Origins - Inside Venture Capital, Hosted by a GP and an LP

Atul Rustgi, Accolade Partners

Jun 2, 2020

Atul Rustgi, Partner at Accolade, discusses evaluating VC managers, fund size, and COVID-19 impact. Talks about investing in early-stage venture and late-stage growth equity funds. Reflects on the evolution of the venture capital industry from 2007. Provides insights into current environment challenges and future outlook on software and healthcare investments.

46:34

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Episode guests

Atul Rustgi

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Episode notes

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Quick takeaways

Managers focus on preserving cash and extending runway during crises, while LPs remain vigilant in decision-making.

Long-term strategy in software and healthcare sectors remains resilient for potential gains over the next decade.

Deep dives

Approach in Challenging Times

Managers focus on cutting burn and extending cash run to 12-24 months during uncertain periods, learned from past crises. Conversations shift to enhancing reserves and cautiously deploying capital. LPs remain supportive, vigilant of signals from public markets for decision-making.

Introduction

3min

From D.C. to Accolade Partners: A Journey in Fund Investing

5min

Evolution of the Venture Capital Industry

4min

Strategic Shift to Seed Investments and Portfolio Management Strategy

21min

Navigating the Venture Capital Landscape Amid Uncertainty

10min

Future Outlook on Software and Healthcare Investments in Venture Capital

2min

Partners' Gratitude and Sponsor Recognitions Amidst Pandemic

2min

Atul Rustgi is a Partner at Accolade, working across both early-stage venture and late-stage growth equity strategies. Prior to joining Accolade in 2007, Atul worked at McKinsey & Co. and the Robin Hood Foundation. In this episode, we discuss Atul's unique experience evaluating VC managers over the past decade, and Accolade's strategy investing in both very small early-stage venture funds and much larger late-stage growth equity funds. We also discuss Atul's deep conviction around portfolio construction, fund size, and ownership. Finally, we discuss his views on the impact of Covid-19 on the venture ecosystem today and his outlook for 2020 and beyond. As always, a huge thank you to Carta, the title sponsor for this season of Origins. This season is also sponsored by SVB and Cooley, two of the earliest and most trusted supporters of our work at Notation.

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