Mark Suster, managing partner of Upfront Ventures, discusses the current state of venture fund fundraising and explores different sources of capital for emerging managers in the venture capital space. He also discusses the benefits of hosting events for LPs, the differences between raising funds from institutional LPs and family offices, and the decision-making process of big pensions and family offices when it comes to investing in emerging managers versus established firms.

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show, we’re excited to have Hernan Kazah, Co-Founder and Managing Partner of Kaszek, one of the largest Latin American firms with nine funds under management. The firm launched in 2011 and over time they’ve made early-stage investments in companies such as Nubank, QuintoAndar, Kavak, Creditas, and Nuvemshop.Before becoming an investor, Hernan Co-Founded MercadoLibre in 1999, an online auction and e-commerce platform that later went public in 2008. At a market cap today of over $60B, the company represents one of the great entrepreneurial successes in the region. During our conversation, we spoke about the growth of Latin America, making the shift from a company builder to a full-time investor, and how founders and investors should think about the capital-scarce market we are navigating today.A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and X.About Hernan Kazah:Hernan Kazah is the Co-Founder and Managing Partner of Kaszek Ventures. Hernan has overseen Kaszek’s growth into the largest venture capital firm in Latin America. It has invested in more than 100 startups and is known for its ability to spot the next tech talent and hands-on approach.Prior to investing, Hernan Co-Founded MercadoLibre, the most successful "from-garage-to-Nasdaq" startup story in Latin America to date, and one of the largest technology companies in the region.He has a BA from the University of Buenos Aires and an MBA from Stanford.In this episode we discuss:(02:57) Hernan’s journey into tech and investing(04:39) Lessons from MercoadoLibre that he wanted to apply in building Kaszek(10:38) Why he decided to move to venture in 2011(14:11) The long process of building an LP base with an unproven theory(20:21) Advice and mentorship Hernan sought out prior to starting Kaszek(24:56) How Hernan manages his time to help his portfolio(28:57) Comparing the market of 1999/2000 with today’s market(36:04) What it means to support founders(42:33) Why Hernan is mostly handsoff in his portfolio companies(46:50) How to have tough conversations with founders(48:10) The best career advice he’s recievedI’d love to know what you took away from this conversation with Hernan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show we’re excited to have Tomasz Tunguz, Founder of newly formed Theory Ventures. Tomasz spent nearly 15 years at Redpoint Ventures, before recently spinning out to start Theory Ventures. Earlier this year, Theory closed a $230MM fund to back early stage entrepreneurs. Those who have followed Tomasz’s writing, know that he is incredibly analytical and thoughtful in his approach to business. This conversation was no different as we went deep into topics such as portfolio construction theory, business models in VC, and how to be strategic in raising a VC fund. About Tomas Tunguz:Tomasz Tunguz is a Founder and Managing Director at Theory Ventures. He is an active blogger at tomtunguz.com and is co-author of Winning with Data which explores the cultural changes big data brings to business and shows you how to adapt your organization to leverage data to maximum effect.Before founding Theory, Tomasz was Managing Director at Redpoint Ventures, where he backed many early-stage SaaS, data, and infrastructure founders in his 14-year tenure. He began his career as the product manager for Google’s AdSense social-media products and AdSense internationalization.Tomasz attended Dartmouth College and graduated with a BA in mechanical engineering, a BE in machine learning, and a master’s degree in engineering management.In this episode we discuss:(01:42) Why Tomasz joined Redpoint(03:01) The decision to start Theory Ventures (06:32) Raising his first fund during one of the most difficult raise environments in recent history(07:45) What his plan was with the raise(10:47) How Tomasz created and sustained momentum during his raise(16:12) Common objections from LPs and how he overcame them(19:49) What it means for a venture firm to have a business model(23:00) How Theory’s thesis addresses the problem of multiples in the venture market(24:59) Winning deals without paying premiums(26:13) Why the 3x net returns on venture needs to increase to be competitive(27:40) Getting comfortable with a smaller portfolio(31:29) Tomasz’s mental model of picking and diligence with a smaller portfolio(34:30) Qualitative signs he looks for in founders and companies(38:19) Why Tomasz embraces the emerging manager label(39:30) What the next decade of venture looks like(42:07) The best career advice he’s receivedI’d love to know what you took away from this conversation with Tomasz. