Venture Unlocked: The playbook for venture capital managers

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

On this special meet the expert episode, we are discussing the venture debt market with Matt Trotter, a Managing director within Stifel Bank’s Venture division.

Stifel Bank was established in St. Louis, MO in 1890 and is an independent investment bank with the mission to help individuals pursue financial goals, businesses and organizations raise and protect capital, and communities offer a higher quality of life.

Given the dislocation of the regional banking market in early 2023, we discussed how venture investors and companies should think about the supply of venture debt, the proper uses, and what we should expect moving forward.

About Matt Trotter:Matt Trotter is a Managing Director and Member of the leadership team at Stifel Bank. He focuses on providing commercial banking and flexible lending solutions to high-growth technology companies in the U.S.

Prior to joining Stifel, Matt was a Senior Market Manager and Head of Frontier Technologies and Climate Technology and Sustainability at SVB. In this position, he focused on building products to support the evolving business models and capital-expenditure needs for companies creating disruptive technologies in the transportation, industrials, aerospace, energy, agriculture, food, and hardware infrastructure sectors.

In this episode, we discuss:

(01:15) Matt shares his background and discusses changes in venture banking and lending markets(01:57) Explanation of venture debt and its history within venture capital(03:11) Discussion on today's applications of venture debt, like runway extension and equipment purchases(03:59) Strategic uses of venture debt for various business needs(04:14) Overview of venture debt terms including non-formula loans, typical costs, and eligibility(05:10) Shift from equipment leasing to a more general-purpose financing model in venture debt(05:32) Challenges in underwriting venture debt for early-stage companies without revenue or product(06:26) Insights into the venture debt underwriting process and considerations(07:18) Role of warrants in balancing the risks and rewards of venture debt(08:15) Discussion on balancing loss rates and successful investments in venture debt(09:19) Ideal circumstances for a company to consider venture debt(10:24) Potential risks and considerations when opting for venture debt(11:43) Impact of market dynamics on companies with significant debt(12:05) How market shifts affect the demand and supply of venture debt(13:00) Importance of collaboration between equity investors and lenders during financial challenges(14:35) High demand for venture debt amid market uncertainties and banking disruptions(15:14) Underwriting challenges with companies having high valuation overhangs(16:53) Adjustments in underwriting approaches by banks and venture debt funds in current market(17:59) Use of debt tranching tied to company performance milestones(19:01) Differences between bank-provided venture debt and venture debt funds(20:21) Strategies, incentives, and focus of venture banks versus venture debt funds(22:57) Factors for companies to consider when choosing between bank loans and venture debt fund loans(24:22) Managing the balance between raising capital and working with banks in financial tight spots(26:07) Emphasis on trust and open communication between lenders and borrowers(27:27) When venture debt from banks or funds might be more suitable for a company(29:24) Assessing various debt products and understanding their true costs and conditions(30:14) Matching the debt product to a company's specific needs and circumstances(32:20) Need for reliable debt facilities for cashflow negative businesses(33:14) Reflections on the impact of changes at Silicon Valley Bank on the venture debt landscape(34:58) Outlook on the venture debt market's evolution post-SVB(36:58) Importance of lenders' long-term commitment in venture debt

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

About Meet the Experts:Meet the Experts is a sub-brand of Venture Unlocked and talks with vendors and other non-GP or LP members of the Venture Community. There may be business relationships in place and appearance fees paid to participate.

Podcast Production support provided by Agent Bee 

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

This week we are thrilled to be joined by Pejman Nozad, Co-Founder and GP of Pear VC. Founded in 2013, Pear has scaled to over $800MM in AUM with a powerful engine to help early-stage companies. 

As many regular listeners of the show know, we often like to highlight managers who have different backgrounds and stories leading to their careers in VC. I think of all of our guests, Pejman epitomizes how someone can overcome many obstacles to be successful in the industry as he not only immigrated from Iran with little to his name, but the catalyst that got him into VC was working at a rug store. 

We explore Pejman's incredible journey, Pear VC's emphasis on early-stage investments, and the need for innovation in venture capital.

This is an inspiring story for anyone considering venture capital as a career path, and stresses the importance of resilience and overcoming challenges, as well as, the value of continuous learning.

About Pejman Nozad:Pejman Nozad is the Co-Founder of Pear VC and he has made a substantial impact in the tech sector with strategic investments in companies like DoorDash, Dropbox, and many others. His success is recognized through his consistent inclusion in the Forbes Midas List since 2021 and leading the Forbes Midas Seed List in 2023.

