Superclusters - The Emerging LP Podcast

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.

“The more you can create that context in the family owner's manual, the more important it is and the more it is NOT the ‘in-case-of-emergency’ file. Because the in-case-of-emergency file is going to say I’m an LP in Fund VII from so-and-so and my withdrawal rights are such and such. Or here’s the document. You go figure out what my withdrawal rights are, if I have any.” The owner's manual teaches future generations what to prioritize and why. – Josh KanterJosh Kanter is the family office principal at Josh Kanter Wealth Advisory Services. He is also the founder & CEO at leafplanner, a comprehensive solution on planning for the 100-year time horizon for a family office, birthed out of his own need with his own family of creating an everlasting institution.After decades as a lawyer, he went on to focus on his family business where he also currently serves as President of Chicago Financial, Inc., a single family office overseeing a complex organization of trusts, investment and philanthropic entities for a multi-branch and multi-generational family.You can find Josh on his socials here:LinkedIn: https://www.linkedin.com/in/joshua-kanter/OUTLINE:[00:00] Intro[04:01] Art, sculptures and Jun Kaneko[12:30] The inception of Walnut Capital Corp[15:36] How Josh defines creativity[17:03] Creating the "freedom trust"[17:56] Where did the name leafplanner come from?[20:03] How did Josh get involved in the family venture business?[23:22] Top lessons from being startups' legal advisor[25:48] Lessons as an investor and LP[27:57] Investing in America's biggest fraud[30:01] The origin of leafplanner[38:15] How do you start a family owner's manual[40:03] The importance of prioritization and context in the manual[45:35] How do you make a owner's manual searchable?[49:50] The five kinds of capital (intellectual, human, social, financial, spiritual)[53:15] What is the role of luck in Josh's life?[54:31] Josh's primary vice when saying no[56:51] 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