Superclusters - The Emerging LP Podcast

“To whom much is given, much is expected.” — JD MontgomeryJD Montgomery leads the Family Office division at Canterbury Consulting and is a seasoned advisor with nearly four decades of experience serving prominent families with a focus on strategy, organization and measurement. Based in Newport Beach, he serves a select group of multi-generational families and helps them navigate the complexities of wealth, purpose, and legacy. Mr. Montgomery partners with his clients to help them optimize the allocation of their resources across generations. Over the years, Mr. Montgomery has developed a deep network of relationships in the venture capital industry. He has helped his clients gain meaningful exposure to venture funds and direct investments and develop relationships with leading innovators and investors globally. He is a Managing Director, shareholder, and board member at Canterbury Consulting. He graduated from Stanford University and holds the Chartered Alternative Investment Analyst (CAIA) designation.You can find JD on his socials here:LinkedIn: https://www.linkedin.com/in/jd-montgomery-6161341b/OUTLINE:(00:00) Intro(02:00) The definition of family offices(03:01) Generation 1 vs 2(06:25) Building a family office at Gen 1(07:48) The 3 considerations for succession planning(11:14) The "why" of succession planning(12:59) Building self-esteem in children(17:14) How do you help children choose their long-term passions?(20:16) When should next gen of family offices know how rich they are?(23:35) How do next gen family office members first get exposure to VC?(32:25) When do you give next gens influence over the family's capital?(35:28) What % of the family capital should you give a next gen?(37:42) The ask(38:09) The hard and soft issues of wealth(42:41) How often do next gens inherit their parents' support system?(46:35) How does a GP know how sophisticated an FO is?(53:43) How does an advisor know an FO's sophistication?(59:10) Sophisticated simplicity(59:50) When's the last time JD's OS changed?(1:05:23) Post-credit scene: Time is a constructFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFor Superclusters After Hours: https://superclusterslp.substack.com/Follow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“Lower barriers to entry doesn’t mean higher probabilities of success.” — Sam HuleattSam Huleatt is the co-founder of The Side Letter, a platform driving network-based research for capital allocators. Prior to The Side Letter, he created and ran the The LP Institute at VC Lab, as well as let On Deck Angels at On Deck. Moreover, he's a serial founder, active angel investor in over 35 companies, and an active allocator in emerging fund managers, including the likes of Notation Capital, Orange Fund, Inuka Capital, Asylum Capital, and more.You can find Sam on his socials here:LinkedIn: https://www.linkedin.com/in/samhuleatt/X / Twitter: https://x.com/samhuleattOUTLINE:(00:00) Intro(01:34) Sam's childhood(03:24) The most persistent myth about Sam he never bothered to correct(05:47) Bottom-up vs top-down investor(13:37) Can career VCs develop empathy for the founder(18:43) Traits of someone who should definitely start a fund(26:45) Traits of someone who should NEVER start a fund(28:09) Air of inevitability(33:44) Why was Outlander VC inevitable?(36:11) Where should 60% of your Fund I capital come from?(41:47) Starting a VC fund is hard(44:46) Do LPs like GP accelerators?(51:35) Top 3 considerations for first-time LPs(58:03) How many GPs should 1st-time LPs meet?(1:01:06) Governing law of VC: Adverse selection(1:04:40) Incentive alignment on fees(1:06:36) Terms in LPAs vs side letters(1:11:16) What is The Side Letter?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFor Superclusters After Hours: https://superclusterslp.substack.com/Follow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“The game you play as you’re building a reputation becomes a different game than when you have a reputation. And I tend to find, from an LP’s perspective, when you’re building reputation, that’s actually when you deliver the most value.” — Alex FelmanAlex Felman is an entrepreneurial and family office professional. For over 10 years, as a second-generation member, he has run his own family office, Felman Family Office, and works with family offices around the world through his family's multifamily group, MSF Capital Advisors. Using his expertise in Molecular Toxicology and Bio-entrepreneurship (B.A from University of California -Berkeley, MBA from Copenhagen Business School), he advises them in biotechnology, healthcare, and other futuristic tech industries with the goal of maintaining long-term wealth through innovation. He regularly speaks at family office and private wealth events on topics such as tech investment, manager selection, generation and succession issues, rising generation trends, and more.He has used his experience within the family office industry and 20 year background as an educator to create Exponential U, a family office education program designed to help families become multigenerationally sustainable. His proprietary L^3 framework (Learn, Leverage, Legacy) allows the holistic development of family members to ensure a smooth leadership transition. You can find Alex on his socials here:LinkedIn: https://www.linkedin.com/in/alexwfelman/OUTLINE:(00:00) Intro(04:36) The 'tastemaker' for family offices(05:54) Exploration vs discipline(08:15) The hero's journey in investing(09:49) The life line(13:39) Building and having reputation(16:06) Risk appetites for asset owners & allocators(18:44) Why won't an institution invest in me?(19:50) The quiet thing LPs don't talk about(25:15) When did Alex get involved with his family office?(29:09) Writing off sourcing slides(35:33) Different flavors of "sourcing from YC"(38:41) Emerging GPs are "investments-as-a-service"(40:08) Fund power law is greater than startups'(43:44) Emotional value of investing in funds(44:45) Most VC funds are scams!(50:01) Optimistic cynic(51:43) Reminders today about the good ol' days(54:17) Late stage capitalism(59:10) Post-credit scene: Dave Chappelle and podcastsFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFor Superclusters After Hours: https://superclusterslp.substack.com/Follow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“One thing that is unique to private equity and venture capital is persistence is a little easier because of the brand. ‘They did good deals, so therefore, the good deals come to find you.’ If you were in a long-only private equity shop or hedge fund, Amazon is not going to come find you because you invested in Shopify.” — JD MontgomeryJD Montgomery leads the Family Office division at Canterbury Consulting and is a seasoned advisor with nearly four decades of experience serving prominent families with a focus on strategy, organization and measurement. Based in Newport Beach, he serves a select group of multi-generational families and helps them navigate the complexities of wealth, purpose, and legacy. Mr. Montgomery partners with his clients to help them optimize the allocation of their resources across generations. Over the years, Mr. Montgomery has developed a deep network of relationships in the venture capital industry. He has helped his clients gain meaningful exposure to venture funds and direct investments and develop relationships with leading innovators and investors globally. He is a Managing Director, shareholder, and board member at Canterbury Consulting. He graduated from Stanford University and holds the Chartered Alternative Investment Analyst (CAIA) designation.You can find JD on his socials here:LinkedIn: https://www.linkedin.com/in/jd-montgomery-6161341b/OUTLINE:[00:00] Intro[02:18] The "some day" exercise[11:12] Why does JD do "some day" every 6 months?[12:33] JD's life line[16:44] When JD is 85 years old...[18:05] JD's relationship with fatherhood despite the trauma[22:40] Annual dad report cards[25:33] Intentionality with GPs[28:41] How to avoid one-hit wonders[33:43] How to transfer self-esteem[36:05] How do you get GPs off of their talk track?[37:36] Non-obvious things JD looks for in GPs[41:43] Is selling 0.2X DPI in the first 4 years meaningful?[44:27] Should you recycle capital or deploy out of the next fund?[46:34] Why did JD choose to work with families?[48:07] "Never eat alone"[51:34] How does JD think about time allocation?[55:06] How many new GPs does JD meet with?[59:07] How did JD pass on then back Founders Fund?[1:03:22] The difference between unexplored gold veins and rotting trash[1:08:13] Mayan Mocha at Austin's Picnik[1:08:58] JD's secret street taco recipe[1:11:09] JD's reminder that we're still in the good ol' days[1:13:20] Post-credit scene: No garlic and onionsFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“You’re making decisions in an incomplete vacuum. What I think many people should do more of, in terms of those mental models, is frame it in the reverse. Which of these decisions am I going to make that is the most regret-minimizing? That I have the least likelihood of regretting later on in life, assuming that in most cases, I will be wrong.” — Peter WalkerThe holiday season has always been a great time to celebrate the movers and shakers in our world. This season we're celebrating my personal favorites in the VC and startup world. This episode, it's with my man, Peter Walker, who creates some of the industry's most talked charts and graphics around the ebbs and flows of tech innovation.Peter Walker runs the Insights team at Carta, where he works to make startups a little less opaque for founders, investors, and employees. Prior to Carta, he was a marketing executive for the media analytics startup PublicRelay and led a data visualization team at The Atlantic magazine. He lives in San Francisco, but you can find him on LinkedIn (see links below).You can find Peter on his socials here:LinkedIn: https://www.linkedin.com/in/peterjameswalker/X / Twitter: https://x.com/PeterJ_WalkerOUTLINE:[00:00] Intro[02:52] Peter's first brush with entrepreneurship[11:49] 996 work culture[17:11] Peter's disclaimer on his data[21:27] Regret-minimization when investing[24:24] One example of regret-minimization[26:07] How does Peter choose which conferences to go to[29:33] Conference panels are often bad[36:22] The incongruencies of what GPs say publicly and privately[41:43] Peter's first data visualization[44:18] Why is soccer underrated in the US?[46:10] What great lengths has Peter gone for his friends?[48:21] One worrisome trend we're going to see in 2026[52:18] One optimistic trend to look forward to in 2026Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Warning: This is a brief-ish, but hopefully entertaining intermission from the usual Superclusters programming.When we passed the 50th episode mark more than a few episodes ago, Tyler (my editor) and I thought it'd be interesting to record an episode where I change seats. Instead of me asking the questions, someone else would ask me questions. And I couldn't imagine any better person to do so than my good friend, Allie, who in my humble opinion, is one of the best interviewers alive today.Allie Garfinkle is a senior finance reporter for Fortune, covering venture capital and startups. She authors Fortune’s weekday dealmaking newsletter Term Sheet, hosts the Term Sheet Podcast, and co-chairs Fortune Brainstorm, a community and event series featuring an annual retreat in Deer Valley, Utah. A regular contributor to BBC’s Business Matters podcast, Allie is also a frequent moderator at major conferences such as SXSW. Before joining Fortune, she covered Amazon and Meta at Yahoo Finance and helped produce Emmy-nominated PBS Frontline business documentaries, including Elon Musk’s Twitter Takeover and The Power of the Fed. A graduate of The University of Chicago and New York University, Allie currently resides in Los Angeles.You can find Allie on her socials here:LinkedIn: https://www.linkedin.com/in/alexandra-garfinkle1/X / Twitter: https://x.com/agarfinksOUTLINE:[00:00] Intro[02:01] Art[09:39] Competition[17:49] Paleontology[18:14] Allie's Tiki mugs[22:49] How has VC evolved?[29:41] Evaluating risk[43:04] Why is it important for VCs to stay in touch?[47:10] Are there reliably good investors?[53:09] Young GPs in market[54:58] How useful is education that come via public talks?[57:50] Does your niche fund size make sense for the market?[1:01:16] Is there too much venture capital?[01:05:24] How much of VC is art vs science?[1:07:18] What's going on in Allie's world?[1:09:45] Post-credit scene: ReceiptsFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

