We have friend-of-the pod Jamie Rhode, now a partner at ScreenDoor, back to discuss all things emerging managers and LP investing. Jamie shares her reasons for joining ScreenDoor, and the evolution of the venture landscape since leaving the family office world. The conversation covers the changing perspectives of LPs regarding emerging managers and the unique challenges they face compared to public markets.

About Jamie Rhode:Jamie Rhode, CFA, is a Partner at ScreenDoor, an investment platform that supports new and developing managers in raising early-stage institutional venture funds.

Prior to Screendoor, Jamie spent over eight years at Verdis Investment Management, a single-family office, where she progressed from Investment Analyst to Principal. Jamie's work at Verdis gave her a deep understanding of the nuances of private market investments and the importance of aligning with the right LPs. Jamie's career began at Bloomberg, where she worked for four years in equity research and credit analysis.

Jamie holds a Bachelor of Science in Finance and Marketing from Drexel University and is a licensed Chartered Financial Analyst (CFA).

In this episode, we discuss:

(01:20) Jamie’s transition from managing multi-asset class portfolios in a family office to focusing on early-stage venture and emerging managers

(02:00) The unique return profiles offered by early-stage venture and emerging managers

(03:09) The challenges and psychological impact of the long feedback loops in venture capital

(03:50) Jamie’s reasons for joining ScreenDoor and the opportunity to create standardization in the emerging manager space

(06:18) The evolution of ScreenDoor and its purpose in the market today

(07:59) Expanding ScreenDoor’s mandate to invest in funds beyond the first institutional round

(10:25) Key questions LPs should ask when considering emerging managers

(13:00) Importance of having an investment and decision framework that guides through all market cycles

(15:15) Setting a fund target and minimum viable fund size criteria

(19:13) Discussing minimum check sizes and their strategic value

(21:03) Sourcing capital from family offices and the challenges they face

(25:17) ScreenDoor’s approach to sourcing emerging venture funds

(27:59) The role of spin-outs in the venture capital industry

(29:37) Addressing the fragmentation in the seed stage investment landscape

(32:29) The impact of reduced capital needs for early-stage startups

(35:25) ScreenDoor’s support for portfolio GPs in various economic conditions

(40:00) The role of LPs in supporting emerging managers and ensuring alignment with their objectives

(41:28) The importance of understanding LP motivations and ensuring fit for long-term relationships

(44:03) Tailoring pitch decks for different types of LPs

(47:00) Jamie’s advice for emerging managers: staying humble, thoughtful, and transparent

Fast Favorites

🎙 Favorite Podcast: Personal side: Tiesto's weekly podcast; Business side: 10x Capital Podcast

📰 Favorite Newsletter/Blog: Embracing Emergence by Benedikt Langer

📲 Favorite Tech Gadget: Walking pad for under the desk

📈 Favorite New Trend: Using audiobooks to stay productive while on walks

📚 Favorite Book: Unreasonable Hospitality

🤔 Favorite Life Lesson: You make plans and God laughs

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