How to Increase Dialogue with your LPs | El Pack w/ Kelli Fontaine | Superclusters

Aug 11, 2025

Guest

Steven Rosenblatt

Kelli Fontaine, a partner at Cendana Capital, leads the discussion alongside Amber Illig from The Council and Steven Rosenblatt of Oceans Ventures. They tackle deep questions about the future of venture capital, such as the importance of data versus relationships in decision-making. Amber shares her insights on the challenges faced by solo GPs, while Steven explores networking's role in niche sectors. Additionally, they delve into the dynamics between LPs and GPs, emphasizing the need for trust and open communication to enhance investment outcomes.

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ADVICE

Limit Reserves On Seed Funds

Limit reserves for seed funds to protect ownership in winners.
Kelli Fontaine says backtests show heavy reserves often hurt fund performance.

ANECDOTE

Backing A GP With No LinkedIn

We backed a GP who had no LinkedIn or socials but a very strong network.
Kelli Fontaine says network strength sometimes replaces public profiles.

INSIGHT

Data's Value Depends On Application

Kelli Fontaine argues there's no such thing as too much data on its own.
The crucial question is how you use data to test and challenge your investment story.

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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_bells

LinkedIn: 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 advice

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