The holiday season has always been a great time to celebrate the movers and shakers in our world. This season we're celebrating my personal favorites in the LP world. To start this mini-holiday series off, Earnest Sweat and Alexa Binns runs one of the most popular podcasts on venture capital limited partners, Swimming with Allocators. I was also fortunate enough to be on their podcast as well as a bonus crossover episode.You can find Earnest on his socials here:LinkedIn: https://www.linkedin.com/in/earnestsweat/X / Twitter: https://x.com/EarnestSweatYou can find Alexa on her socials here:LinkedIn: https://www.linkedin.com/in/alexabinns/X / Twitter: https://x.com/alexabinnsOUTLINE:[00:00] Intro[02:09] Alexa's earliest relationship with money[03:28] Earnest's earliest relationship with money[04:45] Earnest's first major purchase[06:41] Alexa's first major purchase[08:25] The difference between public speaking and interviewing[12:19] Memorable guests on the SwA podcast[14:46] To do or not to do in-person interviews[18:05] Evolution of YouTube titles[20:04] Why err towards evergreen content?[22:30] Was SwA designed for LPs or GPs?[24:12] How did Earnest and Alexa meet?[24:56] How did Swimming with Allocators start?[27:21] The Pandora's Box of intros[28:02] Alexa's 3 buckets for LP investing[30:12] What is 'coming soon' for Earnest and Alexa?[36:58] Post-credit scene: Spider-Man & Investors as AvengersFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Ben Choi from Next Legacy joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on 3 GPs at VC funds to ask 3 different questions.Gilgamesh Ventures' Miguel Armaza, also host of the incredible Fintech Leaders podcast, asks Ben what is the timing of when a GP should consider raising a Fund III.Similarly, but not the same, Strange Ventures' Tara Tan asks when an LP backs a Fund I, how do they know that this Fund I GP will last till Fund III.Arkane Capital's Arkady Kulik asks how one should think about building an LP community, especially as he brings in new and different LP archetypes into Arkane's ecosystem.Ben manages over $3.5B investments with premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning three decades in the technology ecosystem.Ben’s love for technology products formed the basis for his successful venture track record, including pre-PMF 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 alum and Board Member of the Society of Kauffman Fellows (venture capital leadership) and has also served his community on the Board of Directors for the San Francisco Chinese Culture Center, Children’s Health Council, Church of the Pioneers Foundation, and IVCF. 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 Los Altos with his wife, Lydia, three very active sons, and a ball python.You can find Ben on his socials here:X / Twitter: https://x.com/benjichoiLinkedIn: https://www.linkedin.com/in/bchoi/OUTLINE:[00:00] Intro[05:05] Ben's 2025 Halloween costume[06:44] Jensen Huang's leather jackets[07:24] Jensen Huang's answer to Ben's one question10:05] Enter Miguel, Gilgamesh Ventures, Fintech Leaders[14:43] What are good signals an LP looks for before a GP raises a Fund III?[22:35] Why does Ben say 'established' starts at Fund IV?[25:08] Who's the audience for Miguel's podcast?[27:52] In case you want more like this...[28:32] Enter Tara and Strange Ventures[32:46] How does Ben know a Fund I will become a Fund III?[36:53] How does Ben know if a GP will want to build an enduring career?[40:58] How does Tara share a future GP she'd like to work with to Ben?[42:43] Marriage and divorce rates in America[43:34] What should a Fund I do to institutionalize?[46:28] Should you share LP updates to current or prospective LPs?[48:57] Enter Arkady and Arkane Capital[51:09] How does one think through LP-community fit?[1:01:31] What's Arkady's favorite board game?[1:03:08] Ben's last piece of advice to GPs[1:09:50] My favorite Ben moment on SuperclustersFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

