All Things VC - November 23' Edition

All Things VC - November 23' Edition

Tweets, nuggets & more

Articles & Posts

Ed Zimmerman - FOR LPs/GPs in VC: DPI Analysis of Some Seed VC Funds in Our Portfolio Now in “Carry”

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Ed Zimmerman on LinkedIn: 🧵 FOR LPs/GPs in VC: DPI Analysis of Some Seed VC Funds in Our Portfolio… | 48 comments

🧵 FOR LPs/GPs in VC: DPI Analysis of Some Seed VC Funds in Our Portfolio Now in “Carry” We (Betsy Zimmerman & I) posted a 🧵 arising from discussions with… | 48 comments on LinkedIn

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Gokul Rajaram on young VC investors being disenchanted with venture

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Helping young VC investors join startups in operating roles. | Gokul Rajaram posted on the topic | LinkedIn

I’ve gotten pings from several young VC investors (associates / principals / junior partners). They are disenchanted with venture and want to join startups in…

www.linkedin.com

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Saanya Ojha on deal velocity and tough the market environment

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Why private equity is different: deal velocity down vs recent years 🕵‍♀️ | Saanya Ojha posted on the topic | LinkedIn

A common refrain in the venture ecosystem these days is how deal velocity is way down vs recent years and how tough the market environment is. This chart cuts… | 15 comments on LinkedIn

www.linkedin.com

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Samir Kaji on unwinding of the peak times in VC will take time to sort through

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What we learned from State of VC webinar | Samir Kaji posted on the topic | LinkedIn

The unwinding of the peak times in VC will take time to sort through. We recently held our annual year-end State of VC webinar, and here are a few takeaways… | 24 comments on LinkedIn

www.linkedin.com

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Reflections on Completing Five Years in Venture Capital

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Reflections on Completing Five Years in Venture Capital

In this essay, I reflect on my past five years in venture, my learnings and evolution. My evolution, of course, echoes the evolution of the Indian venture and startup landscape too, and cannot be seen in isolation.

www.linkedin.com

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How Family Offices Are Taking the Reins and Skipping the VC with Dave Sachse

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How Family Offices Are Taking the Reins and Skipping the VC with Dave Sachse

Sydecar is a deal execution platform for venture investors. We handle back-office operations for emerging venture investors, automating banking, compliance, contracts, and reporting so that customers can focus on making deals and building relationships.

www.sydecar.io

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CHARLES HUDSON

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- The Big Reset in Seed to Series A Graduation Rates is Real and Permanent

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Charles Hudson on LinkedIn: The Big Reset in Seed to Series A Graduation Rates is Real and Permanent | 40 comments

Earlier this quarter, I wrote an internal memo to our team about what feels like a big reset in the Seed to Series A pipeline. For the last 7-10 years… | 40 comments on LinkedIn

www.linkedin.com

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Letters to a Young Investor: Reid Hoffman

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Letters to a Young Investor: Reid Hoffman on Airbnb and Stripe

The legendary investor shares his rationale for backing Airbnb against a colleague's advice, why he said no to Stripe, and the importance of having a “theory of the game.”

thegeneralist.substack.com

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Nihal Mehta - Top 10 tips on how GPs can fundraise effectively in this market

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Nihal Mehta on LinkedIn: Last week, our firm Eniac Ventures hosted a fundraising workshop for… | 20 comments

Last week, our firm Eniac Ventures hosted a fundraising workshop for emerging fund managers with some of our amazing LPs and 30 incredible VC firms in NYC, in… | 20 comments on LinkedIn

www.linkedin.com

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Pushkar Singh - Power Law in Venture Capital

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Power Law in Venture Capital | Pushkar Singh posted on the topic | LinkedIn

Power Law in Venture Capital Vilfredo Pareto was an Italian polymath who when studying land records of Italy in the late 19th century found that 20% of… | 18 comments on LinkedIn

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Saanya Ojha on deal velocity

