When Do You Know If You've Grown Up as a VC? | El Pack w/ Ben Choi | Superclusters

9 snips

Dec 8, 2025

Ben Choi, a seasoned venture investor at Next Legacy, joins Miguel Armaza, General Partner at Gilgamesh Ventures, to explore the nuances of raising venture funds. They delve into when a GP should consider raising Fund III, with Ben sharing that Fund IV marks the threshold of becoming 'established.' The duo discusses LPs' expectations, including sourcing artifacts and repeatable strategies. They also touch on building LP communities, emphasizing tailored engagement and regular updates to foster lasting relationships. Enjoy insights on the evolving landscape of venture capital!

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ANECDOTE

VIP Treatment At FII Conference

Ben described receiving VIP treatment at FII in Riyadh and how memorable the experience was for conference speakers.
The story illustrates unexpected cultural moments that broaden an investor's perspective and network reach.

ANECDOTE

LinkedIn Post Led To In-Person Recognition

Ben shared how his LinkedIn Jensen Huang Halloween post led a stranger at a VC event to recognize him and connect in real life.
The story shows consistent public content can create unexpected real-world credibility and relationships.

ADVICE

Prove Repeatability, Not Lucky Hits

Do show a clear, repeatable through-line in sourcing, selection, and value-add across funds so LPs can attribute performance to skill, not luck.
Do prepare artifacts (podcasts, consistent writing, portfolio construction) that prove your sourcing and decision-making pattern.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Ben Choi from Next Legacy joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on 3 GPs at VC funds to ask 3 different questions.

Gilgamesh Ventures' Miguel Armaza, also host of the incredible Fintech Leaders podcast, asks Ben what is the timing of when a GP should consider raising a Fund III.

Similarly, but not the same, Strange Ventures' Tara Tan asks when an LP backs a Fund I, how do they know that this Fund I GP will last till Fund III.

Arkane Capital's Arkady Kulik asks how one should think about building an LP community, especially as he brings in new and different LP archetypes into Arkane's ecosystem.

Ben manages over $3.5B investments with premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning three decades in the technology ecosystem.

Ben’s love for technology products formed the basis for his successful venture track record, including pre-PMF investments in Marketo (acquired for $4.75B) and CourseHero (last valued at $3.6B). He previously ran product for Adobe’s Creative Cloud offerings and founded CoffeeTable, where he raised venture capital financing, built a team, and ultimately sold the company.

Ben is an alum and Board Member of the Society of Kauffman Fellows (venture capital leadership) and has also served his community on the Board of Directors for the San Francisco Chinese Culture Center, Children’s Health Council, Church of the Pioneers Foundation, and IVCF.

Ben studied Computer Science at Harvard University before Mark Zuckerberg made it cool and received his MBA from Columbia Business School. Born in Peoria, raised in San Francisco, and educated in Cambridge, Ben now lives in Los Altos with his wife, Lydia, three very active sons, and a ball python.

You can find Ben on his socials here:

X / Twitter: https://x.com/benjichoi

LinkedIn: https://www.linkedin.com/in/bchoi/

OUTLINE:

[00:00] Intro

[05:05] Ben's 2025 Halloween costume

[06:44] Jensen Huang's leather jackets

[07:24] Jensen Huang's answer to Ben's one question

10:05] Enter Miguel, Gilgamesh Ventures, Fintech Leaders

[14:43] What are good signals an LP looks for before a GP raises a Fund III?

[22:35] Why does Ben say 'established' starts at Fund IV?

[25:08] Who's the audience for Miguel's podcast?

[27:52] In case you want more like this...

[28:32] Enter Tara and Strange Ventures

[32:46] How does Ben know a Fund I will become a Fund III?

[36:53] How does Ben know if a GP will want to build an enduring career?

[40:58] How does Tara share a future GP she'd like to work with to Ben?

[42:43] Marriage and divorce rates in America

[43:34] What should a Fund I do to institutionalize?

[46:28] Should you share LP updates to current or prospective LPs?

[48:57] Enter Arkady and Arkane Capital

[51:09] How does one think through LP-community fit?

[1:01:31] What's Arkady's favorite board game?

[1:03:08] Ben's last piece of advice to GPs

[1:09:50] My favorite Ben moment on Superclusters

Follow David Zhou for more Superclusters content:

For podcast show notes: https://cupofzhou.com/superclusters

Follow David Zhou's blog: https://cupofzhou.com

Follow Superclusters on X: https://x.com/SuperclustersLP