Superclusters - The Emerging LP Podcast

Superclusters by David Zhou
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  • 一周一更

Superclusters is a podcast designed to help the emerging LP think like an established LP allocating to venture capital as an asset class. Our goal is to answer one question: How do the world's wealthiest institutions and individuals pick VC firms to invest in?

  1. The Seneca of Investing | Jacob Miller | Superclusters | S6E4

    4小时前

    The Seneca of Investing | Jacob Miller | Superclusters | S6E4

    “There’s this thing called alpha, which is returns driven by skill not market return. And when you start to think about what does that mean, skill means you’re doing something that other people aren’t. You have to be different from the average. What can drive that? How are you going to have that be positive expected value? You need to have unique information, unique insight, unique access, or get uniquely lucky." — Jacob Miller Jacob Miller is the Co-Founder and Opto’s Chief Solutions Officer, a key figure in its leadership team and central to its growth strategy. He spearheads initiatives for Opto's fiduciary partnerships and the systemization of institutional-quality private markets investment techniques and programs. Before co-founding Opto, Miller spent nearly five years as an investor at Bridgewater Associates. Miller has a passion for sensible long-term investing, systematizing investment processes, and distilling complex market dynamics into clear, logical linkages that help people better understand their investments. Having managed money for family and friends since he was 16, Miller is a certified market junkie. While he has a background in macroeconomics and high-yield debt, he finds the challenges and opportunities in the private markets space far more interesting and important, both for investors and society. You can find Jacob on his socials here: LinkedIn: https://www.linkedin.com/in/jacob-m-08b32967/ OUTLINE: [00:00] Intro [01:49] Why did Jacob start investing at 8 years old? [07:20] The fallacies of storytelling [08:49] Inputs, framework, and outputs [09:21] Jake's mental framework for alpha [12:31] Pete Soderling's unique access [13:49] Jacob on defense tech VCs [14:57] How does Jacob underwrite relationships in defense? [16:30] How do you know if someone's been preaching a story before it became a story? [20:16] The difference b/w an opinion and an insight [23:07] Why does Jacob write? [25:42] Running with Joe Lonsdale at 8:30AM [29:12] 2 wildly different billionaires [31:48] What does Jacob want for the world? [36:23] What keeps Jacob humble? Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    41 分钟
  2. Helpful is a 10-Letter Word | Eric Sippel | Superclusters | S6E3

    10月13日

    Helpful is a 10-Letter Word | Eric Sippel | Superclusters | S6E3

    “I hate checklists. I like outlines. I don’t like checklists. A checklist says ‘I have to have this, and then I’m good. An outline is ‘This is my starting point. These are the kinds of things I want to talk about or kinds of things I need to look at.” — Eric Sippel Eric Sippel currently runs his family office and is an active investor in and adviser to many venture capital, private equity, hedge and real estate funds. He is a member of the RAISE Global selection and steering committees (the premier emerging VC manager conference) and often speaks to emerging venture manager groups. Previously, Eric was the COO of Eastbourne Capital Management, a multi-billion dollar hedge fund firm, and a Partner at Shartsis, Friese & Ginsburg, where he was a nationally recognized hedge fund and venture capital lawyer. Eric serves on more than a dozen LPACs and has served on many for profit and non-profit boards. You can find Eric on his socials here: LinkedIn: https://www.linkedin.com/in/eric-sippel-976770/ OUTLINE: [00:00] Intro [02:13] Why Eric's name on LinkedIn is lowercase? [02:44] Oceanside [04:18] Eric's grandfather and education in the family [07:06] Basketball [07:58] Eric's first venture fund investment in 1996 [12:05] How does Eric invest below the minimum check size requirement? [14:51] How to decide your LP check size [17:47] Today, when does Eric invest in a new GP? [21:14] Time x capital 2x2 matrix [24:32] Tough conversations with Eric [27:00] The minimum viable value-add for LPs who write small checks [32:02] Eric's most impactful mistakes [35:11] How do you know if a GP is GOOD at adding value? [43:42] How many other funds in the same space does Eric look at before investing? [46:36] Breaking down Eric's deal flow [49:35] How many references does Eric do? [50:27] Who does Eric trust for LP references? [52:34] Other references for diligence [55:23] How does Eric approach a founder reference? [59:09] Biggest lessons from CIA training [1:05:16] Mike's Pizza [1:06:18] If everything were to change tomorrow, what would Eric photograph? Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1 小时 5 分钟
  3. The Most Frequent VS Most Important LP Conversations | El Pack w/ Adam Marchick | Superclusters

