VC Mastermind with Jacob Mullins by GPGPT

Jacob Mullins
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VC Mastermind is a podcast for venture capitalists who want to operate at the highest level — from fund strategy and LP dynamics to portfolio construction and liquidity. Each episode features candid, inside-the-room conversations with experienced GPs, LPs, and operators shaping the venture ecosystem. We go beyond surface-level trends to unpack how great firms actually make decisions — what works, what breaks, and what most people miss. Presented by GPGPT VC Mastermind is presented by GPGPT — the AI platform for venture capital and private equity professionals. GPGPT thinks like a GP, not a database. Try it at GPGPT.com.

Episodes

  1. 1d ago

    Building Inside a16z: Anish Acharya on Conviction, Theses, and Firm-Craft

    Building Inside a16z: Anish Acharya on Conviction, Theses, and Firm-Craft a16z General Partner Anish Acharya opens up the operating system inside Andreessen Horowitz: why the firm runs on single-decision-maker accountability, how junior investors earn the right to write their own checks, and why Mark and Ben pushed GPs to keep investing through the 2022 reset. He also makes the case against the SaaS apocalypse, explains why incumbents rarely win the new categories a platform shift creates, and shares the hard lessons that changed how he backs founders. Episode Synopsis & Show Notes Anish Acharya is a General Partner at Andreessen Horowitz, where he invests in consumer AI after earlier coverage of fintech and software at the firm. Before a16z, he was an engineer at Amazon, a two-time founder whose first company was acquired by Google, and a GM at Credit Karma. Having sat on the founder, operator, and GP sides of the table, Anish brings a rare inside view of how one of venture's largest platforms actually makes decisions — and why it was built to feel like a small firm replicated across specialist teams. Jacob and Anish start with mid-2022, when Mark and Ben sat the GP group down and told them to keep investing through the reset because vintage participation can matter as much as the companies inside it. Anish explains why incumbents rarely win the new categories a platform shift creates, and how a16z studies every company in a space before committing to one per category. He walks through the single-decision-maker model, why consensus rooms reward pitching over picking, and how junior investors earn check-writing trust by holding a higher bar than their GPs. On judgment, he covers the "weird and working" consumer screen, why data is more disqualifying than qualifying at the early stage, and his costliest pattern: passing on great founders with synthetic ideas. The conversation closes on the Abundance Agenda, why the SaaS apocalypse hasn't played out, and why smaller funds should take chips off the table for DPI while large platforms ride winners all the way through. This episode is built for GPs and emerging managers who want to see the decision architecture of a platform firm — and separate what transfers to a smaller fund from what doesn't. LPs will get a clear read on how a16z thinks about vintage discipline, DPI expectations, and investing through drawdowns. And for any investor building judgment in this cycle, Anish leaves a simple rule: you're not allowed to have an opinion on a product until you've built something with it. VC Mastermind is powered by GPGPT.com — the private capital AI platform built for how investors actually work. Chapter Markers 00:00 | From Waterloo and Amazon to a16z: how Silicon Valley turns outsiders into insiders03:51 | Why AI has re-centralized company building in San Francisco05:00 | Lessons from Credit Karma: inertia and extending your lead06:58 | Do you need to be a founder to be a VC?08:55 | Investing through 2022: Mark and Ben's push and vintage discipline10:37 | How a16z decides a market exists — without top-down theses11:53 | How emerging managers access cycle-tested wisdom12:55 | The single-decision-maker model15:50 | What people misunderstand about a16z17:40 | Platform shifts: why incumbents rarely win new categories20:20 | One company per category and the "weird and working" screen22:24 | Gut vs. data: the ten-minute decision25:06 | Platform shift or hype cycle? Being too early27:05 | The passes that stick: good founder, synthetic idea29:16 | The Abundance Agenda: consumer surplus, healthcare, software's YouTube moment34:56 | Anish's personal agent setup35:41 | Why the SaaS apocalypse hasn't happened37:30 | Liquidity and DPI: why smaller funds should sell38:46 | Counseling founders on M&A timing40:36 | Hard lesson: a company can't outgrow its founder's capacity41:14 | Advice for emerging managers: use every product, pick a strategy42:52 | Closing: the consumer peptide category