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Why private equity is different: deal velocity down vs recent years 🕵‍♀️ | Saanya Ojha posted on the topic | LinkedIn

A common refrain in the venture ecosystem these days is how deal velocity is way down vs recent years and how tough the market environment is. This chart cuts… | 15 comments on LinkedIn

www.linkedin.com

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Sisi Song - Founders are putting off pitching VCs

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Sisi Song on LinkedIn: ✨ Founders are putting off pitching VCs—Here are 3 reasons why ✨ During… | 19 comments

✨ Founders are putting off pitching VCs—Here are 3 reasons why ✨ During my time at Bessemer, I noticed a new and growing trend among founders: Raising a first… | 19 comments on LinkedIn

www.linkedin.com

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SiftedEU - ‘EU’s AI act could kill our company’

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‘EU’s AI act could kill our company,’ says Mistral’s Cédric O

“In the digital world, the leaders set the standard, and Europe has no leaders,” says former French tech minister Cedric O.

sifted.eu

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Akash Bajwa - risk curve asymmetry at seed is profoundly different to that of growth investors

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How seed investors will fare in the future: risk curve asymmetry. | Akash Bajwa posted on the topic | LinkedIn

The risk curve asymmetry at seed is profoundly different to that of growth investors, as we've been learning recently. We can confidently assume that steady… | 20 comments on LinkedIn

www.linkedin.com

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Nathan Beckord - Should Founders Receive a Monthly Salary?

Akhil Paul writes on

Verdis Investment Management

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Akhil Paul on LinkedIn: #startups | 29 comments

🤔 One of the most thought-provoking approaches to venture capital allocation I’ve come across is that of Verdis Investment Management 🏭 The firm began as… | 29 comments on LinkedIn

www.linkedin.com

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TechCrunch - For VCs and founders, building in public is about filling the top of the funnel

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For VCs and founders, building in public is about filling the top of the funnel | TechCrunch

Getting enough people to pay attention to you and to your thesis can help beyond raising money.

techcrunch.com

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Michael Jackson - Europe needs an overhaul. Root and branch.

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Michael Jackson on LinkedIn: #tech #technology #innovation #economy #economics #business #money… | 122 comments

“Europe needs an overhaul. Root and branch.” This. 💯 Europe has largely stalled. Economically and politically. There's no denying it. The promise of the… | 122 comments on LinkedIn

www.linkedin.com

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Chris Harvey on disclaimers & legal review

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Chris Harvey on LinkedIn: #venturecapital #openlp | 10 comments

⬛ Before 2022, it was common for VCs to avoid disclaimers & legal review of their LP pitch decks. But all that's changing this year. What happened? On… | 10 comments on LinkedIn

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Is 'Unicorn' Sounding More Like 'Dinosaur'?

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Is 'Unicorn' Sounding More Like 'Dinosaur'?

Ten years after the term was coined, many billion-dollar companies are getting their wings clipped. Did we really need all these unicorns in the first place?

www.inc.com

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Tough VC choices

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My personal exploration of life and what it means to be me. | Fred Destin posted on the topic | LinkedIn

About two years ago, I started deepening my personal exploration of life and “what it means to be me”. With the backdrop of crises, conflicts and changes that… | 114 comments on LinkedIn

www.linkedin.com

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Samir Kaji - The ZIRP period skewed people’s expectations on venture

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Samir Kaji on LinkedIn: The ZIRP period completely skewed people's expectations on venture (and… | 33 comments

The ZIRP period completely skewed people's expectations on venture (and most asset classes) returns. At a point in time in 2021, it appeared like 5x had… | 33 comments on LinkedIn

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What graduate majors have a higher likelihood of “producing” a unicorn?

