Superclusters - The Emerging LP Podcast

Superclusters by David Zhou
  • 5.0 (10)
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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?

  1. How Value Add Differs in PE vs VC | Julia Rees Toader

    5D AGO

    How Value Add Differs in PE vs VC | Julia Rees Toader

    "In private equity, some of the older tricks about just picking on more leverage are not going to work as well now because rates are higher. We need to have more focus on operational improvement and margin expansion. And in venture, you’re not expected to have good margins.” — Julia Rees Toader Julia Rees Toader is the Founding Partner of PrinCap, an independent investment portfolio strategy firm working with institutions and individuals on manager selection, asset allocation, and strategic advisory. Prior to PrinCap, she was the Head of Portfolio Strategy and Head of Relationship Management at Heritage Holdings, a multi-family office. Before Heritage, Julia was the head of Portfolio Strategy at Goldman Sachs Asset Management ($3Tr assets under supervision). She and her team advised sovereign wealth funds, pensions, financial advisory firms, private banks, and other long-term asset owners on asset allocation. She studied mechanical engineering and computer science at Princeton University and is a CFA charterholder. Before Goldman Sachs, she worked on M&A and business development for an early-stage medical device biotech firm. You can find Julia on her socials here: LinkedIn: https://www.linkedin.com/in/julia-rees-toader-cfa-22871030/ OUTLINE: (00:00) Intro (01:38) A 'happy accident' at 16 (04:03) Julia's first startup experience (06:32) Why did Julia join Goldman Sachs? (07:30) When did Julia's appreciation for finance start? (08:05) Conversations around the Rees and Toader dinner table (09:48) Finance vs mechanical engineering (13:26) On exceptional talent (15:18) How to keep a cool head when you're successful (20:19) Do small emerging managers outperform? (22:27) How do you know if a GP is founder-friendly? (23:39) The bad pitch meeting (25:00) Value adds in PE vs VC (29:49) Difference between PE vs VC portfolio construction models (31:19) Timelines to return in PE and VC (33:17) Secondaries (34:34) The ethics of continuation vehicles (36:07) The subscription ask (36:40) Are all secondaries created equal? (38:30) What is 10+1+1? (40:32) Hedge funds looking like private market funds (41:16) What do you do when you have $3B? (44:43) What is home country bias? (46:40) How do you know you're overweighted on allocation? (47:15) The endowment effect in secondaries (48:32) Leaderless investment committee sessions (49:52) The merits of GP stakes (54:10) Why private credit is interesting (56:21) The duration of GP stakes (57:36) The duration of hedge fund GP stakes (58:11) How much GP stake is worth it? (1:00:33) Hedge funds: How much is a good GP stake? (1:02:00) How much is the max an LP wants to own of a hedge fund? (1:03:12) Tax structuring is another form of alpha (1:06:52) Cheetos Pelotazos (1:09:15) Advice to women in finance (1:12:28) Post-credit scene: Age of Empires, Starcraft, and Zelda Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters For Superclusters After Hours: https://superclusterslp.substack.com/ Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1h 19m
  2. Does a VC's Value-Add Even Matter? | Stacey Kline & Ben Gallacher

    MAY 11

    Does a VC's Value-Add Even Matter? | Stacey Kline & Ben Gallacher

    “GPs over-index on how that value-add ties into a portfolio strategy.” — Stacey Kline Stacey Kline and Ben Gallacher are co-founders of February Capital, a fund-of-funds dedicated to providing access to the best in venture. Prior to starting February, they've each held roles as professional athletes, corporate lawyers, startup founders, emerging managers themselves, family office allocators, just to name a few. We spend much of this episode talking about their backgrounds that led them to where they are today, but also on why Stacey and Ben spend so much time underwriting emerging managers' value-adds, as well as their controversial take on it. You can find Stacey on her socials here: LinkedIn: https://www.linkedin.com/in/staceykline/ You can find Ben on his socials here: LinkedIn: https://www.linkedin.com/in/benjamingallacher/ OUTLINE: (00:00) Intro (04:03) Why did it take 22 months to set up fund of funds in Canada? (07:22) Toughest moments when building February Capital (10:12) How did Ben know he wanted to be an LP? (12:58) How did Stacey know she wanted to be an LP? (16:53) The doctor's advice no one expected (18:32) Ben's first NO from Stacey (23:06) Why is it called February Capital? (23:58) What is the role of the LP today? (27:59) What Ben and Stacey look for in GPs (31:08) When does non-consensus thinking lead to portfolio divergence? (36:28) How much portfolio overlap is fair for February? (39:31) How large is February's portfolio? (43:17) Picking an ecosystem vs picking an investor (46:24) What types of GPs did Stacey change her mind on? (47:56) Underwriting a GP's story (49:44) Stacey's controversial take on value-adds (53:07) Why value-adds affect sourcing (57:10) Examples of negative value-add (59:19) Refreshing your value add (1:03:36) An example of when GP and founder incentives are misaligned (1:05:12) The February Capital OS you don't see Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters For Superclusters After Hours: https://superclusterslp.substack.com/ Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1h 14m
  3. The 3 Big Family Office Transitions That No One Talks About | JD Montgomery Part 2

