to Screendoor.

Lisa is a proud graduate of Loyola University Maryland where she's earned her MBA and MS in Finance, as well as her BBA in Accounting, with a double minor in Information Systems and Spanish. Lisa is a CFA Charterholder and holds a CPA from the State of Maryland. In addition, she's also a member of Class 29 of the Kauffman Fellows. You can find Lisa on her socials here: LinkedIn: https://www.linkedin.com/in/31mml/ Screendoor: https://www.screendoor.co/contact And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:43] How swimming has influenced Lisa's life to date

[11:16] How does Lisa evaluate competitive spirit in others?

[14:36] The importance of understanding LP side letter terms

[21:33] Investing as a team AND individual sport

[23:45] Screendoor as the LP of GPs

[28:43] How does Screendoor align incentives with their GP advisors?

[31:05] How do GP advisors get assigned to portfolio managers?

[35:09] LP-GP fit

[37:46] Generation 1 vs Generation 5 of a family office

[43:19] How does firm-building differ from fund-building?

[49:09] Reference checking a fund manager's "unique" value-add

[55:24] Which two life lessons would Lisa canonize in a time capsule?

[57:36] What was in Lisa's last OS update?

[1:01:23] The different facets of education in Lisa's life

[1:09:09] Final words on being thoughtful as an LP

[1:14:05] Post-credit scene

[1:25:27] Thank you to Alchemist Accelerator for sponsoring!

[1:26:29] If you enjoyed the episode, I'd great appreciate it if you shared it with 1 other person! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“Diversification is your one free lunch.” – Charissa Lai

Charissa has experience in Investing, Strategy and Relationship Management across Private Equity and Investment Banking. She's gained global perspective from having worked and lived in South Africa, England, Canada, China and the USA. Her expertise includes selecting fund managers and co-investments, developing alternatives strategies and building relationships. She's a recipient of 2016 Women in Capital Markets Emerging Leaders Award with CPPIB. She serves as a Board Director at the Toronto Humane Society.

Charissa holds an MBA from Northwestern University and an HBSc. from University of Toronto.

You can find Charissa on her socials here: LinkedIn: https://www.linkedin.com/in/charissa-lai/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:51] When Charissa first met the Dalai Lama

[07:08] Charissa's early career

[08:02] Charissa's rejection from her dream job

[11:01] Why did Charissa switch from computer science to investment banking

[12:16] How Charissa became an LP

[14:24] Pinch-me moments for Charissa

[16:04] Building the investment process for a $70B pension fund

[18:37] The duration of partner roles is quite telling

[20:58] Assessing buyout track records

[25:01] Buyout loss ratios

[26:36] When buyouts and VC are getting more and more similar

[28:19] The value of vintage diversification

[32:51] How Charissa thinks about personal portfolio allocation

[40:22] The one VC fund that Charissa invested in[42:53] Charissa's beer can chicken

[47:13] What memory does Charissa cherish?

[49:26] Post-credit scene

[54:38] Thank you Alchemist Accelerator for sponsoring!

[55:39] If you enjoyed this episode, a like, comment, or share would mean the world! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

Jamie Rhode is Principal at Verdis Investment Management, focused on venture capital, private equity and hedge fund investment sourcing and due diligence. She joined Verdis from Bloomberg, where she held roles in both equity research and credit analysis. There, she created, managed and leveraged an extensive library of statutory and financial and market data for buy and sell-side clients that use Bloomberg to make investment decisions. A licensed Chartered Financial Analyst, she earned her bachelor’s degree in Finance and Marketing from Drexel University’s College of Business Administration. You can find Jamie on her socials here: Twitter: https://twitter.com/DurationFX LinkedIn: https://www.linkedin.com/in/jerrcfa/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [04:27] What skills did Jamie acquire while working at Bloomberg [08:45] What inspired Jamie to go into equity research [11:55] Verdis' original allocation model [13:27] How Verdis first built their deal flow in 2016 [15:26] What Jamie likes in a cold email [16:41] What kind of cold email to VCs won Verdis an 80% response rate? [20:27] Verdis' inbound vs outbound deal flow over the years [22:34] Why Verdis' mandate is to invest in diversified portfolios as opposed to concentrated portfolios [27:50] The downsides of early distributions [32:12] The benefits of early distributions [36:01] Luck versus skill [40:15] Why does Verdis measure "outliers" as opposed to unicorns [44:37] The relationship between proprietary deal flow and portfolio allocation models [45:55] How does Verdis decide which portfolio funds get re-ups [48:52] Why GPs shouldn't conform their strategies to LPs' mandates [51:08] Why LPs should also have consistent strategies [53:28] Why Verdis invests a third of their fund in funds based in Los Angeles [58:50] A case study on what happens when you skip a step in the due diligence process [1:02:57] The two things a GP can do to win Jamie over [1:05:32] When does Verdis like to receive their tax documents from GPs? [1:08:46] Thank you to Alchemist Accelerator for sponsoring [1:11:23] Legal disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Ian Park is a Partner at Primer Sazze, a firm dedicated to investing in ambitious talent across East Asia and North America. Prior to Primer Sazze, he was a venture capital allocator at Korea Investment Corporation (KIC), one of the largest sovereign wealth institutions in the world, where he focused on investments into venture managers and founders. He’s also amassed a fervent following of AI, VC, and LP fans over the years through writing his newsletter and his YouTube channel. Prior to KIC, he's built his investing repertoire at VMG Partners and Bertram Capital after leaving the world of consulting. Ian studied mathematics and economics at University of Minnesota and earned his master's degree in economics at Boston College. He's also got his master's in computer and information technology from University of Pennsylvania as well. You can find Ian on his socials here: LinkedIn: https://www.linkedin.com/in/park-ian/ Substack: https://moneybehindthemoney.substack.com And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:26] From Boston to SF

[10:58] How does Ian diligence a GP's ability to source?

[13:37] The three things Ian looks for in emerging managers

[17:04] Best practices on sharing insights

[26:37] A typical week at KIC and conversations with GPs

[30:42] How to best approach co-investment opportunities as an LP

[33:38] How does Ian get to conviction on a direct deal

[39:19] What funds should you invest in if you prioritize co-investments?

[43:23] What does Ian look for in a Fund II/III that's not TVPI, DPI, or IRR?

[47:26] Relationship management best practices with GPs

[53:30] The good, bad, and ugly at a sovereign wealth fund

[1:00:00] What is Ian investing in at Primer Sazze?

[1:10:20] What has Ian learned over the years as a content creator?

[1:16:57] Thank you to Alchemist Accelerator for sponsoring!

[1:17:57] If you liked the episode, would greatly appreciate a like and a share! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Courtney Russell McCrea enjoys over 30 years of venture capital and private equity investment experience including 13 years of fund investing and 18 years of direct principal investing. Courtney is Co-Founder and Managing Partner of Recast Capital, a 100% women-owned platform investing in and supporting emerging managers in venture, with a focus on diverse partnerships. Prior to co-founding Recast, Courtney was a Managing Director of Weathergage Capital, a boutique fund of funds that provided its clients with access to premier venture capital, growth equity and micro-VC partnerships. Venture fund commitments included both brand name funds and emerging managers. In addition to fund investment responsibilities, Courtney led the direct co investing program at Weathergage. During her 10 year tenure at Weathergage, Courtney made commitments to 100 funds and seven direct co-investments. Prior to Weathergage, Courtney was a General Partner with Weston Presidio, a leading diversified private equity firm based in San Francisco. After 7 years at Weston Presidio, she left in 2004 and founded Silver Partners, a private equity advisory firm where she evaluated secondary and co-investment opportunities and advised consumer growth businesses. Courtney was also a Director at Sterling Stamos, where she managed investments in buyout funds, venture capital funds and hedge funds. Earlier in her career, Courtney made equity co-investments as an Assistant Vice President at PPM America. She also spent 5 years at GE Capital where she worked on private equity, senior and subordinated debt investing. Courtney has an M.B.A., with honors, from the Kellogg Graduate School of Management and a B.A. in Economics from the University of Illinois, Champaign-Urbana. She is a member of the Kauffman Fellows Class 3. Courtney is a member of the NVCA Forward Board of Directors and the Alzheimer’s Association Northern California and Nevada Board of Directors. You can find Courtney on her socials here: Twitter: https://twitter.com/courtneyrmccrea LinkedIn: https://www.linkedin.com/in/courtneymccrea/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:37] What of Courtney's past helped her co-found Recast Capital [04:02] Three reasons to invest in emerging managers [05:17] What does "institutional quality of emerging managers" mean? [06:52] How to diligence emerging managers [10:30] How to do reference checks on GPs [14:40] How has being a Kauffman fellow helped Courtney build Recast's Enablement and Accelerate programs [19:51] How do alumni GP stay active in Recast Capital's community [20:59] Zoom vs. in-person education for GPs [23:00] What kind of managers do Recast Capital invest in versus who ends up joining the Enablement Program versus who joins the Accelerate program [28:33] Why are the Enablement Program and Accelerate program free [30:25] Spinouts from larger funds [32:12] What are emerging manager red flags? [34:03] Should emerging managers have answers to questions on succession planning? [36:00] Challenging the 1% GP commit: How much should different archetypes of GPs commit to their own fund? [40:52] Lessons from arguments between GPs [46:30] Getting Courtney to say yes [47:46] Courtney may make some enemies with this statement! [48:54] Thank you to Alchemist Accelerator for sponsoring! [51:30] Legal disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Ertan Can is the Founder of Multiple Capital, a fund of funds focused on investing in micro VC funds in Europe and has been a limited partner in top funds you’ve heard of including Entrepreneur First and Angular Ventures, just to name a few. He's done his tour of duty in the asset management world at JP Morgan to covering investor relations topics at Thomson Reuters to investing in startups at a family office. Ertan is also a founding member of 2hearts, a community dedicated to building tomorrow's tech society with cultural diversity.

