general partner

“And I think, you know, sitting here 10 years from now, most things that we think of as fund programs today will look more like hybrid programs with, you know, kind of closer ties, partnering more closely with GPs to look at companies rather than being, you kno…”

“The cop-out of every GP and every partner is always the, well, I love the deal, but I couldn't get my partners. No, that's actually a lie. They didn't have the conviction. They, they're using that for optionality for later, right?”

“I think it's normal. All the GPs and partnerships of all the firms expect me to be there and are okay with it.”

“Many LPs are not comfortable giving feedback to GPs, and so fund managers may not have a clue how they're being perceived or why they're not a fit with a, you know, institutional manager's portfolio.”

“When GPs come in, I think the mistake they make generally is putting too much in a pitch deck and not limiting and not taking their own advice. They'll tell a company to have a pitch deck with 10 slides in it, And yet they'll show up with a 45 page deck and ex…”

“I think many GPs miss on portfolio strategy. That's probably the place that when we ask questions, GPs just flail about, especially newer or emerging GPs. And they're unaware of the risk characteristics that are different, you know, in a total portfolio versus…”

“And I think between one 25, one 50 for two GP fund is reasonably what we feel we could deploy with quality.”

“If I'm an LP, and I want to be competitive over the next 10 to 20 years, I better be extra nice, have fun with my GPs, and be available to answer questions around fund management, connecting them to new people, giving hard feedback when it's needed, but being …”

“I think the industry standard is one percent, so you want somebody at least be doing one percent”

“For me, I strongly push back on that because I think they're conflating the macro economy with the technology advancements of GPS, of the rise of the app store and of the iPhone with the macro environment that was also simultaneously happening at the same time…”

“If a GP has the ability to close with an LP, if an LP wants to give a GP money, take the money. That's always been my philosophy and approach.”

“That commitment can range, but they typically have to commit some of their own capital To the fund, one to five percent was probably the norm. One to two percent in the micro VC world, especially for a fund one.”

“We had already told GPs to plan on going two years without income.”

“Just like we do at the venture fund, we have a single trigger-puller model, though. We have discussions and deep, robust discussions about investment decisions, but it's ultimately the call of the GP who's sponsoring the investment.”

“I push back on LPs like you're looking for these check the boxes and like all GPS aren't going to fit into these perfect boxes of working in venture and, you know, doing a spin out, whatever it may be, or having a great angel track record, because they were al…”

“I think if you've got the right LPs, they've seen enough in this business to understand that generating DPI through pressure isn't the best long-term outcome for the, for them and for the GPs. And then existing LPs have more data to evaluate progress and under…”

“Hey, these are complex financial instruments that need to be managed for 10 years. And it's not the place you actually want to be optimizing on costs at all, because it's one of those things where when it's just working in the background, you have someone, you…”

“I don't think that they spend enough cycles on it. But I actually think some of the great ones do.”

“And I'll be honest, I say that too, especially at growth. We don't have time for spinning cycles on associates. Like, just go to the GPs.”

“Sometimes other folks forget that LPs are not in the same business of risk taking the way that GPs are.”

“I think there's been many conversations with LPs suggesting GPs slow their roll.”

“Well, I know a lot of LPs that will ask their managers, and then go back home and take another 20 to 25% off the top, because there's things that nobody knows.”

“If you have a fund that's, I don't know, many billions, you're going to have a number of GPs that are making significant dollars, assuming it's spent Not spent on platform and other things. But if you can make that kind of money without even returning the fund…”

“Well, and then I heard stories, and this is a story, so put it under the rumor and hearsay bucket, but that last year, the end of twenty-twenty-two, when the auditors were getting involved, they were telling GPs to talk to each other to try to figure out how t…”

“To your point about GP commit, yes, it has been an unnecessary barrier to entry for too many GPs.”

“It's see, pick, win, right? We need people who can see the best deals or at least a very large volume of deals, right? Hopefully the best deals are inside that set. Then we want them to be able to pick the best ones to try and invest in. And then finally they …”

“I would say we tend to spend the most time thinking about the winning and servicing angle, which kind of feed on each other. Because I think, you know, look, there's at least several hundred people in the industry at any given time, GPs I'm talking about, who …”

“There's just a lot of, like, I think a lot of people in this industry are very complacent. All of us as GPs, Need to do a better job getting money back to LPs and figuring out how to do it.”

“These business models, these GPs are creating are some of the best high margin businesses Ever created, right?”

“I'll never blame you for doing that, and I'll never blame a GP for, I'll never bash a GP saying, oh, how dare you, right? It's the market, like, and you're, you've obviously done something well enough that's allowing you to raise that capital. It's our choice …”

“Look, especially in the larger funds the compensation that the V, that the GP gets from the management fee, especially if you account for time value of money is typically greater than the than the upside.”

“Provided you've got a big enough check size to play in any round as a GP, you actually, quote unquote, have higher risk adjusted return if you have smaller funds because then you have less cross deal aggregation. In other words, two separate one billion dollar…”