Venture Unlocked: The playbook for venture capital managers

Samir Kaji
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Venture Unlocked: The playbook for venture capital managers

Venture Unlocked is the playbook for starting, operating, & scaling a successful venture capital firm. Samir Kaji, Host of Venture Unlocked has +20-years of experience assisting & advising startups and venture firms. Listen for VC fund guidance. ventureunlocked.substack.com

  1. -9 H

    The Evolution of building a legacy firm at Venrock with Brian Ascher

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. Today I had the pleasure of speaking with Brian Ascher, a veteran venture capitalist at Venrock, a firm with a storied history dating back to 1969 as part of the Rockefeller family office. Brian, with nearly 30 years in the industry, shared his journey from product management at Intuit to becoming a key partner at Venrock. We dove into the firm's evolution, investment strategies, and decision-making processes, highlighting how Venrock maintains its edge as it evolves. About Brian Ascher: Brian Ascher is a Partner at Venrock where he focuses on early-stage investments in enterprise software, SaaS, and consumer internet companies. With a deep passion for partnering with visionary founders, Brian is known for helping businesses scale through strategic growth, operational insights, and innovation. Since joining Venrock in 1998, Brian has played a pivotal role in numerous successful investments, including Vocera, 6sense, Personal Capital, and Inrix. His expertise spans go-to-market strategies, product positioning, and building high-performing teams. Topics in this conversation include: * Brian’s Career Journey (1:34) * The Evolution of Venture Capital (6:25) * Venrock’s Decision-Making Model (10:09) * Balancing Investment Decisions and Team Dynamics (14:42) * Empowered Accountability in Deal Decisions (20:44) * Cultural Norms in Venture Capital (22:38) * Investment Strategy and Risk Management (25:12) * Portfolio Construction and Returns (30:22) * Opportunity Funds vs. Core Funds (33:01) * Adapting to AI's Impact on Investment (36:15) * Advice for Aspiring VCs (41:28) * Final Thoughts and Takeaways (43:48) I’d love to know what you took away from this conversation with Brian Ascher. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

    44 min

  2. 22 JANV.

    Evolving Venture Liquidity Solutions with Gaurav Mathur of Pinegrove Capital Partners

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. In this episode, I have the pleasure of conversing with Gaurav Mathur, Partner at Pinegrove Capital Partners. Together, we dive into the evolving venture capital landscape, focusing on liquidity solutions and the rise of secondary markets. Gaurav shares insights from his extensive experience, discussing the growth in assets under management, the trend of companies staying private longer, and the changing dynamics for limited partners. We explore mechanisms for generating liquidity, such as continuation funds, strip sales, and secondary tenders, emphasizing the importance of alignment between general partners and limited partners. About Gaurav Mathur and Pinegrove: Gaurav Mathur is a Partner at Pinegrove Capital Partners. Gaurav Mathur is a seasoned finance professional with extensive experience in investment banking and venture capital. In 2023, he co-founded Pinegrove with Brian Laibow through the backing of a $500 million commitment from Sequoia Heritage and Brookfield. THE ORG Prior to founding Pinegrove, Gaurav spent 18 years at Goldman Sachs as a Managing Director in the Investment Banking Division, leading the US Equity Private Markets. He began his career at PwC in the Dispute Analysis & Investigations Group. Gaurav holds a Bachelor of Science degree in Business/Commerce from the University of Virginia.Pinegrove Capital Partners is a venture investment platform that offers tailored solutions for fund managers, founders, and limited partners within the venture capital ecosystem. Their expertise includes fund of funds, venture debt funds, venture secondaries, and co-investments. With combined assets under management exceeding $10 billion, Pinegrove is supported by sponsors such as Sequoia Heritage and Brookfield Asset Management. In May 2024, an affiliate of Pinegrove, backed by these sponsors, entered into a definitive agreement to acquire SVB Capital, the investment platform business of SVB Financial Group. This transaction was completed in September 2024. Topics in this conversation include: * Growth of AUM in Venture Capital (3:53) * Data-Driven Insights on Liquidity (6:11) * Private Markets Growth Forecast (11:03) * Mechanisms for Generating Liquidity (17:00) * Alignment in Continuation Structures (21:28) * Sizing Continuation Funds (29:44) * Exploring Strip Sales (31:36) * NAV Lending as a Liquidity Tool (34:00) * Growth of Liquidity Solutions (37:35) * Technology's Role in Liquidity (41:14) * Final Thoughts and Takeaways (45:55) I’d love to know what you took away from this conversation with Gaurav Mathur. Follow me @samirkaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

    47 min

  3. 30/10/2024

    The blueprint for starting a new firm with Chemistry Ventures, including the work needed before choosing your partners and non-consensus decision making.

