In this episode, Erasmus Elsner is talking to Kyle Lui, Partner at DCM, about the recent IPO roll that DCM has been on. The Menlo Park-based firm has generated a 61x return on investments that have gone public in the past two years. Kuaishou is the standout, with its market cap to entry valuation at 2,000x.

00:00 Intro

00:50 Who is Kyle Lui

01:33 Intro to DCM

03:30 DCM IX and the A-Fund

05:36 Differentiation through US-Asia angle

07:45 DCM's Japan strategy

08:48 DCM's recent roll

10:00 Biggest winner Kuaishou

11:07 All three sides of the table

14:01 Choicepass

15:36 First 5 years at DCM

18:52 Docsend investment

21:47 Lime investment

23:57 Him’s and Hers investment

26:05 D2C unit economics

28:13 Keeping up with what Kyle is up to

29:33 Kyle's investment focus areas

"At Least Someone's Getting Laid!" w/ Izzy Fairthorne