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Automatic TRANSCRIPT

Twenty two furry investments fund and over time you'll be able to double down on companies light your winners and I think that's the way ventures works for the most are blessed twenty four years when I talked to. LP's I emphasized the size to them is the places where I've placed jarred him at capital are not founders I met last workplace or make capital goes is founders where I've already been spending time with them solving business problems and we've already been working together before I've ever. You know usually written a dollar into the company and as a result of actually building that close relationship we're risking it together and because of my motto whereas you work with these companies and spend a lot of time with them Ami I'm also able to de risk Refunds would be risks which is things that help companies lever booting yeah. GTM feeling our art and also fundraising and frivolous free mechanisms. Which I think helped erase the investment? It makes more sense for me to be able to make concentrated best because I I built this deep conviction about these companies things which are maybe seen as risks that you're using traditional venture model. I'm able to be risk to an extent and so the L. Pisa get really enthusiastic. Ask about working with me. are able to results ADV already driven so far able to get references from the founders companies are arming Celo and as a result there is a a good subset. LP's Avera arm physiological. I'm doing it's not for everyone like your university in diamond. And he wants to fund manager that you can buy five hundred million dollars behind signed over ten year period. My motto probably isn't right for you if you're looking to invest in emerging managers. And you know you're looking for something different Very awesome our way of the L. P. N. spoken to find this motto attractive just because it is different and return profile so far I think makes very attractive as well this he and the underlying companies it it absolutely does the other atom and they want to discuss his other. Conventional wisdom which is reserves is where the money is made. How do you feel about reserve allocation? What was your strategy with original? Say Yeah So. We don't have a reserve policy and again this goes back to how we're structuring south. Against a lot of refunds where most funds things will go out will raise Two hundred million dollars bail invest ammen initial seven vestments. It's twenty three companies and then you have to look for two winners and then double down on behind them and that strategy works where you do have a single fond in year typically trying to fund our approach is a little different where we are able to make concentrated bets in these companies that we the last conviction over and if a company is free criteria that we're looking for to make investment and then on top of that we allow conviction behind it wouldn't make sense from from our capital multiple riots and we should try by as much company in that initial investment and the goal is until until we hit a constraint of twenty eighty percent in the fun we keep going and putting more money into that company as early as possible in the her advantage. We have is we can s P after we at twenty percent fresh oil into the company company so in a way like you know reserves or basically a artifact of eight year using a fun empty your investments versus we already have pre existing understandings over. LP's he's where we'll deploy Tucson. I look if we have a winner and keeps fitting are Hanan. twenty-five act thresholds we. LP's have opportunities to come back to back in overtime and put more money the anthrax bb. So that way. I'm saying that about the because we have a huge amount of emerging managers and the people who are looking to start their funds are listening to the show canals. What Advice Nice would you give to other managers who raising given the many many Albie meetings that you've been experienced? Yeah so I think you do need to have a unique value prop Capital in ecosystem ecosystem today and what most LP's went to know is given that much capitalize. Where given the you know? The best funds will always have an advantage in terms of vegas see more ordeals in an emerging fund manager. Why is your unique value? Property is going to help you get into companies and get finders to work year overtime drive on which is hot Cortana war and I think if you have a eloquent explanation as to why you have an advantage they're going to want the partner review and often times. It is going to be able to talk to him. Number of LP's finally align best of youth again if you have a unique value prop you're always gonNA find people who want to money and you if you can't really differentiate it yourself and yet you're you're you're GonNa have trouble and Rosa refunds or champion. Have the hardest time to raise auto. I'm totally with you. In terms of the kind of reclined by differentiation. Especially today I wanNA take some of the animals say that he said that a little bit deeper and you said specifically about distribution in one of your advice providing areas being really healthy sums of greater market can we talk about this and distribution is prize. What did you mean when you say you can have? You helped found think about distribution buses products. Yeah of course so I think if you look at Silicon Valley. Oh you over the last twenty years binders. CEO's of changed quiet law. Ninety nine Bayer was a good chance in seal. Given Tech Company wasn't the founder for background. Akron business orientated. Fast forward to nineteen your typical. CEO Probably is a founder. Envy likely come from product engineering background. The Austin means they have have had less goats market exposure in verifier businesses not That doesn't mean he can't pick it up over time. It does meaning. Mary's a gap in the market in my opinion for when he partner finders to help provide love expertise across. You know things like go to market in stealing ever businesses in fundraising so for me. When I'm to the topic for distribution versus product of under you meet mccumber product or engineering backgrounds looping faith the largest emphasis on is an Parkland innovation cable? Rigobert it one product. Then we're able to number product on both successful because Mark Andrea says the general model for successful tech companies may become distribution centric product centric. And so when I partner of founders go is like you've got product marketing. His first products go is very simple. Let's blow this initial marking up and going as much market shares possible Indus Indus. But if you want to be able to enduring generational company we do have to start putting in the foundations for distribution and Backley doing your direct sales team or channel sales team team.