    10月6日

    The Most Frequent VS Most Important LP Conversations | El Pack w/ Adam Marchick | Superclusters

    Adam Marchick from Akkadian Ventures joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on 3 GPs at VC funds to ask 3 different questions. Cocoa VC's Carmen Alfonso Rico asks what belief Adam held firmly for years but changed his mind recently on. Good Trouble Ventures' AJ Thomas asks about how GPs can better communicate risk to first-time LPs. 1517 Fund's Danielle Strachman asks about the world view Adam has that shapes his investing thesis. Over the past twenty years, Adam Marchick has had unique experiences as a founder, general partner (GP), and limited partner (LP). Most recently, Adam managed the venture capital portfolio at Emory’s endowment, a $2 billion portfolio within the $10 billion endowment. Prior to Emory, Adam spent ten years building two companies, the most recent being Alpine.AI, which was acquired by Headspace. Simultaneously, Adam was a Sequoia Scout and built an angel portfolio of over 25 companies. Adam was a direct investor at Menlo Ventures and Bain Capital Ventures, sourcing and supporting companies including Carbonite (IPO), Rent The Runway (IPO), Rapid7 (IPO), Archer (M&A), and AeroScout (M&A). He started his career in engineering and product roles at Facebook, Oracle, and startups. You can find Adam on his socials here: X / Twitter: https://x.com/adammStanford LinkedIn: https://www.linkedin.com/in/adammarchick/ And huge thanks to Carmen, AJ, and Danielle for joining us on the show! OUTLINE: [00:00] Intro [01:22] The anatomy of a good story [02:26] The job of an annual summit [05:35] How often does VC change? [07:25] Narratives LPs are looking for at GPs' AGMs [08:25] "20% overall revenue growth in the portfolio is NOT exciting" [09:01] What founders talk about at an AGM [14:01] How does Adam spend time at an AGM [17:48] Enter Carmen and Cocoa VC [19:35] What did Adam change his mind about [21:09] How does an LP assess GP NPS? [22:16] Picking on-sheet references [24:33] The origin of Cocoa VC [26:08] What is Carmen's superpower? [27:09] What does Carmen want from her LPs? [29:09] The best answers to "what do you want from your LPs?" [31:29] Controversial decisions for the LPAC [33:39] Enter AJ and Good Trouble Ventures [34:25] Communicating risk to your LPs [35:58] What about to first-time LPs? [38:06] Where do first-time LPs come from? [39:50] What inspired AJ's question? [42:14] Is the convo different if LPs reach out vs you reach out? [43:45] The timing of LP conversations: most frequent vs most important [45:59] The trust equation [47:45] How to scale trust with LPs [51:35] How has GPs built trust with Adam? [53:29] How often does Adam keep in touch with his GPs? [56:06] Enter Danielle and 1517 Fund [58:38] What is Adam's mental model? [1:01:43] How does Adam define low entry prices? [1:03:25] Tracking trends as an LP [1:06:55] 80-20 portfolio construction [1:10:37] Would 1517's thesis 15 years ago count as market risk? [1:14:12] Adam's last piece of advice [1:15:46] Akkadian Ventures and RAISE Global [1:17:06] David's favorite moment from Adam's earlier episode Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1 小时 22 分钟
  4. NO Diligence is Ever Enough | Anurag Chandra | Superclusters | S6E2

