Ahoy Capital's founder, Chris Douvos, joins David on El Pack to answer your questions on how to build a venture capital fund. We bring on three GPs at VC funds to ask three different questions.
Pachamama Ventures' Karen Sheffield asked about how GPs should think about when and how to sell secondaries.
Mangusta Capital's Kevin Jiang asked about how GPs should think about staying top of mind with LPs between fundraises.
Stellar Ventures' David Anderman asked Chris about GPs who start to specialize in different stages of investment compared to their previous funds.
Chris Douvos founded Ahoy Capital in 2018 to build an intentionally right-sized firm that could pursue investment excellence while prizing a spirit of partnership with all of its constituencies. A pioneering investor in the micro-VC movement, Chris has been a fixture in venture capital for nearly two decades. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates, and The Investment Fund for Foundations. He learned the craft of illiquid investing at Princeton University’s endowment. Chris earned his B.A. with Distinction from Yale College in 1994 and an M.B.A. from Yale School of Management in 2001.
You can find Chris on his socials here:
Twitter: https://twitter.com/cdouvos
LinkedIn: https://www.linkedin.com/in/chrisdouvos/
And huge thank you for Karen, Kevin, and David for jumping on the show.
OUTLINE:
[00:00] Intro[01:03] The facade of tough times[05:03] The last time Chris hugged someone[06:53] The art (and science?) of a good hug[08:32] How does Chris start his quarterly letters?[10:35] Quotes, writing, and AI[15:13] Venture is dead. Why?[17:33] But... why is venture still exciting?[21:13] Enter Karen Sheffield[21:48] The never-to-be-aired episode with Chris and Beezer[22:55] Karen and Pachamama Ventures[24:19] The third iteration of climate tech vocabulary[26:55] How should GPs think about secondaries?[33:53] Where can GPs go to learn more about when to sell?[36:53] Are secondary transactions actually happening or is it bluff?[38:44] "Entrepreneurship is like a gas, hottest when compressed"[42:26] Enter Kevin Jiang and Mangusta Capital[44:21] The significance of the mongoose[46:36] How do LPs like to stay updated on a GP's progress?[59:35] How does a GP show an LP they're in it for the long run?[1:03:57] David's Anderman part of the Superclusters story[1:05:41] David Anderman's gripe about the name Boom[1:06:31] Enter David Anderman and Stellar Ventures[1:10:21] What do LPs think of GPs expanding their thesis for later-stage rounds?[1:21:43] Why not invest all of your private portfolio in buyout funds[1:25:48] Good answers to why didn't things work out[1:28:13] Chris' one last piece of advice[1:35:18] My favorite clip from Chris' first episode on Superclusters
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