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show, I’m thrilled to be joined by Sunil Nagaraj, Founder of Ubiquity Ventures. Sunil started Ubiquity in 2017 to focus on backing technical founders at the pre-seed and seed stages around a thesis he calls “nerdy and early.” Before starting Ubiquity, Sunil spent just over 6 years at Bessemer Venture Partners, and began his career as a founder of a startup. With so many solo-GP firms emerging, Sunil took us through us his lens of a solo-GP, and how he has built and grown ubiquity over the last 7 years.This was a very insightful conversation and I hope you’ll enjoy it. About Sunil Nagaraj:Sunil Nagaraj is the Founder and Managing Partner of Ubiquity Ventures, a seed-stage institutional venture capital firm with over $150 million under management and a focus on "software beyond the screen"® startups. This includes B2B technology companies that utilize smart hardware or machine learning to solve business problems outside the reach of computers and smartphones.Prior to founding Ubiquity Ventures, Sunil spent the better part of a decade with Bessemer Venture Partners where his work included leading the seed rounds of Auth0 (acquired by Okta for $6.5 billion) and Zapier as well as investments in Rocket Lab (NASDAQ: RKLB), Spire (NASDAQ: SPIR), Velo3D (NYSE: VLD), Tile (acquired by Life360), and Twitch (acquired by Amazon for $1 billion). Before investing, Sunil was Founder and CEO of Triangulate, a VC-backed online dating startup using machine learning and behavioral data to improve matching accuracy. He has also worked at Bain & Company, Cisco, and Microsoft.Sunil holds an MBA from Harvard Business School and a BS in Computer Science from the University of North Carolina at Chapel Hill.In this episode we discuss:(01:45) Sunil’s journey into tech and investing(04:33) The decision to become a solo GP after spending his career in partnerships and team(09:56) How the first raise for Ubiquity went(13:23) LP segments(19:28) The types of founders that Sunil likes to back(22:25) Biggest lessons learned during his time in VC(24:54) Lessons from his anti-portfolio(28:37) Sizing your fund to be both small and nimble and large enough to write meaningful checks(31:33) The potential for AI(36:25) Navigating the hype cycles in VC(38:43) When to make exceptions in terms of ownership or check size(41:20) What the current VC market is like and how it might evolve(44:28) The advice he would give himself at the start of his careerI’d love to know what you took away from this conversation with Sunil. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We’re pleased to welcome Oren Zeev, Founding Partner at Zeev Ventures. Without a doubt, Oren is one of the titans in venture investing with nearly 30 years of experience and one of the most unique. Unlike traditional firms that have achieved scale, Oren remains a solo-GP, and has an authentic and refreshing view on venture investing. Today, he manages over $2B in Assets under management and has backed companies such as   Houzz, Audible, Chegg, TripActions, and Tipalti, among many others.About Oren Zeev: Oren calls himself a “One Man Venture Capitalist,” and TechCrunch says he is a hybrid between an Angel Investor and a traditional VC. Prior to founding Zeev Ventures, Oren was a part of the founding team of Apax Israel in 1995. In 2002 moved to the US and co-headed, and later headed, the Technology Practice of Apax and the Silicon Valley office.He began his career at IBM and got his Bachelors from the Israel Institute of Technology and his MBA from INSEAD.In this episode we discuss:(02:21) The original thesis behind Zeev Ventures(09:44) Why Oren has avoided growing beyond a solo-GP(15:05) How Oren pushes himself to prevent biases and evolve his thinking over time(18:50) Why fund vintage doesn’t matter(21:24) The reason why Oren can be aggressive with follow-ons(23:59) What type of support can founders expect(27:50) Being relevant to founders as a VC(30:26) Working with other VCs on board(32:47) Advice to companies that had 2021 valuations that may need to raise soon(37:03) Thoughts on this downturn(41:47) Why Venture is still a good long-term investmentI’d love to know what you took away from this conversation with Oren. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We’re joined by Stephanie Palmeri and Melody Koh, Partners at NextView Ventures. Nextview was founded in 2010 and recently raised $200MM for their new set of funds. Located in SF, NY, and Boston, the firm invests all across the US and has invested in over 170 companies at the seed-stage since its founding, including Devoted Health, Thread up, and Attentive. We had a great conversation about how NextView thinks about firm partnerships, what seed and pre-seed investing look like today, and what they believe it means to successfully work with founders. About Stephanie Palmeri:Stephanie is a Partner at NextView Ventures and is based in San Francisco. She focuses on the power of technology to positively transform how we live, work, learn, play, and care for our planet and each other. Her investments in the “Everyday Economy” have spanned many industries, including social commerce, circular retail, education, digital health, marketplaces, transportation, and finance. Previously, Stephanie was a partner at Uncork Capital, where she spent a decade investing in dozens of seed stage companies, including Poshmark ($POSH), Clever (aqu. by Kahoot!), Chariot (acq. by Ford), ClassDojo, Carrot Fertility, Hallow, Panorama Education, Phil, Wrapbook, and Wonderschool. Before venture investing, Stephanie worked as a technology consultant and marketer at Accenture, Estee Lauder, and several startups.Stephanie holds an MBA from Columbia Business School and a BS in Marketing and Management Information Systems, magna cum laude, from Villanova University.About Melody Koh:Melody is a Partner at NextView Ventures, based in its New York office. Prior to joining NextView, Melody was Head of Product at Blue Apron (NYSE: APRN). Melody joined Blue Apron as the first product hire when the company was 18 months old with 20 HQ employees. She helped scale the business through hyper-growth (25x in 3.5 years) and to its IPO.Previously, Melody was a Product Manager at Fab.com leading marketing & analytics products and the founder/CEO of a seed-funded wine subscription e-commerce service. Melody was also a venture investor at Time Warner’s strategic VC group and was one of six inaugural members of First Round Capital’s Product Co-op initiative. Melody began her career as a tech/media M&A investment banking analyst at Evercore Partners.Melody holds an MBA from the Harvard Business School and the University of Virginia.In this episode. we discuss:(01:54) Why NextView strives to not be a pack of lone wolves(03:35) How the carry economics of the firm drives a deeper partnership(06:57) Building firm culture with so many locations(11:21) How NextView uses strategic in-person time to remain connected(13:42) The benefits to founders by being more strategic in their investments(16:33) How the NextView model performed in the different market conditions over the last few years(21:04) What the moving goalposts of the market has meant to founders and investors(25:27) The advice they are giving founders to get through this difficult funding cycle(29:18) Why NextView sees themselves as invited guests and why that translates to happy founders(34:31) How they think about the growth and evolution of NextViewI’d love to know what you took away from this conversation with Stephanie and Melody. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we’re joined by Scott Kupor, Managing Partner at Andreessen Horowitz. Scott was the first employee of the firm alongside Marc Andreessen and Ben Horowitz. He has been instrumental in the firm’s growth to now having north of $35B in AUM. Scott also authored a Wall Street Journal bestselling book called Secrets of Sand Hill Road: Venture Capital and How to Get It, and previously also served as chairman of the board of the NVCA. Scott goes through the history of a16z and the learnings along the way in building the multi-product investment company it is today.Frank, Rimerman + Co.’s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 400 fund groups during their first year of operations, making us one of the leading providers in the country to emerging managers.No one wants to be bored at work. That’s why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.Frank, Rimerman + Co, Passion Works Here.www.frankrimerman.comAbout Scott Kupor:Scott Kupor is Managing Partner at Andreessen Horowitz, focused on growth-stage companies building in the bio and healthcare industries, manages the firm's investor relations team, and is responsible for the firm's growth initiatives. Scott was the first employee at Andreessen Horowitz and managed the firm's growth from $300 million in AUM to more than $30 billion. Prior to joining the firm, Scott worked Hewlett Packard, Opsware, and represented