Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape.

A few weeks ago, I announced that after 20+ years as a venture banker, I was leaving to launch a new company. After taking a couple of weeks to recharge, our team has been hard at work setting the foundation for our new mission.

I’m thrilled to officially introduce our new company, Allocate, to the world.

As many that have worked with our group over the last decade know, we have long been laser-focused on catalyzing the next…

After 21 years as a venture banker, I’m leaving banking and it leaves me equal parts energized, sentimental, and perhaps a bit anxious.

Dating back to my youth, I loved the idea of building and continually found myself inspired by those that took the plunge to build things from scratch. It didn’t matter what it was they were making or how large the project, but the simple act of taking something that didn’t exist before and creating something real and usable was viscerally rewarding for me. …

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape.

A common question I get when speaking with newer venture emerging managers is about how to go about fund sizing.

Most of the managers I speak with compute fund targets based on a few common factors:

1) How much they think they can reasonably raise using their available market intelligence and line of sight to prospective capital (this is hard, inexact, and often wrong).

2) A bottom-up approach toward how much they want to invest in companies, #…

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape.

Limited Partners (LPs) use various filters and metrics to assess how investable a venture fund is. One of the more heuristic measures is assessing the GP’s alignment with them through the percentage of a fund’s commitments that the general partner(s) themselves contribute — In VC this is typically 1–3% of total fund commitments.

As you’d expect, LPs typically prefer fund managers with higher GP commitments as % of the fund (“skin the game” concept).

While I believe there…

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape

This post was original posted on my substack; subscribe to my newsletter to get updates on new posts and releases of the Venture Unlocked Podcast.

Recently, AngelList’s Rolling Fund product has been a frequent topic of discussion within early-stage investing circles. Over the last few weeks, I’ve had dozens of conversations with LP’s and GP’s to get their thoughts on the product.

There have also been some great Rolling Fund articles; Minal Hassan wrote a great early summary…

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape.

For emerging managers, the actual capital raise of a fund represents the most significant friction point for getting off the ground (and early on, scaling a firm). This issue has prevented many aspiring investors from starting firms, and has led to the advent of models such as the AngelList Rolling Fund product.

There are several reasons for fundraising being so difficult:

  • The opacity of the Limited Partner (LP) landscape. Although transparency has improved through efforts such as the…

Photo by Basil James on Unsplash

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape

Up until near the Global Financial Crisis (GFC), the venture capital asset class was more or less monolithic, with firms sharing similar attributes on partnership composition, stage and sector focus, and fund sizes.

Post GFC however, the industry has greatly evolved be distinctly fragmented with several varieties of funding sources and models. Today, traditional seed funds, solo-capitalists, sector-specific funds, studio and incubator models, rolling funds, family office, and platform VC firms all drive capital to the entrepreneurial ecosystem…

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape

If it wasn’t clear a few months ago, it is abundantly clear now that not only has the world has shifted immeasurably from COVID-19, but the very definition of what is “normal” is forever changed.

What appeared to be a virtual impossibility back in March, the equity markets have hardly flinched with US equities currently down only ~15% from record highs & the private markets (particularly early/growth) still showing plenty of forward momentum.

However, when the US public…

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape

I’ve spent a considerable amount of my shelter in place time having discussions with some very smart people in the market about what this economic dislocation might mean for the emerging venture fund landscape. See my latest posts here & here for some of my observations and thoughts from this month.

Over the weekend, I asked the emerging manager community questions that were most topical:

[While I tried to keep the questions verbatim for the sake of accuracy…

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape

Over the last few weeks, our daily routines have been disrupted by the continued spread of the novel Coronavirus, and many of us may contract or have loved ones contract the virus. Please stay safe, and take every precaution to stay healthy.

While it’s impossible to accurately project the path of the pandemic, it is safe to say that havoc in the financial markets is a short term certainty — In the last week alone, we experienced a…

samir kaji

VC/tech advisor, venture blogger, active angel investor, banker

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store