Pejman’s path into venture capital was unconventional, starting from humble beginnings as an Iranian immigrant working in a Palo Alto rug store. He was awarded the Ellis Island Medal of Honor in 2014.

In this episode, we discuss:

(2:55) Pejman shares his start in the US

(15:06) The importance of believing in entrepreneurs with diverse backgrounds

(20:37) Why the best seed funds consistently deliver high returns

(22:17) How PearVC has evolved and why it has been so long-lasting

(30:10) No job is beneath anyone at PearVC with its team-based approach

(33:46) Qualities of successful people that go beyond the obvious

(37:18) His transition from angel investor to venture capitalist and the challenges of portfolio construction

(41:09) PearVC's focus on finding talent and reaching product-market fit regardless of the fund's size or stage-focus

(44:59) His advice to new investors at PearVC

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

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

We're excited to welcome Paul Kwan, Managing Director at General Catalyst (GC). Established in 2000, the firm currently has just under $25 billion in assets under management. GC has made a significant mark in the venture capital landscape, funding dynamic technology and life science startups including Stripe, Coinbase, Livongo, Samsara, and Gusto.

Paul is at the helm of GC's Global Resilience team, concentrating on upgrading key societal infrastructures in the defense, intelligence, and industrial sectors. Before his tenure at GC, Paul had an impressive 22-year career at Morgan Stanley, where his roles included leading the global internet and software business and the West Coast team.

Our conversation delves into the importance of mission-driven approaches and robust corporate cultures in building enduring enterprises, GC's internal strategies in these areas, and Paul's insights on the potential exit scenarios for private companies in the coming year. We hope you find this episode insightful. Let's dive in!

About Paul Kwan:Paul Kwan is Managing Director at General Catalyst (GC), where he leads the Global Resilience team, focusing on enhancing critical societal systems in areas like defense, intelligence, and energy. His investments include companies such as Anduril and Samsara.

Paul started on Wall Street during the early days of the internet, later moving to Morgan Stanley’s Menlo Park office. He spent 22 years there, gaining expertise in various roles including leading the bank’s global internet and software business and the West Coast team. He studied computer science at Stanford University.

In this episode, we discuss:

(02:05) Paul's tech journey(03:23) The value of working across multiple sectors and global experiences(05:19) Sustained value creation in tech and the evolving inputs to value creation, including technology, business models, and people(08:30) The importance of company culture in investment decisions and how it ties to performance(10:09) Establishing culture early in a company's journey(12:51) GC's mission of investing in powerful, positive change, and the concept of responsible innovation(14:54) How the changing geopolitical landscape affects investment strategies and the necessity for more resilient systems(18:18) The rise of private-to-private M&A and its potential impacts(22:21) Challenges of merging company cultures(26:50) Investment strategies and the IPO market(31:00) The trend of VCs holding public securities post-IPO and how it aligns with long-term value creation(34:41) Evolution of Venture Capital(36:53) The importance of building and maintaining long-term relationships in the tech industry

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

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

We're thrilled to have Alex Pall, general partner at Mantis VC, a seed and an early stage fund based in LA.

Alex is a great example of someone who has made a significant crossover from another industry—he is one half of the award-winning duo of the Chainsmokers, a group that has found mainstream success by breaking boundaries between pop, indie, electronic, alternative, and rock.

We discuss how Alex and the team thought through joining the ranks of venture capital, their early learnings, and the importance of self-awareness in terms of `

About Alex Pall:Alex Pall is one half (Drew Taggart is the other half)of the GRAMMY® Award-winning, RIAA Diamond-certified duo The Chainsmokers. In 2020, alongside Drew Taggart, Jeffrey Evans, and Milan Koch, founded Mantis Venture Capital.

Other businesses under their purview include a stake in the popular JAJA Tequila and The Chainsmokers’ very own film, television, and podcast production company, Kick The Habit Productions—which boasts a full slate of projects in development.

In this episode, we discuss:

(01:51) Chainsmokers' Early Days and Entrepreneurial Goals​​

(02:48) Transition from Music Artists to Financially Savvy Investors​​

(03:37) Emphasis on Passion-Driven Investments​​

(04:50) Building a Network and Seeking Investment Opportunities​​

(06:43) Critical Decision-Making in Business Ventures​​

(07:00) Inspiration from Jimmy Buffett's Business Model​​

(08:14) Importance of Work Ethic and Assisting Founders​​

(12:31) Addressing skepticism about a celebrity fund

(13:50) Mentor's Advice on Investing with Experienced Partners​​

(16:51) Setting Realistic Goals in Initial Fundraising​​

(17:19) Fundraising Challenges During COVID-19's Onset​​

(19:01) Learning from the first fund

(20:11) Insights on Unpredictability in Venture Capital Investing​​

(22:15) Developing a Disciplined Investment Approach​​

(26:01) Adding Value to Portfolio Companies​​

(27:46) Storytelling as a Business Differentiator​​

(31:01) Trust as a Cornerstone in Investment Community​​

(31:32) Learning from past Investment Decision​​s

(32:45) Investing in Great Teams and People​​

(33:51) Holistic View in Investment Decisions​​

(36:04) Providing Honest Feedback to Founders​​

(37:52) Navigating a Challenging Investment Landscape​​

(39:25) Avoiding Overreliance on Large Capital Raises​​

(40:09) Differentiating Business Strategies​​

(41:32) Parallels Between Music and Venture Capital​​

(44:13) Success Beyond Prestigious Educational Backgrounds​​

(45:30) Passion and Commitment in Projects​

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

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

We're thrilled to bring on Brad Gerstner, Founder and CEO of Altimeter Capital. 

Altimeter was first founded in 2008 during the GFC with an initial fund of only $3 Million which Brad raised from friends and family. Today the firm employs both private and public strategies.

Altimeter takes an incredibly focused and high-conviction approach to investing and has backed companies such as Snowflake, Unity, Gusto, and Modern Treasury. And now manages a variety of venture and public funds, taking a hybrid and pragmatic approach to funding, using a variety of vehicles depending on stage and need to give companies and managers access to capital.

About Brad Gerstner:Brad Gerstner is the Founder and CEO of Altimeter Capital. Before Altimeter, Brad worked as a multiple-time entrepreneur, was a founding principal of General Catalyst, and worked at PAR Capital. He is also an active thought leader on all aspects of the innovation economy, including numerous media appearances and a recurring role on the popular All-In Podcast. And Brad is working to improve the future of the country through efforts such as Invest America.

He earned a bachelor’s from Wabash College, a JD from Indiana University, and an MBA from Harvard Business School.

In this episode, we discuss:

* (2:17) Brad discusses his early life in Indiana and the influence of his father's entrepreneurial journey​​.

* (3:23) Brad talks about his path to law school and subsequent shift towards technology and entrepreneurship​​.

* (4:10) His impulsive trip to Silicon Valley and his first experiences there​​.

* (7:18) Brad discusses his insights into public and private markets and the realization of the need to participate in the venture market​​.

* (11:24) He explains the motivation and founding principles behind Altimeter, focusing on competitive advantage​​.

* (12:28) Brad highlights Altimeter's unique approach, combining venture capital experience with public market sensibility​​.

* (14:02) He speaks about the importance of founders choosing partners that provide intellectual resources along with capital​​.

* (18:41) Brad reflects on Altimeter's investment strategy and acknowledges that they haven't always done everything perfectly​​.

* (20:44) He discusses the cyclical nature of the venture business and the importance of the price of entry in investments​​.

* (23:24) Brad talks about technology super cycles and how they improve lives and outcomes​​.

* (28:19) He elaborates on the role of cloud computing and AI in reshaping industries and improving consumer experiences​​.

* (30:09) Discussing the evolution of search engines, Brad talks about the transition from Google as a card catalog to an answer bot​​.

* (32:32) He shares insights on the power of AI in business and its impact on efficiency and profitability​​.

* (39:45) Brad explains Altimeter's disciplined approach to valuation and their investment decision-making process​​.

* (44:51) He emphasizes the fiduciary duties of board members to all shareholders and the importance of research-based decision-making​​.

* (47:11) Brad reflects on his work with Richard Lugar and his influence on Brad's view of the world​​.

* (50:59) He discusses the Invest America initiative and its goal to invest in the future of American children and democracy​​.

* (54:03) Brad talks about the need for job retraining and economic participation in the face of labor displacement caused by AI​​.

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

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

We are excited to bring you our latest episode with Mamoon Hamid, Partner at Kleiner Perkins. As many know, Kleiner Perkins, founded over 50 years ago is one of the most storied franchises in the history of venture capital, having backed companies companies such as Genentech, Sun Microsystems, Amazon, Google, and Uber. 

After stints at USVP and Social Capital (which he co-founded), Mamoon joined Kleiner in 2017 as part of a generational succession process. As part of this, Mamoon has focused heavily on returning Kleiner to the roots of it’s history as a premier boutique venture capital fund focused on early-stage investing. Since then, they’ve backed companies such as Rippling and Figma. 

Mamoon and I spoke about how he and the team have executed the mission of bringing Kleiner to what they have coined as going back to the future. We covered a number of topics but dug deep into the importance of culture and focus.

