Superclusters - The Emerging LP Podcast

Evan Finkel, Head of Venture Capital Investments, discusses cold email strategies, data-informed decision-making, transitioning from quantum mechanics to AI, and operational efficiency in venture capital. He also explores valuation differences between hedge funds and VC, life lessons, and praises a pediatric nephrology fellow.

Ian Park, Partner at Primer Sazze and former VC allocator at Korea Investment Corporation, shares insights on due diligence for emerging managers, co-investment opportunities, and direct deals. He discusses the significance of investing in great deals, engaging with GPs in sovereign wealth funds, and portfolio building strategies. The podcast also explores AI investments, data-driven investment strategies, and the Alchemist B2B Startup Accelerator.

Dave McClure has been a Silicon Valley entrepreneur and investor for over 25 years. He has invested in hundreds of startups around the world, including 10+ IPOs and 40+ unicorns (Credit Karma, Twilio, SendGrid, Lyft, The RealReal, Talkdesk, Grab, Intercom, Canva, Udemy, Lucid, GitLab, Reddit, Stripe, Bukalapak). Prior to launching PVC in 2019, he was the founding partner of 500 Startups, a global VC firm with $1B AUM that has invested in over 2,500 companies and 5,000 founders across 75 countries. Dave created 20 VC funds under the 500 brand and invested in 20 other VC funds around the world. Dave began his investing career at Founders Fund where he made seed-stage investments in 40 companies, resulting in 4 unicorns and 3 IPOs. He led the Credit Karma seed round in 2009 (acq INTU, over 400X return). His $3M portfolio returned more than $200M (~65X) in under 10 years. Before he became an investor, Dave was Director of Marketing at PayPal from 2001-2004. He was also the founder/CEO of Aslan Computing, acquired by Servinet in 1998. Dave graduated from the Johns Hopkins University (BS, Engineering / Applied Mathematics). You can find Dave on his socials here: Twitter: https://x.com/davemcclure LinkedIn: https://www.linkedin.com/in/davemcclure/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:37] How did Narnia inspire the start of Dave's entrepreneurship? [08:32] On the brink of bankruptcy [11:42] The lesson Dave took away from his first acquisition [13:19] What did Dave do that no one else did as a marketing director? [16:06] What do most people fail to appreciate about secondaries? [22:31] The 3 bucket method for secondaries [28:46] How much do fund returners matter for secondaries? [33:01] When do LPs typically think about selling fund secondaries? [42:04] What are two questions that Dave asks to see if a portfolio is good for a secondary? [46:10] Why is it complicated if a GP wants to buy an LP's stake? [55:03] When do most funds return 1X? 2-3X? [57:13] Underwriting VC vs PE secondaries [1:01:49] How do institutional LPs react to VC secondaries? [1:07:01] The founding story of Practical VC [1:15:36] Closing Josh Kopelman in Fund I [1:18:47] How often does the PayPal Mafia get together? [1:23:49] What's the most expensive lessons Dave learned over the years? [1:27:38] Thank you to Alchemist Accelerator for sponsoring! [1:28:29] If you enjoyed the episode, would deeply appreciate you sharing with one other 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 Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters

John Felix, Head of Emerging Managers at Allocate, discusses building trust in teams, transitioning from bands to investing, managing a concentrated portfolio, evaluating GP commitments, key man risk in VC, and mastering cold emailing for connections.

Beezer Clarkson leads Sapphire Partners‘ investments in venture funds domestically and internationally. Beezer began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network, which then had $7 billion under management across 16 venture funds worldwide. In 2016, Beezer led the launch of OpenLP, an effort to help foster greater understanding in the entrepreneur-to-LP tech ecosystem. Beezer earned a bachelor’s in government from Wesleyan University, where she served on the board of trustees and currently serves as an advisor to the Wesleyan Endowment Investment Committee. She is currently serving on the board of the NVCA and holds an MBA from Harvard Business School. Chris Douvos founded Ahoy Capital in 2018 to build an intentionally right-sized firm that could pursue investment excellence while prizing a spirit of partnership with all of its constituencies. A pioneering investor in the micro-VC movement, Chris has been a fixture in venture capital for nearly two decades. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates, and The Investment Fund for Foundations. He learned the craft of illiquid investing at Princeton University’s endowment. Chris earned his B.A. with Distinction from Yale College in 1994 and an M.B.A. from Yale School of Management in 2001. You can find Chris and Beezer on their socials here. Connect with Beezer here: Twitter: https://twitter.com/beezer232 LinkedIn: https://www.linkedin.com/in/elizabethclarkson/ Connect with Chris here: Twitter: https://twitter.com/cdouvos LinkedIn: https://www.linkedin.com/in/chrisdouvos/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:07] Beezer's childhood dream [04:29] How Chris was let go from his $4.15 job at Yale [08:09] Concentrated vs diversified portfolios [09:30] First fund that Beezer and Chris invested [11:42] Funds that CD and Beezer passed on and regret [16:07] Favorite term in the LPA? Or not? [19:18] What piece of advice did a GP in their portfolio share with them? [23:15] What's something that Beezer/CD said to a GP that they regret saying? [28:06] What's the most interesting fund model they've seen to date? [33:20] What fund invested in 2020-2021 inflated valuations that they've reupped on? [40:18] Events that they went to once but never again [44:24] Life lessons from CD & Beezer [54:02] The founding story of Open LP [55:02] Thank you to Alchemist Accelerator for sponsoring! [57:58] If you learned something new in this episode, it would mean a lot if you could drop a like, comment or share it with your friends! 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

Jaclyn Freeman Hester is a Partner at Foundry. She joined in 2016 with a passion for supporting the next generation of entrepreneurs and investors. Jaclyn leads direct investments in early-stage companies, often collaborating with Foundry’s partner funds. She loves working closely with founders to solve hard problems and think about the human elements of business. She invests across B2B and consumer companies that exhibit strong end-user empathy and use technology to empower individuals, unlock potential, and improve experiences. 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. Jaclyn first fell in love with entrepreneurship while earning her JD/MBA at CU Boulder (Go Buffs!). There, she served as Executive Director of Startup Colorado, where she got to know Foundry and the incredible Boulder/Denver startup community the firm helped catalyze. In her brief stint as a practicing attorney, Jaclyn advised clients in M&A transactions and early-stage financings. She also witnessed the founder journey first-hand, working closely with her husband and his family as they built a B2B SaaS company, FareHarbor (acquired by BKNG). Jaclyn loves the Boulder lifestyle, but her heart will always be on the East Coast, having grown up a New England “beach kid.” She is the proud mother of three humans and three dogs and is a blue-groomer-on-a-sunny-day skier and 9-hole golfer. In her glimpses of free time, you can find Jaclyn enjoying live music, especially at Red Rocks and in Telluride, two of the most magical places in the world. 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 [03:24] The significance of Kara Nortman in Jaclyn's life [13:59] Lesson on recognizing effort from Dan Scheinman, Board Member at Zoom [18:27] The question to disarm GPs learned from Jonathon Triest at Ludlow Ventures [23:37] The differences between being a board member and an LPAC member [32:04] Turnover within institutional LPs [33:58] The telltale signs of team risk in a partnership [41:25] How to answer "How do you fire your partner?" [44:05] Foundry's portfolio construction [53:22] What makes Lan Xuezhao at Basis Set so special? [59:59] What does Shark Tank get right about venture? [1:03:37] Jaclyn's Gorilla Glue story [1:05:51] What keeps Jaclyn humble today? [1:12:11] What will Jaclyn do after Foundry's last fund? [1:16:28] Jaclyn's closing thought for LPs [1:18:10] Thank you to Alchemist Accelerator for sponsoring! [1:20:46] If you enjoyed this episode, a like, a comment, a share will go a long way! 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

Ertan Can is the Founder of Multiple Capital, a fund of funds focused on investing in micro VC funds in Europe and has been a limited partner in top funds you’ve heard of including Entrepreneur First and Angular Ventures, just to name a few. He's done his tour of duty in the asset management world at JP Morgan to covering investor relations topics at Thomson Reuters to investing in startups at a family office. Ertan is also a founding member of 2hearts, a community dedicated to building tomorrow's tech society with cultural diversity. He is also a proud MBA graduate from the ESCP Business School and a long time student of finance and law catalyzed by his time at Frankfurt and London. You can find Ertan on his socials here: Twitter: https://twitter.com/rtancan LinkedIn: https://www.linkedin.com/in/ertancan/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro[02:21] Ertan's childhood[05:36] Why Luxembourg?[15:03] Which countries do European GPs set up their funds?[19:46] How did Ertan switch the family office strategy from direct to fund investing?[24:42] How has Ertan's underwriting process evolved over time?[28:04] Do similar pitch deck formats make it easier or harder to make investment decisions?[30:34] Referrals and warm intros ranked by source[36:10] Geographies that Multiple Capital invests in[37:44] Red flags for Multiple Capital[43:48] How do solo GPs build sounding boards to check their blindside?[49:04] The (un)predictability of outlier investments[1:00:41] How does Ertan think about bringing on Venture Partners in a fund of funds?[1:08:25] The decision-making framework behind an "angel" LP investment and a FoF check[1:12:01] Where Ertan shares his unfiltered thoughts[1:20:14] Ertan's experience around giving GPs feedback[1:27:05] Cockroaches and superheroes[1:34:08] Thank you to Alchemist Accelerator for sponsoring![1:36:44] If you enjoyed this episode, it would mean the world to us if you gave us a like, comment, or share! 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

Aram Verdiyan, Partner at Accolade, shares insights on fund of funds, concentrated portfolio construction, and evaluating fund managers. He discusses the importance of track records beyond just numerical data, consistent check sizes, and the strategy for maximizing returns in venture capital. The podcast also explores overcoming imposter syndrome, seizing opportunities, and the relationship between Superclusters and Alchemist Accelerator.

Jaap Vriesendorp, Managing partner of Marktlink Capital, discusses the significance of Mount Pinatubo in his life, entrepreneurial genes in his family, transition to becoming an investor, traits defining a community, and the evolution of funding rounds and market dynamics in venture capital.

Aakar Vachhani is the Managing Partner and a member of Fairview’s investment committee. He is involved in research, due diligence, investment monitoring, and business development for Fairview's venture capital and private equity partnership and direct co-investment portfolios. Prior to joining Fairview, Aakar was with Cambridge Associates, a leading investment advisor to foundations, endowments and corporate and government entities. He was responsible for analyzing private equity and venture capital investments in support of the firm's clients and consultants. In addition, he led research and data analytics projects on the firm’s private equity and venture capital database. Aakar also spent time with MK Capital, a multi-stage venture capital firm with a sector focus on software and cloud services. Aakar Vachhani holds a B.S. in Economics-Finance from Bentley University and an MBA in Finance and Entrepreneurship & Innovation from the Kellogg School of Management. He is a member of the Board of Directors of San Francisco Achievers and the New Breath Foundation. On top of that, Aakar established and leads Fairview's San Francisco office. You can find Aakar on his socials here: Twitter: https://twitter.com/aakar15 LinkedIn: https://www.linkedin.com/in/aakarvachhani/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [04:29] Growing up in a household of 10 [09:36] Aakar's leadership style when he was a child [12:12] Why Aakar turned down a job in insurance back at home [17:25] The third time Aakar applied to Cambridge Associates [21:56] How Fairview aligns incentives with each investment they make [26:15] How Fairview helps their GPs [28:58] How Fairview gives pitch feedback to GPs [32:54] Reasons Fairview passes on a GP [34:58] How does Aakar define what a "new manager" looks like? [37:55] How did Aakar build out Fairview's SF Bay Area practice? [44:26] Fairview's onboarding process for new hires [47:21] Why Fairview's investment decisions need to be unanimous [52:17] The balancing act between a narrow thesis and a big market [56:09] Why Fairview invested in Eniac Ventures [57:56] What does a helpful LPAC member look like? [59:30] Typical questions GPs bring to their LPAC [1:01:13] How do the best GPs communicate strategy drift to their LPs? [1:03:01] Why LPs dislike strategy drift [1:06:28] What new technologies does Aakar think LPs should pay attention to? [1:08:30] Aakar's core memories [1:11:45] Thank you to Alchemist Accelerator for sponsoring! [1:14:22] If you enjoyed the episode, it would mean a lot if you could like, comment, share, or subscribe! 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