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Swimming with Allocators
A Novel Solution for LPs to Access Emerging GPs Biggest Winners with Sunil Pai
Aug 14, 2024
Sunil Pai, a venture capital expert with experience at DFG and AngelList, shares valuable insights into the evolving investment landscape. He discusses shifts from late-stage to early-stage ventures and the implications of regulatory changes on fund operations. Sunil introduces the Angel Collective Opportunity Fund, emphasizing its focus on proven emerging managers and the importance of thematic specialization. He also offers advice for aspiring VCs and highlights trends in the venture capital space, making a compelling case for collaborative funding models.
40:29
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Quick takeaways
- Emerging managers are essential in the venture capital landscape, especially for pre-seed investments, yet often struggle to retain stake in successful companies due to larger firms entering later rounds.
- Opportunity funds like the Angel Collective Opportunity Fund enhance collaboration with a select number of emerging managers, allowing for deeper engagement and better investment outcomes by sharing economics more generously.
Deep dives
The Role of Emerging Managers
Emerging managers play a crucial role in the venture capital landscape, particularly in the pre-seed and seed investing stages. Many talented funds, often with fewer than $30 million in capital, struggle to maintain ownership stakes in their best companies, especially when larger venture firms enter later funding rounds. This situation often leaves these managers scrambling to form special purpose vehicles (SPVs) to secure their pro rata investments, which can be challenging due to limited access to quick capital. By focusing on supporting these emerging managers, investment models like the Angel Collective Opportunity Fund aim to provide them with the necessary resources to double down on successful investments and protect their ownership stakes in burgeoning companies.
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