    9月29日

    NO Diligence is Ever Enough | Anurag Chandra | Superclusters | S6E2

    “There are a thousand ways to put lipstick on the pig and there are a thousand skeletons [in the closet]. I’ve only seen five or six because I’ve only seen three startup experiences. And so you need to deputize as many people as you possibly can to essentially triangulate.” — Anurag Chandra Anurag Chandra has spent over two decades in Silicon Valley as an investor, operator, and allocator. He has helped lead four venture capital funds, managing over $2.0B in aggregate AUM. Anurag has also been a senior executive in three enterprise technology startups, two of which were sold successfully to public companies. He is currently the CIO of a single-family office with an attached venture studio and a Trustee for the $4.5B San Jose Federated City Employees Retirement Fund, serving as Vice Chair of the Board, and Chair of its Investment and Joint Personnel Committees. You can find Anurag on his socials here: LinkedIn: https://www.linkedin.com/in/anchandra/ X / Twitter: https://x.com/achandra41 OUTLINE: [00:00] Intro [02:10] Why is what Anurag is wearing a walking contradiction? [06:08] The man without a home, but comfortable in everyone's home [10:17] The Stanford Review [12:55] The four @%#-holes of America [20:13] How did Anurag schedule regular coffee with Mark Stevens? [25:31] Mark Stevens' advice to Anurag about staying top of mind [26:42] How often should you email someone to stay in touch? [30:33] Why should you be an asymmetric information junkie? [34:21] Where should you find asymmetric information in VC? [36:02] The 'Oh Shit' board meeting [40:09] How San Jose Pension Plan views GPs [43:55] Defining the 'venture business' [49:09] Process drives repeatability [54:06] How San Jose Pension Plan built their investment process from scratch [58:43] What is a risk budget? [1:01:52] What did San Jose Pension Plan do about their risk budget? [1:05:05] The people who changed Anurag [1:11:10] Post-credit scene Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1 小时 14 分钟
  5. How to Not Get Fired When Changing Your VC Strategy | El Pack w/ Beezer Clarkson | Superclusters

    9月22日

    How to Not Get Fired When Changing Your VC Strategy | El Pack w/ Beezer Clarkson | Superclusters

    Beezer Clarkson from Sapphire Partners joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on four GPs at VC funds to ask four different questions. Precursor Ventures' Charles Hudson asks what is the one strongly held belief about emerging managers that she no longer believes is true. NextView Ventures' Stephanie Palmeri asks how much should an established firm evolve versus stick to their guns. Humanrace Capital's Suraj Mehta asks what the best way to build brand presence is. Rackhouse Venture Capital's Kevin Novak asks if you've deployed your capital faster than you expected, what's the best path forward with the remaining capital you have left? Beezer Clarkson leads Sapphire Partners‘ investments in venture funds domestically and internationally. Beezer began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network, which then had $7 billion under management across 16 venture funds worldwide. In 2016, Beezer led the launch of OpenLP, an effort to help foster greater understanding in the entrepreneur-to-LP tech ecosystem. Beezer earned a bachelor’s in government from Wesleyan University, where she served on the board of trustees and currently serves as an advisor to the Wesleyan Endowment Investment Committee. She is currently serving on the board of the NVCA and holds an MBA from Harvard Business School. You can find Beezer on her socials here. Twitter: https://twitter.com/beezer232 LinkedIn: https://www.linkedin.com/in/elizabethclarkson/ Check out Sapphire's latest breakdown on if venture is broken: https://www.linkedin.com/pulse/venture-broken-what-2000-priced-early-stage-rounds-tell-clarkson-sjvjc/ And huge thanks to Charles, Suraj, Steph, and Kevin for joining us on the show! OUTLINE: [00:00] Intro [01:22] Where does Beezer's advice come from? [04:03] Charles and Precursor Ventures [04:47] What's something Beezer used to believe about seed stage venture that she no longer believes in [08:04] Why did Charles choose to bet on pre-seed companies? [10:21] What did LPs push back on when Charles was starting Precursor? [12:18] Definition of early stage investing today [14:38] Steph and NextView Ventures [18:13] When do you stick your knitting or move on from the past as an established firm? [30:48] Is venture investing in AI fundamentally different than investing in other types of companies? [32:52] Does competition for a deal mean you've already lost it? [36:09] Suraj and Humanrace Capital [36:54] How should emerging managers build their brand? [38:38] The audience most emerging managers don't focus on but should [40:39] How much does visible brand presence matter? [43:47] Useful or not: Media exposure in the data room [45:40] Backstreet boys [46:37] Kevin and Rackhouse Venture Capital [47:28] What Kevin is best known for [48:03] Updated fund modelling when you're ahead on your proposed deployment period [58:00] The typical questions Beezer gets on LPACs [1:03:22] Is venture broken? [1:06:41] David's favorite Beezer moment from Season 1 Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1 小时 10 分钟
  6. How to Read Investors Like a Book | Thorsten Claus | Superclusters | S6E1

