Superclusters - The Emerging LP Podcast

Sean Warrington, who leads private market investing at the $10 billion Gresham Partners, shares his insights on investment strategies. He emphasizes that great investments often require a unique perspective rather than just metrics. Sean discusses the significance of personal relationships in investment, the importance of understanding individual talents in teams, and how LPs should appreciate the value of solo GPs. His candid feedback approach aims to simplify the fundraising process, making it more relatable and effective for GPs.

“Most [references] will not give a negative reference about someone, but you will have to understand and listen between the lines. What is a good or a bad reference? They might say, ‘I really like him as a person. He’s really nice.’ But this is a person that’s worked together with you in a team, and you’re not saying he’s great with founders or finding the best deals. Maybe he’s not that good.” – Raviv SapirRaviv Sapir is an early-stage investor at Vinthera, a fund of funds and venture firm with a hybrid strategy that combines VC fund investments with direct startup investments. With a background in tech and finance, an MBA from HEC Paris, and years of experience mentoring startups and supporting LPs, Raviv brings a sharp eye for high-conviction opportunities and a practical approach to venture. He previously held product roles at leading Israeli startups and served in a technological unit within the Israeli Defense Forces. His work across geographies, sectors, and investment stages gives him a uniquely holistic and global perspective on the venture ecosystem.You can find Raviv on his socials here:LinkedIn: https://www.linkedin.com/in/raviv-sapir/OUTLINE:[00:00] Intro[03:31] Swimming since he was 7[09:49] Breaking down each GP's track record and dynamics in a partnership[11:25] Telltale signs that a partnership will last[12:50] An example of questionable GP dynamics[21:45] Virtual partnerships[25:43] GPs working out of coworking spaces[28:30] Commonly held LP assumptions[32:16] A big red flag GPs often say[34:27] What does Raviv look for during reference calls?[39:41] How does the diligence change for a Fund I/II vs Fund III/IV?[42:26] Qualitative traits Raviv likes to see in a Fund I GP vs Fund II+ GP[44:04] Ideal cadence of reporting and LP/GP touchpoints[46:03] Role of the LPAC across different funds[48:47] Diligence as a function of check size[54:37] What's Raviv's favorite episode of Venture Unlocked?[56:23] The podcasts that Raviv listens toFollow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

Scott Saslow, founder and CEO of ONE WORLD and author of a pivotal guide for family office principals, dives into the intricacies of managing a family office. He emphasizes the importance of choosing the right financial advisors and shares insights on transitioning from family businesses to single family offices. Saslow discusses his personal investment choices, including passing on SpaceX, and his collaboration with Ulu Ventures, highlighting the significance of community in venture capital. Listeners will gain valuable strategies for long-term wealth management and effective family office structures.

Adam Marchick, a partner at Acadian Ventures, shares invaluable insights from two decades in venture capital and entrepreneurship. He discusses the significance of talent networks and mentorship in startup success, drawing lessons from his experiences at Facebook and with influential mentors. Adam emphasizes the cultural pillars that drive great organizations and reflects on investment strategies, including his first investment in Dell. He also explores the evolution of voice interfaces in technology and the importance of maintaining personal connections in a busy world.

“The first layer is setting up your own strategy. The second layer is portfolio construction. How do you do your portfolio construction based on the strategy you set out to do? And then manager selection comes last. Within the portfolio construction target, how do you pick managers that fit that ‘mandate?’” – Jay Rongjie Wang Jay Rongjie Wang is the founding Chief Investment Officer of Primitiva Global, where she runs a family-backed Multi-asset Strategy. She also works extensively with emerging VC managers, and sits on the Selection Committee of Bridge Funding Global. Jay's background uniquely combines software engineering (at the world's largest fintech platform) and institutional investing (at top funds including Fidelity and Sequoia), as well as general management (3x executive in tech startups). Jay has lived in 5 different countries across 9 major cities, giving her a global perspective. Jay obtained her B.A and M.Sci in Physics from Cambridge University and M.B.A from INSEAD. In 2023 she was listed as an Entrepreneurial Pioneer Under 35 by Hurun Wealth. You can find Jay on her socials here: LinkedIn: https://www.linkedin.com/in/wangrongjie/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [04:12] Life atop a Daoist mountain [10:27] Qigong and tai chi [12:21] What is dao? [19:18] The weapon that Jay specializes in [21:08] Why did Jay leave the Daoist temple? [24:24] The motivations behind Jay's career shifts [30:05] The difference between underwriting a VC fund and a fund-of-funds [33:08] How does Jay get to know a fund manager? [36:31] The 3-layer process for building an allocation strategy [38:01] Picking the initial asset class [45:29] How much Jay allocates to venture [48:43] What does "reasonably diversified" mean? [49:15] Figuring out the portfolio construction model [54:59] At what point do you stop maximizing for portfolio returns? [56:57] How Jay calculates a 200X target return on direct investments [57:53] Data on returns as a function of portfolio size [1:01:42] The biggest challenge once you've picked your strategy [1:04:40] Selecting the right fund managers [1:14:17] The difference between guqin and piano [1:18:42] Intuition versus discipline [1:24:08] Post-credit scene [1:27:47] Thank you to Alchemist Accelerator for sponsoring! [1:28:48] If you enjoyed this episode, it would mean a lot if you could share it with one friend who'd also get a kick out of this! 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 X: https://x.com/SuperclustersLP

“Diversification is your one free lunch.” – Charissa Lai Charissa has experience in Investing, Strategy and Relationship Management across Private Equity and Investment Banking. She's gained global perspective from having worked and lived in South Africa, England, Canada, China and the USA. Her expertise includes selecting fund managers and co-investments, developing alternatives strategies and building relationships. She's a recipient of 2016 Women in Capital Markets Emerging Leaders Award with CPPIB. She serves as a Board Director at the Toronto Humane Society. Charissa holds an MBA from Northwestern University and an HBSc. from University of Toronto. You can find Charissa on her socials here: LinkedIn: https://www.linkedin.com/in/charissa-lai/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:51] When Charissa first met the Dalai Lama [07:08] Charissa's early career [08:02] Charissa's rejection from her dream job [11:01] Why did Charissa switch from computer science to investment banking [12:16] How Charissa became an LP [14:24] Pinch-me moments for Charissa [16:04] Building the investment process for a $70B pension fund [18:37] The duration of partner roles is quite telling [20:58] Assessing buyout track records [25:01] Buyout loss ratios [26:36] When buyouts and VC are getting more and more similar [28:19] The value of vintage diversification [32:51] How Charissa thinks about personal portfolio allocation [40:22] The one VC fund that Charissa invested in[42:53] Charissa's beer can chicken [47:13] What memory does Charissa cherish? [49:26] Post-credit scene [54:38] Thank you Alchemist Accelerator for sponsoring! [55:39] If you enjoyed this episode, a like, comment, or share would mean the world! 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 X: https://x.com/SuperclustersLP

“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.