An LP's Guide to the European VC Ecosystem | Ertan Can | Superclusters | S2E8

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