Experienced institutional venture LPs Beezer Clarkson, Guy Perelmuter, and Chris Douvos discuss the impact of the economic downturn on emerging managers, the challenges faced by emerging managers in attracting institutional capital, the importance of including emerging managers in investment portfolios, investing in 'grownups' and the importance of repeatability, LP perspectives and decision-making challenges, establishing metrics and exit strategies in venture capital portfolios, letting winners ride vs taking chips off the table, and understanding venture capital as a fiduciary.

Erik Torenberg, co-founder of On Deck, and Guy Perelmuter, founder of Grids Capital, join the discussion. They dive into the latest venture capital returns from Sequoia and Union Square, analyzing how these shifts impact the startup landscape. The duo also addresses the effects of AI on employment and the emergence of lean, one-person unicorns. Lastly, they highlight the return of founders to San Francisco, emphasizing community and innovation as driving forces in the evolving tech hub.

Investment strategist Guy Perelmuter discusses his investment strategy, the paradox of AI, the potential of DeepTech, and the impact of AI on the labor force. They also touch on LP value-add, the importance of overcommunication, and the ideal GP relationship. They explore the convergence of technology and biology in biotech, OpenAI's plans for an AI app store, and the debate on effective altruism and responsible development of AI. Perelmuter emphasizes the importance of diversification, consistent returns, and leveraging network and partnerships in venture capital.