He is also a proud MBA graduate from the ESCP Business School and a long time student of finance and law catalyzed by his time at Frankfurt and London.

You can find Ertan on his socials here: Twitter: https://twitter.com/rtancan LinkedIn: https://www.linkedin.com/in/ertancan/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro
[02:21] Ertan's childhood
[05:36] Why Luxembourg?
[15:03] Which countries do European GPs set up their funds?
[19:46] How did Ertan switch the family office strategy from direct to fund investing?
[24:42] How has Ertan's underwriting process evolved over time?
[28:04] Do similar pitch deck formats make it easier or harder to make investment decisions?
[30:34] Referrals and warm intros ranked by source
[36:10] Geographies that Multiple Capital invests in
[37:44] Red flags for Multiple Capital
[43:48] How do solo GPs build sounding boards to check their blindside?
[49:04] The (un)predictability of outlier investments
[1:00:41] How does Ertan think about bringing on Venture Partners in a fund of funds?
[1:08:25] The decision-making framework behind an "angel" LP investment and a FoF check
[1:12:01] Where Ertan shares his unfiltered thoughts
[1:20:14] Ertan's experience around giving GPs feedback
[1:27:05] Cockroaches and superheroes
[1:34:08] Thank you to Alchemist Accelerator for sponsoring!
[1:36:44] If you enjoyed this episode, it would mean the world to us if you gave us a like, comment, or share! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“Neutral references are worse than negative references.” – Kelli Fontaine From investing in great fund managers to data to investor relations, Kelli Fontaine is a partner at Cendana Capital, a fund of funds who’s solely focused on the best pre-seed and seed funds with over 2 billion under management and includes the likes of Forerunner, Founder Collective, Lerer Hippeau, Uncork, Susa Ventures and more. Kelli comes from the world of data, and has been a founder, marketing expert, and an advisor to founders since 2010. You can find Kelli on her socials here: X/Twitter: https://x.com/kells_bells LinkedIn: https://www.linkedin.com/in/kellitrent/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:11] How Kelli became a figure skater

[06:59] Kelli's football fandom

[08:47] Picking schools for critical thinking for children

[10:55] The difference between likeability and founder-friendliness

[13:35] Correcting biases as LPs

[15:07] Examples of what makes GPs unique

[19:53] What kinds of data was Cendana NOT measuring when Kelli joined?

[21:58] What are datapoints that LPs should measure but aren't?

[23:45] Startup metrics that LPs should track

[26:16] Can you trust the data out there?

[32:05] How does one start building a GP dataset from scratch?

[37:38] Why does Cendana do 40 reference checks per fund?

[39:47] Neutral references are worse than negative references

[42:28] The questions Kelli asks founders when diligencing GPs

[43:44] How Cendana does monthly calls with all their GPs and large LPs

[47:57] How often does Cendana send investor updates?

[49:13] The difference between monthly calls and taking an LPAC seat

[51:19] Kelli's indelible sports moments to witness

[52:37] What makes Kelli laugh?

[56:14] Thank you to Alchemist Accelerator for sponsoring

[57:15] If you enjoyed this episode, it would mean a lot to me if you shared it with one other friend!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

Dave McClure has been a Silicon Valley entrepreneur and investor for over 25 years. He has invested in hundreds of startups around the world, including 10+ IPOs and 40+ unicorns (Credit Karma, Twilio, SendGrid, Lyft, The RealReal, Talkdesk, Grab, Intercom, Canva, Udemy, Lucid, GitLab, Reddit, Stripe, Bukalapak).

Prior to launching PVC in 2019, he was the founding partner of 500 Startups, a global VC firm with $1B AUM that has invested in over 2,500 companies and 5,000 founders across 75 countries. Dave created 20 VC funds under the 500 brand and invested in 20 other VC funds around the world.

Dave began his investing career at Founders Fund where he made seed-stage investments in 40 companies, resulting in 4 unicorns and 3 IPOs. He led the Credit Karma seed round in 2009 (acq INTU, over 400X return). His $3M portfolio returned more than $200M (~65X) in under 10 years.

Before he became an investor, Dave was Director of Marketing at PayPal from 2001-2004. He was also the founder/CEO of Aslan Computing, acquired by Servinet in 1998. Dave graduated from the Johns Hopkins University (BS, Engineering / Applied Mathematics).

You can find Dave on his socials here:

Twitter: https://x.com/davemcclure LinkedIn: https://www.linkedin.com/in/davemcclure/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:37] How did Narnia inspire the start of Dave's entrepreneurship?

[08:32] On the brink of bankruptcy

[11:42] The lesson Dave took away from his first acquisition

[13:19] What did Dave do that no one else did as a marketing director?

[16:06] What do most people fail to appreciate about secondaries?

[22:31] The 3 bucket method for secondaries

[28:46] How much do fund returners matter for secondaries?

[33:01] When do LPs typically think about selling fund secondaries?

[42:04] What are two questions that Dave asks to see if a portfolio is good for a secondary?

[46:10] Why is it complicated if a GP wants to buy an LP's stake?

[55:03] When do most funds return 1X? 2-3X?

[57:13] Underwriting VC vs PE secondaries

[1:01:49] How do institutional LPs react to VC secondaries?

[1:07:01] The founding story of Practical VC

[1:15:36] Closing Josh Kopelman in Fund I

[1:18:47] How often does the PayPal Mafia get together?

[1:23:49] What's the most expensive lessons Dave learned over the years?

[1:27:38] Thank you to Alchemist Accelerator for sponsoring!

[1:28:29] If you enjoyed the episode, would deeply appreciate you sharing with one other friend! Follow David Zhou for more Superclusters content:

For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Jeff is a partner at Renaissance Venture Capital an innovative venture capital fund of funds. Jeff’s diverse background in venture capital and technology and his experience working in various start-up ventures uniquely position him to advise startups. In addition, Jeff is quite active in the Michigan start-up community, volunteering his time to mentor young entrepreneurs, judge pitch competitions, and guest lecture student classes and organizations. Through Jeff’s work on the Fund, his volunteer efforts, and his role as the chair of the Michigan Venture Capital Association’s board of directors, his passion for fostering a productive environment for venture capital investment in the State of Michigan is evident. You can find Jeff on his socials here: Twitter: https://twitter.com/rinvelt LinkedIn: https://www.linkedin.com/in/rinvelt/ _________________________________ Martin Tobias is the Managing Partner and Founder of Incisive Ventures, an early-stage venture capital firm focused on investing in the first institutional round of technology companies that reduce friction at scale. Martin was previously at Accenture and Microsoft and is a former Venture Partner at Ignition Partners. Martin is a 3X venture-funded CEO rising over $500M as CEO with two IPOs who has also invested in hundreds of companies and is a limited partner in over a dozen VC funds. Martin was an early investor in Google, Docusign, OpenSea, and over a dozen Unicorns. Martin is the father of 3 daughters, a cyclist, surfer, poker player, and life hacker. Martin tinkers with motorcycles on the weekends. He writes about Venture Capital on Incisive Ventures blog and Twitter. You can find Martin on his socials here: Twitter: https://twitter.com/MartinGTobias LinkedIn: https://www.linkedin.com/in/martintobias/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters _________________________________

OUTLINE:

[00:00] Introducing Jeff Rinvelt and Martin Tobias [04:14] What was Jeff's pitch to their LPs for Renaissance Capital? [06:30] Why did Jeff pivot from being a founder to an LP? [08:10] Renaissance Capital's portfolio construction model [13:00] Jeff's involvement in non-profits [15:56] How did Martin become an angel investor? [18:03] The big lesson from being an LP in SV Angel's Fund I and II [20:10] Why is Martin starting a fund now? [26:07] A lesson on variable check sizes [28:53] What is Martin's value add to founders? [33:29] What stood out about Martin's deck and email when it arrived in Jeff's inbox? [35:43] The 2 biggest worries Martin had in sharing his deck with Jeff [36:47] What does Jeff think about generalists? [40:49] What held Jeff back from making an investment in Incisive Ventures? [42:37] What kinds of conversations does Martin usually have with LPs? [47:05] One of the greatest professional lessons Jeff picked up as a manager [49:07] Martin's greatest lesson from his days as a CEO [51:57] Thank you to Alchemist Accelerator for sponsoring! [54:33] Like, comment and share if you enjoyed the episode Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Beezer Clarkson leads Sapphire Partners‘ investments in venture funds domestically and internationally. Beezer began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network, which then had $7 billion under management across 16 venture funds worldwide. In 2016, Beezer led the launch of OpenLP, an effort to help foster greater understanding in the entrepreneur-to-LP tech ecosystem. Beezer earned a bachelor’s in government from Wesleyan University, where she served on the board of trustees and currently serves as an advisor to the Wesleyan Endowment Investment Committee. She is currently serving on the board of the NVCA and holds an MBA from Harvard Business School. Chris Douvos founded Ahoy Capital in 2018 to build an intentionally right-sized firm that could pursue investment excellence while prizing a spirit of partnership with all of its constituencies. A pioneering investor in the micro-VC movement, Chris has been a fixture in venture capital for nearly two decades. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates, and The Investment Fund for Foundations. He learned the craft of illiquid investing at Princeton University’s endowment. Chris earned his B.A. with Distinction from Yale College in 1994 and an M.B.A. from Yale School of Management in 2001. You can find Chris and Beezer on their socials here. Connect with Beezer here: Twitter: https://twitter.com/beezer232 LinkedIn: https://www.linkedin.com/in/elizabethclarkson/ Connect with Chris here: Twitter: https://twitter.com/cdouvos LinkedIn: https://www.linkedin.com/in/chrisdouvos/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:07] Beezer's childhood dream

[04:29] How Chris was let go from his $4.15 job at Yale

[08:09] Concentrated vs diversified portfolios

[09:30] First fund that Beezer and Chris invested

[11:42] Funds that CD and Beezer passed on and regret

[16:07] Favorite term in the LPA? Or not?

[19:18] What piece of advice did a GP in their portfolio share with them?

[23:15] What's something that Beezer/CD said to a GP that they regret saying?

[28:06] What's the most interesting fund model they've seen to date?

[33:20] What fund invested in 2020-2021 inflated valuations that they've reupped on?

[40:18] Events that they went to once but never again

[44:24] Life lessons from CD & Beezer

[54:02] The founding story of Open LP

[55:02] Thank you to Alchemist Accelerator for sponsoring!

[57:58] If you learned something new in this episode, it would mean a lot if you could drop a like, comment or share it with your friends! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Aram Verdiyan is a Partner at Accolade. Previously, he worked on the investment team at Andreessen Horowitz. Before that, Aram worked in BD, sales and marketing at Aviatrix, a cloud native enterprise software company. Aram worked at Accolade from 2012 to 2015 as a Senior Investment Associate and at Deloitte Consulting LLP. He holds an M.B.A from the Stanford Graduate School of Business (GSB) and a B.S. from the George Washington University. You can find Aram on his socials here: Twitter: https://twitter.com/aramverdi LinkedIn: https://www.linkedin.com/in/aram-verdiyan-8099186/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:36] How did Pejman Nozad influence the way Aram thinks about people

[04:06] Aram's 'distance traveled'

[05:45] What did imposter syndrome look like in Aram's life?

[06:36] How Aram cold emailed his way into Accolade Partners

[09:03] The first case study Aram did at Accolade

[10:10] When track record is NOT just TVPI, DPI, or IRR

[15:05] The case for concentrated fund of funds' portfolio construction

[22:42] Telltale signs of "great" deal flow

[26:32] When does due diligence start for prospective funds for Accolade?

[27:50] Primary sources of data for Accolade

[29:00] The variables that impact fund of funds' team size

[30:24] How many fund investments should each individual FoF partner have?

[35:13] The case for consistent check sizes

[36:20] The common mistake GPs make when it comes to LP concentration limits

[41:27] How Accolade started investing in blockchain funds

[44:52] Blockchain engineering talent as a function of bear markets

[47:15] Time horizons for blockchain funds

[50:38] Luck vs skill

[53:41] Aram's early fundraising days at Accolade

[57:38] Thank you to Alchemist Accelerator for sponsoring!

[1:00:14] If you enjoyed the episode, drop us a like, comment or share! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Jaap Vriesendorp is one of the managing partners of Marktlink Capital, an investment manager from the Netherlands investing over $1b into private equity and venture capital funds. Marktlink Capital’s LPs are almost exclusively Dutch (tech) entrepreneurs from companies such as Booking.com, Adyen and Hellofresh. At Marktlink Capital Jaap focusses on selecting venture and growth funds across Europe and the US. Before Marktlink Capital, he spent the majority of his time at McKinsey where he was one of the leaders of McKinsey’s practice for Venture Capital, Unicorns & Startups in Europe. Besides work, Jaap enjoys sports, mountains, technology, comic books, music and art. He holds an MBA from INSEAD and is a guest lecturer at the Rotterdam School of Management (Erasmus University). He occasionally shares his views on private market investing on Medium. You can find Jaap on his socials here: LinkedIn: https://www.linkedin.com/in/jaap-vriesendorp/ Medium: https://medium.com/@jjjvriesendorp And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:04] The significance of Mount Pinatubo in Jaap's life

[06:23] One Shell Jackets

[08:45] The entrepreneurial gene in the Vriesendorp family that dates back to Jaap's grandfather

[14:32] The 1-year time constraint of starting Welt Ventures

[17:43] What did the transition to becoming an investor look like for Jaap

[20:28] The 3 traits that define a community

[24:03] How often does Jaap host events?

[25:30] How does Marktlink Capital have 1000 LPs?

[27:15] What was Marktlink's pitch to their LPs?

[28:32] What is the typical individual LP's allocation model to VC/PE?

[29:41] Why is VC/PE uncorrelated to the public markets?

[35:10] The 3 facts that define Welt Ventures' portfolio construction model

[38:28] Exit windows matter more than entry windows

[42:15] Diversification in PE = Concentration in VC

[47:42] 3 types of emerging GPs that deliver alpha

[49:35] Which European fund has a really unique thesis?

[51:44] Which school did Jaap apply to but not get in?

[53:55] Thank you to Alchemist Accelerator for sponsoring!

[56:31] If anything resonated with you in today's episode, we'd be honored to earn a like, comment, or share! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“Innovation everywhere, but especially in the land of pensions, endowments, and foundations, is a function of courage and crisis.” – Ashby Monk

Dr. Ashby Monk is currently a Senior Research Engineer, School of Engineering at Stanford University and holds the position of Executive Director of the Stanford Research Initiative on Long-Term Investing.

Ashby has more than 20 years of experience studying and advising investment organizations. He has authored multiple books and published 100s of research papers on institutional investing. His latest book, The Technologized Investor, won the 2021 Silver Medal from the Axiom Business Book Awards in the Business Technology category.

Outside of academia, Ashby has co-founded several companies that help investors make better investment decisions, including Real Capital Innovation (acquired by Addepar), FutureProof, GrowthsphereAI, Long Game Savings (acquired by Truist), NetPurpose, D.A.T.A., SheltonAI, and ThirdAct. He is co-founder and managing partner of KDX, a venture capital firm focused on investment technologies.

He is a member of the CFA Institute’s Future of Finance Advisory Council and was named by CIO Magazine as one of the most influential academics in the institutional investing world. He received his Doctorate in Economic Geography at the University of Oxford, holds a Master’s in International Economics from the Université de Paris I - Pantheon Sorbonne, and has a Bachelor’s in Economics from Princeton University.

You can find Ashby on his socials here: X / Twitter: https://x.com/sovereignfund LinkedIn: https://www.linkedin.com/in/ashby-monk-208a479/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:44] "I don't know what to do with my hands"

[04:44] The origin story of Ashby's LinkedIn skills

[09:04] Ashby's obsession with the worst title out there

[12:54] Titles at institutional investment firms

[17:05] Building the right incentives for institutional LPs

[20:54] The decision to buy or build for pension funds

[22:36] What's a smart way to think about the difference of gross and net?

[23:17] When are management fees not justified?

[26:06] When managers charge fees on SPVs

[28:12] When are GPs still grateful for your LP capital?

[29:40] Challenges with the endowment model in PE and VC

[31:14] Why LPs misrepresent what budget fees come out of

[35:28] Compensation structure of a pension fund

[37:59] CalPERS compensation structure

[39:19] The highest paid employees in government jobs

[42:39] Traits of an incredibly talented investor

[47:06] Hire hard, manage light

[51:07] Ashby's journey into the LP space

[56:05] Why should a young professional work at a pension

[1:00:24] Who outside of investments influences the way Ashby thinks about investing?

[1:02:28] What is organic finance?

[1:07:08] The post-credit scene

[1:12:32] Thank you to Alchemist Accelerator for sponsoring

[1:13:33] If you enjoyed the episode, would love if you shared it with one friend who would enjoyed it as well!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

“You can map out what your ideal process is, but it’s actually the depth of discussion that the internal team has with one another. [...] You have to define what your vision for the firm is years out, in order to make sure that you’re setting those people up for success and that they have a runway and a growth path and that they feel empowered and they feel like they’re learning and they’re contributing as part of the brand. And so much of what happens there, it does tie back to culture [...] There’s this amazing, amazing commercial that Michael Phelps did, [...] and the tagline behind it was ‘It’s what you do in the dark that puts you in the light.’” – Lisa Cawley

Lisa Cawley is the Managing Director of Screendoor, a highly respected LP of GPs, investing in firm-builders by firm-builders, with a unique model for partnering with allocators to access the emerging manager ecosystem.

Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses.

Jaclyn Freeman Hester is a Partner at Foundry. Jaclyn helped launch Foundry’s partner fund strategy, building the portfolio to nearly 50 managers. Bringing her unique GP + LP perspective, Jaclyn has become a go-to sounding board for emerging VCs.

You can find Lisa on her socials here: LinkedIn: https://www.linkedin.com/in/31mml/ Screendoor: https://www.screendoor.co/contact

You can find Ben on his socials here: Twitter: https://twitter.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/

You can find Jaclyn on her socials here: Twitter: https://twitter.com/jfreester LinkedIn: https://www.linkedin.com/in/jaclyn-freeman-hester-70621126/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:03] The job that goes unseen by others at a VC firm

[09:01] The psychology of curiosity

[11:12] The story of Charlie Munger and Robert Cialdini

[14:17] Lisa's perspective on the intangibles of firm-building

[17:41] Heidi Roizen and why glassblowing builds relationships

[21:09] The people you surround yourself with

[23:06] Jaclyn's perspective on the intangibles

[26:23] Examples of how to communicate strategy drift

[27:34] Ben's perspective on the intangibles

[33:19] The metric many LPs don't use but should use to evaluate GPs

[36:16] Thank you to Alchemist Accelerator for sponsoring!

[37:17] If you enjoyed Part 1, and want to see Part 2 and 3 sooner, leave a like or a comment!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

Howard Lindzon has over 20 years of experience in both public and private market investing. He previously founded and managed the hedge fund Lindzon Capital, and is currently the founder and General Partner of the early-stage venture capital firm Social Leverage. Through Social Leverage, he and his partners have been seed investors in startups like Robinhood, Beehiiv, and Manscaped to name a few. Howard was the founder of Wallstrip (acquired by CBS), and is the the co-founder and Chairman of Stocktwits, the leading social platform for traders and investors. Throughout his career, Howard has strongly advocated for and helped drive the decentralization and democratization of investing. He resides in Phoenix, AZ and Coronado, California. You can find Howard on his socials here: Twitter: https://twitter.com/howardlindzon LinkedIn: https://www.linkedin.com/in/howardlindzon/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro [01:51] Howard's biggest misses as a startup investor [06:21] What happens when you trust a single reference too much in the diligence process? [10:24] What kind of company does Howard think Carta should be? [14:52] Howard's two beliefs on selling positions [24:29] What types of fund managers did Howard invest in as an individual LP? [30:46] How did Howard write a $150K LP check in Multicoin [36:06] Why Howard likes GPs who struggle to fundraise [41:16] How Howard raised his fund of funds [44:19] Howard's LP investment thesis [47:16] How much of investing is luck vs skill? [51:57] Reframing curiosity and risk [57:37] Market risk vs execution risk in your career [59:18] Howard's advice to young professionals [1:03:40] A founder or GP's first interactions with Social Leverage [1:08:25] Does succession planning matter to Social Leverage? [1:10:16] The big lesson about follow-on financing from Social Leverage's Fund I [1:14:49] Thank you to Alchemist Accelerator for sponsoring! [1:17:25] Legal disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Eric is co-founder and CEO of Revere, where he leads product development and investment analysis & due diligence efforts. Prior to starting Revere, he was Head of Institutional Capital at AngelList, the world's largest online venture capital investment platform that supports over $10B in assets and has participated in the financing of over 190 "unicorn" companies. At AngelList, Eric worked closely with investors to curate early-stage fund and deal opportunities. He also developed systematic and data-driven strategies for institutional investors. Over the last 12 years, Eric has helped allocate over $160 million in venture funds and direct co-investments. Notably, he played a key role in establishing the emerging manager investment programs at Top Tier Capital and Northgate Capital, organizations that collectively have more than $15B in AUM. Eric is an acknowledged thought leader in the VC emerging managers ecosystem. Before his venture career, Eric worked in pricing and risk management for a large insurance company and financial guarantor. He also has experience in online marketing and private market research. A Bay Area native, Eric graduated with a B.S. degree in Mechanical Engineering from UC Berkeley and has been a CFA charter holder since 2004. You can find Eric on his socials here: Twitter: https://twitter.com/ericjwoo LinkedIn: https://www.linkedin.com/in/ericwoo/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:30] How did Eric pivot from being an engineer to an asset manager? [09:52] Building emerging manager programs at Top Tier and Northgate [15:25] How does Eric define conviction? [17:23] What was the thesis that Eric raised his fund of funds on? [20:00] How much does an established fund's portfolio is allocated to emerging managers? [23:48] How did Eric pitch institutional LPs to join AngelList? [32:48] How does Eric measure the ROI on hosting events? [36:24] How does Eric pitch Revere to my relatives? [39:29] How does Revere rate emerging managers? [47:49] What are telltale signs of a fund's outperformance? [51:36] The value of community [58:10] What are subconscious decisions LPs make that deserve a double take? [1:02:09] Why strategy drift is not a bad thing [1:04:57] What VC firm turned identity into culture? [1:07:39] What is Eric's nighttime routine? [1:09:50] Angel investing is to tipping as LP investing is to ____ [1:13:45] What is one thing Eric recommends GPs do but no one ever listens? [1:15:18] What is an investment opportunity Eric missed because of what he didn't do rather than what he did? [1:18:21] Thank you to Alchemist Accelerator for sponsoring! [1:20:58] Legal disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://superclusters.co Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on Instagram: https://instagram.com/super.clusters

Abe Finkelstein, Managing Partner at Vintage, has been leading fund, secondary, and growth stage investments focused on fintech, gaming, and SMB software, among others, leading growth stage and secondary investments for Vintage in companies like Monday.com, Minute Media, Payoneer, MoonActive and Honeybook. Prior to joining Vintage in 2003, Abe was an equity analyst with Goldman Sachs, covering Israel-based technology companies in a wide variety of sectors, including software, telecom equipment, networking, semiconductors, and satellite communications. While at Goldman Sachs, Abe, and the Israel team were highly ranked by both Thomson Extel and Institutional Investor. Prior to Goldman Sachs, Abe was Vice-President at U.S. Bancorp Piper Jaffray, where he helped launch and led the firm’s Israel technology shares institutional sales effort. Before joining Piper, he was an Associate at Brown Brothers Harriman, covering the enterprise software and internet sectors. Abe began his career at Josephthal, Lyon, and Ross, joining one of the first research teams focused exclusively on Israel-based companies. Abe graduated Magna Cum Laude from the Wharton School at the University of Pennsylvania with a BS in Economics and a concentration in Finance. Vintage Investment Partners is a global venture platform managing ~$4 billion across venture Fund of Funds, Secondary Funds, and Growth-Stage Funds focused on venture in the U.S., Europe, Israel, and Canada. Vintage is invested in many of the world's leading venture funds and growth-stage tech startups striving to make a lasting impact on the world and has exposure directly and indirectly to over 6,000 technology companies. You can find Abe on his socials here: LinkedIn: https://www.linkedin.com/in/abe-finkelstein/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:22] How did Abe get his first job?

[15:30] The currency of trust

[17:12] How does Vintage view mistakes and weaknesses?

[20:03] How Vintage organizes team offsites

[28:42] The lessons Abe gained on people and long-term potential

[33:47] Type 1 and Type 2 errors when evaluating GPs

[36:00] How does Vintage work with their GPs and the GPs' portfolio companies?

[45:06] What Abe likes to see in a cold email

[49:33] Funds that Abe says no to

[51:18] When does fund size as a function of stage not make sense for Vintage?

[54:51] Carry splits within a fund

[1:02:08] What kinds of funds does Vintage not re-up in?

[1:05:23] How did Abe become a Pitfall Explorer?

[1:07:38] What Abe has learned over the years about patience?

[1:11:05] One of Abe's biggest blows in his career

[1:16:23] Thank you to Alchemist Accelerator for sponsoring!

[1:18:58] Like, comment and share if you enjoyed this episode! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“VC is more about the ground game than the air game.” – Nakul Mandan

“Entrepreneurs think it’s going to be like the Michael Keaton version, and the good ones, they actually have to work through the Christopher Nolan version of Batman.” – Ben Choi

Nakul Mandan is the founder of Audacious Ventures. Audacious is a seed stage venture firm managing ~$250M. Audacious' foundational belief is that ultimately startup success comes down to two key ingredients: Large markets and A+ teams. Accordingly, the Audacious team focuses on two jobs: 1/ Invest in force of nature founders; 2/ Help them recruit an A+ team. Then they get out of the way. Prior to founding Audacious, Nakul was a GP at Lightspeed.

