Superclusters - The Emerging LP Podcast

Superclusters by David Zhou
  • 5,0 (6)
  • INVESTIMENTOS
  • SEMANAL
Superclusters - The Emerging LP Podcast

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. Talent Networks are your Greatest Asset | Adam Marchick | Superclusters | S4E9

    HÁ 2 DIAS

    Talent Networks are your Greatest Asset | Adam Marchick | Superclusters | S4E9

    “When investing in funds, you are investing in a blind pool of human potential.” – Adam Marchick 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 this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:14] Who is Kathy Ku? [06:20] Lesson from Sheryl Sandberg [06:39] Lesson from Justin Osofsky [07:46] How Facebook became the proving grounds for Adam [09:26] The cultural pillars of great organizations [10:40] When to push forward and when to slow down [12:39] Adam's first investment: Dell [14:20] What did Adam do on Day 1 when he first became an LP [17:00] Emory's co-investment criteria [20:02] Private equity co-invests vs venture co-invests [21:15] Teaser into Akkadian's strategy [23:03] Underwriting blind pools of human potential [29:03] Why does Adam look at 10 antiportfolio companies when doing diligence? [32:11] What excites and scares Adam about VC [35:36] Engineering serendipity [37:52] Where is voice technology going? [39:45] How does Adam think about maintaining relationships? [43:20] Thank you to Alchemist Accelerator for sponsoring! [44:20] If you enjoyed this season finale, it would mean a lot if you could share it with 1 other person who you think would love it! 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

    45min
  2. The Dao of Investing in VC Funds | Jay Rongjie Wang | Superclusters | S4E8

    6 DE JAN.

    The Dao of Investing in VC Funds | Jay Rongjie Wang | Superclusters | S4E8

    “The first layer is setting up your own strategy. The second layer is portfolio construction. How do you do your portfolio construction based on the strategy you set out to do? And then manager selection comes last. Within the portfolio construction target, how do you pick managers that fit that ‘mandate?’” – Jay Rongjie Wang Jay Rongjie Wang is the founding Chief Investment Officer of Primitiva Global, where she runs a family-backed Multi-asset Strategy. She also works extensively with emerging VC managers, and sits on the Selection Committee of Bridge Funding Global. Jay's background uniquely combines software engineering (at the world's largest fintech platform) and institutional investing (at top funds including Fidelity and Sequoia), as well as general management (3x executive in tech startups). Jay has lived in 5 different countries across 9 major cities, giving her a global perspective. Jay obtained her B.A and M.Sci in Physics from Cambridge University and M.B.A from INSEAD. In 2023 she was listed as an Entrepreneurial Pioneer Under 35 by Hurun Wealth. You can find Jay on her socials here: LinkedIn: https://www.linkedin.com/in/wangrongjie/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [04:12] Life atop a Daoist mountain [10:27] Qigong and tai chi [12:21] What is dao? [19:18] The weapon that Jay specializes in [21:08] Why did Jay leave the Daoist temple? [24:24] The motivations behind Jay's career shifts [30:05] The difference between underwriting a VC fund and a fund-of-funds [33:08] How does Jay get to know a fund manager? [36:31] The 3-layer process for building an allocation strategy [38:01] Picking the initial asset class [45:29] How much Jay allocates to venture [48:43] What does "reasonably diversified" mean? [49:15] Figuring out the portfolio construction model [54:59] At what point do you stop maximizing for portfolio returns? [56:57] How Jay calculates a 200X target return on direct investments [57:53] Data on returns as a function of portfolio size [1:01:42] The biggest challenge once you've picked your strategy [1:04:40] Selecting the right fund managers [1:14:17] The difference between guqin and piano [1:18:42] Intuition versus discipline [1:24:08] Post-credit scene [1:27:47] Thank you to Alchemist Accelerator for sponsoring! [1:28:48] If you enjoyed this episode, it would mean a lot if you could share it with one friend who'd also get a kick out of this! 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

    1h30min
  3. The Pension Fund Perspective on Buyout Strategies | Charissa Lai | Superclusters | S4E7

    30/12/2024

    The Pension Fund Perspective on Buyout Strategies | Charissa Lai | Superclusters | S4E7