    Building Inside a16z: Anish Acharya on Conviction, Theses, and Firm-Craft

  2. Jun 9

    The New Rules of Seed Investing with Vanessa Larco of Premise

    Consumer-driven AI, DPI, founder preferences, and building a venture firm like a startup In this episode of VC Mastermind, Jacob Mullins sits down with Vanessa Larco, Founder and Partner at Premise and formerly a Partner at NEA, to discuss how seed investing is changing in the age of AI. Vanessa shares her path from product and operating roles at Microsoft, Twilio, and Box into venture capital, how her product background shaped her investing judgment, and why she ultimately left NEA to build a new firm from the ground up. Vanessa and Jacob dig into the structural shifts reshaping early-stage venture: why founder preferences have changed, how emerging seed managers are increasingly winning against multi-stage platforms, and why the SVB collapse created a lasting lesson for founders about whether they truly matter to the investors on their cap table. Vanessa also makes the case that pre-seed and seed funds may have a surprising liquidity advantage, with more natural opportunities to sell small portions of ownership into later rounds without creating the same negative signal that later-stage funds might face.  The conversation also explores AI’s impact on both company formation and venture firm formation. Vanessa argues that consumer adoption often pulls new technology into the enterprise, just as mobile and cloud did before, and that AI-native products are now forcing similar bottom-up change. She also shares what she learned from NEA about founder quality, diligence rigor, memos, and the apprenticeship nature of venture — and why she and her co-founder are building Premise with the mindset of startup founders, not just asset managers.  Key Takeaways  Why product judgment can be both an edge and a blind spot for early-stage investors  How founder preferences at seed have shifted away from defaulting to multi-stage funds  Why the SVB collapse changed how founders think about investor commitment  How seed funds may generate DPI earlier by selling small portions in later rounds  Why AI is creating a new consumer-to-enterprise adoption cycle  What large venture firms teach investors about founder quality and diligence discipline  Why venture remains an apprenticeship craft despite more data, software, and AI  How to choose a fund co-founder with the seriousness of choosing a life partner  What younger VCs should do now if they eventually want to start their own firmChapters 00:00 — Introduction 00:26 — Vanessa’s Path from Product to Venture 05:13 — The Product Investor’s Edge and Blind Spot 12:20 — Leaving NEA to Build Premise 14:38 — Why Founder Preferences Are Changing 19:05 — Is Seed More Liquid Than Later-Stage Venture? 24:42 — Why Memos Still Matter 29:23 — Why AI Makes Everything Up for Grabs 35:38 — Choosing a Fund Partner Like a Spouse 41:32 — Advice for Future Fund Founders Guest Vanessa Larco Founder and Partner, Premise Former Partner, NEA Former product and operating leader at Microsoft, Twilio, Box, and other technology companies Host Jacob MullinsFounder, GPGPT & VC MastermindManaging Director, Shasta Ventures  Presented by GPGPTVC Mastermind is presented by GPGPT — the AI platform for venture capital and private equity professionals. GPGPT thinks like a GP, not a database. Try it at GPGPT.com.

    The New Rules of Seed Investing with Vanessa Larco of Premise

  3. Apr 21

    Winning as an Emerging Manager: How to Build Credibility, Conviction, and LP Trust with Courtney McCrea of Recast Capital

    Courtney McCrea is the Co-Founder and Managing Partner of Recast Capital, a fund-of-funds and platform dedicated to backing the next generation of venture managers. With decades of experience investing in both blue-chip firms and first-time funds, Courtney brings a unique LP perspective on what truly drives outperformance and how emerging managers can build enduring franchises. In this episode, Courtney and Jacob explore the art and science of standing out in a crowded market—from shaping a compelling story arc and demonstrating authentic access, to developing a strategy that feels differentiated yet credible. She shares common pitfalls GPs make when pitching LPs, why emotional intelligence and operational polish matter, and how to maintain grace and persistence through the long fundraising journey. Finally, Courtney offers practical advice for navigating today’s challenging environment: how to right-size your fund, close capital efficiently, and find overlooked LP archetypes beyond the traditional endowment base. For any GP raising a fund or building toward institutional scale, this conversation delivers both high-level wisdom and tactical guidance straight from one of venture’s most respected LP voices.