Some of the companies Nakul has backed over the last decade include: Gainsight, People.ai, WorkOS, Multiverse, Marketo, 6Sense, BuildingConnected, Vartana, Tezi and Maxima, amongst others.

You can find Nakul on his socials here: X / Twitter: https://x.com/nakul LinkedIn: https://www.linkedin.com/in/nakulmandan/ Personal Website: https://www.nakulmandan.com/

~~~~

Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses. Ben’s love for technology products formed the basis for his successful venture track record, including early stage investments in Marketo (acquired for $4.75B) and CourseHero (last valued at $3.6B). He previously ran product for Adobe’s Creative Cloud offerings and founded CoffeeTable, where he raised venture capital financing, built a team, and ultimately sold the company.

Ben is an engaged member of the Society of Kauffman Fellows and has been named to the Board of Directors for the San Francisco Chinese Culture Center and Children’s Health Council. Ben studied Computer Science at Harvard University before Mark Zuckerberg made it cool and received his MBA from Columbia Business School. Born in Peoria, raised in San Francisco, and educated in Cambridge, Ben now lives in Palo Alto with his wife, Lydia, and three very active sons.

You can find Ben on his socials here: X / Twitter: https://x.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[04:14] Why is Nakul fascinated by Batman?

[06:41] Does entrepreneurial motivation often come from inspiration or frustration?

[10:33] Nakul's childhood and early upbringing

[14:37] How Nakul grew from introvert to extrovert

[16:19] Did Ben see the ambition in Nakul from the day they first met?

[18:19] How did Ben's parents' work in Chinatown influence Ben as a teenager?

[22:47] How did Ben and Nakul meet?

[28:50] Would Nakul have raised in 2020 if he knew how hard it would be?

[33:49] Why did Next Legacy not invest in Fund I, but in Fund II?

[37:49] How did Nakul react to the pass on Fund I?

[39:56] The kinds of people at Next Legacy's dinners

[43:49] Why Audacious kept a low profile in 2021

[49:01] Why Audacious deployed Fund I over 4 years, instead of 3

[51:46] Balancing the paradox of one of Audacious' cultural values

[55:14] The difference between pitching individuals and institutions

[1:00:42] What is it like to be married to an interior designer?

[1:02:40] Nakul's favorite coffee shop, bar, and restaurant

[1:05:56] What makes a sock special to Ben?

[1:07:17] Why does Ben still like venture?

[1:08:10] Why does Nakul still like venture?

[1:11:36] Thank you to Alchemist Accelerator for sponsoring!

[1:12:37] If you enjoyed this holiday episode, and want more like this, do let me know!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

Felipe Valencia is one of the co-founders of Veronorte, a venture capital investment firm based out of Colombia. In the first decade, Veronorte focused on managing Corporate Venture Programs for some of the largest Corporations in Latam. These days, they’re diving into a Fund of Funds investment strategy in the Venture Capital space. For the last 12 years, Veronorte has invested in over 25 startups across the U.S., India, Europe, Mexico, and Colombia, and in more than 12 Venture Capital funds, primarily in the U.S. With over 20 years of experience under his belt, Felipe has dabbled in various fields like robotics, the internet, international trade, and infrastructure project management. Felipe graduated summa cum laude with a Mechanical Engineering degree from EAFIT University. He also holds a Master’s in Web Communication from the European Institute of Design in Rome and an MBA from the University of Chicago, where he focused on entrepreneurship and finance. Felipe’s journey has taken him all over the world: He worked for AVG – Robotics in Los Angeles, did research and development in Mechatronics at Siemens in Germany, and was the Commercial and Strategic Director of Indexcol in Colombia. He also served as the Commercial Attaché at the Colombian Embassy in China and led the Proexport office there. Most recently, he was involved in business development at Pierson Capital in Beijing and managed infrastructure projects in Mexico. You can find Felipe on his socials here: LinkedIn: https://www.linkedin.com/in/felipevalencia/ Veronorte: https://veronorte.com/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro [02:54] Felipe's teenage years under a life of terror [10:01] How Medellin has changed over the years [13:12] Tales from Felipe's travels across 10 cities in 4 continents [17:53] How did Felipe made his foray into VC? [22:46] How did Felipe meet his co-founding partner Camilo? [26:31] How Felipe pitched a VC fund without a track record [39:16] How did Felipe and Camilo think about compensation in Fund I? [47:40] How did Veronorte transition from a VC fund to a fund of funds? [55:14] The Monte Carlo simulation of fund of funds strategies [1:03:04] How much better does a venture fund need to do than public markets? [1:05:46] How did Veronorte get into top tier established funds? [1:12:00] What coffee brand did Felipe bring on his visits to the US? [1:13:38] How did Veronorte close Latam family offices in their fund of funds? [1:17:04] How does Veronorte communicate with their LPs? [1:23:58] The difference between an emerging firm and a frontier firm [1:28:55] Portfolio construction at Veronorte [1:34:50] What podcasts does Felipe listen to? [1:38:19] Felipe's advice for the wanderlust [1:43:39] Thank you to Alchemist Accelerator for sponsoring! [1:44:39] If you enjoyed this episode, albeit longer, please do leave a like and share it with one friend who'd enjoy this episode! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses. Ben’s love for technology products formed the basis for his successful venture track record, including early stage investments in Marketo (acquired for $4.75B) and CourseHero (last valued at $3.6B). He previously ran product for Adobe’s Creative Cloud offerings and founded CoffeeTable, where he raised venture capital financing, built a team, and ultimately sold the company.

Ben is an engaged member of the Society of Kauffman Fellows and has been named to the Board of Directors for the San Francisco Chinese Culture Center and Children’s Health Council. Ben studied Computer Science at Harvard University before Mark Zuckerberg made it cool and received his MBA from Columbia Business School. Born in Peoria, raised in San Francisco, and educated in Cambridge, Ben now lives in Palo Alto with his wife, Lydia, and three very active sons.

You can find Ben on his socials here: Twitter: https://twitter.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:44] Ben's childhood

[07:54] What is Ben's superpower?

[16:58] What aspect of being a VC do most founders fail to appreciate?

[18:46] What do GPs fail to appreciate about LPs?

[21:24] The similarities between VC and the intelligence industry

[24:00] What's changed about being a VC since 2006?

[27:14] How does Ben tell signal from noise?

[32:46] Past track record portability

[37:24] A case study on how a syndicate investor became a lead investor

[41:00] Ben and David nerd out about free T-shirts

[44:26] An example of how a GP convinced Ben to invest in their fund

[47:53] Succession planning in a VC firm

[56:51] How Legacy Venture started

[1:01:28] Next Play + Legacy Venture = Next Legacy

[1:04:05] Which non-profits do the carry go to?

[1:05:48] What kind of GP impresses Ben?

[1:07:58] Ben's biggest professional lesson in 1998

[1:12:56] Thank you to Alchemist Accelerator for sponsoring!

[1:15:32] Legal disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Chris Douvos founded Ahoy Capital in 2018 to build an intentionally right-sized firm that could pursue investment excellence while prizing a spirit of partnership with all of its constituencies. A pioneering investor in the micro-VC movement, Chris has been a fixture in venture capital for nearly two decades. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates, and The Investment Fund for Foundations.  He learned the craft of illiquid investing at Princeton University’s endowment. Chris earned his B.A. with Distinction from Yale College in 1994 and an M.B.A. from Yale School of Management in 2001. You can find Chris on his socials here: Twitter: https://twitter.com/cdouvos LinkedIn: https://www.linkedin.com/in/chrisdouvos/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:01] What Chris learned from the founder of Greylock and the Chief Investment Officer at Yale's Endowment. [06:25] How a timber pitch and losing the nose game earned a Chris a front-row seat to venture capital. [10:35] How 2001 is similar to 2023. [12:44] What legislation makes California special? [13:11] Do firms need to have geographical presence? [16:44] How did Chris first start to build his deal flow? [23:17] What needs to go in a good cold email [24:53] Breaking down how Chris constructed his first opinion on great venture capital firms [30:04] How did Josh Kopelman build 'ecosystem as a service' in 2004 [33:28] How did Chris end up backing Data Collective [37:52] What are the 4 leading indicators of fund manager outperformance? [48:46] Which firm of Chris' recent portfolio is willing to be wrong and alone? [51:32] Chris' Peter Dolan impression [56:09] Thank you to Alchemist Accelerator for sponsoring [58:45] Legal disclaimer

Follow David Zhou for more Superclusters content: For podcast show notes: https://superclusters.co Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on Instagram: https://instagram.com/super.clusters

