The Solo GP Playbook: Zal Bilimoria on Fundraising, Portfolio Strategy, and Founder Relationships

Follow me @SamirKaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

We recently had the pleasure of hosting Zal Bilimoria, Co-Founder of Refactor Capital. Zal has had a fascinating career from building products at Microsoft, Google, Netflix, and LinkedIn to making the leap into being a VC. His story is one of relentless curiosity and a deep passion for technology, something that started early in his life while working in his family’s computer business.

In our discussion, Zal walked us through his transition from product management to venture, his time at Andreessen Horowitz, and what ultimately led him to launch Refactor Capital. As a solo GP, he’s taken a unique approach to investing, navigating the challenges of fundraising while staying laser-focused on backing founders tackling complex, high-impact problems. We covered everything from the evolution of his investing philosophy to the importance of founder relationships and how he thinks about the future of life sciences and technology.

About Zal Bilimoria

Zal Bilimoria is the Founding Partner of Refactor Capital, a venture firm investing at the intersection of life sciences, technology, and sustainability. With a background in both software and healthcare, Zal brings a unique domain expertise and lens to investing. Before launching Refactor, originally with his partner David Lee, he was a partner at Andreessen Horowitz, where he focused on emerging technologies.

This was a fun conversation—if you're interested in what it takes to build a venture firm from scratch, how product thinking translates into investing, or where the future of innovation is headed, this episode is a must-listen.

Timestamps:

Topics in this conversation include:

* Zal's Early Life and Background (2:00)

* Career in Product Management (3:06)

* Starting Refactor Capital (6:03)

* Challenges of Starting a New Firm (9:36)

* Portfolio Construction Strategies (13:12)

* Solo GP Model (18:06)

* Advice on Hiring Associates (20:12)

* Fund Size Philosophy (24:32)

* Investment Entry Points (28:34)

* Return Model Considerations (32:04)

* Understanding Ownership Thresholds (36:31)

* Market Influence on Investments (38:44)

* Navigating Investor Relationships (41:08)

* Quick Decision-Making with LPs (43:25)

* Parting Thoughts and Future Outlook (46:32)

I’d love to know what you took away from this conversation with Zal Bilimoria.

Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.