    Winning as an Emerging Manager: How to Build Credibility, Conviction, and LP Trust with Courtney McCrea of Recast Capital

  4. 08/19/2025

    From $6M to $50M: A Resilient Solo GP’s Playbook for Differentiation & Scale with Samara Hernandez of C******a Ventures

    Samara Hernandez, Founding Partner of C******a Ventures, shares her journey from Goldman Sachs to launching her own venture firm in the Midwest. In this conversation, she reveals the spark that drove her to start C******a: a belief that great founders come from anywhere, combined with the conviction that overlooked geographies and demographics represent massive untapped opportunities. From her first $6M proof-of-concept fund to scaling a $52.9M institutional Fund II, Samara has built a differentiated investment strategy rooted in going earlier, leading rounds, and backing founders with unique lived experiences. She walks us through the realities of building as a solo GP, from finding her anchor investor almost by accident, to proving her thesis with small checks before scaling up her ownership strategy. Samara also shares tactical insights on working with institutional and non-traditional LPs, including corporates, family offices, and state treasurers, and how she positioned C******a to align with both regional development goals and later-stage VCs seeking differentiated deal flow. For emerging managers, her candid perspective on “just getting into business” and proving even a slice of the thesis is an invaluable playbook for raising and scaling a fund. Finally, Samara dives into timely topics that all GPs face today: liquidity and secondaries, the tradeoffs between following the LP “playbook” and pursuing true DPI, and why proactive relationship-building with bankers and PE funds matters even at pre-seed. Her reflections on staying in the game long enough to let fund-makers emerge, combined with her commitment to mentoring the next generation of investors, offer both practical and inspiring lessons. This episode is essential listening for GPs navigating fund strategy, LP alignment, and long-term firm building.

    From $6M to $50M: A Resilient Solo GP’s Playbook for Differentiation & Scale with Samara Hernandez of C******a Ventures

  5. 07/15/2025

    Hiring for the Next Cycle: How VCs Win Talent in a Competitive Market with Dan Miller of True Search

    In this episode, Jacob Mullins sits down with Dan Miller, Managing Director at True Search and one of the top recruiters for venture capital firms globally. Dan shares a rare inside look at how VC hiring has shifted—from boom to bust and back again—and how top firms are navigating today’s highly competitive market for investor talent, especially around seed-stage AI. He breaks down what’s changed in candidate profiles, why some GPs are winning by avoiding the consensus strategy, and how to tailor your pitch when you’re competing with firms like Sequoia, OpenAI, and Meta for the same small pool of people. The conversation also dives into recruiting strategy and execution—from scoping roles and structuring compensation, to deciding between hiring to “sustain” versus “extend” a firm’s strategy. Dan shares actionable benchmarks for comp and carry at every level, explains why sourcing is the biggest reason operator-hires often churn, and unpacks what the best GPs get right when working with search firms. Whether you’re a solo GP about to make your first hire or leading a multi-partner platform buildout, this episode is a blueprint for hiring intelligently in a rapidly evolving talent market.

    Hiring for the Next Cycle: How VCs Win Talent in a Competitive Market with Dan Miller of True Search

  6. 05/06/2025

    Unlocking Liquidity: Navigating the Complex World of VC Secondaries with Yannick Mir of Greenhill, a Mizuho affiliate

    In this episode of VC Mastermind, we delve into the intricacies of the secondary market with Yannick Mir, Director in the New York secondaries team at Greenhill, a Mizuho affiliate. Yannick provides a comprehensive overview of the secondary market, which was established about 25 years ago to offer liquidity to private equity assets. Last year, this market represented approximately $170 billion, serving as a powerful tool for GPs and institutional investors like pension funds, endowments, and family offices to manage their portfolios and investors' needs. Yannick explains the different structures available in secondary transactions, including continuation vehicles, tenders, staples, secondary directs, and structured solutions. He emphasizes that continuation vehicles are the most common, allowing managers to hold onto assets longer while giving existing LPs the option to reinvest or cash out. The conversation also touches on the importance of transferability analysis and fairness opinions in these transactions. Yannick advises GPs to consider the market conditions, fund performance, and LP expectations when deciding on a secondary structure. The discussion highlights the nuances of pricing in the secondary market, noting that discounts are not always negative but rather relative to market conditions and asset performance. Yannick also addresses common misconceptions about the secondary market and provides guidance on managing LP expectations and avoiding pitfalls during the process. The episode offers valuable insights for venture capitalists navigating the complex landscape of secondary transactions. The information contained in this podcast does not constitute research or recommendation from any Mizuho entity to the listener. Neither Mizuho nor any of its affiliates make any representation or warranty as to the accuracy or the completeness of the statements or any of the information contained in this podcast, and any liability therefor, including in respect of direct or indirect or consequential losses or damage, is expressly disclaimed. The views expressed in this podcast are not necessarily those of Greenhill or Mizuho, and Mizuho is not providing any financial, economic, legal, accounting, or tax advice, or recommendations in this podcast. In addition, the receipt of the podcast by any listener is not to be taken as the giving of investment advice by Mizuho, nor to constitute that person a client of any Mizuho entity.

    Unlocking Liquidity: Navigating the Complex World of VC Secondaries with Yannick Mir of Greenhill, a Mizuho affiliate

  7. 05/02/2025

    Generating DPI: How GPs Unlock Liquidity Through Single Asset Secondaries with Greg Capello, Jr. of Premier Alternatives

    In this episode of VC Mastermind, host Jacob Mullins sits down with Greg Capello, Jr. of Premier Alts to demystify the world of late-stage secondary and single-asset sales in the private markets. Greg shares insights from his extensive Wall Street background and explains how Premier Alts specializes in providing liquidity solutions for both buyers and sellers, particularly in high-profile, pre-IPO companies like SpaceX, Stripe, and Databricks. Greg discusses the evolving landscape of the secondary market, highlighting how company-sponsored liquidity events and GP-led transactions have become increasingly common as companies stay private longer. He breaks down the ideal characteristics of secondary deals, the types of buyers involved, and the typical transaction sizes, as well as the nuances of price discovery, deal structuring, and the role of platforms versus trusted brokers. Listeners will gain practical advice on navigating the complexities of secondary sales, including how to approach pricing, the importance of discretion, and the value of working with experienced partners. Whether you’re a GP seeking liquidity for your fund or an LP considering a sale, this episode offers a comprehensive guide to today’s dynamic secondary market.

    Generating DPI: How GPs Unlock Liquidity Through Single Asset Secondaries with Greg Capello, Jr. of Premier Alternatives

  8. 05/01/2025

    Optimizing Aging Portfolio Outcomes through Harvest Management with Matt Krna of Two Meter Capital

    In this episode of VC Mastermind, host Jacob Mullins interviews Matt Krna, founder and managing partner of Two Meter Capital, to explore the emerging field of “harvest management” for venture portfolios. Drawing on two decades of experience in venture capital and growth investing, Matt explains how Two Meter Capital partners with GPs, secondary firms, family offices, and corporate venture arms to help manage large, complex portfolios of direct investments—especially as companies stay private longer and portfolios grow increasingly unwieldy. Matt details the services Two Meter Capital provides, from tracking portfolio company performance and writing reports, to identifying secondary sale opportunities, assisting with follow-on rounds, and supporting annual audits and valuations. He shares insights on when GPs should consider bringing in outside help—typically when managing legacy portfolios becomes a persistent drag on resources, or when firms are deciding whether to raise another fund or wind down operations. The conversation also covers the economics of harvest management, the ideal client profile, and how Two Meter Capital’s tech-enabled approach can add value without replacing the GP’s core decision-making role. Listeners will gain a practical understanding of the challenges facing today’s venture funds as the industry matures, and how specialized partners like Two Meter Capital can help optimize outcomes for both established and emerging managers. Whether you’re a GP stretched thin by a growing portfolio or a family office grappling with legacy investments, this episode offers actionable advice for navigating the evolving venture landscape.

    Optimizing Aging Portfolio Outcomes through Harvest Management with Matt Krna of Two Meter Capital

  9. 04/30/2025

    The Secret to Startup M&A: How To Set Your Companies Up for Big Outcomes with Ezra Roizen of Advsr

    In this episode of VC Mastermind, host Jacob Mullins sits down with Ezra Roizen, General Manager of Advsr and author of "The Magic Box Paradigm," to demystify the world of startup mergers and acquisitions (M&A). Drawing on decades of experience as both an entrepreneur and investment banker, Ezra shares his unique framework for maximizing M&A outcomes, emphasizing that successful startup exits are driven not by a traditional sales process, but by building strategic relationships and unlocking future value for acquirers. Ezra introduces the "Magic Box Paradigm," a visual and practical approach that helps founders and investors focus on the unique value their company can unlock for specific buyers—what he calls the "purple squares." He explains why M&A is fundamentally different from fundraising, how to avoid the pitfalls of a sales-driven mindset, and why starting early with strategic relationship-building is key. The conversation covers actionable advice for VCs and board members on how to guide their portfolio companies, the importance of thought leadership, and how to navigate both strategic and private equity exits. Listeners will come away with a fresh perspective on startup M&A, including when to bring in advisors, how to structure deals creatively, and why conventional wisdom—like relying on competitive bidding or rushing to term sheets—often falls short. Whether you’re a founder, investor, or board member, this episode offers a masterclass in preparing for and executing high-impact M&A outcomes.

    The Secret to Startup M&A: How To Set Your Companies Up for Big Outcomes with Ezra Roizen of Advsr

  10. 04/21/2025

    Demystifying GP-led Secondaries with Sara Stinnett of DLA Piper

    In this episode of VC Mastermind, host Jacob Mullins sits down with Sara Stinnett, partner at DLA Piper and a leading expert on GP-led secondaries, to demystify one of the hottest topics in venture capital today. Sarah shares her journey from M&A attorney to secondaries specialist, and explains how the secondaries market has evolved from a niche, “hush-hush” solution for zombie funds to a mainstream tool for providing liquidity and managing VC fund life cycles. Sara breaks down the mechanics and motivations behind GP-led secondary transactions, including continuation vehicles, tender offers, and NAV loans. She discusses why these deals are increasingly popular, how they can help GPs crystallize carry, reset team incentives, and provide follow-on capital for portfolio companies. The conversation covers the importance of aligning with LPs, running a competitive process to determine fair pricing, and navigating complex tax and regulatory considerations—especially for venture funds. Listeners will gain actionable insights on when a GP-led secondary makes sense, how to structure these transactions, and what pitfalls to avoid. Whether you’re a fund manager considering liquidity options or an LP curious about the process, this episode offers a comprehensive, practical guide to the fast-evolving world of venture secondaries.

    Demystifying GP-led Secondaries with Sara Stinnett of DLA Piper
  • 10 Episodes

About

VC Mastermind is a podcast for venture capitalists who want to operate at the highest level — from fund strategy and LP dynamics to portfolio construction and liquidity. Each episode features candid, inside-the-room conversations with experienced GPs, LPs, and operators shaping the venture ecosystem. We go beyond surface-level trends to unpack how great firms actually make decisions — what works, what breaks, and what most people miss. Presented by GPGPT VC Mastermind is presented by GPGPT — the AI platform for venture capital and private equity professionals. GPGPT thinks like a GP, not a database. Try it at GPGPT.com.

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