Superclusters - The Emerging LP Podcast

“You need to make space for weird types of conversations to happen on the fringes that really inform you what’s going on at the frontier.” — Thorsten ClausThorsten Claus is a venture investor and builder with more than 15 years of private equity and venture capital experience. He has raised nine funds, managed over $4.8B across global platforms, and led or overseen more than 120 direct investments, generating returns of 3x–7x net to investors.His current work focuses on dual-use technologies at the intersection of defense, security, and national resilience. Guided by the discipline of Howard Marks, the systems-level thinking of the Consilience Project, and a commitment to internalizing externalities, he invests in teams and technologies that strengthen sovereign capability and long-term societal stability.Beyond capital, Thorsten is a hands-on builder. He machines defense-critical and space components, restores historic race engines, and writes on production systems and resilience at blog.thinkstorm.com. This grounding in physical production complements his investment practice, keeping judgment tied to real-world constraints.You can find Thor on his socials here:LinkedIn: https://www.linkedin.com/in/thorstenclaus/X / Twitter: https://x.com/thinkstormOUTLINE:[00:00] Intro[02:31] Downhill skateboarding[05:58] How do you see behind a corner when downhill skateboarding?[07:42] Hill hunting[10:15] How long does it take to go down the Sierras?[11:41] The most important part of the body for downhill skateboarding[16:02] David's dumb question of the day[17:25] The accident that pivoted Thor's life[19:34] The first race car Thor bought[20:51] Why Thor is a terrible race car driver?[23:52] How did Thor come to use the race oil that Porsche Racing uses?[24:59] The 3 things you need to welcome fringe conversations[27:07] Just another David misattribution[27:34] Truth is difficult these days[29:20] How do you prioritize which advice to take?[30:33] Thor's weird definition of risk[31:59] How do you know if someone is giving you authentic advice?[34:40] How does Thor understand someone's past without asking about it?[39:42] Lessons from fictional storytelling in diligencing GPs[43:22] Questions and responses that reveal a GP's past[46:10] Books that Thor read to ask better questions[49:18] What is the USMC Christmas Tree?[53:40] The Christmas Tree in an investor's portfolio[57:49] Can beggars be choosers?[1:00:41] The difference between capital formation and fundraising[1:03:00] Production vs product for a GP[1:06:54] Thor and cardistry[1:10:21] What are moments that reminds Thor we're still in the good old days?[1:13:50] The post-credit sceneFollow 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

Kelli Fontaine, a partner at Cendana Capital, leads the discussion alongside Amber Illig from The Council and Steven Rosenblatt of Oceans Ventures. They tackle deep questions about the future of venture capital, such as the importance of data versus relationships in decision-making. Amber shares her insights on the challenges faced by solo GPs, while Steven explores networking's role in niche sectors. Additionally, they delve into the dynamics between LPs and GPs, emphasizing the need for trust and open communication to enhance investment outcomes.

Vijen Patel, an entrepreneur and investor behind The 81 Collection, and Grady Buchanan, a venture capital strategist with NVNG, dive deep into America’s investment landscape. They discuss how 81% of the economy remains underfunded and emphasize the need for venture capital to tackle social issues like housing and food insecurity. The duo reflects on their personal journeys, the significance of community engagement in finance, and innovative investment strategies aimed at revitalizing local businesses in the Midwest.

Join John Felix, General Partner at Pattern Ventures, and Chris Leiter from Atria, as they dive into the world of venture capital. John shares his expertise on the importance of focusing on specialized funds and what makes smaller funds more adaptable in the market. They tackle listener questions about common pitfalls for LPs when evaluating solo GPs and how to balance sticking to investment strategies with making justified exceptions. The conversation is rich with insights on niche investments and the challenges of transitioning from established firms to independent ventures.

Wendy Li, Co-founder and Chief Investment Officer at Ivy Invest, shares her journey from building a $4 billion portfolio at the Mother Cabrini Health Foundation to creating an accessible investment platform for everyday investors. She discusses the critical distinction between probability and consequence in venture capital, cautioning against common mistakes made by LPs. Wendy also highlights the innovative ‘endowment in a box’ concept, which democratizes investing, and reflects on the importance of mentorship and emotional control in investment decision-making.

Join Samira Salman, Founder & CEO of Salman Solutions, as she discusses her transformative journey from corporate tax lawyer to entrepreneur. She emphasizes the importance of pursuing personal passions and building genuine relationships in family offices. Samira highlights the challenges these offices face and the significance of trust and collaboration in wealth management. She shares her love for journaling, touching on its emotional depth, and dives into light-hearted memories, showcasing how fashion can connect us with our past.

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.

Chris Douvos, founder of Ahoy Capital and a veteran in venture capital, dives into the complexities of the industry. He discusses the hidden pressures fund managers face and the importance of authentic communication, especially during tough times. With insights from GPs, the conversation touches on managing relationships with Limited Partners and adapting strategies in evolving markets. Douvos also delves into venture capital's intersection with climate tech, emphasizing resilience and innovation in investment approaches.

Nicky Sugarman, an advisor to family offices and former partner at a $40B multi-family office, discusses the crucial need for transparency and effective communication between General Partners and Limited Partners in the mega cap venture capital landscape. He highlights the importance of a strong operational setup for emerging managers, emphasizing strategic hiring and compensation structures. Nicky also shares insights on the balance between due diligence and invasive scrutiny, and the role of mentorship in guiding novice investors to success in a competitive environment.

Abe Finkelstein, Managing Partner at Vintage Investment Partners, brings over two decades of venture capital expertise. He dives into the challenges and lessons learned in secondary investments, emphasizing the importance of evaluating portfolio quality and founder motivations. Abe discusses the shift to cloud data storage and the game-changing role of AI in venture capital. He also reflects on the significance of accurate valuations and the personal legacy behind investing, highlighting values like integrity and collaboration for lasting impact.