Superclusters - The Emerging LP Podcast

Superclusters by David Zhou
  • 5.0 (10)
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  • UPDATED WEEKLY

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

    1H AGO

    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
  2. 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
  3. "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
  4. "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
  5. 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
  6. 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
  7. Timeless VS Just-In-Time Lessons | Earnest Sweat & Alexa Binns | Superclusters | S6PSE1

    12/15/2025

    Timeless VS Just-In-Time Lessons | Earnest Sweat & Alexa Binns | Superclusters | S6PSE1

    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 LP world. To start this mini-holiday series off, Earnest Sweat and Alexa Binns runs one of the most popular podcasts on venture capital limited partners, Swimming with Allocators. I was also fortunate enough to be on their podcast as well as a bonus crossover episode. You can find Earnest on his socials here: LinkedIn: https://www.linkedin.com/in/earnestsweat/ X / Twitter: https://x.com/EarnestSweat You can find Alexa on her socials here: LinkedIn: https://www.linkedin.com/in/alexabinns/ X / Twitter: https://x.com/alexabinns OUTLINE: [00:00] Intro [02:09] Alexa's earliest relationship with money [03:28] Earnest's earliest relationship with money [04:45] Earnest's first major purchase [06:41] Alexa's first major purchase [08:25] The difference between public speaking and interviewing [12:19] Memorable guests on the SwA podcast [14:46] To do or not to do in-person interviews [18:05] Evolution of YouTube titles [20:04] Why err towards evergreen content? [22:30] Was SwA designed for LPs or GPs? [24:12] How did Earnest and Alexa meet? [24:56] How did Swimming with Allocators start? [27:21] The Pandora's Box of intros [28:02] Alexa's 3 buckets for LP investing [30:12] What is 'coming soon' for Earnest and Alexa? [36:58] Post-credit scene: Spider-Man & Investors as Avengers 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

    42 min
  8. When Do You Know If You've Grown Up as a VC? | El Pack w/ Ben Choi | Superclusters

    12/08/2025

    When Do You Know If You've Grown Up as a VC? | El Pack w/ Ben Choi | Superclusters

    Ben Choi from Next Legacy 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. Gilgamesh Ventures' Miguel Armaza, also host of the incredible Fintech Leaders podcast, asks Ben what is the timing of when a GP should consider raising a Fund III. Similarly, but not the same, Strange Ventures' Tara Tan asks when an LP backs a Fund I, how do they know that this Fund I GP will last till Fund III. Arkane Capital's Arkady Kulik asks how one should think about building an LP community, especially as he brings in new and different LP archetypes into Arkane's ecosystem. Ben manages over $3.5B investments with premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning three decades in the technology ecosystem. Ben’s love for technology products formed the basis for his successful venture track record, including pre-PMF investments in Marketo (acquired for $4.75B) and CourseHero (last valued at $3.6B). He previously ran product for Adobe’s Creative Cloud offerings and founded CoffeeTable, where he raised venture capital financing, built a team, and ultimately sold the company. Ben is an alum and Board Member of the Society of Kauffman Fellows (venture capital leadership) and has also served his community on the Board of Directors for the San Francisco Chinese Culture Center, Children’s Health Council, Church of the Pioneers Foundation, and IVCF. Ben studied Computer Science at Harvard University before Mark Zuckerberg made it cool and received his MBA from Columbia Business School. Born in Peoria, raised in San Francisco, and educated in Cambridge, Ben now lives in Los Altos with his wife, Lydia, three very active sons, and a ball python. You can find Ben on his socials here: X / Twitter: https://x.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/ OUTLINE: [00:00] Intro [05:05] Ben's 2025 Halloween costume [06:44] Jensen Huang's leather jackets [07:24] Jensen Huang's answer to Ben's one question 10:05] Enter Miguel, Gilgamesh Ventures, Fintech Leaders [14:43] What are good signals an LP looks for before a GP raises a Fund III? [22:35] Why does Ben say 'established' starts at Fund IV? [25:08] Who's the audience for Miguel's podcast? [27:52] In case you want more like this... [28:32] Enter Tara and Strange Ventures [32:46] How does Ben know a Fund I will become a Fund III? [36:53] How does Ben know if a GP will want to build an enduring career? [40:58] How does Tara share a future GP she'd like to work with to Ben? [42:43] Marriage and divorce rates in America [43:34] What should a Fund I do to institutionalize? [46:28] Should you share LP updates to current or prospective LPs? [48:57] Enter Arkady and Arkane Capital [51:09] How does one think through LP-community fit? [1:01:31] What's Arkady's favorite board game? [1:03:08] Ben's last piece of advice to GPs [1:09:50] My favorite Ben moment on Superclusters 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 15m
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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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