Fund Flow McGuireWoods

On this episode of Fund Flow, McGuireWoods’ Jon Finger sits down with Chad Summe, founder and managing partner at eGateway Capital, to discuss the changes brought by digitization and artificial intelligence, as well as how to build solid relationships with investment partners. 
“We all come from a lot of different experiences and backgrounds that contribute to the impact that we can make on our companies,” says Chad of his team. “But the common DNA at eGateway is to be of service in an impactful way to our partners.” 
At eGateway Capital, the team has its own M&A advisory services, an offering Chad believes is needed to best serve their portfolio companies. He sees M&A as an opportunity for companies to accelerate growth through strategic acquisitions. 
Chad and Jon discuss the lasting impacts of the pandemic on e-commerce and how these trends will affect future investments. Chad sees companies being more intentional in looking at their entire organizational structures, making conscious changes to embrace digital, and reinforcing their supply chain to prepare for the future. 
 
💡 Featured Guest 💡Name: Chad Summe
What he does: Chad is a Founding and Managing Partner at eGateway Capital. Before eGateway, he was Chief Operating Officer and Chief Strategy Officer for a fast-growing, publicly-held technology company. He also worked at Procter & Gamble, leading strategy and brand marketing in their Baby Care division. Chad began his career in the U.S. Navy’s Submarine Force. Chad graduated with Honors with a B.S. in Economics from the United States Naval Academy, and an MBA from Duke University’s Fuqua School of Business. Chad is eager to learn, loves to fly fish, and has a passion for volunteerism.
Organization: eGateway Capital
Connect: LinkedIn
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This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

On this episode of Fund Flow, McGuireWoods’ Jon Finger sits down with Andy Lee, founder and chief investment officer of Parallaxes Capital, the first firm to focus exclusively on monetizing tax receivable agreements as an investment strategy. Andy wanted to establish a firm that wasn’t afraid to think differently and take a long-term view on investments.
“We're not going to capture your run-of-the-mill investor. We're very focused on finding early adopters and demonstrating, and ultimately achieving, results for them,” Andy says. “We've not tried to raise scaled funds, not because we can’t. It's more so for us [that] each fund has given us the avenue through which we are able to solve a different problem set each time.”
Jon and Andy discuss how tax receivable agreements work, why they’re valuable, and how Andy built a fund focused on them. They also discuss what general partners need to consider when choosing to partner with limited partners, based on Parallaxes Capital’s approach to investments, and how finding LPs has changed from fund to fund.
 
💡 Featured Guest 💡Name: Andy Lee
What he does: Andy is the founder of Parallaxes Capital. Previously, he was with Lone Star Funds, focused on investing in the Americas. He began his career at Citigroup. He graduated from the University of Illinois at Urbana-Champaign with a Bachelor’s in Finance and Accountancy and a Master’s in Accountancy. Andy has been featured in publications including Capital Allocators, Institutional Investor, NBC, Forbes (as part of the 2020 Class of 30 under 30), ReOrg Radio, and Fitch’s LevFin Insights.
Organization: Parallaxes Capital
Connect: LinkedIn
ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode. 
This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

On this episode of Fund Flow from McGuireWoods, host Jon Finger sits down with William [Billy] Prather, founding partner and Chief Investment Officer of Cypress Creek Partners, to discuss market opportunities for emerging managers, what makes the Cypress Creek team successful, and building bridges with LPs. 
Billy had his first taste of the emerging market space at Blackrock and UTIMCO. These early experiences shaped his vision when founding Cypress Creek Partners. He intended it to be a firm focused on building long-term relationships.  
“Nobody has a crystal ball. Nobody knows that they're going to get to that ultimate vision. But having that shared vision directionally is important,” Billy says, describing one of the most important factors in choosing a partner. The other important quality in a partner is a clear willingness to listen and learn. After all, you can’t teach someone who already thinks they know everything.
Billy provides advice to GPs looking to fundraise in today’s environment. He likes to see partners who are on the same page and who have a shared agreement of what runway is acceptable. When vetting partners, it’s important to not lose sight of what matters — finding great LPs and great new investments. More experienced GPs can market themselves based on their current LPs and their rapport in the industry. 
During this episode, Billy shares his views on how Cypress Creek finds success, what he looks for in strong emerging managers, and trends he sees for upcoming partnerships. With a focus on the long-term, Billy also provides his outlook on the five to 10 year forecast for emerging managers, including increased expenses to run a firm and new opportunities for spin-outs. 
💡 Featured Guest 💡Name: William [Billy] Prather
What he does: William is the Founding Partner & Chief Investment Officer at Cypress Creek Partners. He has over 15 years of investment experience across global private and public markets with over $4 billion invested. 
Organization: Cypress Creek Partners
Connect: LinkedIn
ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode. 
This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Is there a world where investors can incorporate climate data in their investment mandates? Owen Woolcock and Rajeev Ranade, the co-founders of Climate Core Capital certainly think so. 
Combining traditional climate risk factors including flood, heat, fire, hurricane, and storm with unconventional readiness indicators to find low-risk and high-readiness markets shapes Climate Core Capital’s investment strategy. 
By thinking incongrously about environmental impacts such as tree canopy ratios and urban imperviousness, Climate Core Capital captures unique investment opportunities. 
“I'll give LPs a lot of credit in terms of how many of them have turned onto this notion of climate risk. It's kind of percolating around their institutions or their families. It may not be primetime, but it's sort of sitting in the back of their head,” Rajeev says.
In this episode, Owen and Rajeev discuss their evaluation of different characteristics for climate readiness, share insights on the ranking of various regions in America, and provide details about their selection process for development and operations partners in their investments.
When climate changes, everything changes. Other investors may commonly default their highest priorities to include economic factors first, but by doing so they miss an entire market of investment. By making their stand to bring climate factors to the forefront, Climate Core Capital not only assists in directing a struggling climate, but also discovers unique investment opportunities that would otherwise be overlooked. 
💡 Featured Guest 💡Name: Owen Woolcock
What he does: Owen is a partner at Climate Core Capital. He has worked over 15 years in international environment agreements, real estate, and family office services. Owen was formerly the COO of the Central London flexible office group and Research Director for Commodity Futures Trading Commission (CFTC).
Organization: Climate Core Capital LLC
Connect: LinkedIn
 