    9月15日

    How to Read Investors Like a Book | Thorsten Claus | Superclusters | S6E1

    “You need to make space for weird types of conversations to happen on the fringes that really inform you what’s going on at the frontier.” — Thorsten Claus Thorsten Claus is a venture investor and builder with more than 15 years of private equity and venture capital experience. He has raised nine funds, managed over $4.8B across global platforms, and led or overseen more than 120 direct investments, generating returns of 3x–7x net to investors. His current work focuses on dual-use technologies at the intersection of defense, security, and national resilience. Guided by the discipline of Howard Marks, the systems-level thinking of the Consilience Project, and a commitment to internalizing externalities, he invests in teams and technologies that strengthen sovereign capability and long-term societal stability. Beyond capital, Thorsten is a hands-on builder. He machines defense-critical and space components, restores historic race engines, and writes on production systems and resilience at blog.thinkstorm.com. This grounding in physical production complements his investment practice, keeping judgment tied to real-world constraints. You can find Thor on his socials here:LinkedIn: https://www.linkedin.com/in/thorstenclaus/X / Twitter: https://x.com/thinkstorm OUTLINE: [00:00] Intro [02:31] Downhill skateboarding [05:58] How do you see behind a corner when downhill skateboarding? [07:42] Hill hunting [10:15] How long does it take to go down the Sierras? [11:41] The most important part of the body for downhill skateboarding [16:02] David's dumb question of the day [17:25] The accident that pivoted Thor's life [19:34] The first race car Thor bought [20:51] Why Thor is a terrible race car driver? [23:52] How did Thor come to use the race oil that Porsche Racing uses? [24:59] The 3 things you need to welcome fringe conversations [27:07] Just another David misattribution [27:34] Truth is difficult these days [29:20] How do you prioritize which advice to take? [30:33] Thor's weird definition of risk [31:59] How do you know if someone is giving you authentic advice? [34:40] How does Thor understand someone's past without asking about it? [39:42] Lessons from fictional storytelling in diligencing GPs [43:22] Questions and responses that reveal a GP's past [46:10] Books that Thor read to ask better questions [49:18] What is the USMC Christmas Tree? [53:40] The Christmas Tree in an investor's portfolio [57:49] Can beggars be choosers? [1:00:41] The difference between capital formation and fundraising [1:03:00] Production vs product for a GP [1:06:54] Thor and cardistry [1:10:21] What are moments that reminds Thor we're still in the good old days? [1:13:50] The post-credit scene Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1 小时 17 分钟
  7. How to Increase Dialogue with your LPs | El Pack w/ Kelli Fontaine | Superclusters

    8月11日

    How to Increase Dialogue with your LPs | El Pack w/ Kelli Fontaine | Superclusters

