Superclusters - The Emerging LP Podcast

How Many Exceptions Are Too Many? | El Pack w/ John Felix | Superclusters

Jul 28, 2025
Join John Felix, General Partner at Pattern Ventures, and Chris Leiter from Atria, as they dive into the world of venture capital. John shares his expertise on the importance of focusing on specialized funds and what makes smaller funds more adaptable in the market. They tackle listener questions about common pitfalls for LPs when evaluating solo GPs and how to balance sticking to investment strategies with making justified exceptions. The conversation is rich with insights on niche investments and the challenges of transitioning from established firms to independent ventures.
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ANECDOTE

John Felix's Life Updates

  • John Felix shares personal life changes like moving to New York, getting married, and adopting a Boston Terrier named Larry.
  • Larry brings joy and unconditional love, improving their everyday lives significantly.
INSIGHT

Venture Capital's Bifurcation

  • Venture capital is becoming bifurcated between huge multi-stage firms and small, focused funds under $50M.
  • Pattern Ventures targets sub-$50M funds to capture high upside by focusing on the smaller, less competitive segment.
INSIGHT

Why $50M Fund Cutoff

  • Patterns draws the cutoff at $50M because the most 5x net DPI funds historically fall at or below this size.
  • This clear cutoff reduces 'noise' from ego-driven mid-size funds for sharper focus on absolute returns.
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