    “Diversification is your one free lunch.” – Charissa Lai Charissa has experience in Investing, Strategy and Relationship Management across Private Equity and Investment Banking. She's gained global perspective from having worked and lived in South Africa, England, Canada, China and the USA. Her expertise includes selecting fund managers and co-investments, developing alternatives strategies and building relationships. She's a recipient of 2016 Women in Capital Markets Emerging Leaders Award with CPPIB. She serves as a Board Director at the Toronto Humane Society. Charissa holds an MBA from Northwestern University and an HBSc. from University of Toronto. You can find Charissa on her socials here: LinkedIn: https://www.linkedin.com/in/charissa-lai/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:51] When Charissa first met the Dalai Lama [07:08] Charissa's early career [08:02] Charissa's rejection from her dream job [11:01] Why did Charissa switch from computer science to investment banking [12:16] How Charissa became an LP [14:24] Pinch-me moments for Charissa [16:04] Building the investment process for a $70B pension fund [18:37] The duration of partner roles is quite telling [20:58] Assessing buyout track records [25:01] Buyout loss ratios [26:36] When buyouts and VC are getting more and more similar [28:19] The value of vintage diversification [32:51] How Charissa thinks about personal portfolio allocation [40:22] The one VC fund that Charissa invested in[42:53] Charissa's beer can chicken [47:13] What memory does Charissa cherish? [49:26] Post-credit scene [54:38] Thank you Alchemist Accelerator for sponsoring! [55:39] If you enjoyed this episode, a like, comment, or share would mean the world! 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

    57min
  4. The 4 P's to Evaluate GPs | Charlotte Zhang | Superclusters | S4E6

    23/12/2024

    The 4 P's to Evaluate GPs | Charlotte Zhang | Superclusters | S4E6

    “Executional excellence can get you to being great at something – let’s call that top quartile – but it really is passion that distinguishes the best from great – top decile.” – Charlotte Zhang As the director of investments, Charlotte Zhang oversees the selection of external investment managers, conducts portfolio research, and helps to institutionalize processes, tools, and resources. Experienced in impact investing, she previously served as a senior associate at ICONIQ Capital and, before that, Medley Partners. Investing on behalf of foundations affiliated with family offices, her investments supported a variety of nonprofit work, from early childhood education to autism research. Charlotte was a founding partner of Seed Consulting Group, a California-based nonprofit that provides pro bono strategy consulting to environmental and public health organizations, and currently serves on the Women’s Association of Venture and Equity’s west coast steering committee and as a Project Pinklight panelist for Private Equity Women Investor Network. She is also on the advisory boards of MoDa Partners, a family office whose mission is to advance the economic and educational equity of women and girls, and 8090 Partners, a multifamily office consisting of families and entrepreneurs across diverse industries that is currently deploying an impact investment fund. Charlotte earned a BS with honors in business administration from the University of California, Berkley. When not working, you can find her globetrotting (18 countries and counting), writing a Yelp review about the best bite in town, or cuddling up with a book and her two adorable cats. You can find Charlotte on her LinkedIn here: LinkedIn: https://www.linkedin.com/in/charlotterzhang/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:56] Charlotte's humble beginnings [07:02] Lessons as a pianist [10:23] Lessons from swimming that piano didn't teach [14:52] How Charlotte became an LP [17:44] Where are emerging managers looking for deal flow these days? [21:23] Reasons as to why Inatai may pass on a fund [24:35] The 4 P's to Evaluate GPs [29:26] How small is too small of a track record? [34:42] How do you build a multi-billion dollar portfolio from scratch [39:43] The minimum viable back office for an LP [42:03] Underrated Bay Area restaurants [47:01] Thank you to Alchemist Accelerator for sponsoring! [48:02] If you learned something from this episode, it would mean a lot if you could share it with ONE friend! 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 Twitter: https://twitter.com/SuperclustersLP

    49min
  5. The Holiday Special | Nakul Mandan and Ben Choi | Superclusters | S4PSE1