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. Today I’m excited to speak with the founding team of Chemistry, a new venture firm led by Kristina Shen, Ethan Kurzweil, and Mark Goldberg, who recently spun-out of blue chip firms Andreessen Horowitz, Bessemer, and Index Ventures, respectively. The firm just announced a significantly oversubscribed $350MM debut fund.  As a new entrant to the market (in the toughest time to start a new firm in over a decade), I wanted to ask them about their blueprint for building a firm, including how they chose to partner up and the work they did beforehand, LP strategies and selection, and what they felt was their unique reason to exist in a highly competitive market. About Kristina Shen Kristina Shen is Co-Founder and Managing Partner at Chemistry Ventures, overseeing a $350M fund focused on early-stage software investments. Formerly a General Partner at Andreessen Horowitz (2019-2024), she led significant investments in Mux, Pave, Wrapbook, and Rutter. Kristina specialized in high-growth startups. She began her venture career as a Partner at Bessemer Venture Partners (2013-2019), working with companies such as Gainsight, Instructure, and ServiceTitan. Previously, she worked in investment banking at Goldman Sachs and Credit Suisse, focusing on technology sectors. About Mark Goldberg Mark Goldberg is Co-Founder and Managing Partner at Chemistry Ventures since, investing in seed and Series A software startups. Previously, a Partner at Index Ventures (2015-2023), he worked with companies such as Plaid, Pilot, Intercom, and Motive, establishing a strong fintech and software portfolio. Prior to Index, Mark worked at Dropbox in Business Strategy & Operations and Strategic Finance (2013-2015), where he contributed to growth strategies during Dropbox’s scaling phase. He started his career as an Analyst at Morgan Stanley (2007-2010) before joining Hudson Clean Energy as a Senior Associate. Mark holds an AB in International Relations from Brown University. About Ethan Kurzweil Ethan Kurzweil is Co-Founder and Managing Partner at Chemistry Ventures, leading investments at the seed stage for tech-driven startups. He also serves as a board member for companies like Intercom and LaunchDarkly. Previously, Ethan was a Partner at Bessemer Venture Partners (2008-2024), where he worked with companies such as HashiCorp, Twilio, and Twitch. His focus on software and digital platforms spanned roles as board member and investor, contributing to significant IPOs and acquisitions. Early in his career, Ethan worked in business development at Linden Lab (creators of Second Life) and served as a Senior Manager in the CEO’s Office at Dow Jones. He holds an MBA from Harvard Business School and an AB in Economics from Stanford University. In this episode, we discuss: * (01:43): Importance of Team Chemistry and Partnership Formation * (03:27): Challenges of Building a Firm in the Current Environment * (08:00): Unique Value Proposition for Early-Stage Founders * (10:18): Early-Stage Focus and Differentiation from Large VC Firms * (16:12): Fundraising Insights and LP Relationship Building * (19:00): Choosing Aligned LPs and Targeting Long-Term Partnerships * (27:23): Single-Trigger Investment Decision-Making Model * (30:12): Balancing Conviction with Collaborative Feedback * (35:23): Independent Decision-Making for Follow-On Investments * (39:19): Personal Contrarian Beliefs about the Venture Industry * (42:18): Closing Remarks on Building a New Venture Franchise I’d love to know what you took away from this conversation with Kristina, Mark, and Ethan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter. Podcast Production support provided by Agent Bee This is a pu

    43 min
  4. Meet the Expert: Venture Fund Banking with Sam Heshmati and Vincent Timoney of Citizens Private Bank

    16/10/2024

    Meet the Expert: Venture Fund Banking with Sam Heshmati and Vincent Timoney of Citizens Private Bank

