Venture Unlocked: The playbook for venture capital managers

The Solo GP Playbook: Zal Bilimoria on Fundraising, Portfolio Strategy, and Founder Relationships


Listen Later

Follow me @SamirKaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

We recently had the pleasure of hosting Zal Bilimoria, Co-Founder of Refactor Capital. Zal has had a fascinating career from building products at Microsoft, Google, Netflix, and LinkedIn to making the leap into being a VC. His story is one of relentless curiosity and a deep passion for technology, something that started early in his life while working in his family’s computer business.

In our discussion, Zal walked us through his transition from product management to venture, his time at Andreessen Horowitz, and what ultimately led him to launch Refactor Capital. As a solo GP, he’s taken a unique approach to investing, navigating the challenges of fundraising while staying laser-focused on backing founders tackling complex, high-impact problems. We covered everything from the evolution of his investing philosophy to the importance of founder relationships and how he thinks about the future of life sciences and technology.

About Zal Bilimoria

Zal Bilimoria is the Founding Partner of Refactor Capital, a venture firm investing at the intersection of life sciences, technology, and sustainability. With a background in both software and healthcare, Zal brings a unique domain expertise and lens to investing. Before launching Refactor, originally with his partner David Lee, he was a partner at Andreessen Horowitz, where he focused on emerging technologies.

This was a fun conversation—if you're interested in what it takes to build a venture firm from scratch, how product thinking translates into investing, or where the future of innovation is headed, this episode is a must-listen.

Timestamps:

Topics in this conversation include:

* Zal's Early Life and Background (2:00)

* Career in Product Management (3:06)

* Starting Refactor Capital (6:03)

* Challenges of Starting a New Firm (9:36)

* Portfolio Construction Strategies (13:12)

* Solo GP Model (18:06)

* Advice on Hiring Associates (20:12)

* Fund Size Philosophy (24:32)

* Investment Entry Points (28:34)

* Return Model Considerations (32:04)

* Understanding Ownership Thresholds (36:31)

* Market Influence on Investments (38:44)

* Navigating Investor Relationships (41:08)

* Quick Decision-Making with LPs (43:25)

* Parting Thoughts and Future Outlook (46:32)

I’d love to know what you took away from this conversation with Zal Bilimoria.

Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. 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
...more
View all episodesView all episodes
Download on the App Store

Venture Unlocked: The playbook for venture capital managersBy Samir Kaji

  • 4.9
  • 4.9
  • 4.9
  • 4.9
  • 4.9

4.9

80 ratings


More shows like Venture Unlocked: The playbook for venture capital managers

View all
This Week in Startups by Jason Calacanis

This Week in Startups

1,269 Listeners

a16z Podcast by Andreessen Horowitz

a16z Podcast

1,010 Listeners

We Study Billionaires - The Investor’s Podcast Network by The Investor's Podcast Network

We Study Billionaires - The Investor’s Podcast Network

3,370 Listeners

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch by Harry Stebbings

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

513 Listeners

Acquired by Ben Gilbert and David Rosenthal

Acquired

3,797 Listeners

Founders by David Senra

Founders

1,856 Listeners

Invest Like the Best with Patrick O'Shaughnessy by Colossus | Investing & Business Podcasts

Invest Like the Best with Patrick O'Shaughnessy

2,288 Listeners

Equity by TechCrunch, Mary Ann Azevedo, Kell, Theresa Loconsolo, Rebecca Bellan, Kirsten Korosec, Devin Coldewey, Margaux MacColl

Equity

344 Listeners

Capital Allocators – Inside the Institutional Investment Industry by Ted Seides – Allocator and Asset Management Expert

Capital Allocators – Inside the Institutional Investment Industry

792 Listeners

Eye On The Market by Michael Cembalest

Eye On The Market

285 Listeners

All-In with Chamath, Jason, Sacks & Friedberg by All-In Podcast, LLC

All-In with Chamath, Jason, Sacks & Friedberg

8,776 Listeners

The Memo by Howard Marks by Oaktree Capital Management

The Memo by Howard Marks

400 Listeners

Joe Lonsdale: American Optimist by Joe Lonsdale

Joe Lonsdale: American Optimist

151 Listeners

The Ben & Marc Show by Marc Andreessen, Ben Horowitz

The Ben & Marc Show

125 Listeners

BG2Pod with Brad Gerstner and Bill Gurley by BG2Pod

BG2Pod with Brad Gerstner and Bill Gurley

441 Listeners