VC10X - From Zero to Fund One: Lessons from 1st time fund manager

In this episode, Kevin Moore shares the unfiltered story behind starting his first VC fund after nearly 15 years of preparation—from leaving a stable engineering career, to learning sales the hard way, to discovering why LPs don’t care about your past track record the way you think they do.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

We go deep into:

- Why there is never a “right time” to start a fund

- The biggest misconceptions first-time GPs have about LP fundraising

- Why selling is at least 50% of a VC’s job

- The hidden costs (financial and emotional) of becoming a fund manager

- How to think about fund size, LP targeting, and early credibility

- What separates aspirational GPs from those who actually close Fund I

- Kevin also opens up about doubt, discipline, faith, and the internal routines that helped him stay grounded through long stretches of uncertainty.

If you’re:

Considering launching your first fund

Exploring a transition into venture capital

Curious how LPs actually evaluate emerging managers

Or simply want an honest look at what VC really looks like behind the scenes

This episode is for you.

Timestamps:

(00:00) - Preview

(00:45) - Introduction to the episode and guest, Kevin Moore

(01:35) - Sponsor Read: Podcast10X

(02:16) - Kevin's 16-year journey to starting a VC firm

(02:53) - The origin story: From civil engineer to financial advisor

(04:45) - The "never a right time" philosophy for making big leaps

(05:03) - Key lessons learned from being a financial advisor

(05:25) - Why sales skills are crucial for a General Partner (GP)

(06:29) - Why choose venture capital over other finance paths?

(08:15) - The first order of business when starting a VC firm

(08:28) - The challenge of securing working capital and startup costs

(10:06) - Balancing GP commitment and operational expenses

(10:47) - How to de-risk a fund launch by pre-vetting LPs

(12:40) - How to right-size your first fund

(13:57) - Identifying and targeting the ideal LP profile

(15:48) - The biggest misconception about LP fundraising

(17:57) - What to do differently in the first 10 LP conversations

(19:19) - How to pace conversations with LPs

(20:00) - The "Know, Like, Trust" framework for LP relationships

(22:14) - The most valuable "No" from an LP

(25:42) - Designing the fund's identity and investment focus

(27:44) - The most underestimated part of building a firm

(29:12) - The first non-obvious hires and processes needed

(30:52) - Overcoming serious doubts during fundraising

(32:24) - Using daily routines to manage external uncertainty

(33:54) - The most overrated advice for starting a VC firm

(36:24) - The one thing to pressure test before quitting your job to start a fund

(37:55) - Rapid Fire Round: Serac Ventures' Investment Strategy

Connect with Kevin:

https://www.linkedin.com/in/kevinjosephmoore/

https://substack.com/@kevinatseracvc

Podcast Links:

Prashant Choubey - https://www.linkedin.com/in/choubeysahab

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