    MAY 4

    The 3 Big Family Office Transitions That No One Talks About | JD Montgomery Part 2

    “To whom much is given, much is expected.” — JD Montgomery JD Montgomery leads the Family Office division at Canterbury Consulting and is a seasoned advisor with nearly four decades of experience serving prominent families with a focus on strategy, organization and measurement. Based in Newport Beach, he serves a select group of multi-generational families and helps them navigate the complexities of wealth, purpose, and legacy. Mr. Montgomery partners with his clients to help them optimize the allocation of their resources across generations. Over the years, Mr. Montgomery has developed a deep network of relationships in the venture capital industry. He has helped his clients gain meaningful exposure to venture funds and direct investments and develop relationships with leading innovators and investors globally. He is a Managing Director, shareholder, and board member at Canterbury Consulting. He graduated from Stanford University and holds the Chartered Alternative Investment Analyst (CAIA) designation. You can find JD on his socials here: LinkedIn: https://www.linkedin.com/in/jd-montgomery-6161341b/ OUTLINE: (00:00) Intro (02:00) The definition of family offices (03:01) Generation 1 vs 2 (06:25) Building a family office at Gen 1 (07:48) The 3 considerations for succession planning (11:14) The "why" of succession planning (12:59) Building self-esteem in children (17:14) How do you help children choose their long-term passions? (20:16) When should next gen of family offices know how rich they are? (23:35) How do next gen family office members first get exposure to VC? (32:25) When do you give next gens influence over the family's capital? (35:28) What % of the family capital should you give a next gen? (37:42) The ask (38:09) The hard and soft issues of wealth (42:41) How often do next gens inherit their parents' support system? (46:35) How does a GP know how sophisticated an FO is? (53:43) How does an advisor know an FO's sophistication? (59:10) Sophisticated simplicity (59:50) When's the last time JD's OS changed? (1:05:23) Post-credit scene: Time is a construct Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclustersFor Superclusters After Hours: https://superclusterslp.substack.com/ Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1h 9m
  4. What Makes a VC Inevitable | Sam Huleatt

    APR 27

    What Makes a VC Inevitable | Sam Huleatt

    “Lower barriers to entry doesn’t mean higher probabilities of success.” — Sam Huleatt Sam Huleatt is the co-founder of The Side Letter, a platform driving network-based research for capital allocators. Prior to The Side Letter, he created and ran the The LP Institute at VC Lab, as well as let On Deck Angels at On Deck. Moreover, he's a serial founder, active angel investor in over 35 companies, and an active allocator in emerging fund managers, including the likes of Notation Capital, Orange Fund, Inuka Capital, Asylum Capital, and more. You can find Sam on his socials here: LinkedIn: https://www.linkedin.com/in/samhuleatt/ X / Twitter: https://x.com/samhuleatt OUTLINE: (00:00) Intro (01:34) Sam's childhood (03:24) The most persistent myth about Sam he never bothered to correct (05:47) Bottom-up vs top-down investor (13:37) Can career VCs develop empathy for the founder (18:43) Traits of someone who should definitely start a fund (26:45) Traits of someone who should NEVER start a fund (28:09) Air of inevitability (33:44) Why was Outlander VC inevitable? (36:11) Where should 60% of your Fund I capital come from? (41:47) Starting a VC fund is hard (44:46) Do LPs like GP accelerators? (51:35) Top 3 considerations for first-time LPs (58:03) How many GPs should 1st-time LPs meet? (1:01:06) Governing law of VC: Adverse selection (1:04:40) Incentive alignment on fees (1:06:36) Terms in LPAs vs side letters (1:11:16) What is The Side Letter? Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters For Superclusters After Hours: https://superclusterslp.substack.com/ Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1h 20m
  5. "I Write-Off Every Sourcing Slide" | Alex Felman