About Mamoon Hamid:Mamoon Hamid is a Partner at Kleiner Perkins. He has been an early investor in and served on the boards of some of the most innovative software companies of recent times including Slack, Figma, Box and Rippling.

Prior to joining Kleiner Perkins, Mamoon was a co-founder of Social Capital. He started his venture career in 2005 at U.S. Venture Partners (USVP) where he eventually became Partner. Mamoon came to Silicon Valley in 1997 to join Xilinx, a Kleiner Perkins company, where he spent six years, initially as an engineer and later in product and marketing roles.

He has a B.S. in Electrical and Computer Engineering from Purdue University, an M.S. from Stanford University, and an MBA from Harvard Business School.

In this episode, we discuss:

(02:14) Mamoon’s journey to Kleiner Perkins(04:18) Jumping over from being an engineer to investor(09:26) What was interesting about joining Kleiner in 2017(14:18) What going back to the future meant to Mamoon(17:06) Balancing between the past and building for the future(21:26) Mapping core values to bringing on new team members to help execute(25:59) Traits he looks for when hiring(28:36) How he has picked so many breakout companies(31:35) OKRs that Kleiner Perkins tracks(37:15) What it means to be an entreprenuer’s first call(40:08) What does venture look like over the next ten years(44:07) Biggest learning in Mamoon’s career

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

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

We're thrilled to bring back three experienced institutional venture LPs with Chris Douvos of Ahoy Capital, Beezer Clarkson of Sapphire Partners, and Guy Perelmuter of GRIDS Capital. 

When we last convened, it was almost exactly two years ago in October of 2021. We had an inkling of the changes to the market on the horizon, but what a two years it has been.

Given the dramatic shift in the market, we had a lot to cover, and we spoke about the impact of the downturn on emerging managers, what managers can do to navigate this market, and the role of secondaries.

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About Beezer Clarkson:Beezer Clarkson is Managing Director of Sapphire Partners, the LP arm of Sapphire Ventures. She began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network.

Additionally, she is a judge for 100&Change, a MacArthur Foundation competition that provides funding to solve critical challenges of our time. In 2014, she was named to the Forty Over 40 list of women to watch.

About Chris Douvos:Chris Douvos is the Founder of Ahoy Capital, a boutique Fund of Funds that focuses primarily on allocating into early-stage venture capital funds, while selectively co-investing directly into companies.

Chris started his career at Morgan Stanley while still at Yale earning his MBA. From there he worked at Princeton University’s endowment fund where he got his start in venture before moving on to The Investment Fund for Foundations (TIFF). At TIFF he decided that the right strategy was to make “heroic investments” and invest in very early-stage, and often unproven managers.

About Guy Perelmuter:Guy Perelmuter is the Co-Founder and CEO of GRIDS Capital. Guy began his career in Banking as Chief Risk Officer at Banco Pactual (acquired by UBS), one of the largest banks in Latin America. He went to Vinci Partners, an investing platform for alternative investments in 2009 as Chief Risk Officer. He and his partner, Isabelle, Co-Founded GRIDS Capital in 2016.

He received a BS in Computer Engineering and an MS in AI from Pontifícia Universidade Católica do Rio de Janeiro.

In this episode, we discuss:

(02:51) Venture is _______(06:46) Outlook for emerging managers(09:42) Why it’s so difficult to raise a fund two right now(13:01) Is new money and funders in venture a net positive(16:16) Why emerging managers are still important for LPs(21:46) What they look for in a fund one investment(22:48) The decision to stop investing in grownups and look to emerging managers(25:24) How GPs get mentored and how information flows to them(27:23) Peer pressure amongst GPs to grow their fund size(31:53) How managers are recalibrating their funds to the current market(35:12) The role of secondaries(39:49) Why Venture is an unsophisticated asset class(44:29) How do you get institutional investors

I’d love to know what you took away from this conversation with Guy, Chris, and Beezer. 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 

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

On this week’s show, we’re excited to have Ben Lerer and Graham Brown, Managing Partners at Lerer Hippeau. The firm was founded in New York in 2010 to back early-stage entrepreneurs. Today the firm manages $1.2B and has invested in over 400 companies including Oscar, Buzzfeed, Mirror, Warby Parker, and Casper. 

Ben’s background prior to investing was as Founder and CEO Thrillist, while Graham came over in 2015 from Softbank. 

During our chat, we covered everything from building and productizing a community to the evolution of the firm in maintaining its competitive advantage in the region. Hope you enjoy our conversation. 

