

How LPs and GPs Build Trust in a Changing Market - Katie Riester - Managing Director & GP of Fund of Funds Investing - Felicis
Oct 14, 2025
In a captivating discussion, Katie Riester, Managing Director at Felicis Ventures, shares insights from her 15+ years as an institutional investor. She reveals how she transitioned from traditional finance to shaping venture capital dynamics. Katie elaborates on the evolving relationship between LPs and GPs, emphasizing transparency and authenticity. She also discusses the characteristics of successful AI-native founders and Felicis' unique approach to supporting them through initiatives like the founder pledge, all while adapting to new technology waves.
AI Snips
Chapters
Transcript
Episode notes
Internships Shaped A Career
- Katie describes her path from internships at Vanguard and a private equity firm to a career in private markets.
- Early tasks like transcribing paper 401k forms taught her attention to detail and shaped her investment approach.
Early Training At Cambridge Associates
- Katie chose Cambridge Associates for its training program and mission-driven clients like endowments and nonprofits.
- That role exposed her to all asset classes and long-term institutional thinking early in her career.
Twelve Years At SVB Capital
- At 25 Katie moved to SVB Capital to work closer to the deal and spend 12 years in a fund-of-funds role.
- That period covered the global financial crisis and huge shifts in the venture model.