Last week I met with Brendan Baker to exchange notes on venture capital observations -- and catch up with him on joining Rackhouse as Partner. Brendan asked me why I think most GPs fail - quite an open-ended question, and I took it as "why do most GPs fail to raise more than 1 fund." … Continue reading Trust in Venture Capital: Why GPs Fail
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] The presence of capital events (funding rounds, M&A, fund strategy) can sometimes be over-ascribed to individual influence unless the narrative shows how … Continue reading Tactical Notes: The Weight of Capital Alone is not Proof of Superior Judgement
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] We are not entitled to capital. Or conviction. LPs operate under uncertainty just as we do. In a world of competitive convergence, … Continue reading Tactical Notes: Access is Earned, Not Expected
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] Capital formation strategy is a product of LP-GP fit. The best LP-GP relationships are not built on performance narratives but on shared … Continue reading Tactical Notes: Fit First, Fund Second
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Concept: If your deck can’t clarify conviction, cadence, and character in one slide, don’t raise yet. Startups founders aren't the only ones with bad pitch slides. Over the years, I’ve written about how a cluttered team slide in a founder deck often betrays deeper issues—misaligned roles, unclear value, or a résumé-driven identity crisis. But fund … Continue reading Fund Managers: Your Fund Slide Sucks, Too
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] Exceptional managers demonstrate process discipline and high-touch relationship crafting. The myth of institutional vs. personal is a false binary. Sophistication in process … Continue reading Tactical Notes: Institutional is Personal
[This is one of the first 'Tactical Notes' - short-format observations that I jotted down some time ago, where I feel that this snippet is enough and no long format essay is necessary] The best LPs are intellectual partners — equal in vision, asymmetric in pressure-testing. LPs are mission-critical partners, not passive capital. Too many … Continue reading Tactical Notes: LPs Are Not a Line Item
What are your actions? And what is the narrative you are telling LPs around your actions and processes? Why that story, and no other story? What are implicit assumptions that have to be true so that this story is true? What ethos are you implying, or even requiring, that is reflected in that action a … Continue reading Actions + Stories = Who You Are