"The limiting downside is actually something a lot of emerging managers don’t think about. If you can turn all of your portfolio companies that don’t hit that exit velocity, if you can find a soft landing for those companies versus that’s a writeoff and they’re dead and done, that’s extra effort, but that’s an extra turn on your fund’s performance." — Carson MonsonCarson Monson is a seasoned allocator with nearly a decade of experience backing emerging and spinout GPs across large institutions, government entities, and family offices. After stints at Greenspring, SITFO, and building a fund of funds strategy for a large European single family office, he now runs the fund of funds at CrossRange, which focuses on supporting top-tier emerging and spinout GPs.Carson has backed everything from micro funds to high-profile managers spinning out of tier-one firms. He is deeply committed to being a thought partner and strategic resource to the GPs he supports, helping them navigate the complexities of fund building and long-term success in the VC industry.You can find Carson on his socials here:LinkedIn: https://www.linkedin.com/in/carson-k-monson/X / Twitter: https://x.com/Monsson_OUTLINE:[00:00] Intro[02:08] Wildlife and wholesome trouble[06:03] The journey to being an LP[10:54] How did Carson join Greenspring?[13:55] Lessons across Greenspring[15:46] How many deals did Greenspring do per year?[18:46] An example of a qualitative metric worth measuring[20:16] How many off-thesis bets is a VC allowed to make?[21:25] When do GPs move from thematic bets to opportunistic bets?[25:45] How much AUM should any one GP have?[29:46] Why does Carson liked concentrated portfolios?[30:32] The case for concentrated portfolios[36:40] Relationships with GPs should stay at the LP partner level[39:49] Fund strategy at Fund (n) vs Fund (n + 1)[45:19] What the hell is 'critical node theory?'[49:54] Examples of great references[52:58] The halo effect of mega funds[58:48] How does Carson get to inbox zero[1:02:09] Why is CrossRange different?[1:08:17] The last time Carson had a pinch-me moment[1:10:17] Carson's ricotta gnocchi[1:12:28] Post-credit scene: Ramen, gluten, Tokyo, and Tonkatsu Suzuki Pt 2Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“A manager doesn’t generally fit into their ultimate quartile until Year 6.”Apurva Mehta is the co-founding Managing Partner of Summit Peak Investments, a fund-of-funds that boasts a portfolio of both venture fund investments and direct investments, including the likes of Affirm, Anduril, Airtable, Opendoor, and Wish, just to name a few.Prior to starting Summit Peak in 2018 with his co-founder, Patrick O'Connor, he previously served as Vice President and Deputy Chief Investment Officer for the Children's Hospital Endowment Portfolio in Fort Worth, Texa. From 2008 to 2011, he was the Director of Portfolio Investments at The Juilliard School in New York City. Apurva began his career in investment consulting and investment banking at Citigroup and Lehman Brothers. He was recognized for his expertise when he was named to aiCIO Magazine’s Top Forty Under Forty in 2012 and 2013 and honored as a Rising Star by Institutional Investor. He holds a BBA in Finance from The George Washington University. You can find Apurva on his socials here:LinkedIn: https://www.linkedin.com/in/apurvaamehta/OUTLINE:[00:00] Intro[01:40] Tennis[02:45] Lehman Brothers' impact on Apurva[05:28] What AI is missing in investment management[14:26] Underestimated qualitative metrics that impact a GP's story[22:10] Building Cook Children's Hospital foundation portfolio from scratch[30:24] Moving quickly as an LP[31:32] What does Apurva look for in the first meeting?[37:20] Ugly sweater Christmas parties[39:56] Apurva's favorite ugly sweaters over the years[41:40] Post-credit scene: What does GFW mean?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“It’s a mathematical reality that the highest performing GPs in this part of the market often also have the highest kill rates, which means some things are incredible and other things are super wonky and you have to be cool with that. You can’t be doing a six across the board.” — Caroline Toch DocalCaroline Toch Docal backs early stage fund managers as the lead of BCV’s Emerging Manager Program. She believes in investing in funds as early as the first close, which is a rare focus in the LP landscape. She’s a lifelong early stage enthusiast from her time at Venture for America to Techstars to Chief to Dorm Room Fund to now Bain Capital Ventures, where she runs the emerging manager program there which has seen quite the evolution since 2017.You can find Caroline on her socials here:LinkedIn: https://www.linkedin.com/in/carolinetoch/X / Twitter: https://x.com/carolinetochOUTLINE:[00:00] Intro[01:33] BCV Emerge[02:30] The 13-year summer camp experience[07:46] From VC to LP[09:50] Compare/contrast early stage investing to emerging GP investing[12:51] Behind the scenes of Caroline chose to become an LP[14:36] Caroline's first investment[16:24] What is a GP-friendly diligence process?[21:27] How Caroline pre-qualifies an investment?[24:50] Understanding if a GP REALLY believes VC is their life's work[26:25] Examples of long-term language[31:05] The 3 Acts of BCV's Emerging Manager program[36:44] What the hell is BGH?[38:03] Stand up comedy[39:20] Dogs vs catsFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“The intuition part comes from activities of creativity that change your perspective.” — Yiwen LiYiwen Li is a seasoned investor with a successful track record of investing in AI, blockchain, and healthcare tech while developing global business partnerships to fast-scale the business.Yiwen is currently Head of Venture Investments at Bayview Development Group, a global family office with diverse exposure public market, private equity, venture, and real estate. Prior, she was a Principal at Alumni Ventures, responsible for end-to-end multi-stage investments focused on blockchain and fintech. She was Director for Corporate Strategy at Masimo (Nasdaq: MASI). She built an innovation pipeline in healthcare connectivity and data analytics. She was Director for Corporate Development at NantHealth (Nasdaq: NH), where she established the international business division. Yiwen started her career at Capital Group in equity research.Yiwen is an Advisory Board member of C-Sweet. She served on the board of Give2Asia as the chairman of the finance committee and a member of the investment committee. She was an advisory board member for the Asia Society where she co-founded the “Asian Women Empowered” initiative. She was recognized as the” Top 50 Women Leaders in San Jose 2024 and 2025”, “Top 50 Women in 2019” and the “Most Inspirational Women in Web 3”. Yiwen is also the author of one of the best sellers “Make the World Your Playground”, inspiring women to find their unique path. She is a frequent speaker on innovation and emerging technology trends.Yiwen holds a Master from the London School of Economics and a Master from the University of Vienna. She also graduated from the Venture Capital program at UC Berkeley and the Private Equity Program at Wharton. She was selected to be one of the " Young American Leaders" at Harvard Business School. Yiwen is a recipient of the European Union’s Erasmus Mundus scholarship. She is fluent in Mandarin and German, worked and lived in Europe, Asia, and US.You can find Yiwen on her socials here:LinkedIn: https://www.linkedin.com/in/yiwenli999/OUTLINE:[00:00] Intro[02:07] Yiwen's childhood[05:00] Jazz singing[06:14] The value of learning languages[09:01] How to build intuition around emerging managers[14:51] Getting to the bottom of a GP's motivation[16:33] What percent of GPs are not in VC for the right reasons?[19:47] Does success fuel or inhibit ambition?[24:17] The cost of knowledge is cheaper[24:56] Competitive edges in the current world[27:06] Why creative activities matter[31:21] Advice to emerging LPs[32:42] Post-credit sceneFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“Once you hit a billion dollars, you should probably consider some sort of internal team. Just to mitigate risk. There’s audit risk involved when you have such a small number of people managing a huge pool of capital. It’s going to differ for everyone. That’s probably a good benchmark.” — Trish SpurlinTrish Spurlin is the Investment Director at Babson’s $800M endowment, covering private markets investing with a large focus on venture. In fact 70% of their private equity portfolio is venture capital. Quite a unique strategy for an endowment to take. Why? An endowment is required to provide, in this case, the university money every single year, anywhere from 5% to 60% of a university’s annual budget. And to invest in an illiquid asset class aka venture capital that doesn’t return capital till a decade later, if not longer, takes courage.You can find Trish on her socials here:LinkedIn: https://www.linkedin.com/in/trishspurlin/X / Twitter: https://x.com/trishdigiOUTLINE:[00:00] Intro[01:45] Sports in Trish's life[05:10] How does success fuel inhibit ambition? How does it inhibit ambition?[07:35] How do you underwrite long term motivation?[13:21] How fast you order something might matter[16:04] Can Trish angel invest outside of Babson?[17:08] Endowment with a $80M budget[19:54] Should you hire an outsourced CIO?[24:18] Endowment with a $8B budget[27:47] Babson's liquidity requirements[30:33] How to ask about a senior partner leaving[34:05] How does Trish build trust with her GPs?[37:48] Trish's interests vs Babson's interests[45:24] Hank sauce[47:26] Why is Ocean City Boardwalk special?[48:51] What serves as a reminder to Trish we're still in the good ol' days?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“There’s this thing called alpha, which is returns driven by skill not market return. And when you start to think about what does that mean, skill means you’re doing something that other people aren’t. You have to be different from the average. What can drive that? How are you going to have that be positive expected value? You need to have unique information, unique insight, unique access, or get uniquely lucky." — Jacob MillerJacob Miller is the Co-Founder and Opto’s Chief Solutions Officer, a key figure in its leadership team and central to its growth strategy. He spearheads initiatives for Opto's fiduciary partnerships and the systemization of institutional-quality private markets investment techniques and programs.Before co-founding Opto, Miller spent nearly five years as an investor at Bridgewater Associates. Miller has a passion for sensible long-term investing, systematizing investment processes, and distilling complex market dynamics into clear, logical linkages that help people better understand their investments. Having managed money for family and friends since he was 16, Miller is a certified market junkie. While he has a background in macroeconomics and high-yield debt, he finds the challenges and opportunities in the private markets space far more interesting and important, both for investors and society.You can find Jacob on his socials here:LinkedIn: https://www.linkedin.com/in/jacob-m-08b32967/OUTLINE:[00:00] Intro[01:49] Why did Jacob start investing at 8 years old?[07:20] The fallacies of storytelling[08:49] Inputs, framework, and outputs[09:21] Jake's mental framework for alpha[12:31] Pete Soderling's unique access[13:49] Jacob on defense tech VCs[14:57] How does Jacob underwrite relationships in defense?[16:30] How do you know if someone's been preaching a story before it became a story?[20:16] The difference b/w an opinion and an insight[23:07] Why does Jacob write?[25:42] Running with Joe Lonsdale at 8:30AM[29:12] 2 wildly different billionaires[31:48] What does Jacob want for the world?