
How to Raise a Venture Fund | Leila Zegna (Kindred Capital)
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The Power of Reserves
We did a really interesting exercise before we the first fund which was that we traveled around and we spoke to was probably like 15 funds maybe 1314 funds. One of the most consistent ones was that they didn't have a mechanism or the discipline to hold themselves accountable on the reserves for the winners right so winners take some time to sort of play out. We created a dual fund structure so our first fund was an 80 million pound fund and we split it into these two vehicles each one was 40 million pounds. Each one had the exact same LPs and there was no kind of conflicts from that perspective but we did it to mandate and discipline ourselves in that we could never write a first ticket out of
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