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LP Michael Kim on Why He Doesn't Like Special Deals
Sep 9, 2023
Michael Kim, Investor at Cendana Capital, discusses travel plans, shifts in the seed stage venture landscape, the role of secondary markets, challenges faced by founders-turned-VCs, and negotiating better terms between LPs and venture fund managers.
27:05
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Quick takeaways
- Despite the changing landscape of seed stage venture, Sandana Capital has adapted its investment approach to stay competitive and has seen success in generating significant returns for its investors.
- Increased competition in the seed stage space has led to a shift in seed round sizes and composition, with larger initial investments from multi-stage firms and a focus on hands-on support from seed funds.
Deep dives
Fund of funds investing in seed stage funds
Michael Kim is the founder of Sandana Capital, a fund of funds that primarily invests in seed stage funds. Sandana Capital has recently raised $470 million across four different pools, including a flagship US fund, an international fund, a small co-investment fund, and a managed account with the University of Texas. Despite the changing landscape of seed stage venture, with larger fund sizes and increased competition, Sandana Capital has adapted its investment approach to stay competitive and has seen success in generating significant returns for its investors.
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