“Executional excellence can get you to being great at something – let’s call that top quartile – but it really is passion that distinguishes the best from great – top decile.” – Charlotte Zhang As the director of investments, Charlotte Zhang oversees the selection of external investment managers, conducts portfolio research, and helps to institutionalize processes, tools, and resources. Experienced in impact investing, she previously served as a senior associate at ICONIQ Capital and, before that, Medley Partners. Investing on behalf of foundations affiliated with family offices, her investments supported a variety of nonprofit work, from early childhood education to autism research. Charlotte was a founding partner of Seed Consulting Group, a California-based nonprofit that provides pro bono strategy consulting to environmental and public health organizations, and currently serves on the Women’s Association of Venture and Equity’s west coast steering committee and as a Project Pinklight panelist for Private Equity Women Investor Network. She is also on the advisory boards of MoDa Partners, a family office whose mission is to advance the economic and educational equity of women and girls, and 8090 Partners, a multifamily office consisting of families and entrepreneurs across diverse industries that is currently deploying an impact investment fund. Charlotte earned a BS with honors in business administration from the University of California, Berkley. When not working, you can find her globetrotting (18 countries and counting), writing a Yelp review about the best bite in town, or cuddling up with a book and her two adorable cats. You can find Charlotte on her LinkedIn here: LinkedIn: https://www.linkedin.com/in/charlotterzhang/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:56] Charlotte's humble beginnings [07:02] Lessons as a pianist [10:23] Lessons from swimming that piano didn't teach [14:52] How Charlotte became an LP [17:44] Where are emerging managers looking for deal flow these days? [21:23] Reasons as to why Inatai may pass on a fund [24:35] The 4 P's to Evaluate GPs [29:26] How small is too small of a track record? [34:42] How do you build a multi-billion dollar portfolio from scratch [39:43] The minimum viable back office for an LP [42:03] Underrated Bay Area restaurants [47:01] Thank you to Alchemist Accelerator for sponsoring! [48:02] If you learned something from this episode, it would mean a lot if you could share it with ONE friend! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

Nakul Mandan, founder of Audacious Ventures, and Ben Choi, an investment manager with over $3B in assets, share their insights on venture capital and entrepreneurship. They explore the contrasts in entrepreneurial motivations, likening struggles to Batman's journey from glamor to growth. Personal stories highlight resilience, community support during crises like COVID-19, and the importance of empathy in decision-making. The conversation wraps up with reflections on holiday spirit and gratitude towards the entrepreneurial community.

Ashby Monk, a Senior Research Engineer at Stanford and expert in institutional investing, shares invaluable insights on the intersection of courage and crisis in pension funds. He humorously recounts his LinkedIn adventures, revealing the lighthearted side of professional networking. The conversation dives into the complexities of compensation structures in institutional investing, emphasizing the need for transparency and trust. Monk advocates for neurodiversity and collaboration in finance, highlighting the transformative potential of innovation and educational initiatives.

David York, Founder and Managing Director of Top Tier Capital Partners, shares his extensive venture capital insights. He discusses the evolving LP model and stresses the importance of long-term relationships in fundraising. York also reflects on his impressive career on Wall Street and how adaptability is key in today’s investment landscape. From historical challenges to innovative structures, he delves into the complexities shaping the venture capital market while highlighting the need for effective communication with investors.

Dan Stolar, Principal at Colibri Equity Ventures, shares his insights on the venture capital landscape, specifically the fine balance between raising capital and managerial capability. He emphasizes the importance of genuine networking in fostering successful partnerships between General Partners and Limited Partners. The discussion also touches on the dynamics of career movement within VC, the role of interpersonal relationships in due diligence, and the innovative strategies that enhance communication and productivity. Plus, he sprinkles in some engaging personal anecdotes and culinary recommendations!