    APR 20

    "I Write-Off Every Sourcing Slide" | Alex Felman

    “The game you play as you’re building a reputation becomes a different game than when you have a reputation. And I tend to find, from an LP’s perspective, when you’re building reputation, that’s actually when you deliver the most value.” — Alex Felman Alex Felman is an entrepreneurial and family office professional. For over 10 years, as a second-generation member, he has run his own family office, Felman Family Office, and works with family offices around the world through his family's multifamily group, MSF Capital Advisors. Using his expertise in Molecular Toxicology and Bio-entrepreneurship (B.A from University of California -Berkeley, MBA from Copenhagen Business School), he advises them in biotechnology, healthcare, and other futuristic tech industries with the goal of maintaining long-term wealth through innovation. He regularly speaks at family office and private wealth events on topics such as tech investment, manager selection, generation and succession issues, rising generation trends, and more. He has used his experience within the family office industry and 20 year background as an educator to create Exponential U, a family office education program designed to help families become multigenerationally sustainable. His proprietary L^3 framework (Learn, Leverage, Legacy) allows the holistic development of family members to ensure a smooth leadership transition. You can find Alex on his socials here: LinkedIn: https://www.linkedin.com/in/alexwfelman/ OUTLINE: (00:00) Intro (04:36) The 'tastemaker' for family offices (05:54) Exploration vs discipline (08:15) The hero's journey in investing (09:49) The life line (13:39) Building and having reputation (16:06) Risk appetites for asset owners & allocators (18:44) Why won't an institution invest in me? (19:50) The quiet thing LPs don't talk about (25:15) When did Alex get involved with his family office? (29:09) Writing off sourcing slides (35:33) Different flavors of "sourcing from YC" (38:41) Emerging GPs are "investments-as-a-service" (40:08) Fund power law is greater than startups' (43:44) Emotional value of investing in funds (44:45) Most VC funds are scams! (50:01) Optimistic cynic (51:43) Reminders today about the good ol' days (54:17) Late stage capitalism (59:10) Post-credit scene: Dave Chappelle and podcasts Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters For Superclusters After Hours: https://superclusterslp.substack.com/ Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on X: https://x.com/SuperclustersLP

    1h 7m
  6. "Venture is a Who Business, Not a What Business" | JD Montgomery

    APR 13

    "Venture is a Who Business, Not a What Business" | JD Montgomery

    “One thing that is unique to private equity and venture capital is persistence is a little easier because of the brand. ‘They did good deals, so therefore, the good deals come to find you.’ If you were in a long-only private equity shop or hedge fund, Amazon is not going to come find you because you invested in Shopify.” — JD Montgomery JD Montgomery leads the Family Office division at Canterbury Consulting and is a seasoned advisor with nearly four decades of experience serving prominent families with a focus on strategy, organization and measurement. Based in Newport Beach, he serves a select group of multi-generational families and helps them navigate the complexities of wealth, purpose, and legacy. Mr. Montgomery partners with his clients to help them optimize the allocation of their resources across generations. Over the years, Mr. Montgomery has developed a deep network of relationships in the venture capital industry. He has helped his clients gain meaningful exposure to venture funds and direct investments and develop relationships with leading innovators and investors globally. He is a Managing Director, shareholder, and board member at Canterbury Consulting. He graduated from Stanford University and holds the Chartered Alternative Investment Analyst (CAIA) designation. You can find JD on his socials here: LinkedIn: https://www.linkedin.com/in/jd-montgomery-6161341b/ OUTLINE: [00:00] Intro [02:18] The "some day" exercise [11:12] Why does JD do "some day" every 6 months? [12:33] JD's life line [16:44] When JD is 85 years old... [18:05] JD's relationship with fatherhood despite the trauma [22:40] Annual dad report cards [25:33] Intentionality with GPs [28:41] How to avoid one-hit wonders [33:43] How to transfer self-esteem [36:05] How do you get GPs off of their talk track? [37:36] Non-obvious things JD looks for in GPs [41:43] Is selling 0.2X DPI in the first 4 years meaningful? [44:27] Should you recycle capital or deploy out of the next fund? [46:34] Why did JD choose to work with families? [48:07] "Never eat alone" [51:34] How does JD think about time allocation? [55:06] How many new GPs does JD meet with? [59:07] How did JD pass on then back Founders Fund? [1:03:22] The difference between unexplored gold veins and rotting trash [1:08:13] Mayan Mocha at Austin's Picnik [1:08:58] JD's secret street taco recipe [1:11:09] JD's reminder that we're still in the good ol' days [1:13:20] Post-credit scene: No garlic and onions 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