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. In this episode, Sam Heshmati and Vince Timoney from Citizens Private Bank stop by to talk about all things venture banking and how the industry is recovering from the 2023 regional banking crisis. Sam and Vince, both of whom have extensive experience in the banking sector, share their insights on the challenges faced during this period, including the impact on startups and venture funds. They also discuss the significant changes in the banking industry since the crisis, such as the increased cost of capital, the fragmentation of fund banking services, and the shift in how banks serve emerging managers and venture capital firms. The conversation provides a detailed look at the current landscape of banking for the venture ecosystem and how Citizens Private Bank is positioning itself to help clients navigate these challenges. About Sam Heshmati:Sam Heshmati is an Executive Managing Director at Citizens Private Bank, heading the emerging VC and innovation practice. Previously, he co-founded and led programs serving the VC and tech community, cultivating and managing relationships with some of the nation’s top emerging managers, accelerators and entrepreneurs at the former First Republic Bank. He has over 21 years of experience in the technology ecosystem, serving clients not only as a banker, but as trusted partner with the expertise needed to help navigate important decisions within this space. Over his career, he has worked with more than 1000 early-stage VC firms and several thousand venture-backed startups. Prior to joining First Republic Bank in 2012, he spent 10 years as a tech banker at Silicon Valley Bank and Square 1 Bank. He earned a bachelor’s degree from San Jose State University. About Vincent Timoney:Vincent Timoney is a Senior Managing Director at Citizens Private Bank, serving the fund finance and innovation economy nationwide. He has more than 12 years of experience working with VCs in business development, sales, lending and relationship management roles within the venture capital and technology ecosystem. In this episode, we discuss: (01:34) The evolving importance of banking, especially after the events of 2023. (02:16) Banking Crisis of 2023 triggered by the collapse of Silicon Valley Bank and First Republic Bank. (04:00) The impact of Silicon Valley Bank on the venture ecosystem and the rapid sequence of events leading to its downfall. (07:00) How the banking industry has changed post-crisis, focusing on client expectations and digital banking. (08:30) The increase in players in fund banking and the rise in cost of capital. (12:00) Sam and Vince explain their journey of joining Citizens Private Bank, focusing on safety, stability, and continuing their work in the sector. (18:00) Challenges faced by emerging managers, including capital call lines and banking needs. (22:12) The importance of a seamless digital experience. (28:16) Explanation of management company lines and their use by emerging managers. (31:00) Advice for emerging managers on managing financial challenges and understanding the economics of running a fund. (34:00) How technology and APIs are used to enhance banking services and integrate with third-party providers. (38:00) Importance of offering personalized banking experiences tailored to individual client needs. (40:00) Value-added services and why banks offer advisory support and strategic guidance. (45:10) The long-term commitment required to build a successful banking franchise in the venture ecosystem. I’d love to know what you took away from this conversation with Sam and Vince. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter. Podcast Production support provided by Agent

    48 min
  5. Saga Ventures on key lessons on raising a Fund I, building healthy partnerships, and winning in a competitive seed market

    26/09/2024

    Saga Ventures on key lessons on raising a Fund I, building healthy partnerships, and winning in a competitive seed market

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. This week we welcome the three co-founders of Saga Ventures: Ben Braverman, Thomson Nguyen, and Max Altman. Saga Ventures is a seed-stage investment firm that recently closed its first fund of $125M. The conversation dives into their experiences in raising their first fund, building a team, and navigating a competitive seed-stage market. The co-founders bring unique skill sets from their previous roles in operating and investing, and this episode sheds light on how they strategically combine those skills to differentiate themselves from other firms. About Ben Braverman Ben Braverman is a Co-Founder and Managing Partner at Saga Ventures, a $125M venture capital fund he co-launched in March 2024 alongside Max Altman and Thomson Nguyen. At Saga, Ben focuses on early-stage investments, working with pre-seed and seed-stage companies across various sectors. His background in scaling companies' go-to-market strategies provides valuable insight into helping startups grow efficiently and sustainably. Before founding Saga Ventures, Ben spent nearly nine years at Flexport, a major player in the logistics space. Starting as Chief Revenue Officer in 2014, he was instrumental in building and scaling Flexport’s global sales and go-to-market teams. Later, as Chief Customer Officer, Ben oversaw customer relationships and corporate development, ensuring the company's growth aligned with customer needs. His final role at Flexport saw him leading Flexport Ventures and Corporate Development, where he focused on the company's strategic investments. Earlier in his career, Ben held growth and sales leadership positions at startups like URX, which was acquired by Pinterest, and Heyzap, acquired by RNTS Media. He holds a degree from Vassar College and has spent his career helping innovative companies grow through a hands-on approach to business development and customer engagement. About Thomson Nguyen Thomson Nguyen is a Co-Founder and Managing Partner at Saga Ventures, where he has been since March 2024. At Saga, he focuses on early-stage investments in technology-driven companies, drawing on his extensive experience in data science, machine learning, and entrepreneurship. Thomson’s deep technical expertise helps him identify promising startups, especially those at the intersection of technology and business. Prior to Saga, Thomson founded Nearside, a financial services platform for small businesses, which he led from 2019 until its acquisition by Plastiq in 2022. Before that, he was an Entrepreneur in Residence at Kleiner Perkins and the Head of Capital Data Science at Square, where he managed the data science team responsible for critical business areas like default risk, marketing optimization, and product innovation. His career in fintech is rooted in his work at Framed Data, a startup he founded and later sold to Square. Thomson started his career as a data scientist at tech companies like Lookout and Causes, where he applied his expertise to user segmentation and predictive analytics. He also has a longstanding academic affiliation with New York University’s Courant Institute, where he continues to contribute to research in machine learning and cybersecurity. Thomson holds degrees in Applied Mathematics from the University of Cambridge and Mathematics from the University of California, Berkeley. About Max Altman Max Altman is a Co-Founder and Managing Partner at Saga Ventures, a venture capital fund he helped establish in March 2024. Max focuses on investing in pre-seed and seed-stage companies, working closely with his co-founders to identify and support high-potential startups. His experience as both an investor and operator allows him to bridge the gap between capital and company-building. Before co-founding Saga Ventures, Max was a Partner at Alt Capital from 2021 to 2024, where he invested in early-stage companies.