[36:23] What keeps Jacob humble?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“I hate checklists. I like outlines. I don’t like checklists. A checklist says ‘I have to have this, and then I’m good. An outline is ‘This is my starting point. These are the kinds of things I want to talk about or kinds of things I need to look at.” — Eric SippelEric Sippel currently runs his family office and is an active investor in and adviser to many venture capital, private equity, hedge and real estate funds. He is a member of the RAISE Global selection and steering committees (the premier emerging VC manager conference) and often speaks to emerging venture manager groups. Previously, Eric was the COO of Eastbourne Capital Management, a multi-billion dollar hedge fund firm, and a Partner at Shartsis, Friese & Ginsburg, where he was a nationally recognized hedge fund and venture capital lawyer. Eric serves on more than a dozen LPACs and has served on many for profit and non-profit boards.You can find Eric on his socials here:LinkedIn: https://www.linkedin.com/in/eric-sippel-976770/OUTLINE:[00:00] Intro[02:13] Why Eric's name on LinkedIn is lowercase?[02:44] Oceanside[04:18] Eric's grandfather and education in the family[07:06] Basketball[07:58] Eric's first venture fund investment in 1996[12:05] How does Eric invest below the minimum check size requirement?[14:51] How to decide your LP check size[17:47] Today, when does Eric invest in a new GP?[21:14] Time x capital 2x2 matrix[24:32] Tough conversations with Eric[27:00] The minimum viable value-add for LPs who write small checks[32:02] Eric's most impactful mistakes[35:11] How do you know if a GP is GOOD at adding value?[43:42] How many other funds in the same space does Eric look at before investing?[46:36] Breaking down Eric's deal flow[49:35] How many references does Eric do?[50:27] Who does Eric trust for LP references?[52:34] Other references for diligence[55:23] How does Eric approach a founder reference?[59:09] Biggest lessons from CIA training[1:05:16] Mike's Pizza[1:06:18] If everything were to change tomorrow, what would Eric photograph?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Adam Marchick from Akkadian Ventures joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on 3 GPs at VC funds to ask 3 different questions.Cocoa VC's Carmen Alfonso Rico asks what belief Adam held firmly for years but changed his mind recently on.Good Trouble Ventures' AJ Thomas asks about how GPs can better communicate risk to first-time LPs.1517 Fund's Danielle Strachman asks about the world view Adam has that shapes his investing thesis.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/adammStanfordLinkedIn: https://www.linkedin.com/in/adammarchick/And huge thanks to Carmen, AJ, and Danielle for joining us on the show!OUTLINE:[00:00] Intro[01:22] The anatomy of a good story[02:26] The job of an annual summit[05:35] How often does VC change?[07:25] Narratives LPs are looking for at GPs' AGMs[08:25] "20% overall revenue growth in the portfolio is NOT exciting"[09:01] What founders talk about at an AGM[14:01] How does Adam spend time at an AGM[17:48] Enter Carmen and Cocoa VC[19:35] What did Adam change his mind about[21:09] How does an LP assess GP NPS?[22:16] Picking on-sheet references[24:33] The origin of Cocoa VC[26:08] What is Carmen's superpower?[27:09] What does Carmen want from her LPs?[29:09] The best answers to "what do you want from your LPs?"[31:29] Controversial decisions for the LPAC[33:39] Enter AJ and Good Trouble Ventures[34:25] Communicating risk to your LPs[35:58] What about to first-time LPs?[38:06] Where do first-time LPs come from?[39:50] What inspired AJ's question?[42:14] Is the convo different if LPs reach out vs you reach out?[43:45] The timing of LP conversations: most frequent vs most important[45:59] The trust equation[47:45] How to scale trust with LPs[51:35] How has GPs built trust with Adam?[53:29] How often does Adam keep in touch with his GPs?[56:06] Enter Danielle and 1517 Fund[58:38] What is Adam's mental model?[1:01:43] How does Adam define low entry prices?[1:03:25] Tracking trends as an LP[1:06:55] 80-20 portfolio construction[1:10:37] Would 1517's thesis 15 years ago count as market risk?[1:14:12] Adam's last piece of advice[1:15:46] Akkadian Ventures and RAISE Global[1:17:06] David's favorite moment from Adam's earlier episodeFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“There are a thousand ways to put lipstick on the pig and there are a thousand skeletons [in the closet]. I’ve only seen five or six because I’ve only seen three startup experiences. And so you need to deputize as many people as you possibly can to essentially triangulate.” — Anurag ChandraAnurag Chandra has spent over two decades in Silicon Valley as an investor, operator, and allocator. He has helped lead four venture capital funds, managing over $2.0B in aggregate AUM. Anurag has also been a senior executive in three enterprise technology startups, two of which were sold successfully to public companies. He is currently the CIO of a single-family office with an attached venture studio and a Trustee for the $4.5B San Jose Federated City Employees Retirement Fund, serving as Vice Chair of the Board, and Chair of its Investment and Joint Personnel Committees.You can find Anurag on his socials here:LinkedIn: https://www.linkedin.com/in/anchandra/X / Twitter: https://x.com/achandra41OUTLINE:[00:00] Intro[02:10] Why is what Anurag is wearing a walking contradiction?[06:08] The man without a home, but comfortable in everyone's home[10:17] The Stanford Review[12:55] The four @%#-holes of America[20:13] How did Anurag schedule regular coffee with Mark Stevens?[25:31] Mark Stevens' advice to Anurag about staying top of mind[26:42] How often should you email someone to stay in touch?[30:33] Why should you be an asymmetric information junkie?[34:21] Where should you find asymmetric information in VC?[36:02] The 'Oh Shit' board meeting[40:09] How San Jose Pension Plan views GPs[43:55] Defining the 'venture business'[49:09] Process drives repeatability[54:06] How San Jose Pension Plan built their investment process from scratch[58:43] What is a risk budget?[1:01:52] What did San Jose Pension Plan do about their risk budget?[1:05:05] The people who changed Anurag[1:11:10] Post-credit sceneFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Beezer Clarkson from Sapphire Partners joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on four GPs at VC funds to ask four different questions.Precursor Ventures' Charles Hudson asks what is the one strongly held belief about emerging managers that she no longer believes is true.NextView Ventures' Stephanie Palmeri asks how much should an established firm evolve versus stick to their guns.Humanrace Capital's Suraj Mehta asks what the best way to build brand presence is.Rackhouse Venture Capital's Kevin Novak asks if you've deployed your capital faster than you expected, what's the best path forward with the remaining capital you have left?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.You can find Beezer on her socials here.Twitter: https://twitter.com/beezer232LinkedIn: https://www.linkedin.com/in/elizabethclarkson/Check out Sapphire's latest breakdown on if venture is broken: https://www.linkedin.com/pulse/venture-broken-what-2000-priced-early-stage-rounds-tell-clarkson-sjvjc/And huge thanks to Charles, Suraj, Steph, and Kevin for joining us on the show!OUTLINE:[00:00] Intro[01:22] Where does Beezer's advice come from?[04:03] Charles and Precursor Ventures[04:47] What's something Beezer used to believe about seed stage venture that she no longer believes in[08:04] Why did Charles choose to bet on pre-seed companies?[10:21] What did LPs push back on when Charles was starting Precursor?[12:18] Definition of early stage investing today[14:38] Steph and NextView Ventures[18:13] When do you stick your knitting or move on from the past as an established firm?[30:48] Is venture investing in AI fundamentally different than investing in other types of companies?[32:52] Does competition for a deal mean you've already lost it?[36:09] Suraj and Humanrace Capital[36:54] How should emerging managers build their brand?[38:38] The audience most emerging managers don't focus on but should[40:39] How much does visible brand presence matter?[43:47] Useful or not: Media exposure in the data room[45:40] Backstreet boys[46:37] Kevin and Rackhouse Venture Capital[47:28] What Kevin is best known for[48:03] Updated fund modelling when you're ahead on your proposed deployment period[58:00] The typical questions Beezer gets on LPACs[1:03:22] Is venture broken?[1:06:41] David's favorite Beezer moment from Season 1Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“You need to make space for weird types of conversations to happen on the fringes that really inform you what’s going on at the frontier.” — Thorsten ClausThorsten Claus is a venture investor and builder with more than 15 years of private equity and venture capital experience. He has raised nine funds, managed over $4.8B across global platforms, and led or overseen more than 120 direct investments, generating returns of 3x–7x net to investors.His current work focuses on dual-use technologies at the intersection of defense, security, and national resilience. Guided by the discipline of Howard Marks, the systems-level thinking of the Consilience Project, and a commitment to internalizing externalities, he invests in teams and technologies that strengthen sovereign capability and long-term societal stability.Beyond capital, Thorsten is a hands-on builder. He machines defense-critical and space components, restores historic race engines, and writes on production systems and resilience at blog.thinkstorm.com. This grounding in physical production complements his investment practice, keeping judgment tied to real-world constraints.You can find Thor on his socials here:LinkedIn: https://www.linkedin.com/in/thorstenclaus/X / Twitter: https://x.com/thinkstormOUTLINE:[00:00] Intro[02:31] Downhill skateboarding[05:58] How do you see behind a corner when downhill skateboarding?[07:42] Hill hunting[10:15] How long does it take to go down the Sierras?[11:41] The most important part of the body for downhill skateboarding[16:02] David's dumb question of the day[17:25] The accident that pivoted Thor's life[19:34] The first race car Thor bought[20:51] Why Thor is a terrible race car driver?[23:52] How did Thor come to use the race oil that Porsche Racing uses?[24:59] The 3 things you need to welcome fringe conversations[27:07] Just another David misattribution[27:34] Truth is difficult these days[29:20] How do you prioritize which advice to take?[30:33] Thor's weird definition of risk[31:59] How do you know if someone is giving you authentic advice?[34:40] How does Thor understand someone's past without asking about it?[39:42] Lessons from fictional storytelling in diligencing GPs[43:22] Questions and responses that reveal a GP's past[46:10] Books that Thor read to ask better questions[49:18] What is the USMC Christmas Tree?[53:40] The Christmas Tree in an investor's portfolio[57:49] Can beggars be choosers?[1:00:41] The difference between capital formation and fundraising[1:03:00] Production vs product for a GP[1:06:54] Thor and cardistry[1:10:21] What are moments that reminds Thor we're still in the good old days?[1:13:50] The post-credit sceneFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Kelli Fontaine from Cendana Capital joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions.The Council's Amber Illig asked what happens when a solo GP is incapacitated or passes away.Oceans Ventures' Steven Rosenblatt asked why most LPs follow the decision-making of other LPs.NeuCo Academy's Jonathan Ting asked what LPs think about GPs asking for help.