Superclusters - The Emerging LP Podcast

“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

“This is one of the big issues of a bunch of data work on venture is insights from some periods don’t mean anything or are not translatable to present time. It’s really frustrating. So we go back to people, reputations, and experience.” – Narayan ChowdhuryRitujoy Narayan Chowdhury is the co-founder and Managing Director at Franklin Park, where he focuses on private equity investment opportunities, monitoring clients’ portfolios and conducting industry research. He also plays a key role in the development and implementation of Franklin Park’s technology platform, and regularly interacts with clients on investment and portfolio matters.Prior to Franklin Park, Narayan worked with Hamilton Lane and Public Financial Management. He is a CFA Charterholder and a member of the CFA Institute. Narayan received a B.A. in Mathematics and Economics from Bucknell University.You can find Narayan on his socials here:LinkedIn: https://www.linkedin.com/in/narayan-chowdhury/X / Twitter: https://x.com/RNC76OUTLINE:[00:00] Intro[02:27] Why my parents moved to the US[03:43] Narayan's dad[08:54] The friction that Narayan has with his team[11:59] Why current analyst training creates bad habits[15:00] What Narayan does when his family goes to bed[16:37] When did Narayan first start playing with code?[17:34] Narayan's entrepreneurial origins and how much he got paid[19:54] "Never sit alone at lunch"[22:54] The Mike Maples story[25:48] When Narayan realized VC is very different from PE[30:05] The difference between underwriting VC and buyout[34:28] What do you do when you've pigeonholed yourself in one industry?[37:02] How do you know if a GP is a core part of an alumni network?[38:32] A 2025 micro trend of misleading operating metrics[43:40] How has VC changed in the past few decades?[53:58] What do most people underappreciate about hockey?Follow 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

Matt Curtolo, CAIA, a veteran private markets investor, shares his wisdom on teamwork versus star power in venture capital. He discusses the fascinating Rosetto Effect, linking community health to robust social ties. Curtolo reflects on his loyalty to the underdog Detroit Lions, drawing parallels between sports and investing. He emphasizes the critical nature of due diligence in making investment decisions and the value of cultivating workplace culture in remote settings. The conversation wraps up with nostalgic touches and insights into the influence of environment on learning.

Albert Azout, Co-Founder and Managing Partner of Level VC, shares his insights on the nuanced dynamics of venture capital. He discusses the significance of networks and how they often outweigh mere performance. Albert dives into complex topics like collaborative filtering and highlights the psychological challenges of fear and greed in investing. He emphasizes the unique approach Level VC takes in analyzing General Partner networks while cautioning against investments in defense tech. His thoughts on luck and the importance of emotional intelligence in venture capital are particularly intriguing.

Asher Siddiqui, a seasoned global tech investor and venture fund builder with over 25 years of experience, dives into the nuances of venture capital. He emphasizes the importance of unique insights over market trends, suggesting that timing shouldn't deter investment in groundbreaking ideas. Asher also shares his journey in launching a pan-African news channel, the intricacies of navigating M&A, and the personal qualities that define successful limited partners, while encouraging listeners to embrace limitless possibilities in their pursuits.

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