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What graduate majors have a higher likelihood of producing a unicorn? | Ilya Strebulaev posted on the topic | LinkedIn

What graduate majors have a higher likelihood of “producing” a unicorn?   To answer this question, we started by identifying the educational background of the… | 19 comments on LinkedIn

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The venture capital industry is bleeding out from excess and misappropriation. ​

James Dickerson on LinkedIn: The venture capital industry is bleeding out from excess and… | 19 comments

The venture capital industry is bleeding out from excess and misappropriation. What was once an asset class primarily designed for financing ambitious… | 19 comments on LinkedIn

www.linkedin.com

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What percent of startups make it from Priced Seed to Series A?

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Peter Walker on LinkedIn: #cartadata #seed #seriesa #startups #fundraising #founders | 80 comments

What percent of startups make it from Priced Seed to Series A? Can be a tricky question! Here's how I tried to solve it: • Looked at all companies that… | 80 comments on LinkedIn

www.linkedin.com

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Investing in small VC funds vs. large VC funds. ​

How to invest in small VC funds vs. large VC funds | Samir Kaji posted on the topic | LinkedIn

Investing in small VC funds vs. large VC funds. We often see posts and discussion around small VC funds vs. large VC funds as it relates to returns. Most of… | 21 comments on LinkedIn

www.linkedin.com

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A GP’s View on VC Fund Performance (When It’s “Early”)

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A GP’s View on VC Fund Performance (When It’s “Early”)

I have and always will have empathy for asset allocators. It’s a privileged job, but by no means is it easy.

prefaceventures.medium.com

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Do established managers outperform emerging managers?

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Jaap Vriesendorp on LinkedIn: Established vs emerging fund managers: golden oldies and new kids. | 19 comments

One of the most debated topics in PE & VC: do established managers outperform emerging managers? In this article I’ll show you some of the considerations we… | 19 comments on LinkedIn

www.linkedin.com

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Driving High Performance Corporate Venture Investment Committees

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Driving High Performance Corporate Venture Investment Committees

IC representatives should demonstrate trust in their investment teams to deliver impact against the CVC charter

medium.com

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Brace yourself for a surge in acquisitions.

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Acquisitions: a chance to evolve, innovate, and thrive. | Christopher Cheng posted on the topic | LinkedIn

In recent conversations, the topic of acquisitions has been popping up more often than not. Mostly for a steep discount. According to Pitchbook, over the past…

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Evaluating the Risks in Secondary Investments

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Zachary Ginsburg on LinkedIn: 🚨Evaluating the Risks in Secondary Investments Secondary investments…

🚨Evaluating the Risks in Secondary Investments Secondary investments have gained immense popularity among retail and institutional investors. While the…

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What does it take to IPO in 2023?

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What does it take to IPO in 2023? 💥 Battery Ventures report reveals. | Sam Marchant posted on the topic | LinkedIn

What does it take to IPO in 2023? 💥 Regardless of the limited data for software IPOs in 2022-2023, the Battery Ventures OpenCloud report gives some key…

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Finding from crunching through 20,000+ founders and pitch decks.

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Adam Shuaib, PhD on LinkedIn: As part of our data-driven investment strategy, we crunched through…

As part of our data-driven investment strategy, we crunched through 20,000+ founders and pitch decks. Below are our top 10 most surprising findings: 1️⃣ The…

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Is there’s a ‘reasonable case to make’ that the job of VC ‘doesn’t exist’ in a world of AI-powered two-person startups

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Chamath Palihapitiya says there’s a 'reasonable case to make' that the job of VC 'doesn't exist' in a world of AI-powered two-person startups

The billionaire investor suggested that venture capitalists might be replaced at some level by "an automated system."

fortune.com

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Founder splits

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Why do founders split? | Henri Pierre-Jacques posted on the topic | LinkedIn

✍️ Prior to 2022 I hadn’t seen a single one of our founders split. Since then I’ve seen four founder splits I’ve also invested in funds and the same was true… | 16 comments on LinkedIn

www.linkedin.com

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The VC industry needs to rip up the playbook and start again

News & Reports

State of European Angels 2023

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State of European Angels – 2023