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_bellsLinkedIn: https://www.linkedin.com/in/kellitrent/And huge thanks to Amber, Steven, and Jonathan for joining us on the show!OUTLINE:[00:00] Intro[01:26] Kelli's new data discoveries[04:32] How did Kelli underwrite a manager with no LinkedIn?[06:19] Is too much data ever a problem?[08:18] Vintage year benchmarking[09:49] Telltale signs on GPs' social profiles[10:57] Data Kelli wishes she could collect[15:59] Enter Amber and her new podcast[18:08] Amber's background and The Council[19:08] How does Amber define top companies?[24:25] How can a solo GP set the firm up well in case they're no longer there?[26:11] Kelli's number one fear with solo GPs[28:30] Best practices for generational transfers[32:28] Solo GPs and their future plans[36:51] Enter Steven and Oceans[42:38] Would Kelli ever include AI summaries as part of the get-to-know-someone phase?[44:18] Why do LPs follow other LP's decision-making?[48:43] What are the traits of an LP who is likely to have independent thinking?[51:16] Why don't LPs talk directly with founders?[57:59] Enter Jonathan and NeuCo Academy[1:00:05] Is Kelli seeing more secondaries firms?[1:01:56] How often should GPs lean on LPs for help?[1:07:22] Are most LPs helpful?[1:12:21] What kinds of questions does Kelli get from her own GPs?[1:15:39] Kelli's last piece of adviceFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“19% of our GDP attracts about 55% of capital inflows, aka venture activity, and 81% is underinvested.” – Vijen PatelVijen Patel is an entrepreneur and investor. He founded The 81 Collection, a high growth equity firm in boring industries. Previously, he founded what is now known as Tide Cleaners. He bootstrapped what eventually became the largest dry cleaner in the country (1,200 locations) before selling to Procter & Gamble in 2018. Before Tide Cleaners, he worked in private equity, McKinsey & Company, and Goldman Sachs. He lives in Chicago with his wife and two kids.You can find Vijen on his socials here:LinkedIn: https://www.linkedin.com/in/vijenpatel/X / Twitter: https://x.com/itsvijenGrady Buchanan is an institutional and risk-based asset allocation professional with a passion for bringing venture capital to those who have the interest. He founded NVNG in late 2019 and oversees investment strategies, the firm’s venture fund pipeline, manager sourcing, due diligence, and external events. Before launching NVNG, Grady worked with the Wisconsin Alumni Research Foundation’s (WARF) $3B investment portfolio, focused on private equity and venture capital initiatives, including fund diligence, investment strategy, and policy. Grady is based in Milwaukee, WI.You can find Grady on his socials here:LinkedIn: https://www.linkedin.com/in/gradynvng/X / Twitter: https://x.com/GradyBuchananOUTLINE:[00:00] Intro[02:41] The pressure of quitting a PE job for dry cleaning[05:09] Vijen's self talk as a founder[06:50] How to overcome doubt[09:00] How Vijen learned customer success[10:35] What did Pressbox become?[12:41] The dichotomy between society's needs and what gets funded[14:19] How did Grady go from selling pancakes to being an LP?[23:51] Why did Grady think he bombed the LP interview?[29:15] What is The 81 Collection?[32:22] How did Vijen meet Grady?[34:39] How is Vijen fluent in Spanish?[36:40] How did Grady meet Vijen?[42:21] How did Grady underwrite 81 Collection?[44:44] What about Vijen made Grady hesitate?[48:35] What's one thing about 81 Collection that could've gone wrong?[50:33] The 3 things that create alpha[52:42] Why does NVNG have the coolest fund of funds' names?[53:47] The legacy Grady plans to leave behind[56:06] The legacy Vijen plans to leave behindFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Pattern Ventures' John Felix joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions.Atria Ventures' Chris Leiter asked about the common mistakes LPs make when underwriting solo GPs.Garuda Ventures' Arpan Punyani asked how quickly do most LPs get to conviction. First 10 minutes? First meeting?Geek Ventures' Ihar Mahaniok asked how LPs evaluate Fund IIs when the Fund I has no distributions.John Felix is a General Partner and Head of Research at Pattern Ventures, a specialized fund of funds focused on backing the best small venture managers. Prior to Pattern, John served as the Head of Emerging Managers at Allocate where he was an early employee and helped to launch Allocate's emerging manager platform. 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 $13 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/johnfelix123And huge thanks to Chris, Arpan, and Ihar for joining us on the show!OUTLINE:[00:00] Intro[02:20] What's changed for John since our last recording?[04:08] What is Pattern Ventures?[06:22] Why is Pattern's cutoff for funds they're interested in at $50M?[07:32] How does John define noise?[09:34] Do non-sexy industries require larger seed funds?[11:36] How does think about overlap in the underlying startup portfolio?[15:22] Enter Chris and Atria Ventures[18:03] Should solo GPs scale past themselves?[24:14] Partnerships have more risk than solo GPs[26:10] How does John think about spinouts from large VC firms?[27:53] The psychology of being a partner at a big firm versus your own[30:38] Enter Arpan and Garuda Ventures[31:26] Geoguessr[32:52] Garuda's podcast, Brick by Brick[34:52] How quickly do LPs know they intuitively want to invest in a GP?[38:02] The analogy to what GPs do to founders[43:50] There are many ways to make money[44:57] Quantifying intuition as an investor[49:12] Enter Ihar and Geek Ventures[49:36] How do LPs evaluate Fund IIs when Fund I has no DPI?[53:01] How do you know if a GP did what they said they were going to do?[54:47] What if the key value driver is off-thesis, but everything else is on-thesis?[56:21] Is signing 1 uncapped SAFE per fund reasonable?[57:14] What is the allowable percentage of exceptions in a fund?[1:01:32] Good vs bad exceptions[1:06:06] Reminders that we are in the good old days[1:07:31] John's last piece of advice to new allocators[1:09:00] David's favorite moment from John's last episodeFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“It’s not the probability; it’s the consequence. It’s not the probability when something goes wrong. It’s the consequence when it goes wrong.” – Wendy LiWendy Li is the co-founder and Chief Investment Officer at Ivy Invest, a fintech investment platform bringing an endowment-style portfolio to everyday investors.Before Ivy Invest, Wendy was Managing Director of Investments at the Mother Cabrini Health Foundation, where she built the Investment Office from the ground up and managed a $4 billion portfolio. Prior to Mother Cabrini Health Foundation, Wendy was Director of Investments at UJA-Federation, investing across a broad range of asset classes. Wendy began her career in the Investment Office at the Metropolitan Museum of Art. She has a Bachelor of Arts degree from Columbia University and is a CFA charterholder.You can find Wendy on her socials here:LinkedIn: https://www.linkedin.com/in/wendy-li-cfa/X / Twitter: https://x.com/askwendyliOUTLINE:[00:00] Intro[02:29] Wendy's family's history with Columbia University[07:55] The importance of understanding family history[11:09] Why Wendy chose to work at The Met[15:16] How did Wendy know in the interview that Lauren would be her mentor?[19:18] Specialist vs generalist in 2006[22:58] Pros and cons of using AI as an LP[29:02] The 80-20 rule for how an LP thinks[29:29] The one mistake EVERY SINGLE LP makes[33:27] What is the Takahashi-Alexander model?[39:38] Who do you learn from when your LP institution is so small?[41:22] The wisdom of an open-sourced LP reading list[45:34] What is headline risk?[47:09] What does 'uncompensated risk' mean?[50:20] Why now for 'endowment-in-a-box'[55:07] Wendy's proudest dish from her mom's recipe book[57:09] Wendy's last piece of adviceFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“The very first thing everybody has to do is give themselves permission to lean into what they are interested in and what does it for them and what they understand and what they have an affinity for, regardless of what everybody else says you should be doing.” – Samira SalmanSamira Salman is a generational force—a rare blend of financier, strategist, and connector—revered for her ability to move capital, catalyze ventures, and cultivate the kinds of high-trust relationships that shape industries and define legacies. With over $5.5 billion in closed transactions spanning multiple asset classes, she is not merely a dealmaker—she is a trusted consigliere to some of the world’s most sophisticated families, investors, and visionaries.Samira is the Founder & CEO of Salman Solutions, a bespoke advisory firm, and the visionary behind Collaboration Circle, an invitation-only global ecosystem recognized by Fortune Magazine as the premier “by families, for families” platform—curating aligned capital, deal flow, and meaningful connection across generations of wealth. She also serves as Chief Operating Officer of a private single-family office, overseeing a portfolio that blends venture capital, direct investments, and multi-generational governance.Educated as a mergers and acquisitions tax attorney, Samira’s early career at Arthur Andersen, Deloitte, KPMG, and Shell Oil laid the foundation for her structural brilliance and financial fluency. She holds an LL.M. in Taxation, a JD, and a BS in International Trade and Finance—with a minor in Economics. Her legal acumen, combined with a deep intuition for human behavior, gives her a unique edge in structuring elegant, effective solutions that drive growth, mitigate risk, and unlock hidden value.Her work spans advisory mandates, capital formation, co-investment syndication, family office strategy, and the orchestration of transformational events for UHNW families and industry trailblazers.A passionate advocate for women’s economic empowerment, arts and culture, and global impact, Samira has served as an Honorary Advisor to the United Nations for Social Impact Projects and the NGO Committee on Sustainable Development. She has held board roles with numerous arts, education, healthcare, and professional institutions including the Houston Ballet, Center for Contemporary Craft, and Fresh Arts.You can find Samira on her socials here:LinkedIn: https://www.linkedin.com/in/samirasalman/X / Twitter: https://x.com/samira_salmanOUTLINE:[00:00] Intro[02:27] How did Samira find herself at TASIS?[04:17] How did TASIS feel when she first arrived?[07:27] From tax lawyer to family offices[09:55] How did Samira decide to quit being a lawyer?[17:12] Why did Samira want to be a tax lawyer?[19:44] Journaling[22:39] The blessing of a lawyer brain[25:19] The Oprah episode that changed it all[29:45] How did Salman Solutions start?[33:28] Samira's first interaction with family offices[36:43] Show and tell with Samira's journals and pens[41:27] What did Samira mean that most family offices fall short of raising their own capital?[42:54] What is the common family office hero arc into VC?[44:05] Family office trends that Samira's seen[47:17] The starting point for families interested in VC[50:13] Advice to a friend who wants to invest in VC[53:31] Book, podcast and conference recommendations[55:42] How does one qualify for Collaboration Circle?[56:21] Content recommendations, continued[59:57] How Collaboration Circle started[1:06:59] The 3 pieces of Collaboration Circle[1:09:49] Community economic models and human nature misalignment[1:12:43] How to create safe environments[1:18:02] The Dior bag tradition[1:21:20] Reminders that we're in the good old daysFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

