You're Doing Diligence Wrong | Raviv Sapir | Superclusters | S5E2

“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 Sapir

Raviv 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 to

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