Name: Rajeev Ranade
What he does: Rajeev is a partner at Climate Core Capital. Prior to joining the team, he was a Managing Director at RCX Capital Group, a tech-driven real estate investment and merchant bank. Rajeev was also the Founder of Source Central, a web platform connecting capital to real estate opportunities, which was acquired by RCX.
Organization: Climate Core Capital LLC
Connect: LinkedIn
ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode. 
This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series...

According to Neil Keegan, co-founder and CEO of disruptive technology fund Marlinspike, it was his background in the Navy that shaped the mission-driven ethos of his firm. The fund focuses on innovative companies that are solving challenges around national security while also exploring creative commercial applications. 
Finding a company that is making the world a better place is what gets Neil and his partners really excited. The fund focuses on five key growth and innovation sectors — AI and analytics, autonomy, robotics, aerospace, and cyber. 
In this episode of Fund Flow, Neil and host Jon Finger discuss how he and his partners apply their previous military training to push for success, and channel their excitement into investments where the opportunity to have a huge impact across multiple sectors is evident. 
During this episode, Neil shares his views on where investment in privately-held companies in the space industry will be focused, citing SpaceX as an example of how space exploration is changing to be faster and more efficient. 
Neil also has advice for building relationships with LPs, overcoming hesitations that newer funds might encounter, and how to position your team for success. 
For someone looking to raise their first fund, Neil reminds them they need to be ready for a long haul. “It's not for the faint of heart,” he says. “You've got to really commit and fully understand why you're doing it. You've got to have that fire in your belly to do it.” 
 
💡 Featured Guest 💡Name: Neil Keegan
What he does: Neil is the co-managing partner and CEO at Marlinspike Partners. Before founding Marlinspike, he was the CEO of Roanoke Capital Management.
Organization: Marlinspike
Connect: LinkedIn
ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode. 
This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

For Sara Zulkosky, diversity is key to the strategy when it comes to investing in emerging managers. When she and her partner Courtney McCrea founded their LP, Recast Capital, they knew they wanted to center diverse emerging managers to give both LPs and diverse GPs better access to that market.
Recast Capital is not just an LP; its enablement program teaches emerging managers about fundraising, allowing Recast to support more of the emerging manager community than just those funds they can invest in. Not only has it serviced 65 funds — 82 percent of which are female-led, with 57 percent including at least one GP of color —  it has also reaped benefits for Recast as an LP.
“It's turned out to be, obviously, a very strong complement to our fund investment strategy,” Sara says. “The opportunity to support so many managers in market and really help accelerate their success has really been transformational for us too.”
Of course, smart investing is not just about diversity. Matching investors with general managers who hold similar values and can follow through on their promises are factors that can make or break the success of an emerging manager fund, Sara says.
In this episode of Fund Flow, host Jon Finger sits down with Sara for a conversation on why diversity is so important in the emerging manager space. They also discuss important factors that both LPs and GPs need to consider when entering partnerships, and expected trends for emerging managers in 2023.
 
💡 Featured Guest 💡Name: Sara Zulkosky
What he does: Sara is a co-founder and managing partner at Recast Capital, an LP fund emphasizing core values to empower and support the emerging manager community.
Organization: Recast Capital
Connect: LinkedIn | Twitter
ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode. 
This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.