The entire Screendoor team joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions.Kyber Knight Capital's Linus Liang asked about why LPs choose to bet on new managers as opposed to investing in more established funds.NOMO Ventures' Kate Rohacz asked about what parts of venture do LPs think is most opaque.Articulate's Helen Min asked if every emerging manager should scale into a larger firm.The Screendoor team is a powerhouse of experienced LPs, bringing together institutional investment experience that spans over a decade. Lisa Cawley, Layne Johnson, and Jamie Rhode have each built institutional venture programs within innovative family offices, financial institutions, and pensions. They have invested in venture capital across stages, sectors, and geographies, and in particular are known as a go-to for emerging managers.Lisa Cawley is the Managing Director of Screendoor. Previously, Lisa worked with a private multi-billion-dollar global investment firm and Ernst & Young.You can find Lisa on her socials here:LinkedIn: https://www.linkedin.com/in/31mml/Layne Johnson is a Partner at Screendoor. Previously, she led the Venture & Growth Equity manager selection effort at the Teacher Retirement System of Texas ("TRS"). She had previously been at Goldman Sachs.You can find Layne on her socials here:LinkedIn: https://www.linkedin.com/in/layne-johnson-4b71b571/Jamie Rhode is a Partner at Screendoor. She previously spent 8 years at Verdis Investment Management, an institutional single family office that manages capital for generations 7 through 10.You can find Jamie on her socials here:Twitter: https://twitter.com/DurationFXLinkedIn: https://www.linkedin.com/in/jerrcfa/And huge thank you for Linus, Kate, and Helen for jumping on the show.OUTLINE:[00:00] Intro[05:58] Enter Linus and Kyber Knight Capital[10:06] Why take the risk of betting on an emerging manager?[18:40] The types of pushback Linus got when he was fundraising[19:47] The incentives of an LP when investing in VC[21:49] How do GPs ask LPs how they're compensated?[24:47] Enter Kate and NOMO Ventures[28:31] What part of venture is most opaque?[38:18] The things venture LPs look at beyond the metrics[43:47] "Bad" advice from LPs[46:27] Enter Helen[46:48] Helen's new podcast, Great Chat[49:34] What is Articulate?[52:43] Should emerging funds scale?[1:00:47] How often do GPs say they want to scale[1:03:03] Layne's advice for GPs[1:03:39] Jamie's advice for LPs[1:04:55] Lisa's advice for LPs and GPs[1:07:35] David's favorite moment from Jamie's episode[1:09:53] David's favorite moment from Lisa's episodeFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Ahoy Capital's founder, Chris Douvos, joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions.Pachamama Ventures' Karen Sheffield asked about how GPs should think about when and how to sell secondaries.Mangusta Capital's Kevin Jiang asked about how GPs should think about staying top of mind with LPs between fundraises.Stellar Ventures' David Anderman asked Chris about GPs who start to specialize in different stages of investment compared to their previous funds.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/cdouvosLinkedIn: https://www.linkedin.com/in/chrisdouvos/And huge thank you for Karen, Kevin, and David for jumping on the show.OUTLINE:[00:00] Intro[01:03] The facade of tough times[05:03] The last time Chris hugged someone[06:53] The art (and science?) of a good hug[08:32] How does Chris start his quarterly letters?[10:35] Quotes, writing, and AI[15:13] Venture is dead. Why?[17:33] But... why is venture still exciting?[21:13] Enter Karen Sheffield[21:48] The never-to-be-aired episode with Chris and Beezer[22:55] Karen and Pachamama Ventures[24:19] The third iteration of climate tech vocabulary[26:55] How should GPs think about secondaries?[33:53] Where can GPs go to learn more about when to sell?[36:53] Are secondary transactions actually happening or is it bluff?[38:44] "Entrepreneurship is like a gas, hottest when compressed"[42:26] Enter Kevin Jiang and Mangusta Capital[44:21] The significance of the mongoose[46:36] How do LPs like to stay updated on a GP's progress?[59:35] How does a GP show an LP they're in it for the long run?[1:03:57] David's Anderman part of the Superclusters story[1:05:41] David Anderman's gripe about the name Boom[1:06:31] Enter David Anderman and Stellar Ventures[1:10:21] What do LPs think of GPs expanding their thesis for later-stage rounds?[1:21:43] Why not invest all of your private portfolio in buyout funds[1:25:48] Good answers to why didn't things work out[1:28:13] Chris' one last piece of advice[1:35:18] My favorite clip from Chris' first episode on SuperclustersFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“All these sorts of things that are quite frankly boring, monotonous, tedious, unglamorous, or not sexy, they are the sorts of things that can make or break whether a fund is good or not. Because you can be a great investor, but if the experience of the LP is awful, it doesn’t matter how good the fund is."Ultimately, somebody’s got to deal with you. They’ve probably got people to report to themselves. If you’re giving them a headache because you can’t do the aspects of it, then that’s where you’re going to lose LP appetite. That can tell apart who sees themselves as an investor and who sees themselves as a fund manager.” – Nicky SugarmanNicky Sugarman is a highly sought after advisor to both family offices and venture investors. Prior, he was also a partner at Stanhope, a $40B multi family office, running their private equity and venture practices. Moreover he, along with Jonathan Hollis at Mountside Ventures, launched the program for the emerging manager to learn the institutional lens.You can find Nicky on his socials here:LinkedIn: https://www.linkedin.com/in/nicky-sugarman-98188636/X / Twitter: https://x.com/NickySugarmanOUTLINE:[00:00] Intro[02:36] Nicky and LEGOs[05:24] LEGOs or cars[05:59] What Nicky's dad taught Nicky[06:45] Why does the world need another fund accelerator?[08:35] The curriculum at the fund accelerator[10:21] The difference between a fund manager and investor[12:04] Thoughtful examples to the previous question[14:12] Diligence vs stalking[16:29] Nicky's most used app[17:28] Why are mega cap funds necessary?[21:21] Why VC becoming PE is inevitable[24:48] The best types of LPs for multi-asset portfolios[26:33] Why do LPs speak in IRR, not multiples?[29:06] Understanding a GP's valuation policy[33:46] Communicating news from GPs to LPs[36:03] How does Nicky know if a GP is in for the long haul?[38:33] Nicky's favorite answers to how a firm scales[39:48] First critical hires at a VC firm[40:45] Ideal traits of a VC COO[41:38] How much should a good COO get paid?[42:50] Should people get paid at the 50th percentile?[45:28] How much should GPs pay themselves?[48:30] The one what-if that keeps Nicky up at nightFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“Buying junk at a discount is still junk.” – Abe FinkelsteinAbe 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 theIsrael 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/OUTLINE:[00:00] Intro[03:18] Abe's first investment[06:19] The definition of quality secondaries in 2003[09:37] How did Abe know there would be capital to follow?[15:45] Valuation methodology in the 2000s[22:28] Minimum meaningful ownership for secondaries[26:17] Why did founders take Vintage's call in Fund I?[30:41] The old-school way of tracking deal memos[32:06] Our job is to play the optimist[32:31] The headwinds of raising Vintage Fund I[36:32] Moving Vintage's physical books to the cloud[39:06] How does Abe assign discounts to secondaries?[42:23] Proactive outreach vs reactive deal flow[46:18] What does Vintage do to stay top of mind?[49:49] What's changed in the secondaries market since 2000?[55:32] Founder paranoia[57:56] What does Abe want his legacy look like?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“The more you can create that context in the family owner's manual, the more important it is and the more it is NOT the ‘in-case-of-emergency’ file. Because the in-case-of-emergency file is going to say I’m an LP in Fund VII from so-and-so and my withdrawal rights are such and such. Or here’s the document. You go figure out what my withdrawal rights are, if I have any.” The owner's manual teaches future generations what to prioritize and why. – Josh KanterJosh Kanter is the family office principal at Josh Kanter Wealth Advisory Services. He is also the founder & CEO at leafplanner, a comprehensive solution on planning for the 100-year time horizon for a family office, birthed out of his own need with his own family of creating an everlasting institution.After decades as a lawyer, he went on to focus on his family business where he also currently serves as President of Chicago Financial, Inc., a single family office overseeing a complex organization of trusts, investment and philanthropic entities for a multi-branch and multi-generational family.You can find Josh on his socials here:LinkedIn: https://www.linkedin.com/in/joshua-kanter/OUTLINE:[00:00] Intro[04:01] Art, sculptures and Jun Kaneko[12:30] The inception of Walnut Capital Corp[15:36] How Josh defines creativity[17:03] Creating the "freedom trust"[17:56] Where did the name leafplanner come from?[20:03] How did Josh get involved in the family venture business?[23:22] Top lessons from being startups' legal advisor[25:48] Lessons as an investor and LP[27:57] Investing in America's biggest fraud[30:01] The origin of leafplanner[38:15] How do you start a family owner's manual[40:03] The importance of prioritization and context in the manual[45:35] How do you make a owner's manual searchable?[49:50] The five kinds of capital (intellectual, human, social, financial, spiritual)[53:15] What is the role of luck in Josh's life?[54:31] Josh's primary vice when saying no[56:51] Post-credit sceneFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“This is one of the big issues of a bunch of data work on venture is insights from some periods don’t mean anything or are not translatable to present time. It’s really frustrating. So we go back to people, reputations, and experience.” – Narayan ChowdhuryRitujoy Narayan Chowdhury is the co-founder and Managing Director at Franklin Park, where he focuses on private equity investment opportunities, monitoring clients’ portfolios and conducting industry research. He also plays a key role in the development and implementation of Franklin Park’s technology platform, and regularly interacts with clients on investment and portfolio matters.Prior to Franklin Park, Narayan worked with Hamilton Lane and Public Financial Management. He is a CFA Charterholder and a member of the CFA Institute. Narayan received a B.A. in Mathematics and Economics from Bucknell University.You can find Narayan on his socials here:LinkedIn: https://www.linkedin.com/in/narayan-chowdhury/X / Twitter: https://x.com/RNC76OUTLINE:[00:00] Intro[02:27] Why my parents moved to the US[03:43] Narayan's dad[08:54] The friction that Narayan has with his team[11:59] Why current analyst training creates bad habits[15:00] What Narayan does when his family goes to bed[16:37] When did Narayan first start playing with code?[17:34] Narayan's entrepreneurial origins and how much he got paid[19:54] "Never sit alone at lunch"[22:54] The Mike Maples story[25:48] When Narayan realized VC is very different from PE[30:05] The difference between underwriting VC and buyout[34:28] What do you do when you've pigeonholed yourself in one industry?[37:02] How do you know if a GP is a core part of an alumni network?[38:32] A 2025 micro trend of misleading operating metrics[43:40] How has VC changed in the past few decades?[53:58] What do most people underappreciate about hockey?Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“The bigger you get, the more established you get, the more underwriting emphasis goes into how this team operates as a structure rather than is there a star?” – Matt CurtoloMatt Curtolo, CAIA is a seasoned private markets investor and allocator with over two decades of experience at leading financial institutions. Throughout his career, he has been directly responsible for allocating more than $6 billion in commitments to private market investments and maintains relationships with hundreds of general partner relationships across the full spectrum of private capital strategies. Most recently, as Head of Investments at Allocate, a venture-backed fintech startup. Matt built the investment capability from the ground up, broadening access to top-tier venture capital opportunities for the private wealth market. Prior to this, he served as a senior leader at MetLife, serving on the investment committee, co-managing their global alternatives portfolio and leading the firm's US Buyout portfolio. Earlier in his career, Matt led all private equity activities as Head of Private Equity at Hirtle Callaghan, a large independent outsourced Chief Investment Officer (oCIO). Matt's foundational experience was gained at Hamilton Lane during its early growth phase, before it became the world's preeminent private markets allocator, in research, investment and client-facing roles. Matt currently holds several advisory positions that span start-ups, asset management firms and fund of funds. He also manages his own advice practice, providing GPs with strategic guidance on strategy, fundraising and investor relations.You can find Matt on his socials here:LinkedIn: https://www.linkedin.com/in/matt-curtolo-caia/OUTLINE:[00:00] Intro[04:24] What town did Matt grow up in?[04:37] Why is that town significant from a sociological perspective?[08:43] Why is Matt fascinated with the Detroit Lions?[11:08] What is it like cheering for the underdog?[13:02] How does Matt break down deal attribution in partnerships?[18:04] GPs' karmic bank account[21:29] What is the kindest thing anyone's done for Matt?[23:24] How did tennis enter Matt's life?[26:35] Historical examples of VC management/leadership structures[29:33] Underwriting track record between senior and junior investors[32:23] How Matt approaches diligence after reading the data room[39:30] How do you know when you've asked enough questions?[42:37] The three classes of questions for GPs that influence investment decisions[45:34] Remote culture[50:16] Cadence of in-person gatherings in remote teams[52:48] The two (and a half) types of conversations to always host in-person[58:37] The last great idea Matt had on a walk[1:02:05] The legacy Matt wants to leave behind[1:04:37] Post-credit sceneFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“Networks are more persistent than performance.” – Albert AzoutAlbert Azout is the Co-Founder and Managing Partner of Level VC, a technology investment firm built on software and data science and invests in both entrepreneurs and venture capital managers, including the likes of Air Street Capital, Emergent Ventures and Work-Bench, just to name a few. Prior to Level, Albert has been a serial founder, starting analytics businesses and even a social media company before Facebook.You can find Albert on his socials here:LinkedIn: https://www.linkedin.com/in/albertazout/Substack: http://albertazout.substack.com/OUTLINE:[00:00] Intro[02:36] The origin of Albert's blog[04:45] How did Albert first start coding?[07:43] Albert's interest in networks[13:10] Entrepreneurship around Albert[16:27] What is collaborative filtering?[22:18] How complexity economics affect the networks of VCs?[27:14] Fear and greed regimes[28:51] Telltale signs that inform the kind of regime you're in[30:31] Why it's the wrong time to be investing in defense tech[34:53] What are most LPs missing about GP networks?[37:31] How is Level VC looking at networks differently?[44:42] Archetypes of GPs that Albert likes[46:43] The 3 advantages GPs need to have[55:02] How does Albert balance over- vs under-diligencing?[57:15] Albert's view on luck[57:47] Albert the "consciousness expert"Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