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About Ben Lerer:Ben Lerer is a Managing Partner at Lerer Hippeau. He is the Co-Founder and former CEO of Thrillist, which was acquired by Vox Media in 2022. He chairs the Board of Directors for Urban Upbound and is an Associate Member of the International Academy of Digital Arts & Sciences (IADAS).

Lerer holds a BS from the University of Pennsylvania.

About Graham Brown:Graham is a Managing Partner at Lerer Hippeau. He joined Lerer Hippeau from SoftBank Capital, where he focused primarily on early stage investments in mobile and Internet, with a particular interest in marketplaces. Prior to SoftBank Capital, Graham was an Associate at Polaris Partners and then helped lead digital strategy at Life Line Screening, a direct-to-consumer preventive health company backed by Polaris Partners.

Graham is a graduate of Colby College and Columbia Business School.

In this episode, we discuss:

(02:48) Why start a company? (05:33) The gap they saw when founding the firm in 2010(09:59) What drew Graham to the firm in 2015(13:34) Why their investing thesis of early-stage NYC companies worked so well in retrospect(19:32) How the the firm invests in its community(26:32) The number of investments typically per fund at Lerer Hippeau(29:11) Maintaining operational discipline(34:24) Deciding when to make an exception on a deal(38:08) Why they launched a select fund to invest at Series A, B, and C(42:41) Learnings from investing in companies later stages after they passed the first time(48:36) The importance of empathy and being humane when passing on a company

I’d love to know what you took away from this conversation with Ben and Graham. 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 

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

We're excited to be joined by Chris Farmer, Founder and CEO of SignalFire, a firm that was founded nearly a decade ago with the goal of disrupting the way Venture Capital is done.

Unlike traditional VC firms, SignalFire has been built more like a company than a traditional asset manager, as it leverages a robust purpose-built data platform to augment its unique service model to entrepreneurs.

During our conversation, we spent a lot of the time talking about his views on building a next-generation venture capital fund and the organizational design that goes behind it.

About Chris Farmer:Chris Farmer is the Founder and CEO of SignalFire. He was previously a Venture Partner at General Catalyst Partners, supporting notable companies such as Alation, Coinbase, Stripe, and Venmo. Prior to this, Chris served as a Vice President at Bessemer Venture Partners specializing in digital media and mobile investments.

In addition to his venture capital experience, Chris has demonstrated his entrepreneurial prowess by spearheading the turnaround of Skybitz, a wireless-enabled SaaS company.

His career began on Wall Street in the private equity group of Cowen & Company, and he holds a B.A. from Tufts University.

In this episode, we discuss:

(02:13) The inspiration to start SignalFire after stints at iconic firms like General Catalyst and Bessemer(04:42) Being a tech company that happens to also invest in other tech companies?(07:21) How Chris uses data to source and evaluate new deals(16:53) Balancing a founder’s past performance and their future potential(22:13) Thinking about OKRs and KPIs when starting a different sort of firm(26:28) Why hasn’t venture itself seen more innovation as an industry(30:00) How he recruited and found the right team for this new model(33:30) Why data was able to help the firm to avoid the pitfalls of the recent bullrun market(38:58) Balancing data and FOMO as a firm(43:30) What the market will look like over the next 12-18 months

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

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

Today we’re excited to bring Mark Suster back on the pod. Mark is the managing partner of Upfront and also a frequent contributor of great content for the venture ecosystem through his blog, Both Sides of the Table, which I’d highly recommend you subscribe to. 

Mark and Samir were recently talking about venture funds raising in this market, and we thought it would be timely to record a session on what we are seeing, and how venture fund managers should think about navigating in this market. 

About Mark Suster:Mark Suster is a Partner at Upfront. He previously was the Founder and CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com where Mark became VP, Products. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S.

Mark is a graduate of UCSD and has an MBA from the University of Chicago.

In this episode we discuss:

(01:51) With fundraising down from its high in 2021, what are GPs and LPs saying about the market(04:33) What institutional investors are saying about the market(09:19) How emerging managers can access larger global pools of capital(13:47) Building a sales pipeline for your fundraising process as an emerging manager(18:03) Moving deals through the mid-funnel death trap(21:55) Non-obvious things managers can do to improve their fundraising(25:29) Strategies to talk to Family Offices versus large institutional investors(30:49) How to stand out as a manager in a crowded field(34:17) Preparing for an LP meeting(38:45) The bull case for venture moving forward(41:44) How are LPs thinking about venture as an asset category and about the liquidity premiums across the entire market(45:49) Putting in the work to find good managers versus investing in a larger brand name fund(47:30) The importance of having a reserve as an emerging manager

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