    48 min
  6. Building a firm to last, lessons from nearly three decades of investing, and the path to hiring great venture teams with Glenn Solomon of Notable Capital (FKA GGV Capital)

    28/08/2024

    Building a firm to last, lessons from nearly three decades of investing, and the path to hiring great venture teams with Glenn Solomon of Notable Capital (FKA GGV Capital)

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. Today we're thrilled to be joined by Glenn Solomon, managing partner at Notable Capital. Along with Granite Asia, Notable Capital was one of two groups to emerge from GGV Capital, which recently split into two groups with Notable based in Silicon Valley, New York, and covering companies in the U. S., Israel, Europe, and Latin America. Glenn brings nearly 30 years of venture experience to the table, and it was great to draw from his insights in investing, building firms, and working with high performing teams. About Glenn Solomon:Glenn Solomon is the Managing Partner at Notable Capital. He focuses on investing in early to growth-stage companies across different sectors, including cloud infrastructure and business applications. He also serves on the boards of several companies, such as HashiCorp, Opendoor.com, and Orca Security. Before joining Notable, Glenn was a General Partner at Partech International from 1997 to 2006, where he worked on technology investments. Earlier in his career, he was an associate at SPO Partners from 1993 to 1995 and started as a financial analyst at Goldman Sachs from 1991 to 1993. Glenn Solomon earned his MBA and BA from Stanford University. In this episode, we discuss: (01:42) Glenn’s journey from playing tennis at Stanford to discovering a passion for technology and investing (02:44) A pivotal moment when encountering the internet for the first time, which sparked a deeper interest in technology (04:06) The transition from Partech International to joining Granite Global Ventures in the mid-2000s (05:03) The appeal of GGV's global perspective and innovative approach in venture capital (07:48) The early strategy at GGV, focusing on differentiation in the venture space (09:01) The necessity of adapting to the evolving nature of the industry (10:29) The rebranding to Notable Capital and the strategic decisions following the split from GGV’s Asia team (12:39) The guiding principles at Notable Capital, emphasizing the importance of speed and maintaining a sector-focused strategy (15:19) An example of a recent deal showcasing how the firm’s flat structure empowers all team members to contribute significantly (17:33) Staying focused on specific sectors and building a strong support platform for portfolio companies (23:25) Engaging with CSOs and CDOs to maintain an edge in cybersecurity and data sectors. (27:00) Discusses the importance of resourcefulness in venture capital and how they assess this quality during interviews. (36:31) Advice on being a successful VC, stressing the critical role of building strong, lasting relationships (39:30) Success in venture capital fundamentally relies on working with exceptional people I’d love to know what you took away from this conversation with Glenn. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter. Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

    41 min

  7. 08/08/2024

    Doing a successful GP led secondary in Venture Capital, Why seed funds can scale, and what a good VC platform team looks like