"What I hear from LPs is that the market is important. And of course, the market IS important. And I think that that’s true. But if you truly believe in venture as a purist, then all of it is irrelevant because at any point in time, someone will come and have this unique insight. And the timing is against them. The world is against them. They’re in the wrong place at the wrong time, and yet, they have this unique insight at this point in time. They have the opportunity to invest at this point in time. And so, just because the timing is wrong doesn’t mean you shouldn’t be backing them. Because they might be right. And you might be missing out on the best opportunity in your lifetime."Asher Siddiqui is a global tech investor, M&A dealmaker, and venture fund builder with over 25 years of hands-on experience across venture capital, entrepreneurship, and more than $15B in executed M&A transactions.He began his career as a software engineer and entrepreneur in the US and UK before spending a decade leading M&A and corporate venture at Etisalat Group (now e& Group), one of the world’s largest listed TMT investment groups. There, he led acquisitions, exits, and strategic transactions across multiple continents.In 2016, Asher joined the global leadership team at 500 Startups in San Francisco, helping scale the platform to $2B+ AUM, with a portfolio that includes 35+ unicorns and 160+ centaurs.Since then, he has helped launch and scale several institutional VC firms—including Race Capital, Lumikai, Sukna Ventures, Zayn VC, and Humanrace Capital—and serves on the advisory boards of funds such as FootPrint Coalition Ventures, Merus Capital, and The Treasury.To date, Asher has made 100+ venture investments (both direct and LP), raised hundreds of millions in LP commitments, mentored hundreds of emerging VC managers globally, and advised countless founders.You can find Asher on his socials here:LinkedIn: https://www.linkedin.com/in/ashersiddiqui/X / Twitter: https://x.com/ashercdkeyOUTLINE:[00:00] Intro[03:36] Why doesn't Asher like the saying 'The sky's the limit?'[07:20] The launch of CNBC Africa[15:25] How do two competing personalities create one of the largest media empires in the world?[17:39] Combining vision and execution[21:22] Asher's framework for executing on a vision[31:00] Why Asher was the youngest Global Head of M&A of a major telecom business[43:57] What sets a great investor apart from a great fund manager[45:27] Roleplaying a GP thinking about secondaries[51:44] What do most LPs underestimate and overestimate[58:24] Most telling predictors of outperforming GPs[1:07:13] The best wine and food for each situation[1:12:25] Asher's Vinod Khosla storyFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“Some of the best investments, as we look back in history, were never obvious at the moment the investments were made. You may not have to be contrarian, but you have to have a variant perception than the rest of the market. Maybe you saw the team differently. You saw the space growing differently. That, to us, inherently, is a single decision maker-type thought process at the earliest stage, when it’s less about metrics. It’s more about how you evaluate the talent and the team.” – Sean WarringtonSean Warrington leads private market investing at Gresham Partners, a $10 billion multi-family office based in Chicago. Known for being a transparent and user-friendly LP, he and the Gresham team aim to simplify the fundraising process — offering single-check investments, a streamlined diligence process, and prompt, candid feedback to GPs.You can find Sean on his socials here:X / Twitter: https://x.com/srwarringtonLinkedIn: https://www.linkedin.com/in/srwarrington/OUTLINE:[00:00] Intro[03:29] Who is Jeff French?[05:26] The metrics for success for a junior LP[07:20] The 3 chapters of Sean's evolution as an LP[11:05] Sean's first investment[14:44] When GPs put LPs on strict timelines[16:53] One archetype of GP that Sean is excited about[19:37] What it looks like to be thoughtful when growing AUM[23:16] What most LPs don't understand about solo GPs[25:58] What happens when a GP leaves a partnership[27:33] The definition of LP/GP alignment[30:47] Reference archetypes and how to find them[35:32] How to manage bandwidths in a small team[38:58] Frameworks for taking calls[42:26] How much does Sean travel?[43:25] Why coffee chats don't work[45:30] What Sean's changed his mind on about investing[47:12] What did Jason Kelce's retirement mean to Sean?[49:36] Post-credit sceneFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“Most [references] will not give a negative reference about someone, but you will have to understand and listen between the lines. What is a good or a bad reference? They might say, ‘I really like him as a person. He’s really nice.’ But this is a person that’s worked together with you in a team, and you’re not saying he’s great with founders or finding the best deals. Maybe he’s not that good.” – Raviv SapirRaviv Sapir is an early-stage investor at Vinthera, a fund of funds and venture firm with a hybrid strategy that combines VC fund investments with direct startup investments. With a background in tech and finance, an MBA from HEC Paris, and years of experience mentoring startups and supporting LPs, Raviv brings a sharp eye for high-conviction opportunities and a practical approach to venture. He previously held product roles at leading Israeli startups and served in a technological unit within the Israeli Defense Forces. His work across geographies, sectors, and investment stages gives him a uniquely holistic and global perspective on the venture ecosystem.You can find Raviv on his socials here:LinkedIn: https://www.linkedin.com/in/raviv-sapir/OUTLINE:[00:00] Intro[03:31] Swimming since he was 7[09:49] Breaking down each GP's track record and dynamics in a partnership[11:25] Telltale signs that a partnership will last[12:50] An example of questionable GP dynamics[21:45] Virtual partnerships[25:43] GPs working out of coworking spaces[28:30] Commonly held LP assumptions[32:16] A big red flag GPs often say[34:27] What does Raviv look for during reference calls?[39:41] How does the diligence change for a Fund I/II vs Fund III/IV?[42:26] Qualitative traits Raviv likes to see in a Fund I GP vs Fund II+ GP[44:04] Ideal cadence of reporting and LP/GP touchpoints[46:03] Role of the LPAC across different funds[48:47] Diligence as a function of check size[54:37] What's Raviv's favorite episode of Venture Unlocked?[56:23] The podcasts that Raviv listens toFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

