Doddala: LP underwriting requires forecasting a GP's behavior over 20+ years
Raja Doddala · 2024 VC Updates, IPO Trends, And Fundraising Advice with Churchill’s Raja Doddala I Neon Show · Jul 5, 2024 · at 20:50
Raja Doddala, Head of VC at Churchill Asset Management, explains the LP underwriting framework for backing early-stage fund managers.
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“Especially seed and pre-seed managers. You're underwriting as much as the track record, but also you as people. We're forecasting how you'll behave for the next 10 to, you know, a lot of cases, 20 plus years. And we're forecasting how you know, what kind of decisions that you'll make. We're forecasting how you'll evolve as a person. Because when we bet on you, that fund will take 10 to 12 years for it to come back. And then another vintage, so we're talking about a multi-decade relationship.”
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