How LPs Are Using Fund of Funds for Diversified VC Access

Lucas and Luna dive into the mechanics of fund of funds in venture capital—how limited partners use them to access top-tier managers, diversify across vintages, and reduce the burden of direct due diligence. They examine a real-world case: the $2.4 billion fund of funds raised by Partners Group in 2025, which allocated to 40+ venture firms including Sequoia and Accel. The hosts break down the fee structure, the J-curve effect, and why some LPs are questioning the double-layer of fees versus direct co-investment. They also discuss the growing trend of 'hybrid' fund of funds that combine primary commitments with secondaries. A practical episode for any LP weighing portfolio construction strategies. #FundOfFunds #VentureCapital #LimitedPartners #PortfolioConstruction #PartnersGroup #Sequoia #Accel #JCurve #CoInvestment #Secondaries #Diversification #DueDiligence #FeeStructure #VintageDiversification #Finance #Investing #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo