44 min
Behind the Scenes of General Catalyst: The VC Firm's Financial Operations with CFO, Mark Allen "Turpentine Finance" with Sasha Orloff | Startup Finance, Leadership, CFO Strategy
-
- Management
Ever wondered what the financial operations look like when you have billions in AUM at a top-tier VC firm?
In this episode, Sasha sits down with Mark Allen, CFO at General Catalyst. Mark discusses the non-obvious complexities of managing billions in assets across hundreds of portfolio companies, from capital reserve strategies, geographical breakdowns, to reporting requirements. He shares candid insights on navigating intense moments like the Silicon Valley Bank collapse, tech innovations being adopted by VC firms, how being a fund’s CFO comprises two roles of being CFO of a fund and a firm, advice for CFOs coming to pitch at General Catalyst, and much more.
This show is a part of the Turpentine podcast network. Learn more: www.turpentine.co
---
SPONSORS:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS:
https://www.generalcatalyst.com/team/mark-allen
X/SOCIAL:
@sashaorloff (Sasha)
@generalcatalyst
TIMESTAMPS:
(00:00) Preview + Intro
(02:37) Mark Allen’s Journey to Being CFO of General Catalyst (GC)
(06:23) How the VC business model works
(08:44) Power law and reserves
(08:44) FP&A at a fund and capital reserve strategies
(11:20) Investment mix / geographical jurisdictions
(14:05) How GC maintains line of sight into their portfolio companies
(14:51) Sponsor: Attio
(17:04) Tools that Mark uses and revolutions in tools for CFOs
(19:12) Using AI for DDQs
(21:23) Inflection points in GC’s history
(24:19) Transition from hundreds of millions to billions of dollars in AUM
(26:01) Critical decision points for GC and Mark
(30:14) Sponsor: Turpentine
(30:58) Advice for CFOs on building trust with their leadership
(33:03) The importance of relationships as a CFO
(36:20) How General Catalyst’s work culture has changed after the pandemic
(39:18) Biggest misconceptions about being CFO at VC fund
(41:26) Advice for CFOs pitching to VCs
(42:26) Wrap
Ever wondered what the financial operations look like when you have billions in AUM at a top-tier VC firm?
In this episode, Sasha sits down with Mark Allen, CFO at General Catalyst. Mark discusses the non-obvious complexities of managing billions in assets across hundreds of portfolio companies, from capital reserve strategies, geographical breakdowns, to reporting requirements. He shares candid insights on navigating intense moments like the Silicon Valley Bank collapse, tech innovations being adopted by VC firms, how being a fund’s CFO comprises two roles of being CFO of a fund and a firm, advice for CFOs coming to pitch at General Catalyst, and much more.
This show is a part of the Turpentine podcast network. Learn more: www.turpentine.co
---
SPONSORS:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS:
https://www.generalcatalyst.com/team/mark-allen
X/SOCIAL:
@sashaorloff (Sasha)
@generalcatalyst
TIMESTAMPS:
(00:00) Preview + Intro
(02:37) Mark Allen’s Journey to Being CFO of General Catalyst (GC)
(06:23) How the VC business model works
(08:44) Power law and reserves
(08:44) FP&A at a fund and capital reserve strategies
(11:20) Investment mix / geographical jurisdictions
(14:05) How GC maintains line of sight into their portfolio companies
(14:51) Sponsor: Attio
(17:04) Tools that Mark uses and revolutions in tools for CFOs
(19:12) Using AI for DDQs
(21:23) Inflection points in GC’s history
(24:19) Transition from hundreds of millions to billions of dollars in AUM
(26:01) Critical decision points for GC and Mark
(30:14) Sponsor: Turpentine
(30:58) Advice for CFOs on building trust with their leadership
(33:03) The importance of relationships as a CFO
(36:20) How General Catalyst’s work culture has changed after the pandemic
(39:18) Biggest misconceptions about being CFO at VC fund
(41:26) Advice for CFOs pitching to VCs
(42:26) Wrap
44 min