The annual deep dive into the angel investment climate of Europe created by Nordics Angels and BCG embodies a comprehensive exploration and detailed data aggregation across the European startup and private market ecosystem.

www.stateofeuropeanangels.com

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State of Private Markets: Q3 2023

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State of Private Markets, Q3 2023 | Carta

The downturn that has defined the venture capital industry for much of the past two years continued in the third quarter of 2023.

carta.com

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PitchBook - US VC Valuations Report

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Q3 2023 US VC Valuations Report | PitchBook

The Q3 2023 US VC Valuations Report delves into sizes and valuations of the quarter's US VC deals.

pitchbook.com

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PitchBook Analyst Note: The Seed Blip

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Q4 2023 PitchBook Analyst Note: The Seed Blip | PitchBook

This analyst note explores the factors contributing to the surge in large-investor participation at the seed stage and the resulting effects on startups and the US venture capital ecosystem.

pitchbook.com

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PitchBook - Germany Market Snapshot

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Q3 2023 Germany Market Snapshot | PitchBook

The Q3 2023 Germany Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.

pitchbook.com

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PitchBook - PitchBook Private Capital Indexes

PitchBook - Europe VC funds jump ahead of US counterparts over 12 months

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Europe VC funds jump ahead of US counterparts over 12 months - PitchBook

US VC funds have registered a higher internal rate of return (IRR) than European vehicles for the last 20 years. But this year, the roles have reversed.

pitchbook.com

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European VC Valuations Report

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Q3 2023 European VC Valuations Report | PitchBook

The Q3 2023 European VC Valuations Report delves into the sizes and valuations of European venture deals.

pitchbook.com

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PitchBook - US investors favor UK for overseas VC deals

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US investors favor UK for overseas VC deals - PitchBook

The UK tops the list of the most popular foreign targets for US investors in terms of the total number of VC deals. But US firms have been pulling back on VC investments outside their domestic market..

pitchbook.com

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Ilya Strebulaev on Alumni Networks in Venture Capital Financing

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Alumni Networks in Venture Capital | Ilya Strebulaev posted on the topic | LinkedIn

There is a famous proverb: “It's not what you know, but who you know.” Does this hold true in the venture capital world?   In my recent research paper… | 33 comments on LinkedIn

www.linkedin.com

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Sapphire Ventures - Outperformance: The Power of Power Laws – Which Investments Generate the Greatest Venture Returns: Enterprise or Consumer?

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Outperformance: The Power of Power Laws - Which Investments Generate the Greatest Venture Returns: Enterprise or Consumer?

We are frequently asked what drives outperformance for a venture fund. We strongly believe venture is a game of power laws – meaning only a small percentage of returns is responsible for a large percentage of overall return value, either for a specific fund or the industry as a whole. It should come as no […]

sapphireventures.com

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finpeers - Filling the gap between Venture Capital and Private Equity

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The VC/PE Gap Report | Finpeers

Finpeers VC/PE Gap Report discovers why VCs are narrowing their focus and how "Danger Zone" companies present unique buy-and-build investment opportunities. Download now to learn how to capitalize on the profitability pivot!

www.finpeers.com

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A Data Driven Guide to Fundraising as an Open Source Founder

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So How Many Stars Is Enough? A Data Driven Guide to Fundraising as an Open Source Founder

Leveraging data from 80+ open source companies who have raised their Seed/Series A in the last few years to inform founders on what drives a successful raise.

jordansegall.substack.com

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UK VC Investment

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Dealroom.co reports £4.9bn in UK tech funding | Glen Waters posted on the topic | LinkedIn

𝐔𝐊 𝐕𝐂 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐛𝐲 𝐜𝐨𝐮𝐧𝐭𝐫𝐲 𝐨𝐟 𝐨𝐫𝐢𝐠𝐢𝐧 𝐚𝐧𝐝 𝐝𝐫𝐲 𝐩𝐨𝐰𝐝𝐞𝐫: 𝐐3 2023 𝐘𝐓𝐃 👉 The Dealroom.co report in partnership…

www.linkedin.com

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Venture Capital is an asset class that follows the power law in almost every sense.