Youngrok Kim is a Partner at GREE LP Fund, a Fund of Funds operating in the US and Japan. Previously, he held the position of SVP at Recruit Strategic Partner, the strategic investment arm of Recruit Holdings, a major internet company in Japan. Youngrok began his career as an engineer at Goldman Sachs before transitioning to a VC career at ARCH Venture Partners in Chicago. He earned an MBA from the University of Chicago and received his degrees in Information Technology from Aoyama Gakuin University in Tokyo. You can find Youngrok on his socials here: Twitter: https://twitter.com/youngrock46 LinkedIn: https://www.linkedin.com/in/youngrok-kim/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro [04:10] How did Youngrok find himself in Japan? [09:29] Picking up the Japanese language [20:29] How did Youngrok go from Japanese guitarist to being an LP? [26:50] From pitching LPs on a fund-of-funds to getting a job offer from a prospective LP [33:21] GREE LP Fund's hiring process [37:40] The three sources of data that helped Youngrok's fund-of-funds thesis come together [44:17] Superpowers and where to reference check them [48:57] Simple versus nuanced questions for fund managers or reference checks [56:12] One thing that many GPs think is special but actually isn't for an LP [58:52] What makes a good LPAC member? [1:00:26] What are typical questions GPs have for their LPACs? [1:05:28] Why GP friendships with other emerging managers might be becoming less important? [1:11:55] A fun fact about Youngrok's name [1:12:55] Playing a number game with Youngrok [1:16:05] Thank you to Alchemist Accelerator for sponsoring! [1:18:41] Like, comment, or subscribe if you enjoyed this episode! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Jaclyn Freeman Hester is a Partner at Foundry. She joined in 2016 with a passion for supporting the next generation of entrepreneurs and investors. Jaclyn leads direct investments in early-stage companies, often collaborating with Foundry’s partner funds. She loves working closely with founders to solve hard problems and think about the human elements of business. She invests across B2B and consumer companies that exhibit strong end-user empathy and use technology to empower individuals, unlock potential, and improve experiences. Jaclyn helped launch Foundry’s partner fund strategy, building the portfolio to nearly 50 managers. Bringing her unique GP + LP perspective, Jaclyn has become a go-to sounding board for emerging VCs. Jaclyn first fell in love with entrepreneurship while earning her JD/MBA at CU Boulder (Go Buffs!). There, she served as Executive Director of Startup Colorado, where she got to know Foundry and the incredible Boulder/Denver startup community the firm helped catalyze. In her brief stint as a practicing attorney, Jaclyn advised clients in M&A transactions and early-stage financings. She also witnessed the founder journey first-hand, working closely with her husband and his family as they built a B2B SaaS company, FareHarbor (acquired by BKNG). Jaclyn loves the Boulder lifestyle, but her heart will always be on the East Coast, having grown up a New England “beach kid.” She is the proud mother of three humans and three dogs and is a blue-groomer-on-a-sunny-day skier and 9-hole golfer. In her glimpses of free time, you can find Jaclyn enjoying live music, especially at Red Rocks and in Telluride, two of the most magical places in the world. You can find Jaclyn on her socials here: Twitter: https://twitter.com/jfreester LinkedIn: https://www.linkedin.com/in/jaclyn-freeman-hester-70621126/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:24] The significance of Kara Nortman in Jaclyn's life

[13:59] Lesson on recognizing effort from Dan Scheinman, Board Member at Zoom

[18:27] The question to disarm GPs learned from Jonathon Triest at Ludlow Ventures

[23:37] The differences between being a board member and an LPAC member

[32:04] Turnover within institutional LPs

[33:58] The telltale signs of team risk in a partnership

[41:25] How to answer "How do you fire your partner?"

[44:05] Foundry's portfolio construction

[53:22] What makes Lan Xuezhao at Basis Set so special?

[59:59] What does Shark Tank get right about venture?

[1:03:37] Jaclyn's Gorilla Glue story

[1:05:51] What keeps Jaclyn humble today?

[1:12:11] What will Jaclyn do after Foundry's last fund?

[1:16:28] Jaclyn's closing thought for LPs

[1:18:10] Thank you to Alchemist Accelerator for sponsoring!

[1:20:46] If you enjoyed this episode, a like, a comment, a share will go a long way! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“Markets have a mind of their own.” – David York

David York's thirty plus years of industry knowledge and networks uniquely equip him to be a liaison and international ambassador not only for Top Tier’s brand, but also the broader venture community. In 2000, David joined Phil Paul to lead the fund of funds team at Paul Capital, which spun out in 2011 to form Top Tier.

David has been active in the global venture capital community since the early 1990s. As a founder of Top Tier, he has led the development of the Firm for over twenty years and has been involved in every aspect of it. His involvement in the industry has led him to participate in numerous industry events and conferences, and also the NVCA, where he is an active board member. David led the fund of funds business at Paul Capital Partners, before spinning it out and founding Top Tier. Prior to Paul Capital, David spent seventeen years on Wall Street running various trading desks. In 1999, he was Managing Director at Chase H&Q, where he ran Equity Capital Markets liquidity, and from 1994 to 1999 he ran Venture Services for Hambrecht & Quist, a San Francisco-based, technology-focused investment bank acquired by Chase Bank.

You can find David on his socials here: LinkedIn: https://www.linkedin.com/in/david-york-2407295/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:52] David York's role models over the years

[07:06] Is the LP model broken?

[11:34] What David would like to see in private markets

[15:27] How did David raise $500M in the dotcom crash

[23:09] Breaking down when large LPs are ready to be pitched

[25:37] What does a thoughtful email look like?

[28:40] The liquidity needs of different kinds of LPs

[33:29] David's favorite restaurant in Tokyo

[36:41] David's secret starter dough recipe

[40:13] Secret post-credit scene

[40:46] Thank you to Alchemist Accelerator for sponsoring!

[41:47] If you learned something from this episode, I'd love it if you could share it with one other friend!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

“In venture, we don’t look at IRR at all because manipulating IRR is far too easy with the timing of capital calls, credit lines, and various other levers that can be pulled by the GP.”

Evan currently serves as Head of Venture Capital Investments and Research for Integra Global Advisors, a multi-family office. Prior to Integra, Evan served as Senior Manager of Data Science for Anheuser-Busch InBev where he oversaw data science and strategy for the US marketing organization. Prior to Anheuser-Busch, Evan spent two years as a Management Consultant at Marketing Management Analytics and held a technical role at Amazon. Evan earned an MS in Computer Science with a concentration in machine learning from Georgia Tech and studied computational and applied mathematics at the City University of New York and finance and psychology at the University of Miami. You can find Evan on his socials here: LinkedIn: https://www.linkedin.com/in/evanfinkel/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:27] What are the mechanics of a great cold email?

[07:54] Evan's background in sports marketing

[10:54] The kinds of data to ignore as an LP

[13:01] Portability and replicability of track record

[19:57] How much thesis drift is too much?

[22:37] What happens when a partner isn't pulling their weight?

[29:35] Why does Evan have two bachelor degrees?

[34:38] Why study quantum mechanics in applied math?

[38:25] Evan's journey to Integra

[45:21] Buy vs Build at a fund-of-funds

[47:40] Questions to ask when choosing which vendor to work with

[51:24] How Evan thinks about operational diligence

[58:30] Setting up an information policy in your firm

[1:01:39] Valuation policy at a hedge fund vs VC fund

[1:11:12] Why doesn't Integra have strict mandates for geographies to invest in?

[1:21:20] The fallacy with LPs overweighing DPI in 2020-2021

[1:27:15] Evan's greatest life lesson

[1:28:14] Evan's favorite kosher restaurants in NYC

[1:32:07] "Post-credit scene"

[1:34:24] Thank you to Alchemist Accelerator for sponsoring!

[1:35:25] If you liked this episode, it would mean a lot if you left a like and shared this episode with one friend! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

John Felix is the Head of Emerging Managers at Allocate where he leads manager diligence and product innovation within the emerging manager ecosystem. Prior to joining Allocate, John worked at Bowdoin College's Office of Investments, helping to invest the $2.8 billion endowment across all asset classes, focusing on venture capital. Prior to Bowdoin, John worked at Edgehill Endowment Partners, a $2 billion boutique OCIO. At Edgehill, John was responsible for building out the firm's venture capital portfolio, sourcing and leading all venture fund commitments. John started his career at Washington University's Investment Management Company as a member of the small investment team responsible for managing the university's now $15 billion endowment. John graduated from Washington University in St. Louis with a BSBA in Finance and Entrepreneurship. You can find John on his socials here: LinkedIn: https://www.linkedin.com/in/johnfelix12/ Twitter: https://x.com/johnfelix123 And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:35] The band that started it all

[08:43] How did a band of 3 become a band of 5?

[10:39] What bands served as inspiration for John?

[13:37] Lessons on building teams and trust

[19:48] The mischance that led John into the endowment world

[22:34] What John learned under 3 different CIOs

[26:20] What does concentration mean for Washington University's endowment?

[33:53] Portfolio construction perspectives at an endowment

[36:26] The flaws of GP commits

[41:25] How has John's approach to emerging managers changed over the years?

[44:17] What is key person risk?

[47:06] One of the biggest challenges emerging managers face

[50:45] Balancing over- and under-diligencing an emerging manager

[56:28] What are traits that GPs think are unique but actually aren't?

[1:03:36] What makes a great cold email?

[1:08:40] As a sports fan, do the highs or lows hit harder?

[1:11:53] Thank you to Alchemist Accelerator for sponsoring!

