Building a Strong LP Base

David Weisburd interviews Lo Toney about his transition from angel investor to fund manager, his role at Plexo Capital, and his approach to working with founders. They discuss the importance of patience in early-stage investments, the diligence process for managers, and the strategy behind selecting LPs. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co (0:00) Evaluating young firms and the role of GP (1:00) Introduction to the guest, Lo Toney and his journey to Plexo Capital (9:34) Transition from angel investor to fund manager (11:44) Sponsor: Vidal Insurance Group (14:58) Importance of delivering DPI and patience in early stages of investment (20:21) Diligence process for a manager that's on strategy and importance of feedback for GPs (26:44) Role of a VC and the approach to working with founders (32:37) Building an LP base: the journey from GV to Alphabet and the strategy behind selecting LPs (40:27) Managing GP-LP relationships and deciding on future fund inclusion (45:37) Assessing diversity within venture capital and the impact of fund/check sizes on returns (48:40) Introduction of GPX: A platform for transitioning investors to fund managers (54:29) Global perspective and investment scope of Plexo Capital and closing remarks