    Kelli Fontaine from Cendana Capital joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions. The Council's Amber Illig asked what happens when a solo GP is incapacitated or passes away. Oceans Ventures' Steven Rosenblatt asked why most LPs follow the decision-making of other LPs. NeuCo Academy's Jonathan Ting asked what LPs think about GPs asking for help. From investing in great fund managers to data to investor relations, Kelli Fontaine is a partner at Cendana Capital, a fund of funds who’s solely focused on the best pre-seed and seed funds with over 2 billion under management and includes the likes of Forerunner, Founder Collective, Lerer Hippeau, Uncork, Susa Ventures and more. Kelli comes from the world of data, and has been a founder, marketing expert, and an advisor to founders since 2010. You can find Kelli on her socials here: X/Twitter: https://x.com/kells_bells LinkedIn: https://www.linkedin.com/in/kellitrent/ And huge thanks to Amber, Steven, and Jonathan for joining us on the show! OUTLINE: [00:00] Intro[01:26] Kelli's new data discoveries[04:32] How did Kelli underwrite a manager with no LinkedIn?[06:19] Is too much data ever a problem?[08:18] Vintage year benchmarking[09:49] Telltale signs on GPs' social profiles[10:57] Data Kelli wishes she could collect[15:59] Enter Amber and her new podcast[18:08] Amber's background and The Council[19:08] How does Amber define top companies?[24:25] How can a solo GP set the firm up well in case they're no longer there?[26:11] Kelli's number one fear with solo GPs[28:30] Best practices for generational transfers[32:28] Solo GPs and their future plans[36:51] Enter Steven and Oceans[42:38] Would Kelli ever include AI summaries as part of the get-to-know-someone phase?[44:18] Why do LPs follow other LP's decision-making?[48:43] What are the traits of an LP who is likely to have independent thinking?[51:16] Why don't LPs talk directly with founders?[57:59] Enter Jonathan and NeuCo Academy[1:00:05] Is Kelli seeing more secondaries firms?[1:01:56] How often should GPs lean on LPs for help?[1:07:22] Are most LPs helpful?[1:12:21] What kinds of questions does Kelli get from her own GPs?[1:15:39] Kelli's last piece of advice Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

    1 小时 24 分钟
  8. 81% of America is Underfunded | Vijen Patel & Grady Buchanan | Superclusters | S5PSE1

    8月4日

    81% of America is Underfunded | Vijen Patel & Grady Buchanan | Superclusters | S5PSE1

    “19% of our GDP attracts about 55% of capital inflows, aka venture activity, and 81% is underinvested.” – Vijen Patel Vijen Patel is an entrepreneur and investor. He founded The 81 Collection, a high growth equity firm in boring industries. Previously, he founded what is now known as Tide Cleaners. He bootstrapped what eventually became the largest dry cleaner in the country (1,200 locations) before selling to Procter & Gamble in 2018. Before Tide Cleaners, he worked in private equity, McKinsey & Company, and Goldman Sachs. He lives in Chicago with his wife and two kids. You can find Vijen on his socials here:LinkedIn: https://www.linkedin.com/in/vijenpatel/X / Twitter: https://x.com/itsvijen Grady Buchanan is an institutional and risk-based asset allocation professional with a passion for bringing venture capital to those who have the interest. He founded NVNG in late 2019 and oversees investment strategies, the firm’s venture fund pipeline, manager sourcing, due diligence, and external events. Before launching NVNG, Grady worked with the Wisconsin Alumni Research Foundation’s (WARF) $3B investment portfolio, focused on private equity and venture capital initiatives, including fund diligence, investment strategy, and policy. Grady is based in Milwaukee, WI. You can find Grady on his socials here:LinkedIn: https://www.linkedin.com/in/gradynvng/X / Twitter: https://x.com/GradyBuchanan OUTLINE: [00:00] Intro[02:41] The pressure of quitting a PE job for dry cleaning[05:09] Vijen's self talk as a founder[06:50] How to overcome doubt[09:00] How Vijen learned customer success[10:35] What did Pressbox become?[12:41] The dichotomy between society's needs and what gets funded[14:19] How did Grady go from selling pancakes to being an LP?[23:51] Why did Grady think he bombed the LP interview?[29:15] What is The 81 Collection?[32:22] How did Vijen meet Grady?[34:39] How is Vijen fluent in Spanish?[36:40] How did Grady meet Vijen?[42:21] How did Grady underwrite 81 Collection?[44:44] What about Vijen made Grady hesitate?[48:35] What's one thing about 81 Collection that could've gone wrong?[50:33] The 3 things that create alpha[52:42] Why does NVNG have the coolest fund of funds' names?[53:47] The legacy Grady plans to leave behind[56:06] The legacy Vijen plans to leave behind Follow David Zhou for more Superclusters content:For podcast show notes: https://cupofzhou.com/superclustersFollow David Zhou's blog: https://cupofzhou.comFollow Superclusters on X: https://x.com/SuperclustersLP

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Superclusters is a podcast designed to help the emerging LP think like an established LP allocating to venture capital as an asset class. Our goal is to answer one question: How do the world's wealthiest institutions and individuals pick VC firms to invest in?

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