Superclusters - The Emerging LP Podcast

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

Narayan Chowdhury, Co-founder and Managing Director at Franklin Park, dives into the evolving landscape of venture capital. He discusses the pitfalls of analyst training and the need for restructuring to boost productivity. Narayan shares insights from his early coding days and stresses the importance of networking, famously advising to 'never sit alone at lunch.' He also challenges the reliability of founder-reported metrics and explores how collective intelligence can enhance decision-making in investments.

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.