startups through M&A processes. Scott is the author of the Wall Street Journal bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It, and serves on the boards of Cedar, Headway, Foursquare, Labster, Ultima, and SnapLogic. He also served as chairman of the board for the National Venture Capital Association.Scott earned a bachelor’s degree and a JD from Stanford University.In this episode, we discuss:(02:24) Scott’s journey to a16z(04:52) Lessons from the dotcom bubble (08:29) Why the original thesis for a16z was so different(12:33) How Mike Ovitz and CAA inspired them(16:44) Early days building the firm and recruiting the team(20:26) Running the firm like a startup(25:58) Challenges of building and maintaining a culture(30:01) Building cohesion with a global workforce and work from home(33:18) What “founder-friendly” means at a16z(36:34) Advice for new managers(40:49) Where we are in the current market cycle(44:59) The advice Scott would give e himself as a new graduate.I’d love to know what you took away from this conversation with Scott. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week on the show we’re joined by Meghan Reynolds, partner and head of capital formation at Altimeter. Founded by Brad Gerstner in 2008, Altimeter has backed companies such as Snowflake, Unity, Gusto, and Modern Treasury. Prior to joining Altimer, Meghan worked in a variety of investor relations roles including TPG, Goldman Sachs, and JAZZ Ventures partners.She’s also quite prolific on Twitter with her insights on the LP world. This conversation was great as she went through the system she uses to form and maintain relationships with world-class LPs.A word from our sponsor:Venture capital firms and their investors have realized that a fund administrator without best-in-class technology is no longer acceptable. But experienced firms also know that when it’s crunch time and that capital call needs to go out now, no technology can replace the need for an expert, highly responsive fund accountant working with you. It’s time you talk with Juniper Square: the first technology-driven fund admin built for sophisticated venture capital firms. Learn more and request a call todayAbout Meghan Reynolds:Meghan is the Head of VC Capital Formation and Fundraising for Altimeter, a lifecycle technology investment firm. Prior to joining Altimeter, Meghan was Managing Partner and Co-head of Fundraising at TPG. She began her career and spent nearly a decade in the Investment Management Division of Goldman Sachs. ShMeghan is also currently a Venture Partner with JAZZ Venture Partners, an early stage Venture firm focused on the intersection of technology and human performance.Meghan graduated from the University of Notre Dame.In this episode we discuss:(02:42) Meghan’s career path that led her to Altimeter(05:40) How Meghan defines capital formation(10:33) Making decisions that allow the investment team to thrive while balancing LP interests(14:03) Building the right frameworks with LPs who may ultimately become long-term partners(17:03) Ways managers can differentiate outside of returns(19:44) Other factors that go into LP relationship management(23:16) The importance of transparency with your LPs(26:01) How LPs are reacting to current market trends(29:17) Using an LP Advisory Committee strategically(35:00) International sources of institutional capital(40:14) Fundraising advice for solo GPs(43:32) What to look for when hiring for a capital formation role(47:16) Predicting the market over the next 5 to 10 yearsI’d love to know what you took away from this conversation with Meghan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show we’re fortunate to be joined by Hunter Walk and Satya Patel, founders of Homebrew, a seed-stage firm founded over a decade ago that’s backed companies such as Chime, AngelList, and Gusto. Just over a year ago, Homebrew announced that it was moving away from a seed-focused traditional LP-backed fund to an open-ended evergreen structure that is funded from the proceeds of prior investments.Additionally, they are also leading up efforts of Screendoor, a fund of funds focused on supporting underrepresented fund managers by offering capital and counsel. Satya is coming back on the show for the second time, and it was fun to have Hunter on with him this time, as we dove deep into their learnings from building homebrew, what they look for when back fund managers, and their view on what makes a great partner for founders. This was a fun one, and we think you’ll really enjoy hearing their thoughts. Let’s now get right into it!A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Satya Patel:Satya Patel is a Founding Partner of Homebrew and Co-Founder of Screendoor. Prior