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Akhil Paul on LinkedIn: #venturecapital #startups #investing | 10 comments

🚀 Venture Capital is an asset class that follows the power law in almost every sense. 💰 A tiny number of companies per fund drive the vast majority of… | 10 comments on LinkedIn

www.linkedin.com

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Going Your Own Way — Defying Pattern Recognition of Venture Capital Managers

What's the difference between Rule 506(b) and the Marketing Rule?

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What is Rule 506(b) and the Marketing Rule? | Chris Harvey posted on the topic | LinkedIn

⬛ "What's the difference between Rule 506(b) and the Marketing Rule?" Someone recently asked me this question, which led me to uncover what securities rules…

www.linkedin.com

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Compensation trends report - The European tech industry in 2024

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Compensation Trends for European Startups

Learn the top growth, hiring, and compensation trends from over 150,000 compensation datapoints, using Ravio's real-time data from the European talent market.

ravio.com

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Report on non-allocation to VCs

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Max Bautin on LinkedIn: Another excellent report showing how non-existent allocation to VC costs…

Another excellent report showing how non-existent allocation to VC costs almost £100k to an avg British pensioneer by the time they retire (not to mention…

www.linkedin.com

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Will AI support startup valuations

2024 is going to be far worse for startup shutdowns

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How startup shutdowns changed in 2023 | Eric Tarczynski posted on the topic | LinkedIn

2024 is going to be far worse for startup shutdowns than *anything* we’ve seen so far. Here’s why: First, some rewind/context. In February of 2022, markets… | 22 comments on LinkedIn

www.linkedin.com

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Melinda French Gates: ‘It’s time to change the face of power in venture capital’

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Melinda French Gates: 'It’s time to change the face of power in venture capital'

By investing in women-led funds and early-stage companies, Pivotal wants to help transform the way that the venture capital industry looks at women.

fortune.com

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Unicorns - fewer than 1% of them are generating $1 billion in both revenue and cash ​

Henrik Naujoks on LinkedIn: Herd on the Street: So Many Unicorns, So Little Cash

Unicorns—start-ups that have achieved $1 billion in market value—now number in the thousands, but fewer than 1% of them are generating $1 billion in both…

www.linkedin.com

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Drop in median secondary price from last priced round

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Colin Gardiner on LinkedIn: -43% drop in median secondary price from last priced round. Secondary =…

-43% drop in median secondary price from last priced round. Secondary = sale of private company stock outside of a company capital raise. This means at…

www.linkedin.com

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Failure Museum

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Sean Jacobsohn on LinkedIn: In September 2023, Bird was delisted from the NYSE after being valued at… | 313 comments

In September 2023, Bird was delisted from the NYSE after being valued at $12M. After a 1-for-25 reverse stock split, Bird wasn't able to achieve a $15M market… | 313 comments on LinkedIn

www.linkedin.com

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Podcasts & Videos

Ed Sim talks on 20VC podcast

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20VC: The Three Types of Seed Round Today, Why Seed Has Never Been More Competitive, Why Pricing Has Never Been Higher, Why Boards at Pre-Seed Can Be Helpful & How Too Much Cash Too Soon Can Harm Companies with Ed Sim, Founder @ Boldstart