“A lot of family office principals, unless they’ve worked in finance – they should not be solely making the decision on which RIA to hire.” – Scott SaslowScott Saslow is the founder, CEO, and family office principal for ONE WORLD. He's also the founder and CEO of The Institute of Executive Development, as well as the author of Building a Sustainable Family Office: An Insider's Guide to What Works and What Doesn't, which at the time of the podcast launch is the only book written for family office principals by a family office principal. Scott is also the host of the podcast Family Office Principals where he interviews principals on how families can be made to be more resilient. Prior, he’s also found independent success at both Microsoft and Seibel Systems.You can find Scott on his socials here:LinkedIn: https://www.linkedin.com/in/scott-d-saslow-46620/OUTLINE:[00:00] Intro[02:09] The significance of 'ojos abiertos'[05:49] Scott's relationship with his dad[07:46] The irony of Scott's first job[11:19] Family business vs family office[13:50] The corporate structure of a family office[17:39] From multi family office to single family office[18:54] The steps to pick a MFO to work with[22:37] The 3 main functions a family office has[31:00] Why Scott passed on SpaceX[36:07] Why Scott invested in Ulu Ventures[44:23] What makes Dan Morse specialFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.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

“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

“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

“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

“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

“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

“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 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

“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

“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

“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

“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

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

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