to Homebrew, he was VP Product at Twitter, building and leading the Product Management and User Services teams. Before Twitter, he was a Partner at Battery Ventures, where he co-led the seed and early-stage investing practices. He joined Google in 2003 and was responsible for AdSense product management and partnerships.Before heading to Silicon Valley for Google, he worked for DoubleClick, in venture capital, and as a strategy consultant.He has a BS in Finance and a BS in Psychology from The University of Pennsylvania.About Hunter Walk:Hunter Walk is a Founding Partner of Homebrew and Co-Founder of Screendoor. Prior to Homebrew, Hunter led consumer product management at YouTube, starting when it was acquired by Google. He originally joined Google in 2003, managing product and sales efforts for AdSense, Google‘s contextual advertising business.His first job in Silicon Valley was as the founding product and marketing guy at Linden Lab.Before graduate school, he was a management consultant and also spent a year at Late Night with Conan O‘Brien. He has a BA in History from Vassar and MBA from Stanford University.In this episode we discuss:(03:32) The decision to move to an evergreen fund structure with Homebrew(07:32) The biggest constraints when early-stage fund sizes balloon(17:34) How to survive a down market and become a force multiplier on a cap table(24:58) The inspiration to start Screendoor(33:33) The type of managers they are looking to back at Screendoor(37:54) Patterns they’ve seen in great investors(42:13) The most important question they ask GPs(44:42) The biggest lessons from their time as investorsI’d love to know what you took away from this conversation with Satya and Hunter. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. I started Venture Unlocked to bring more transparency to firm building by bringing on guests whose unique insights and experts could help venture fund managers, limited partners, and founders with their journeys. This week, we have a special guest in Anubhav Srivastava, Founder and CEO of Tactyc, who saw the pain point managers were having in portfolio construction. Prior to Tactyc, managers often used excel spreadsheets and other methods for forecasting models. Tactyc is a dynamic software dashboard that makes ongoing portfolio modeling easy. Anyone who has listened to this show knows that portfolio construction is one of my favorite things to talk about, and Anubhav provided his data-driven insights on what he’s seeing on how emerging managers are modeling portfolios around number of companies, reserves, recycling, and follow-ons.Here is a completed dashboard that shows the Tactyc platform in action. You can also schedule a 1-on-1 demo with Anubhav, Tactyc's founder directly here.  We hope you enjoy my conversation with Anubhav.A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Anubhav Srivastava:Anubhav Srivastava is the Founder and CEO of Tactyc. He is a former bulge-bracket investment banker with extensive experience in M&A and financing transactions. Having spent more time than is healthy with Excel models, the idea for Tactyc was born out of his observations of how he saw people using (and misusing) Excel-based models.Prior to Tactyc, Anubhav was a Vice President at Evolution Media Capital and started his investment banking career at Deutsche Bank.Anubhav has an MBA in Finance from the Wharton School of Business and a B.S. in Electrical Engineering from Georgia Institute of Technology.In this episode we discuss:(02:26) Why Anubhav started Tactyc and what it does(05:10) The reason why using Excel becomes a pain point over time(08:10) How deeper portfolio analysis can give LPs peace of mind(10:55) Who has been more successful in raising over the last year(14:09) Trends of portfolio models in terms of initial valuation at the pre-seed, seed level today versus 2021(16:04) Changes in check sizes and dilution in recent months(18:04) How reserves and follow-ons have changed(19:36) The most important metric for a sub-$50 million fund(21:32) Portfolio strategies for nano-funds(23:32) How successful managers take emotions out of the equation in follow-on investments(26:46) What managers are seeing with follow-on MOIC hurdles(28:59) Why some managers are over-reporting to LPs to navigate this downturn(31:22) The biggest mistakes managers make in portfolio construction reporting(34:57) Understanding the difference between a management fee recycling and exit proceed recycling(36:53) Example of management fee recycling(39:08) What success for Tactyc looks like over the next 5-10 yearsI’d love to know what you took away from this conversation with Anubhav. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com