In this episode, Erasmus Elsner is talking to Kyle Lui, Partner at DCM, about the recent IPO roll that DCM has been on. The Menlo Park-based firm has generated a 61x return on investments that have gone public in the past two years. Kuaishou is the standout, with its market cap to entry valuation at 2,000x.  

00:00​​ Intro 

00:50 Who is Kyle Lui 

01:33 Intro to DCM  

03:30 DCM IX and the A-Fund  

05:36 Differentiation through US-Asia angle 

07:45 DCM's Japan strategy 

08:48 DCM's recent roll 

10:00 Biggest winner Kuaishou 

11:07 All three sides of the table 

14:01 Choicepass 

15:36 First 5 years at DCM 

18:52 Docsend investment 

21:47 Lime investment 

23:57 Him’s and Hers investment 

26:05 D2C unit economics 

28:13 Keeping up with what Kyle is up to 

29:33 Kyle's investment focus areas