Ownership Targets and Portfolio Construction Evolution

Courtney and Carter Reum, Co-Founders of M13, join Sourcery for a deep dive into building one of LA’s most prized early-stage venture firms.

With $1.9B AUM across three funds, 200+ direct investments, 54 exits, and 15 unicorns seeded or backed at Series A, M13 has built a reputation for pairing venture math with hands-on execution. Portfolio investments include companies like Lyft, Pinterest, Ring, Bonobos, Matterport, Shake Shack, Solana, and emerging leaders like Rho, Prepared, OpenFX, Arena Club and Niural AI.  The firm is ranked Top 20 globally in the HEC-Dow Jones Venture Capital Performance Ranking and was named one of TIME’s Top 100 US VCs for 2025.

M13 targets 30–35 core investments per fund, aims for ~20% ownership, and structures its portfolio around power-law outcomes — not incremental 3x bets. Over the last three years, companies behind M13-led rounds have raised ~$800M in follow-on capital, reached Series B ~30% faster, and at ~25% higher valuations than the median.

We cover:

• Why M13 targets 20% ownership

• How they generate alpha in a hype-driven AI market

• The second and third wave of AI opportunities

• Portfolio construction & power law math

• Stablecoins and the future of money

• LA’s evolving tech ecosystem

• Talent wars in the AI era

• Founder execution vs idea quality

• Biohacking, longevity, and performance

• Lessons from pro sports, Goldman Sachs & culture

“M13 is one of the brightest star clusters in the northern sky. It’s full of remarkable individual stars. But when those stars come together, they create something that’s truly greater than the sum of its parts. That’s the M13 advantage.”

Subscribe to Sourcery for more conversations with the world’s top investors and founders.

Courtney Reum: https://www.linkedin.com/in/courtneyreum 

Carter Reum: https://www.linkedin.com/in/carterreum

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube : https://youtu.be/FDOW60Yp_hw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Welcome to the Pod House: M13’s LA Origins

(01:10) $1.9B AUM & 54 Exits — What M13 Focuses on Now

(02:20) Early Wins: Ring, Lyft, Pinterest & 15 Unicorns

(04:10) Alpha vs Multi-Stage Capital — Two Sports of VC

(06:00) Avoiding AI Hype & Sticking to Venture Math

(08:40) Why M13 Increased Ownership to 20%