[1:12:54] Let me know if you enjoyed this episode with a like, comment or share! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Winter Mead is the Founder and Managing Member of the investment firm Coolwater Capital, which exclusively focuses on emerging managers and technology investments. Coolwater is an academy for training, building and scaling emerging managers, a curated community of VC investors and early-stage investment specialists, and an investment firm. Coolwater has helped launch over 175 emerging managers, establishing strong ties and trust with these managers, who form the foundation of the Coolwater community. Winter is also the author of "How To Raise A Venture Capital Fund". Prior to Coolwater, he played a key role in an evergreen investment fund at SAP, co-founded the LP transparency movement called #OpenLP, and served on the committee for the Institutional Limited Partners Association (ILPA), which sets the standards for the private equity industry. Winter's extensive experience includes private equity and venture capital roles in San Francisco, institutional fund investments, direct technology investments, and angel investing. He also served as junior faculty at Stanford Graduate School of Business, holding degrees from the University of Oxford and Harvard University, and now resides in Utah with his family, passionately solving business challenges. You can find Winter on his socials here: Twitter: https://twitter.com/wintmead LinkedIn: https://www.linkedin.com/in/wintermead/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:14] Why Winter biked across Spain with a flask of maple syrup in his back pocket

[05:55] How did Amy Lichorat change Winter's career?

[07:15] How did Winter get into Hall Capital Partners?

[10:34] What makes Hall Capital Partners special?

[13:49] How office design affects the team's ability to learn

[23:49] The value of living in the Bay Area

[27:17] Where to meet founders and VCs in the Bay Area

[33:35] Institutional checks vs angel checks

[38:58] Two of Winter's decision-making frameworks for angel investments

[41:58] How to build an LP investment thesis

[52:53] The interplay of fear and diligence

[59:44] Two rookie mistakes that emerging LPs make

[1:05:34] The chip on Winter's shoulder

[1:09:03] Thank you to Alchemist Accelerator for sponsoring!

[1:11:39] If you enjoyed this episode, consider subscribing and/or sharing! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

“The line that sits for me is you got to pick well, you got to coach well, and then you got to finance well – and the financing includes the exit.” – Jeff Rinvelt

Jeff Rinvelt is a partner at Renaissance Venture Capital an innovative venture capital fund of funds. Jeff’s diverse background in venture capital and technology and his experience working in various start-up ventures uniquely position him to advise startups. In addition, Jeff is quite active in the Michigan start-up community, volunteering his time to mentor young entrepreneurs, judge pitch competitions, and guest lecture student classes and organizations. Through Jeff’s work on the Fund, his volunteer efforts, and his role as the chair of the Michigan Venture Capital Association’s board of directors, his passion for fostering a productive environment for venture capital investment in the State of Michigan is evident.

You can find Jeff on his socials here: Twitter: https://twitter.com/rinvelt LinkedIn: https://www.linkedin.com/in/rinvelt/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:28] When Jeff went from engineering to finance

[06:26] An introvert in an extroverted industry

[07:42] Jeff's transition from founder to investor

[11:06] The need for a fund of funds in Michigan

[13:54] Why start a fund of funds instead of joining another fund

[15:32] The minimum viable fund size for a fund of funds

[21:46] Renaissance's portfolio construction

[24:15] Why Renaissance measures GP performance by net IRR

[28:18] How does Jeff assess a GP's portfolio construction model?

[31:20] Jeff's stance on reserves

[34:39] Who is the exit manager?

[37:22] Should VCs be public market investors?

[42:43] What would Jeff do if he had evergreen capital?

[44:01] Do the best GPs in Jeff's portfolio send the deck first or have the meeting first?

[45:11] Why is Jeff trying to break your heart?

[48:32] Thank you to Alchemist Accelerator for sponsoring!

[49:33] If you enjoyed the episode, please do share this episode with ONE other person you think would enjoy it.

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

“GPs and LPs are both equally busy, but different kinds of busy where on any given day, we’ll probably have the same amount of calls and all these things going on, but [LPs are] going to know [they’re] busy three months ahead of time and a GP won’t.” – Dan Stolar

Dan Stolar is a Principal at Colibri Equity Ventures, a single family office based in NYC and San Diego. Dan leads the venture capital strategy and also participates in all alternative private investments, including sports investing and private equity. As part of the venture strategy, Dan particularly focuses on investing in emerging venture capital funds. Since launching the strategy in late 2022, the firm has invested in ~15 managers. Dan started his venture capital journey as an intern at Viola Credit, a venture debt fund in Tel Aviv, before spending time in investment banking at Peter J. Solomon Co. (now Solomon Partners) where he focused on consumer and retail mergers & acquisitions. After banking, Dan spent ~5 years at Alpha Partners, a late-stage venture firm that partners with early stage managers helping them follow on in their late stage deals. Dan is still involved with Alpha as a Venture Partner. Dan is a proud New Jersey native, and a graduate of the University of Michigan (Go Blue!).

You can find Dan on his socials here: LinkedIn: https://www.linkedin.com/in/danielstolar/ X/Twitter: https://x.com/dan_stolar And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:29] Dan's high school scavenger hunt

[07:33] Telltale sign of excellence #1 in a GP

[09:29] How telling intros are

[11:16] Telltale sign of excellence #2

[13:46] Underwriting a Fund II vs Fund I

[17:40] What do LPs think of deadlines that GPs set for closes?

[18:48] What does a no that turns into a yes look like?

[22:26] Not all positive references are created equal

[25:50] Questions to ask an existing LP in a GP during diligence

[28:30] Reasons an investor would leave a firm

[30:13] The difference between a GP who can and should raise a fund

[33:01] Fund track records that aren't scalable

[33:56] The one question that most GPs don't have a good answer to

[35:09] Responsiveness between a GP and an LP

[38:39] Inbox overload for LPs

[41:21] What trivia does Dan excel at? [45:07] Biking through snowstorms in NYC

[48:08] Thank you to Alchemist Accelerator for sponsoring!

[49:08] If you learned something from this episode, it would mean a lot to me if you could share it with one friend who might also enjoy it! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

“The first layer is setting up your own strategy. The second layer is portfolio construction. How do you do your portfolio construction based on the strategy you set out to do? And then manager selection comes last. Within the portfolio construction target, how do you pick managers that fit that ‘mandate?’” – Jay Rongjie Wang

Jay Rongjie Wang is the founding Chief Investment Officer of Primitiva Global, where she runs a family-backed Multi-asset Strategy. She also works extensively with emerging VC managers, and sits on the Selection Committee of Bridge Funding Global.

Jay's background uniquely combines software engineering (at the world's largest fintech platform) and institutional investing (at top funds including Fidelity and Sequoia), as well as general management (3x executive in tech startups). Jay has lived in 5 different countries across 9 major cities, giving her a global perspective.

Jay obtained her B.A and M.Sci in Physics from Cambridge University and M.B.A from INSEAD. In 2023 she was listed as an Entrepreneurial Pioneer Under 35 by Hurun Wealth.

You can find Jay on her socials here: LinkedIn: https://www.linkedin.com/in/wangrongjie/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[04:12] Life atop a Daoist mountain

[10:27] Qigong and tai chi

[12:21] What is dao?

[19:18] The weapon that Jay specializes in

[21:08] Why did Jay leave the Daoist temple?

[24:24] The motivations behind Jay's career shifts

[30:05] The difference between underwriting a VC fund and a fund-of-funds

[33:08] How does Jay get to know a fund manager?

[36:31] The 3-layer process for building an allocation strategy

[38:01] Picking the initial asset class

[45:29] How much Jay allocates to venture

[48:43] What does "reasonably diversified" mean?

[49:15] Figuring out the portfolio construction model

[54:59] At what point do you stop maximizing for portfolio returns?

[56:57] How Jay calculates a 200X target return on direct investments

[57:53] Data on returns as a function of portfolio size

[1:01:42] The biggest challenge once you've picked your strategy

[1:04:40] Selecting the right fund managers

[1:14:17] The difference between guqin and piano

[1:18:42] Intuition versus discipline

[1:24:08] Post-credit scene

[1:27:47] Thank you to Alchemist Accelerator for sponsoring!

[1:28:48] If you enjoyed this episode, it would mean a lot if you could share it with one friend who'd also get a kick out of this!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

“The more constraints you have, the more conviction you will have in each manager.”

Raida started her career in banking before moving to the investment team of BY Venture Partner, a venture fund with offices in Beirut and Abu Dhabi. She quickly climbed the ranks within the company and ultimately became a Venture Partner.

Recognizing a void in the market for personalized venture consulting services, Raida established Amkan Advisory, a boutique consultancy firm specializing in assisting family offices and high-net-worth individuals in identifying venture funds that align with their specific strategies. Given that first-time fund managers often possess the most aligned incentives with their investors, she understood the significant value they bring to the venture capital landscape.

However, Raida also understood the reluctance of family offices to commit capital to relatively unproven managers. By curating a portfolio of carefully selected funds, she aims to mitigate the perceived risk associated with investing in first-time managers while still accessing the high-growth potential of emerging ventures.

