The Distribution by Juniper Square How LPs and GPs Build Trust in a Changing Market - Katie Riester - Managing Director & GP of Fund of Funds Investing - Felicis
Oct 14, 2025
In a captivating discussion, Katie Riester, Managing Director at Felicis Ventures, shares insights from her 15+ years as an institutional investor. She reveals how she transitioned from traditional finance to shaping venture capital dynamics. Katie elaborates on the evolving relationship between LPs and GPs, emphasizing transparency and authenticity. She also discusses the characteristics of successful AI-native founders and Felicis' unique approach to supporting them through initiatives like the founder pledge, all while adapting to new technology waves.
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Twelve Years At SVB Capital
- At 25 Katie moved to SVB Capital to work closer to the deal and spend 12 years in a fund-of-funds role.
- That period covered the global financial crisis and huge shifts in the venture model.
Super Angels Changed Venture
- The rise of super angels and solo GPs changed venture by creating many new small funds with operator-led networks.
- Institutional investors had to decide how to evaluate and include these unproven managers.
Lead By Listening In Fundraising
- Start fundraising conversations by listening and tailoring your pitch to the investor's current interests and portfolio.
- Ask questions first so you can highlight only the most relevant parts of your strategy.