Spiller: A VC's true customer is the LP, not the founder
Nick Spiller · 10,000 Investor Meetings Later, He Saw One Same-Day Commitment · Mar 28, 2023 · at 17:44
Capital Factory Venture Principal Nick Spiller clarifies the fiduciary duty of venture capitalists when managing investments.
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“The investor's responsibility is to steward the investment. You know, the key word is like the investment, not the company, although they're very, you know, intertwined obviously in the success of the company is the success of the investment investor. Investor most of the time, although, you know, in some key times it's not, and, you know, they've got to get money back to their LPs if they're a VC and they have a fund. So they, you know, that's their job and their customer is not the entrepreneur, the customer is the LP, the limited partner that's investing in their fund and the entrepreneur is more of a strategic partner for that.”
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