“The line that sits for me is you got to pick well, you got to coach well, and then you got to finance well – and the financing includes the exit.” – Jeff Rinvelt Jeff Rinvelt is a partner at Renaissance Venture Capital an innovative venture capital fund of funds. Jeff’s diverse background in venture capital and technology and his experience working in various start-up ventures uniquely position him to advise startups. In addition, Jeff is quite active in the Michigan start-up community, volunteering his time to mentor young entrepreneurs, judge pitch competitions, and guest lecture student classes and organizations. Through Jeff’s work on the Fund, his volunteer efforts, and his role as the chair of the Michigan Venture Capital Association’s board of directors, his passion for fostering a productive environment for venture capital investment in the State of Michigan is evident. You can find Jeff on his socials here: Twitter: https://twitter.com/rinvelt LinkedIn: https://www.linkedin.com/in/rinvelt/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:28] When Jeff went from engineering to finance [06:26] An introvert in an extroverted industry [07:42] Jeff's transition from founder to investor [11:06] The need for a fund of funds in Michigan [13:54] Why start a fund of funds instead of joining another fund [15:32] The minimum viable fund size for a fund of funds [21:46] Renaissance's portfolio construction [24:15] Why Renaissance measures GP performance by net IRR [28:18] How does Jeff assess a GP's portfolio construction model? [31:20] Jeff's stance on reserves [34:39] Who is the exit manager? [37:22] Should VCs be public market investors? [42:43] What would Jeff do if he had evergreen capital? [44:01] Do the best GPs in Jeff's portfolio send the deck first or have the meeting first? [45:11] Why is Jeff trying to break your heart? [48:32] Thank you to Alchemist Accelerator for sponsoring! [49:33] If you enjoyed the episode, please do share this episode with ONE other person you think would enjoy it. Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP

Kelli Fontaine, a partner at Cendana Capital and former figure skater, discusses her expertise in venture capital focusing on pre-seed and seed funds. She emphasizes the critical role of data in investment decisions and shares insights on measuring unique datapoints that many LPs overlook. Kelli explains why neutral references can be more detrimental than negative ones and stresses the importance of thorough reference checks. The conversation highlights how understanding biases and the personal dynamics between fund managers and founders can elevate investment success.

In this enlightening discussion, guests Lisa Cawley, Managing Director of Screendoor; Ben Choi, who oversees over $3B in investments; and Jaclyn Freeman Hester, Partner at Foundry, delve into the intricacies of venture capital firm-building and succession planning. They emphasize the vital role of empathy and mentorship in nurturing future leaders. The conversation also touches on the evolving responsibilities of Limited Partners in professional development and the complexities of managing leadership transitions, underscoring the importance of transparency and communication.

“We overcomplicate almost nothing as LPs. And this is a criticism of myself. And I think we oversimplify almost everything. Because by definition, we’re the customer of the end product. [...] LPs watch the movie, but don’t read the book.” – Ben Choi We're doing a three-part series with some of our fan favorites over the last three seasons on the LP perspective of succession-planning and VC firm-building. Lisa Cawley is the Managing Director of Screendoor, a highly respected LP of GPs, investing in firm-builders by firm-builders, with a unique model for partnering with allocators to access the emerging manager ecosystem. Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses. Jaclyn Freeman Hester is a Partner at Foundry. Jaclyn helped launch Foundry’s partner fund strategy, building the portfolio to nearly 50 managers. Bringing her unique GP + LP perspective, Jaclyn has become a go-to sounding board for emerging VCs. You can find Lisa on her socials here: LinkedIn: https://www.linkedin.com/in/31mml/ Screendoor: https://www.screendoor.co/contact You can find Ben on his socials here: Twitter: https://twitter.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/ You can find Jaclyn on her socials here: Twitter: https://twitter.com/jfreester LinkedIn: https://www.linkedin.com/in/jaclyn-freeman-hester-70621126/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:00] Questions Ben asks GPs to see if they're thinking long-term [06:50] Questions Jaclyn asks GPs to assess long-term thinking [09:45] What does leverage look like for a GP? [20:13] The role of AI internally at a firm [21:06] Advice to people looking to take junior VC roles [25:33] Questions Lisa asks GPs to assess long-term thinking [29:19] When does a fund turn into a firm? [31:26] Lisa: What do LPs often oversimplify vs overcomplicate about firm-building? [35:31] Ben's answer to oversimplification vs overcomplication [41:00] What do emerging and established GPs oversimplify and overcomplicate? [45:06] Thank you to Alchemist Accelerator for sponsoring! [46:07] If you can't wait for Part 3 of this conversation, leave us a like or comment! Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

In a compelling discussion, Lisa Cawley, a managing director at Screendoor, highlights the importance of defining a long-term vision for venture firms to ensure success and growth. Ben Choi emphasizes the role of culture keepers in maintaining organizational values during leadership changes. Jaclyn Freeman Hester shares insights on the psychological aspects of partnerships and the need for nurturing deeper team dynamics. Together, they explore the balance between financial performance and the intangible factors that contribute to sustainable success in venture capital.