Should VCs Scale? | El Pack w/ Screendoor | Superclusters

Jul 7, 2025

Guest

Jamie Rhode

Join Lisa Cawley, Managing Director of Screendoor, Layne Johnson, Partner, and Jamie Rhode, Partner, as they dive into the intricate world of venture capital. They discuss why LPs bet on emerging managers over established funds and tackle the opaque aspects of venture investing. The trio highlights the importance of personal connections nurtured through casual conversations, even in a post-pandemic landscape. They also explore strategies for scaling VC funds, balancing growth ambitions with lean operational approaches, and unpack the complex dynamics between LPs and GPs.

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ANECDOTE

Pandemic Opened Human Connection

The pandemic revealed the human side of investors with pets and kids appearing during calls.
This openness led to deeper, more genuine connections beyond business facades.

INSIGHT

Why Emerging Managers Outperform

Emerging managers often outperform established funds due to smaller fund sizes and early stage focus.
They have stronger economic alignment and higher career risk motivating better performance.

ADVICE

Ask LPs About Their Venture History

Ask LPs about their venture investing history and why they are investing.
Understanding their experience helps frame their incentives and alignment with your fund.

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The entire Screendoor team joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions.

Kyber Knight Capital's Linus Liang asked about why LPs choose to bet on new managers as opposed to investing in more established funds.

NOMO Ventures' Kate Rohacz asked about what parts of venture do LPs think is most opaque.

Articulate's Helen Min asked if every emerging manager should scale into a larger firm.

The Screendoor team is a powerhouse of experienced LPs, bringing together institutional investment experience that spans over a decade. Lisa Cawley, Layne Johnson, and Jamie Rhode have each built institutional venture programs within innovative family offices, financial institutions, and pensions. They have invested in venture capital across stages, sectors, and geographies, and in particular are known as a go-to for emerging managers.

Lisa Cawley is the Managing Director of Screendoor. Previously, Lisa worked with a private multi-billion-dollar global investment firm and Ernst & Young.

You can find Lisa on her socials here:LinkedIn: https://www.linkedin.com/in/31mml/

Layne Johnson is a Partner at Screendoor. Previously, she led the Venture & Growth Equity manager selection effort at the Teacher Retirement System of Texas ("TRS"). She had previously been at Goldman Sachs.

You can find Layne on her socials here:LinkedIn: https://www.linkedin.com/in/layne-johnson-4b71b571/

Jamie Rhode is a Partner at Screendoor. She previously spent 8 years at Verdis Investment Management, an institutional single family office that manages capital for generations 7 through 10.

You can find Jamie on her socials here:Twitter: https://twitter.com/DurationFXLinkedIn: https://www.linkedin.com/in/jerrcfa/

And huge thank you for Linus, Kate, and Helen for jumping on the show.

OUTLINE:

[00:00] Intro

[05:58] Enter Linus and Kyber Knight Capital

[10:06] Why take the risk of betting on an emerging manager?

[18:40] The types of pushback Linus got when he was fundraising

[19:47] The incentives of an LP when investing in VC

[21:49] How do GPs ask LPs how they're compensated?

[24:47] Enter Kate and NOMO Ventures

[28:31] What part of venture is most opaque?

[38:18] The things venture LPs look at beyond the metrics

[43:47] "Bad" advice from LPs

[46:27] Enter Helen

[46:48] Helen's new podcast, Great Chat

[49:34] What is Articulate?

[52:43] Should emerging funds scale?

[1:00:47] How often do GPs say they want to scale

[1:03:03] Layne's advice for GPs

[1:03:39] Jamie's advice for LPs

[1:04:55] Lisa's advice for LPs and GPs

[1:07:35] David's favorite moment from Jamie's episode

[1:09:53] David's favorite moment from Lisa's episode

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