Listen to this episode from The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch on Spotify. Ed Sim is one of the best seed round investors in venture as the Founder and Managing Partner @ Boldstart, Ed focuses specifically on developer, infra and SaaS at pre-seed and seed round. Over the last decade, Ed has backed some of the best including Snyk, BigID, Kustomer, Front and Superhuman. In Today's Episode on Seed Rounds We Discuss: The Three Types of Seed Round: What are the three different types of seed round today? Has seed ever been this competitive? Will seed be unimpacted by the macro decline we are seeing? Why are growth and multi-stage funds being more active than ever in seed? 2. Too Much Cash Will Kill You! Why does Ed believe that too much capital can kill companies at the seed round? Why does Ed believe that the best founders are not always optimising for the highest price? What are the single biggest negatives of taking a high price at the seed round? What advice does Ed have for founders who have large offers from multi-stage funds at seed? 3. Is Growth Dead? Why does Ed disagree and suggest that growth is not dead? What do multi-stage and growth funds now what to see that they did not before? How will the growth market evolve over the next 12-18 months? 4. IPOs, AI and M&A: What will cause the IPO windows to crack open again? Why does Ed believe that many investing in AI are simply giving money to Nvidia? Does Ed agree that 95% of the cash going into AI from venture today will go to zero? Will we see more or less M&A in the next 12 months? How did Ed evaluate the Loom acquisition by Atlassian?

open.spotify.com

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David Weisburd’s discussion with

Tracy Fong

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of

Albourne

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on role LP consultants play in the ecosystem, and how endowments access emerging managers

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David Weisburd on LinkedIn: #openlp

Below is my conversation with Tracy Fong of Albourne who has over $700B Assets Under Advisement. We discuss the role LP consultants play in the ecosystem, and…

www.linkedin.com

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(01:06) What is Albourne and How do LP consultants work? (02:41) Learnings from the dot com bubble (05:45) Are companies now making the same mistakes present in the early 2000s? (14:46) How the market adjusted with YouTube and WhatsApp (17:31) How top endowments are investing (19:01) Do access constrained funds still exist? (22:22) Why being a hybrid manager is unique (23:13) Finding greenshoots in bear markets (24:38) Main investing mistakes family offices make (26:45) How to understand the market before making a venture investment (33:56) How to engage an LP consultant (37:48) Why fund of funds have grown in number and popularity

Jamie Rhode on how to drive the most meaningful returns in early-stage venture as a LP

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🎙Jamie Rhode, Principal at family office Verdis Investment Management, on how to drive the most meaningful returns in early-stage venture as a LP

Ep. 75 with Jamie Rhode, Principal, Verdis Investment Management

altgoesmainstream.substack.com

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High Net Purpose: Allen Taylor, Endeavor "The Entrepreneur's Investor"

Listen to this episode from High Net Purpose on Spotify. Welcome to the hotseat where Joe McCarthy sit's with Allen Taylor, Endeavor Catalyst's Managing Partner. Allen Taylor leads Endeavor's co-investment fund, that has been recognized as one of the most active global venture investors in emerging markets. Step into the world of high-impact entrepreneurship as they explore the extraordinary journey of Endeavor, a global non-profit organization dedicated to nurturing entrepreneurial ecosystems in emerging markets. Venture into the dynamic landscape of entrepreneurship, risk, and community building, as Allen shares his unwavering passion for asset allocation and venture capital across diverse and vibrant regions. In this conversation, Allen and Joe discuss the following topics: Entrepreneurship and community building.Risk and opportunities.Undercapitalized markets.Non-profit organization, Endeavour's model and impact.How Reid Hoffman challenged the model and approach.The rigorous process of becoming an Endeavor entrepreneur.How to identify successful entrepreneurs.Economic development in emerging markets.Unique venture capital fund structure with a non-profit organisation.Venture capital in emerging markets.The meaning of impact investing.The vision for Endeavor's future. Follow us on:YouTube: @HighNetPurposeInstagram: @highnetpurposeTwitter: @HighNetPurposeLinkedIn: high-net-purpose Connect with Endeavor:Instagram: @endeavor_globalTwitter: @endeavor_globalLinkedIn: Endeavor Hosted on Acast. See acast.com/privacy for more information.

open.spotify.com

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How Benchmark Thinks About Venture in 2023

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‎"Turpentine VC" | Venture Capital and Investing: How Benchmark Thinks About Venture in 2023 on Apple Podcasts

