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Lisa Edgar

Managing Director, Top Tier Capital Partners · 1 appearance on the record.

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Lisa Edgar is a Managing Director at Top Tier Capital Partners. Prior to Top Tier, she worked in asset management at WR Hambrecht + Co focusing on private equity funds.

19statements → 8claims → 4claims resolved → 50%fully supported → 3.95/5average certainty → 1.74/5average debate potential → ≈4.5/5argument clarity, estimated →

2 supported 2 partly supported 0 contradicted 1 not yet assessed 3 not checkable as stated how the 8 claims stand · each chip opens the sources

1 prediction · 7 assertions · 3 opinions · 3 insights · 5 disclosures · every statement was checked. The prediction and assertions are the 8 claims: statements the public record can support or contradict. 4 are resolved, 1 is not yet assessed, and 3 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Lisa argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Top venture capital firms command premium carry above the standard 20%
“So VC is not a two and 20 world. PE is, but a lot of VC isn't, and certainly when I say that, I really mean the top players. I mean, they have premium carry, and we are fortunate enough to have a portfolio of a lot of that.”
Lisa Edgar Nov 4, 2019 ▶ 19:38 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
75% certainty 3
75% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: speaking style how? →

233 words/min while actually speaking · 2.1 um and uh per 1k words

No argument clarity score for Lisa Edgar: no usable question→answer exchanges on raw tape (a fair score needs 8+). We do not score a sample that small. Roundtable and news formats yield far fewer direct exchanges than interviews. Their coarse estimate from 24 exchanges on the produced feed is ≈4.5/5, shown at half point precision because the sample is small and produced tape scores higher.

Measured by listening to 4,829 words across 1 episode, but every recording we have of Lisa Edgar is the aired feed, and an editor cleaned that audio before release. Some of the hesitation was cut before we ever heard it, so read these as floors: the true rates are at least this high. These are measurements of speaking style, not scores. How it's measured →

How the interview went all their pushback → series average →

Across 1 rated episode:

host pushback ▾ 3/10
pushed back at the host ▾ 2/10
setup questions received 75%

Everything Lisa Edgar said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

Disclosure
Top Tier never backs first-time fund managers without an investing track record
“While we might invest in first-time funds, we won't invest in first-time investors, so there must be a track”
Lisa Edgar Nov 4, 2019 ▶ 10:49 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Disclosure
Top Tier has refused to re-up with top-performing venture funds
“And we've done this, it could be that we're evaluating and doing our compare and contrast, as we call it, and there might be a One of the best performers in our portfolio, and we don't re-up, and the numbers would tell you all day long, you know, with your eye…”
Lisa Edgar Nov 4, 2019 ▶ 11:26 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Opinion
Premium venture capital carry should require a 3X return hurdle
“For carry, I think you have to start at 20%. That is the base when you're getting started, and to have some type of premium carry after a return hurdle is okay, but really that return hurdle should be three X, you know, not two X, because you kind of have to d…”
Lisa Edgar Nov 4, 2019 ▶ 20:45 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Not publicly verifiable
Lisa Edgar: Top Tier managed two VC fund-of-funds with no J-curve
“We had two fund-to-funds that didn't even have a J-curve. I mean, think about it. Venture capital only, fund-to-funds, no J-curve.”
Lisa Edgar Nov 4, 2019 ▶ 16:13 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Supported
Top venture capital firms command premium carry above the standard 20%
“So VC is not a two and 20 world. PE is, but a lot of VC isn't, and certainly when I say that, I really mean the top players. I mean, they have premium carry, and we are fortunate enough to have a portfolio of a lot of that.”
Lisa Edgar Nov 4, 2019 ▶ 19:38 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Not checkable as stated
Edgar: Globalization is the biggest shift in venture capital over 20 years
“It's changed, obviously, dramatically from a very small cottage industry that was really Silicon Valley in Boston, so it was really US-based, and I would say the biggest change that we see today is really the globalization, and sitting in this room, you know, …”
Lisa Edgar Nov 4, 2019 ▶ 7:02 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Not checkable as stated
Lisa Edgar always responds to pitch inquiries sent via warm introductions
“If it comes from somebody I know, i.e. A warm introduction, I always answer. I either take a call or meeting, or I turn it over to someone on my team”
Lisa Edgar Nov 4, 2019 ▶ 8:20 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Opinion
Lisa Edgar prefers conversational pitch meetings over deck presentations
“I cannot go through a pitch deck. I just don't have, I don't have the capacity. I think I'm ADD. I don't know what it is. So I like to have a conversation.”
Lisa Edgar Nov 4, 2019 ▶ 8:53 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Partly supported
Raising a first-time venture capital fund takes 18 to 24 months
“First-time funds, I mean, often, it's 18 to 24 months, and you just have to expect that.”
Lisa Edgar Nov 4, 2019 ▶ 12:34 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Disclosure
Top Tier's average U.S. venture fund commitment is $20 million
“Our average commitment is twenty million, that's because that's kind of what ours is in our main kind of U.S.”
Lisa Edgar Nov 4, 2019 ▶ 13:50 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Opinion
A 2.5% management fee is reasonable for small venture capital funds
“If you're raising a very small venture capital fund, having fees at two and a half percent is reasonable. I mean, you're building a team, you're building a platform. I mean, that would not be egregious, right?”
Lisa Edgar Nov 4, 2019 ▶ 20:01 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Insight
Institutional LPs expect wealthy venture managers to make higher GP commitments
“When somebody has made a ton of money, and they're not Putting it back into their fund, you got to scratch their head about that. So in those cases, you do expect a much higher GP commit.”
Lisa Edgar Nov 4, 2019 ▶ 22:58 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Disclosure
Top Tier Capital Partners added secondaries and co-investments to shorten J-curves
“So we really added secondaries and co-investments to our portfolio construction so that we could really reduce and shorten the J-curve for institutional investors.”
Lisa Edgar Nov 4, 2019 ▶ 5:40 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Insight
Initial LP meetings assess context while second meetings examine portfolio details
“First meeting, it's more context. Who are you? What are you doing? Why is it different? Second meeting is generally drilling a little bit further into companies because you probably have some, a track record of some sort.”
Lisa Edgar Nov 4, 2019 ▶ 10:16 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Disclosure
Top Tier Capital commits to GPs who maintain persistent post-meeting follow-up
“Some of these people have been very good at continuing to keep in front of us, and they are the ones that we've ended up Committing to, because they're doing things, you know, they said they're going to do something, they're giving us more information, and so …”
Lisa Edgar Nov 4, 2019 ▶ 18:32 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Partly supported
Lisa Edgar: Industry standard for GP commitments is 1%
“I think the industry standard is one percent, so you want somebody at least be doing one percent”
Lisa Edgar Nov 4, 2019 ▶ 22:35 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Insight
Lisa Edgar: Institutional LPs invest in firm franchises, not one-off funds
“Most institutions are looking for franchises. They're looking for the ability to continue to invest with a firm”
Lisa Edgar Nov 4, 2019 ▶ 23:27 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Assertion Supported
Edgar: Only four fund of funds existed when she joined VC
“That was a, at a time where I think there was four fund of funds in the entire industry.”
Lisa Edgar Nov 4, 2019 ▶ 4:08 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners
Prediction Not checkable as stated
Lisa Edgar plans to retire after one more economic downturn
“I've been through two busts, and I say I have one more in me, so that's it. I can do one more, and then I'm out.”
Lisa Edgar Nov 4, 2019 ▶ 4:38 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners

Appearances (1)

EpisodeDateSpeaking time
20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything fr Nov 4, 2019 21m
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