    1h 17m
  7. Peter Walker as You've Never Seen Him Before | Peter Walker | Superclusters | S6PSE3

    12/29/2025

    Peter Walker as You've Never Seen Him Before | Peter Walker | Superclusters | S6PSE3

    “You’re making decisions in an incomplete vacuum. What I think many people should do more of, in terms of those mental models, is frame it in the reverse. Which of these decisions am I going to make that is the most regret-minimizing? That I have the least likelihood of regretting later on in life, assuming that in most cases, I will be wrong.” — Peter Walker The holiday season has always been a great time to celebrate the movers and shakers in our world. This season we're celebrating my personal favorites in the VC and startup world. This episode, it's with my man, Peter Walker, who creates some of the industry's most talked charts and graphics around the ebbs and flows of tech innovation. Peter Walker runs the Insights team at Carta, where he works to make startups a little less opaque for founders, investors, and employees. Prior to Carta, he was a marketing executive for the media analytics startup PublicRelay and led a data visualization team at The Atlantic magazine. He lives in San Francisco, but you can find him on LinkedIn (see links below). You can find Peter on his socials here: LinkedIn: https://www.linkedin.com/in/peterjameswalker/ X / Twitter: https://x.com/PeterJ_Walker OUTLINE: [00:00] Intro [02:52] Peter's first brush with entrepreneurship [11:49] 996 work culture [17:11] Peter's disclaimer on his data [21:27] Regret-minimization when investing [24:24] One example of regret-minimization [26:07] How does Peter choose which conferences to go to [29:33] Conference panels are often bad [36:22] The incongruencies of what GPs say publicly and privately [41:43] Peter's first data visualization [44:18] Why is soccer underrated in the US? [46:10] What great lengths has Peter gone for his friends? [48:21] One worrisome trend we're going to see in 2026 [52:18] One optimistic trend to look forward to in 2026 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

    56 min
  8. The Most Disappointing Podcast You'll Ever Listen To (ft. Allie Garfinkle)

    12/22/2025

    The Most Disappointing Podcast You'll Ever Listen To (ft. Allie Garfinkle)

    Warning: This is a brief-ish, but hopefully entertaining intermission from the usual Superclusters programming. When we passed the 50th episode mark more than a few episodes ago, Tyler (my editor) and I thought it'd be interesting to record an episode where I change seats. Instead of me asking the questions, someone else would ask me questions. And I couldn't imagine any better person to do so than my good friend, Allie, who in my humble opinion, is one of the best interviewers alive today. Allie Garfinkle is a senior finance reporter for Fortune, covering venture capital and startups. She authors Fortune’s weekday dealmaking newsletter Term Sheet, hosts the Term Sheet Podcast, and co-chairs Fortune Brainstorm, a community and event series featuring an annual retreat in Deer Valley, Utah. A regular contributor to BBC’s Business Matters podcast, Allie is also a frequent moderator at major conferences such as SXSW. Before joining Fortune, she covered Amazon and Meta at Yahoo Finance and helped produce Emmy-nominated PBS Frontline business documentaries, including Elon Musk’s Twitter Takeover and The Power of the Fed. A graduate of The University of Chicago and New York University, Allie currently resides in Los Angeles. You can find Allie on her socials here: LinkedIn: https://www.linkedin.com/in/alexandra-garfinkle1/ X / Twitter: https://x.com/agarfinks OUTLINE: [00:00] Intro [02:01] Art [09:39] Competition [17:49] Paleontology [18:14] Allie's Tiki mugs [22:49] How has VC evolved? [29:41] Evaluating risk [43:04] Why is it important for VCs to stay in touch? [47:10] Are there reliably good investors? [53:09] Young GPs in market [54:58] How useful is education that come via public talks? [57:50] Does your niche fund size make sense for the market? [1:01:16] Is there too much venture capital? [01:05:24] How much of VC is art vs science? [1:07:18] What's going on in Allie's world? [1:09:45] Post-credit scene: Receipts 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

    1h 12m
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About

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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