‎Show "Turpentine VC" | Venture Capital and Investing, Ep How Benchmark Thinks About Venture in 2023 - 7 Nov 2023

podcasts.apple.com

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Special LP roundtable: What LPs are thinking about in Venture with Beezer Clarkson, Chris Douvos, and Guy Perelmuter

Raja Doddala, Head of VC at Churchill ($47 Billion AUM) on How LP’s Should Diligence GP’s

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Raja Doddala, Head of VC at Churchill ($47 Billion AUM) on How LP’s Should Diligence GP’s | E19

Raja Doddala, Head of VC at Churchill Asset Management, sits down with David Weisburd to discuss how Churchill diligences managers, and the importance of integrity in a GP. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co -- X / Twitter: @rdoddala (Raja) @dweisburd (David) -- LINKS: Churchill: https://www.churchillam.com/ -- SPONSOR: Bidav Insurance Group The Limited Partner Podcast is proudly sponsored by Bidav Insurace Group. Today's episode is sponsored by Bidav Insurance Group. Bidav Insurance Group is run by my close friend, Amit Bidav, who insures me both personally and at the corporate level. Most people are not aware of the inherent conflicts in insurance, where insurance agents are incentivized to send their clients to the most expensive option. Amit has always been an incredible partner to me and 10X Capital, driving down our fees considerably while providing a premium solution. I am proud to personally endorse Amit and I ask that you consider using Bidav Insurance Group for your next insurance need, whether it be D&O, cyber, or even personal, car, and home insurance. You could email Amit at amit@luxstr.com. -- Questions or topics you want us to discuss on The Limited Partner podcast? Email us at david@10xcapital.com -- TIMESTAMPS (00:00) Episode Preview (01:53) Churchill background (03:08) Pulling the curtain back on the IC process (05:24) The quantitative and qualitative nature of Venture (07:00) The importance of integrity in a manager (10:33) The correlation between price sensitivity and DPI (13:22) Right companies. Right time. (14:17) Episode Sponsor: Bidav Insurance Group (15:15) How Venture fits in a portfolio (17:57) Smaller fund historically have better returns (18:53) Raja’s ideal fund (19:57) Khosla’s bet on OpenAI (20:55) Why Vinod Khosla is a great VC (21:52) Why Keith Rabois is a great VC (22:39) Operator vs Non-Operator (23:08) Specialist vs Generalist (26:02) Opportunity funds and staples (26:56) Doubling down on outliers through co-investments (29:23) How Churchill supports their GPs (37:22) “We’re open for business”

www.youtube.com

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How 2023 Has Reshaped the Landscape for VC Firms with Winter Mead of Coolwater Capital

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How 2023 Has Reshaped the Landscape for VC Firms with Winter Mead of Coolwater Capital

This week on Swimming with Allocators, Earnest and Alexa welcome Winter Mead, Founder of Coolwater Capital. During this conversation, Winter shares his journey from working in tech startups to becoming a venture capitalist. He discusses the challenges faced by emerging managers and the importance of training for aspiring fund managers, the changing landscape of venture capital investments, and the difficulties faced by limited partners (LPs) in assessing talent. Winter also emphasizes the importance of transparency, accountability, and accurate pricing in building a successful venture capital firm, the need for better management and increased specialization, and more. Highlights from this week’s conversation include: The journey in institutional investments (2:04) Perspectives on Venture Captial (3:50) Becoming a coach for emerging managers (5:50) The Manager Accelerator Program (9:18) Functions of a VC Firm (12:42) Insider Insight: Tim Flannery on the need for Electronic Subscription Documents (13:27) Finding investors (16:45) The Evolution of Venture Capital (19:37) Supporting Emerging Managers (22:24) The rise of fund formation (24:38) Shift in market dynamics (26:36) The selection process for managers (33:00) Trends and shifts in the industry (35:19) The mismanagement of portfolio construction and reserves (40:43) The need for increased specialization in fund formation (41:35) The potential rise of specialized venture funds (42:36) Final thoughts and takeaways (45:45) Coolwater Capital focuses on emerging managers and technology investments. The firm has worked with over 240 emerging managers in the last four years by focusing on a model to build, launch and scale emerging fund managers. Passthrough turns investor onboarding into a solved problem – it seamlessly manages subscription document distribution, execution, and compliance in minutes. As a leader in fund workflow automation for investors, fund managers, and other fintechs, Passthrough provides an integrated platform solution that makes the subscription document process turnkey for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a full service KYC/AML product that streamlines collecting information from investors and screening them against sanctions lists so fund managers can remain compliant. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.