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. In this episode, we are thrilled to be joined by Ben Sun, co-founder of Primary, a seed-stage fund based in New York. Ben shares his journey from investment banking to startup founder, and eventually to co-founding Primary, which has backed companies like Coupang and Jet. Ben provides deep insights into venture math and the intricacies of completing a GP-led secondary. He discusses his background and the inspiration behind starting Primary in 2015. Ben talks about the challenges he faced as a founder and the importance of truly understanding the business as a VC. He explains Primary's hands-on approach, emphasizing the need for a high seed-to-A graduation rate and how their impact team supports portfolio companies. The conversation covers the metrics used to measure success and the importance of waiting for the right investment opportunities. Ben explores the changing landscape of venture capital, strategies for finding alpha and generating returns, and the importance of sector specialization and deep sector expertise. He also touches on deal flow challenges at the seed stage and the role of incubations in lowering the cost basis. So many great nuggets in this episode, enjoy! About Ben Sun:Ben is a Co-Founder and General Partner at Primary. Forbes' Midas List ranks him as one of the top 100 tech investors in the world. His founder-first approach originates from having been one: His experiences cofounding Community Connect, one of the first social networking companies, and LaunchTime, an incubator, inform how he supports founders in the portfolio. Ben focuses his investing activities on primarily consumer-facing companies. Ben has been active in the NYC tech community for over 20 years. Prior to becoming an entrepreneur and investor, Ben worked at Merrill Lynch in the Technology Investment Banking Group, but he really began his career at the age of eight when he worked in his parents’ Chinese restaurant. In this episode, we discuss: (01:21) Journey from investment banking to founding Primary Ventures. (03:45) Starting Primary Ventures and focusing on seed-stage investments in New York. (04:12) Emphasis on being hands-on and aligning with founders. (06:34) Roles and functions of the impact team at Primary Ventures. (10:00) Measuring success through surveys and key performance indicators (13:23) The importance of choosing the right investment opportunities and achieving high graduation rates from seed to series A (22:00) How partners wait for the right pitch using an internal rubric (26:57) Benefits of sector specialization, with a focus on fintech expertise (35:00) Strategies for maintaining a low-cost basis and navigating market fluctuations, including secondary sales (41:00) GP-led secondaries and benefits of providing liquidity to limited partners (49:00) Advice for new venture capitalists: support founders and develop a long-term strategy I’d love to know what you took away from this conversation with Lindel. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter. Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

    52 min

  8. 01/08/2024

    Investing in USV Fund I, lessons learned as a LP, and why Emerging Managers are so important

    Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. This week I'm excited to sit down with Lindel Eakman from Foundry. Lindel has been an investor in funds and companies since the early 2000s when he started at UTIMCO. In our conversation, Lindel talks about being one of the first investors in Union Square Ventures, his preference for smaller partnerships, and the art of conducting quality reference calls on GPs. Having known each other for a while, our chat felt like a fun and casual water cooler conversation about the venture capital world. About Lindel Eakman:Lindel Eakman is a partner at Foundry, where he focuses on early-stage investing. Since joining in 2015, Lindel has been active across the portfolio, working closely with partner funds and leading new direct investments. He is known for his humble and supportive approach, valuing the hard work of founders. Before Foundry, Lindel managed the private investment program at the University of Texas Investment Management Company (UTIMCO) from 2002 to 2015. At UTIMCO, he built the venture capital program and invested in firms like IA Ventures, True Ventures, Union Square Ventures, and Foundry. Lindel began his career in finance at KPMG in the M&A Tax Practice from 1997 to 2001 and then worked as a Corporate Finance Associate at Stephens, Inc. in 2002. He holds an MBA from the University of Texas at Austin McCombs School of Business and a BBA in Accounting and Finance from Texas Christian University. He is a CPA and a CFA charter holder. In this episode, we discuss: (01:14) Early Career and Union Square Ventures and moving to Foundry (03:00) Investment Philosophy and Strategy (04:28) The value of partnering with emerging managers (05:55) Selecting GPs and Making Investment Decisions (10:30) The Current Venture Market Landscape in 2024. (13:00) Challenges and Opportunities for New Managers (17:00) Future of Venture Capital (21:00) Importance of People in Venture (25:00) Secondaries and Liquidity Opportunities (29:00) The importance of evaluating partnership dynamics in emerging managers (33:00) Best practices for conducting reference checks. (37:00) How virtual interactions affect partnership assessments and fundraising (42:00) Advice for new managers on constructing a venture portfolio, focusing on sectors and small funds (47:00) Role of Large Funds in a Venture Portfolio I’d love to know what you took away from this conversation with Lindel. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter. Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

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Venture Unlocked is the playbook for starting, operating, & scaling a successful venture capital firm. Samir Kaji, Host of Venture Unlocked has +20-years of experience assisting & advising startups and venture firms. Listen for VC fund guidance. ventureunlocked.substack.com

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