Amkan Ventures emerged to offer LPs access to emerging managers beyond their direct reach. Focusing on small Funds I and II led by ambitious managers with a conviction-driven approach, the firm prioritizes delivering returns and nurturing opportunities in the venture arena.

Amkan Ventures’ first close occurred in April 2024, with one investment already made in a $30M fund I out of NY and one more about to be announced.

Raida currently serves on the Selection Committees of RAISE Global and The Bridge Platform.

You can find Raida on her socials here: LinkedIn: https://www.linkedin.com/in/raidadaouk/ Amkan Ventures: https://www.amkanventures.com/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[02:45] The impact of biology on Raida's career

[06:24] If Raida were to teach a founder psychology course

[08:42] Raida's definition of "running through walls"

[10:16] Similarities and differences between founders and fund managers

[11:36] What does GP-thesis fit look like?

[14:38] How Raida got to a yes on Nebular Ventures?

[20:35] The personas of different kinds of references

[26:05] The one question that Raida always asks during reference calls

[28:31] Is there such a thing as too many references?

[31:57] What if you don't have a network of references as an LP?

[35:26] How does one set up the venture arm of a family office?

[40:28] What is the GCC?

[43:58] The best way to build relationships in the GCC

[47:54] The origin story of Amkan Ventures

[52:19] How did Raida build a strong understanding of the foodtech space?

[53:58] Where did Amkan's name come from?

[58:26] What fund is in Raida's anti-portfolio?

[1:00:30] What's Raida's take on solo GPs?

[1:03:10] How does your mindset change as an LP if you had evergreen capital?

[1:06:58] Thank you to Alchemist Accelerator for sponsoring!

[1:07:59] If you enjoyed this episode, it would mean a lot if you could share this with one other friend! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Peter Teneriello has been a career-long investor in the private markets. He has experience as an allocator across a range of institutional types, from wealth management firms to pensions and endowments, and helped launch the venture capital program for the Texas Municipal Retirement System. Other past experiences of his have included leading finance/operations for a venture-backed startup, in addition to vetting investments for a family office and working with their portfolio companies. Over the years he has also written about his investing experience on Medium and Substack. He is a graduate of the University of Notre Dame as well as the Kauffman Fellows Program, an executive education program focused on venture capital and innovation leadership. He wears many hats. You can find Peter on his socials here: Twitter: https://twitter.com/_PeterT_ LinkedIn: https://www.linkedin.com/in/peterteneriello/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro [03:57] The origin of Peter's nickname [05:16] How was boxing formative to who Peter is today? [07:25] The art of the first conversation with a GP [11:46] How did TMRS deploy $1B into VC and PE annually? [19:45] Looking at the underlying portfolio of companies [24:06] How overlap in venture portfolios affect re-up decisions [26:55] Marks from an LP perspective [30:52] Qualitative vs quantitative information [34:45] Signal vs noise in the private markets [40:46] When Peter shaved his head in front of an entire lecture hall [45:09] The most recent update to the Peter OS [51:17] Thank you to Alchemist Accelerator for sponsoring! [53:53] If you enjoyed the episode, consider dropping a like, comment or share as it really helps me create content that is interesting to you Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

Beezer leads Sapphire Partners‘ investments in venture funds domestically and internationally. Beezer began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network, which then had $7 billion under management across 16 venture funds worldwide. In 2016, Beezer led the launch of OpenLP, an effort to help foster greater understanding in the entrepreneur-to-LP tech ecosystem. Beezer earned a bachelor’s in government from Wesleyan University, where she served on the board of trustees and currently serves as an advisor to the Wesleyan Endowment Investment Committee. She is currently serving on the board of the NVCA and holds an MBA from Harvard Business School. You can find Beezer on her socials here: Twitter: https://twitter.com/beezer232 LinkedIn: https://www.linkedin.com/in/elizabethclarkson/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:57] Who was Beezer's first mentor? [06:57] How did Beezer get to work with the founder of eBay? [10:45] The strength of diverse backgrounds [14:11] How Hustle Fund convinced Foundry Group to invest in their fund [15:27] Why should another venture fund exist in this world? [19:41] What does proprietary "access" to deal flow mean? [23:53] Superpowers on the Sapphire Partners team [25:35] How does Sapphire resolve disagreements? [27:11] Why does entire Sapphire team meet with GPs? [28:18] A sneak peek into Sapphire investment process [33:34] What does Sapphire look for in a pitch deck? [34:58] The art and science behind Sapphire's own portfolio construction [43:37] How does Sapphire look at fund managers' portfolio construction? [47:50] Meaningful fund metrics in the first 5-7 years of a VC fund [52:44] How to think about recycling [56:15] What keeps Beezer humble? [58:22] What is an investment opportunity Beezer missed because what she didn't do? [1:04:03] Thank you to Alchemist Accelerator for sponsoring! [1:06:39] Legal Disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://superclusters.co Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on Instagram: https://instagram.com/super.clusters

Rick Zullo is the Co-Founder and Managing Partner at Equal Ventures. which invests into the future of four verticals: climate, insurance, retail, and supply chain, and boasts a portfolio including the likes of Threeflow, Leap, Smarthop, Ghost, Starday, David Energy, Leap, Odyssey, Vquip or Texture, just to name a few — many of which Rick serves on the board of.

Prior to co-founding Equal Ventures, Rick was an investor at Lightbank, an early-stage venture fund based in Chicago, where he led investments in companies like Riskmatch (acquired by Vertafore), Vettery (acquired by Adecco), Neumob (acquired by CloudFlare), Expel and Catalytic amongst others. Prior to Lightbank, Rick worked with investment firms Foundation Capital, Bowery Capital, and Lightview Capital, investing in technology companies across the capital spectrum from seed-stage to buy-out and began his career as a strategy consultant at Deloitte Consulting.

Rick received an MBA with Honors from Columbia Business School and graduated from the University of Richmond where he studied Economics and Leadership Studies.

You can find Rick on his socials here: X/Twitter: https://x.com/Rick_Zullo LinkedIn: https://www.linkedin.com/in/rickzullo/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[00:42] Rick's book and how Rick thinks about his habit of writing

[05:45] How Rick became a VC

[11:36] The speed Rick listens to audiobooks

[12:38] How Sendbird closed their first customer

[14:20] Is networking a feature or a bug in VC?

[17:59] Rick's three hat framework

[26:07] Growing up with a stutter and weak knees

[35:58] Going from getting a job in VC to starting a firm

[46:42] What motivated Rick despite how hard it was to raise Fund I

[57:16] What makes EMC different from other emerging manager communities?

[1:04:03] How does Rick help people become vulnerable at EMC?

[1:15:25] What's broken with venture

[1:18:50] Rick's hot take on funds of funds

[1:22:04] "Seed stage is the worst stage to be investing into"

[1:27:54] Asymmetric insight and asymmetric value add

[1:33:00] How to pick board members as a founder when VC currently has high turnover

[1:39:54] What should people know about Rick that he isn't already known for?

[1:42:55] Thank you to Alchemist Accelerator for sponsoring!

[1:43:55] If you enjoyed this GP episode, do let me know in the comments or in DMs!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

“When investing in funds, you are investing in a blind pool of human potential.” – Adam Marchick

Over the past twenty years, Adam Marchick has had unique experiences as a founder, general partner (GP), and limited partner (LP). Most recently, Adam managed the venture capital portfolio at Emory’s endowment, a $2 billion portfolio within the $10 billion endowment. Prior to Emory, Adam spent ten years building two companies, the most recent being Alpine.AI, which was acquired by Headspace. Simultaneously, Adam was a Sequoia Scout and built an angel portfolio of over 25 companies. Adam was a direct investor at Menlo Ventures and Bain Capital Ventures, sourcing and supporting companies including Carbonite (IPO), Rent The Runway (IPO), Rapid7 (IPO), Archer (M&A), and AeroScout (M&A). He started his career in engineering and product roles at Facebook, Oracle, and startups.

You can find Adam on his socials here: X / Twitter: https://x.com/adammStanford LinkedIn: https://www.linkedin.com/in/adammarchick/

And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters

OUTLINE:

[00:00] Intro

[03:14] Who is Kathy Ku?

[06:20] Lesson from Sheryl Sandberg

[06:39] Lesson from Justin Osofsky

[07:46] How Facebook became the proving grounds for Adam

[09:26] The cultural pillars of great organizations

[10:40] When to push forward and when to slow down

[12:39] Adam's first investment: Dell

[14:20] What did Adam do on Day 1 when he first became an LP

[17:00] Emory's co-investment criteria

[20:02] Private equity co-invests vs venture co-invests

[21:15] Teaser into Akkadian's strategy

[23:03] Underwriting blind pools of human potential

[29:03] Why does Adam look at 10 antiportfolio companies when doing diligence?

[32:11] What excites and scares Adam about VC

[35:36] Engineering serendipity

[37:52] Where is voice technology going?

[39:45] How does Adam think about maintaining relationships?

[43:20] Thank you to Alchemist Accelerator for sponsoring!

[44:20] If you enjoyed this season finale, it would mean a lot if you could share it with 1 other person who you think would love it!

Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP