Tracy Fong, partner at Albourne Partners sits down with David Weisburd to discuss how emerging VC managers can unlock institutional investors. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Introduction and Importance of Diverse Fund Categories (0:46) Introduction of Tracy Fong and Alborn Partners Overview (1:32) Tracy Fong's Career Journey (2:27) Webvan's Lessons and Instacart's Market Timing (7:02) Yahoo's Acquisitions and Facebook Offer Story (10:28) Sponsor: Tactic (11:06) Startup Perspectives and Investment Decision Frameworks (17:02) Tracy Fong's Experience at Harvard Management Company (21:52) Key Takeaways from SFG Asset Advisors (24:18) Balancing Macro Perspectives and Investment Decisions (25:16) The Role of Thematic Research in Investing (26:33) Manager Selection Process Insights (29:50) Tracy Fong's Current Role and Institutional Client Advice (33:10) Alborn Partners Differentiators and LP Consultant Engagement (35:29) Addressing Challenges for Emerging Managers (37:44) Fund of Funds and the Importance of DEI in Venture Capital (40:09) Concluding Thoughts on Alborn Partners' Approach (41:18) Closing Remarks and Special RFP

Elizabeth "Beezer" Clarkson, Partner at Sapphire Partners, discusses how their new partnership with CalSTRS will allow them to expand their ability to support the next generation of VC managers – all while continuing to focus on investing in the established. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Introduction to Beezer Clarkson and discussion on fund graduation rates (0:25) Beezer Clarkson on the CalSTRS emerging managers program and its $1.4 billion initiative (1:59) Emerging vs. Established managers: Definitions and dynamics (4:01) The performance and significance of emerging managers in the industry (6:05) Challenges for new LPs and best practices in LP portfolio construction (10:17) Red flags and sustainable alpha in emerging managers' transition to established status (16:27) Sponsor: Tactyc (17:06) Evaluating emerging managers: Criteria and the solo GP phenomenon (24:03) Trends in spinouts, consolidation, and LP-fund manager relationships (28:05) CalSTRS strategy and the value adds LPs bring to fund managers (32:46) Systematic biases and current debates among LPs (36:04) The importance of exits and openness to alternative investment models (40:00) Key factors in LP evaluation of emerging managers and the role of listening (43:43) Transparency in the LP ecosystem and the evolving role of LPs (46:44) Zero sum thinking and streamlined agreements for emerging managers (51:57) Sapphire's approach to current industry challenges and lessons from past downturns (54:42) Episode conclusion and special RFP to the community

Scott Painter, CEO of Autonomy sits down with David Weisburd to discuss how he creates value as a serial entrepreneur and why Elon Musk has been able to be successful through all his ventures. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Introduction to Scott Painter and the episode's focus (0:41) Scott Painter's journey and TrueCar's impact on car buying (3:12) Motivation and entrepreneurial mindset (5:01) Belief in creating value and taking risks for ownership (8:44) Easier car ownership and transformation in the auto industry (12:28) Sponsor: Tactyc.io (14:24) The radical future of electric cars and anti-fragility in entrepreneurship (17:29) Scott Painter's relationship with Elon Musk and insights on financial hacks (25:42) Elon Musk's leadership and time management (29:36) Equity as a strategy and SpaceX's future (34:02) The contrarian view on SpaceX and the potential of AI (36:04) Elon Musk's health, longevity, and the flywheel of wealth creation (39:52) Vision for Autonomy and the future of fractional ownership (44:17) The potential for Autonomy to go public and final thoughts (46:06) Challenges and advantages in financial engineering (47:23) Scott Painter's contact information and concluding the episode (47:47) Request for community introductions to potential guests

Jason Calacanis, founder of LAUNCH and host of the All-In Podcast and This Week in startups, sits down with David Weisburd to discuss his new fundraise and his views on the venture capital landscape. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund. (0:00) Introduction to Jason Calacanis and venture capital insights (1:12) Jason Calacanis's investment strategy and angel investing journey (3:32) Being a Sequoia scout and investing in networks (6:01) Discussing the power law and first carry check in VC (8:15) The role of randomness and relationships in investment success (10:28) Sticking with founders and notable investments (14:23) Sponsor: Tactyc.io (15:17) Secondary market strategies and the joy of early-stage investments (16:14) Investment funnel and selection process (17:21) GP commit, confidence in investments, and AngelList's impact (20:39) The case for writing small checks in syndicates (21:51) Understanding venture capital returns and portfolio strategy (24:00) Social proof and its impact on venture capital (25:02) Deal flow: significance, sorting, and qualifying (28:55) Portfolio construction, follow-on investments, and due diligence (32:55) Using software to manage investments and team training methods (35:44) Work-life balance and VC's competitive aspects (37:06) Comparing early-stage to late-stage investments and long-term returns (39:26) Closing thoughts and gratitude

Shai Goldman shares his insights on the evolution of the venture capital landscape, reflecting on his career trajectory and Brex's marketing strategies. The discussion delves into the effects of market downturns on venture capitalists and explores future trends with a focus on emerging managers. The conversation highlights the importance of discipline in VC, ownership dynamics, and the value of contrarian bets. Shai examines the characteristics of successful emerging managers, the ongoing debate between generalists and specialists, and the shifting dynamics within the LP community. The episode concludes with a look at the role of fund of funds and resources for founders and LPs. We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Introduction and moment of silence for victims of terrorism (0:56) Supporting United Hatzalah (1:11) Jay Cal's influence and the early days of Uber (2:37) Shai Goldman's career and Brex's marketing strategies (5:06) Analysis of market downturns and their impact on VCs (8:40) Future trends and emerging manager dataset (14:13) Challenges facing emerging managers and positive outlook (18:47) Sponsor: AngelList (19:52) The critical role of discipline in venture capital (24:10) Ownership's role in VC success and VenCap insights (27:23) The value of contrarian bets and unconventional founders (29:22) Characteristics of successful emerging managers (31:01) Generalists vs. specialists and shifts in the LP community (36:20) Role of fund of funds in venture capital (38:17) Closing remarks and resources for founders and LPs

Jamie Rhode, Principal at Verdis Investment Management, sits down with David Weisburd to discuss data-driven investing, compounding returns, Jamie's investing philosophy, and more. We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Introduction to Jamie Rhode and data-driven investment (2:20) Leveraging long-term investment horizons and adverse selection (4:29) Building a venture capital portfolio with first principles (6:30) Understanding and applying the power law in venture capital (10:54) Strategies for avoiding adverse selection and evaluating investment results (15:32) Sponsor: AngelList (16:36) Reconciling different investment philosophies and criteria for evaluating GPs (22:46) Best practices for GPs and data sources for LPs decision-making (26:19) Diversified early stage venture exposure and the importance of compounding returns (30:48) Collaborating with favorite LPs and navigating groupthink (34:07) Exploring current opportunities in life sciences investment (38:01) Venture capital transparency and the OpenLP movement (40:17) Identifying leading indicators of successful venture investors (41:56) GP best practices for staying innovative (46:17) Advocating for changes in the venture and LP ecosystem (47:35) Discussing AngelList's role in legal process simplification (48:41) The collaborative nature of the investment industry and networking

David Weisburd sits down with Neil Datta, Managing Director of Optima Asset Management managing the wealth of some of the world’s most important people (including the late Queen Elizabeth II). We're proudly sponsored by AngelList, visit https://www.angellist.com/tlp if you’re ready to level up your startup or fund. (0:00) Introduction to Neil Datta and Optima Asset Management (1:07) Neil Datta's background and role at Optima (2:13) Due diligence and evaluating management companies (4:54) Venture capital skepticism and infrastructure issues (7:25) Diligence differences: public vs. private markets (9:43) Access, flywheel effect, and endowment strategies in VC (14:22) Understanding venture capital as an alternative asset class (16:06) Sponsor: AngelList (17:24) Portfolio diversification and lessons from past crises (20:27) Diversification strategies within venture capital stages (21:39) Bullish sectors and opportunities in biotech venture (24:00) Insights on the human genome project and early stage biotech (25:21) Emerging general partners and fundraising transparency (28:13) LP expectations, scrutiny, and liquidity strategies (32:24) Anticipating SEC guidelines and their impact on the industry (33:30) Managing LP relationships and venture capital fee structures (37:04) Optima's STAR program and final thoughts (39:39) Podcast outro

Michael Kim, founder and Managing Partner of Cendana Capital sits down with David Weisburd and Erik Torenberg to discuss his thesis of creating a fund of funds at seed stage, insights into the changing landscape of VC from the 90s to today, and whether VC should recycle capital. Cendana Capital has invested in Forerunner Ventures, K9 Ventures, and IA Ventures. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (0:00) Introduction to successful small funds and the Nano program (0:54) Michael Kim's background and career trajectory (3:15) Transition to the LP side and changes in the venture capital market post-2008 (6:32) Impact of mega funds on investment strategies and growth of seed funds (11:49) Success and challenges of the Nano program (14:21) Dynamics of fund size and portfolio construction (17:06) Economic trade-offs in raising larger funds and importance of ownership in portfolios (24:00) Trends in fund size scaling and raising institutional capital (26:13) Role of different types of LPs and co-investment strategies (29:49) Hands-on approach with fund managers and advisory examples (36:10) Impact of the market reset on venture capital and top quartile importance (43:56) Portfolio construction, partnership risk, and reupping with core managers (47:28) Portfolio refreshment, time diversification, and manager concentration (49:02) Closing thoughts on Sendana's investment philosophy and evolutionary psychology (50:38) Closing remarks and outro

David Weisburd sits down with David Clark, Investment Director at VenCap International PLC to discuss his viral post about power laws in venture capital, manager predictability, adverse selection in VC, and what percent of startups go to zero. If you’re ready to level-up your startup or fund with AngelList, visit www.angellist.com/tlp to get started. (0:00) Introduction to David Clark's venture capital experience (2:44) Analyzing early-stage fund returns and leading indicators (6:17) Assessing predictability and performance in venture capital (11:28) Market corrections and risk management strategies (14:36) Sponsor: AngelList (16:00) Essential traits of a successful VC and return persistence (19:08) Scaling fund sizes and their impact on performance (21:32) Ownership targets and handling adverse selection (29:00) Pattern recognition and the Thiel Fellowship (29:21) Managing follow-on capital and trust in fund cycles (35:43) Countercyclical strategies and the LP reset (37:31) Trends in venture capital and the rise of spin-offs (40:44) Evaluating spin-out managers and GP/LP terms (45:12) Wrap-up: Firm insights and closing thoughts

David Weisburd sits down with Apurva Mehta, the co-founder of an early stage fund of funds at Summit Peak and formerly an institutional investor at endowments (Juilliard, Cook Children’s Hospital) to discuss power laws in portfolios, alpha in early stage investing, and what differentiates a great LP. If you’re ready to level-up your startup or fund with AngelList, visit https://www.angellist.com/tlp to get started. (0:00) Overview of portfolio companies' fair market value (0:32) Introduction and journey of Apurva Mehta (1:38) Early stage venture program at Cook Children's Hospital (2:18) Competing with major platforms in early-stage investing (3:26) Alpha vs. beta in early-stage investments (5:11) Comparing seed firms to multistage firms at seed stage (6:59) Market inefficiencies and sustainable alpha extraction (9:33) Identifying top solo GPs and their strategies (13:15) Generalist vs. specialist firms in portfolio construction (15:24) Sponsor: AngelList (16:45) Ray Tonsing's network-driven approach (18:39) Diligencing emerging managers and key success factors (20:45) Signals for reupping in subsequent funds (23:29) Effective questions between GPs and LPs (26:01) Current market state and its impact on solo GPs (28:14) Ranking asset classes by desirability (30:20) Fee structures and carry for top quartile managers (33:13) The future of high-capital firms (35:18) Power laws and return dispersion in venture portfolios (37:43) Ownership models at seed stage (40:25) Summit Peak's unique aspects (41:28) Venture capital as a unique asset class (41:56) Closing remarks and acknowledgments