    16/12/2024

    The Holiday Special | Nakul Mandan and Ben Choi | Superclusters | S4PSE1

    “VC is more about the ground game than the air game.” – Nakul Mandan “Entrepreneurs think it’s going to be like the Michael Keaton version, and the good ones, they actually have to work through the Christopher Nolan version of Batman.” – Ben Choi Nakul Mandan is the founder of Audacious Ventures. Audacious is a seed stage venture firm managing ~$250M. Audacious' foundational belief is that ultimately startup success comes down to two key ingredients: Large markets and A+ teams. Accordingly, the Audacious team focuses on two jobs: 1/ Invest in force of nature founders; 2/ Help them recruit an A+ team. Then they get out of the way. Prior to founding Audacious, Nakul was a GP at Lightspeed. Some of the companies Nakul has backed over the last decade include: Gainsight, People.ai, WorkOS, Multiverse, Marketo, 6Sense, BuildingConnected, Vartana, Tezi and Maxima, amongst others. You can find Nakul on his socials here: X / Twitter: https://x.com/nakul LinkedIn: https://www.linkedin.com/in/nakulmandan/ Personal Website: https://www.nakulmandan.com/ ~~~~ Ben Choi manages over $3B investments with many of the world’s premier venture capital firms as well as directly in early stage startups. He brings to Next Legacy a distinguished track record spanning over two decades founding and investing in early-stage technology businesses. Ben’s love for technology products formed the basis for his successful venture track record, including early stage 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 engaged member of the Society of Kauffman Fellows and has been named to the Board of Directors for the San Francisco Chinese Culture Center and Children’s Health Council. 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 Palo Alto with his wife, Lydia, and three very active sons. You can find Ben on his socials here: X / Twitter: https://x.com/benjichoi LinkedIn: https://www.linkedin.com/in/bchoi/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [04:14] Why is Nakul fascinated by Batman? [06:41] Does entrepreneurial motivation often come from inspiration or frustration? [10:33] Nakul's childhood and early upbringing [14:37] How Nakul grew from introvert to extrovert [16:19] Did Ben see the ambition in Nakul from the day they first met? [18:19] How did Ben's parents' work in Chinatown influence Ben as a teenager? [22:47] How did Ben and Nakul meet? [28:50] Would Nakul have raised in 2020 if he knew how hard it would be? [33:49] Why did Next Legacy not invest in Fund I, but in Fund II? [37:49] How did Nakul react to the pass on Fund I? [39:56] The kinds of people at Next Legacy's dinners [43:49] Why Audacious kept a low profile in 2021 [49:01] Why Audacious deployed Fund I over 4 years, instead of 3 [51:46] Balancing the paradox of one of Audacious' cultural values [55:14] The difference between pitching individuals and institutions [1:00:42] What is it like to be married to an interior designer? [1:02:40] Nakul's favorite coffee shop, bar, and restaurant [1:05:56] What makes a sock special to Ben? [1:07:17] Why does Ben still like venture? [1:08:10] Why does Nakul still like venture? [1:11:36] Thank you to Alchemist Accelerator for sponsoring! [1:12:37] If you enjoyed this holiday episode, and want more like this, do let me know! 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 Twitter: https://twitter.com/SuperclustersLP

    1h14min
  6. LPs Should Get Paid More | Ashby Monk | Superclusters | S4E5

    09/12/2024

    LPs Should Get Paid More | Ashby Monk | Superclusters | S4E5

    “Innovation everywhere, but especially in the land of pensions, endowments, and foundations, is a function of courage and crisis.” – Ashby Monk Dr. Ashby Monk is currently a Senior Research Engineer, School of Engineering at Stanford University and holds the position of Executive Director of the Stanford Research Initiative on Long-Term Investing. Ashby has more than 20 years of experience studying and advising investment organizations. He has authored multiple books and published 100s of research papers on institutional investing. His latest book, The Technologized Investor, won the 2021 Silver Medal from the Axiom Business Book Awards in the Business Technology category. Outside of academia, Ashby has co-founded several companies that help investors make better investment decisions, including Real Capital Innovation (acquired by Addepar), FutureProof, GrowthsphereAI, Long Game Savings (acquired by Truist), NetPurpose, D.A.T.A., SheltonAI, and ThirdAct. He is co-founder and managing partner of KDX, a venture capital firm focused on investment technologies. He is a member of the CFA Institute’s Future of Finance Advisory Council and was named by CIO Magazine as one of the most influential academics in the institutional investing world. He received his Doctorate in Economic Geography at the University of Oxford, holds a Master’s in International Economics from the Université de Paris I - Pantheon Sorbonne, and has a Bachelor’s in Economics from Princeton University. You can find Ashby on his socials here: X / Twitter: https://x.com/sovereignfund LinkedIn: https://www.linkedin.com/in/ashby-monk-208a479/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:44] "I don't know what to do with my hands" [04:44] The origin story of Ashby's LinkedIn skills [09:04] Ashby's obsession with the worst title out there [12:54] Titles at institutional investment firms [17:05] Building the right incentives for institutional LPs [20:54] The decision to buy or build for pension funds [22:36] What's a smart way to think about the difference of gross and net? [23:17] When are management fees not justified? [26:06] When managers charge fees on SPVs [28:12] When are GPs still grateful for your LP capital? [29:40] Challenges with the endowment model in PE and VC [31:14] Why LPs misrepresent what budget fees come out of [35:28] Compensation structure of a pension fund [37:59] CalPERS compensation structure [39:19] The highest paid employees in government jobs [42:39] Traits of an incredibly talented investor [47:06] Hire hard, manage light [51:07] Ashby's journey into the LP space [56:05] Why should a young professional work at a pension [1:00:24] Who outside of investments influences the way Ashby thinks about investing? [1:02:28] What is organic finance? [1:07:08] The post-credit scene [1:12:32] Thank you to Alchemist Accelerator for sponsoring [1:13:33] If you enjoyed the episode, would love if you shared it with one friend who would enjoyed it as well! 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 Twitter: https://twitter.com/SuperclustersLP

    1h15min
  7. Listening to the Heartbeat of the Market | David York | Superclusters | S4E4