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EUVC - Key Insights on The State of the Secondaries Market & How To Win

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Key Insights on The State of the Secondaries Market & How To Win

Listen now | Joined by >600 LPs, VCs and Angels this roundtable was packed and a lot of fun. But if you don't have the time for it, here's our key take aways 👀

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EUVC #248: Ben Topor on Growth & Secondaries Investing & The Beauty of Flexible Mandates

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EUVC #248: Ben Topor on Growth & Secondaries Investing & The Beauty of Flexible Mandates

Learn from one of the very few who have successfully raised from Tiger Management as we dive into market timing, secondaries sourcing strategies, pricing and the role of data

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Why You Should Be Wrong and Alone | Chris Douvos | Superclusters

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Why You Should Be Wrong and Alone | Chris Douvos | Superclusters | S1E1

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://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 #superclusters #superclusterslp #gp #vc #lp #startups #entrepreneurship #venturecapital #podcast #investing #finance #financialservices _________________________________ Closing soundtrack - A Small Miracle · Roman Kostiuk

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Reverse Engineering Venture Capital - Marcos Fernandez, Founding Partner, Fiat Ventures

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Reverse Engineering Venture Capital - Marcos Fernandez, Founding Partner, Fiat Ventures

In this episode, host Richard Kerby talks with Marcos Fernandez, Founding Partner at Fiat Ventures. At Fiat Ventures they've reverse-engineered venture capital by leveraging Fiat Growth, where they help early-stage startups achieve their growth targets. Topics Discussed: - How they have reverse-engineered venture capital at Fiat Ventures? - How do deals get done at Fiat Ventures? - The value Fiat Ventures provides to portfolio companies - Successful examples of pivoting and adapting within Fiat portfolio - Fiat Ventures' investment strategy and portfolio diversification - Investing in Web3 projects, the intersection of finance and other industries - Continuous learning in the venture industry Key Takeaways and Lessons: - Fiat Ventures started by co-advising and working with early-stage companies, creating an ecosystem for them to invest in the best companies. - Fiat Ventures provides hands-on support to portfolio companies, helping them achieve milestones they otherwise wouldn't have reached. - Pivoting and adapting to changing circumstances is crucial for success, and finding unique approaches can make a company stand out in competitive markets. - Deal flow and maintaining communication with founders are key aspects of the venture capital investment process. - Fiat Ventures aims to build a diversified portfolio in the fintech industry and actively tracks its exposure to avoid overexposure in any particular category. - The fintech industry is evolving, and there are opportunities in healthcare, prop tech, and commercial real estate. - Investing in financial solutions and services that align with expertise and can be derisked is important for success. - Continuous learning and adapting processes contribute to growth and success in the venture industry. Links: Fiat Ventures - https://www.fiat.vc/ Follow Marcos on Linkedin - https://www.linkedin.com/in/marcosfernandez0401/ Follow Marcos on X - https://twitter.com/Marcosf0401 Hosted by Richard Kerby, Co-founder & General Partner at Equal Ventures Equal Venture Website - https://equal.vc Follow Richard on Linkedin - https://www.linkedin.com/in/richardkerby/ Follow Richard on Twitter - https://twitter.com/kerby Listen to the full episode for more insights and stories! You can find the episode on your favorite podcast platform & on YouTube. We hope you enjoy listening to this episode and gain insights that can help you in your venture capital journey. Do hit subscribe to stay updated on new episodes!

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