    01/12/2024

    Listening to the Heartbeat of the Market | David York | Superclusters | S4E4

    “Markets have a mind of their own.” – David York David York's thirty plus years of industry knowledge and networks uniquely equip him to be a liaison and international ambassador not only for Top Tier’s brand, but also the broader venture community. In 2000, David joined Phil Paul to lead the fund of funds team at Paul Capital, which spun out in 2011 to form Top Tier. David has been active in the global venture capital community since the early 1990s. As a founder of Top Tier, he has led the development of the Firm for over twenty years and has been involved in every aspect of it. His involvement in the industry has led him to participate in numerous industry events and conferences, and also the NVCA, where he is an active board member. David led the fund of funds business at Paul Capital Partners, before spinning it out and founding Top Tier. Prior to Paul Capital, David spent seventeen years on Wall Street running various trading desks. In 1999, he was Managing Director at Chase H&Q, where he ran Equity Capital Markets liquidity, and from 1994 to 1999 he ran Venture Services for Hambrecht & Quist, a San Francisco-based, technology-focused investment bank acquired by Chase Bank. You can find David on his socials here: LinkedIn: https://www.linkedin.com/in/david-york-2407295/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:52] David York's role models over the years [07:06] Is the LP model broken? [11:34] What David would like to see in private markets [15:27] How did David raise $500M in the dotcom crash [23:09] Breaking down when large LPs are ready to be pitched [25:37] What does a thoughtful email look like? [28:40] The liquidity needs of different kinds of LPs [33:29] David's favorite restaurant in Tokyo [36:41] David's secret starter dough recipe [40:13] Secret post-credit scene [40:46] Thank you to Alchemist Accelerator for sponsoring! [41:47] If you learned something from this episode, I'd love it if you could share it with one other friend! 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 Twitter: https://twitter.com/SuperclustersLP

    43min
  8. The Difference Between GPs who Can and Should Raise | Dan Stolar | Superclusters | S4E3

    25/11/2024

    The Difference Between GPs who Can and Should Raise | Dan Stolar | Superclusters | S4E3

    “GPs and LPs are both equally busy, but different kinds of busy where on any given day, we’ll probably have the same amount of calls and all these things going on, but [LPs are] going to know [they’re] busy three months ahead of time and a GP won’t.” – Dan Stolar Dan Stolar is a Principal at Colibri Equity Ventures, a single family office based in NYC and San Diego. Dan leads the venture capital strategy and also participates in all alternative private investments, including sports investing and private equity. As part of the venture strategy, Dan particularly focuses on investing in emerging venture capital funds. Since launching the strategy in late 2022, the firm has invested in ~15 managers. Dan started his venture capital journey as an intern at Viola Credit, a venture debt fund in Tel Aviv, before spending time in investment banking at Peter J. Solomon Co. (now Solomon Partners) where he focused on consumer and retail mergers & acquisitions. After banking, Dan spent ~5 years at Alpha Partners, a late-stage venture firm that partners with early stage managers helping them follow on in their late stage deals. Dan is still involved with Alpha as a Venture Partner. Dan is a proud New Jersey native, and a graduate of the University of Michigan (Go Blue!). You can find Dan on his socials here: LinkedIn: https://www.linkedin.com/in/danielstolar/ X/Twitter: https://x.com/dan_stolar And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [02:29] Dan's high school scavenger hunt [07:33] Telltale sign of excellence #1 in a GP [09:29] How telling intros are [11:16] Telltale sign of excellence #2 [13:46] Underwriting a Fund II vs Fund I [17:40] What do LPs think of deadlines that GPs set for closes? [18:48] What does a no that turns into a yes look like? [22:26] Not all positive references are created equal [25:50] Questions to ask an existing LP in a GP during diligence [28:30] Reasons an investor would leave a firm [30:13] The difference between a GP who can and should raise a fund [33:01] Fund track records that aren't scalable [33:56] The one question that most GPs don't have a good answer to [35:09] Responsiveness between a GP and an LP [38:39] Inbox overload for LPs [41:21] What trivia does Dan excel at? [45:07] Biking through snowstorms in NYC [48:08] Thank you to Alchemist Accelerator for sponsoring! [49:08] If you learned something from this episode, it would mean a lot to me if you could share it with one friend who might also enjoy it! 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

    50min
Ver tudo (42)

Classificações e avaliações

5
de 5
6 avaliações

Sobre

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?

Informações

Você também pode gostar de

Para ouvir episódios explícitos, inicie sessão.

Fique por dentro deste podcast

Inicie sessão ou crie uma conta para seguir podcasts, salvar episódios e receber as atualizações mais recentes.
Selecionar um país ou região

África, Oriente Médio e Índia

Ásia‑Pacífico

Europa

América Latina e Caribe

Estados Unidos e Canadá