Liquidity

A podcast & yearly conference for LPs and GPs. Hosted by @Jason (fka The Angel Podcast & Angel Summit).

E4: Dry Powder in Venture Capital, VC Ratings, and more with Grady Buchanan and Victor Gutwein

E4 • Feb 9, 2024 • 81 mins

David Weisburd hosts Grady Buchanan, Victor Gutwein, and Jason Calacanis to discuss dry powder in VC, VCs rating VCs, a study on whether returns persist in venture capital, and much more

Key Points

VC dry powder reached a record $300 billion in 2023, raising questions about fund managers' strategies for capital deployment and the implications for LPs' returns.
Top quartile venture capital funds show a strong persistence in performance, with 45% continuing to achieve top quartile returns, emphasizing the importance of access to these funds for LPs.
The rise of AI and automation in various industries, including agriculture and SaaS, is creating investment opportunities in startups that offer significant efficiency improvements and address unmet needs in their respective sectors.

Speakers

David Weisburd

Guest • 6%

Grady Buchanan

Guest • 27%

Victor Gutwein

Guest • 19%

Jason Calacanis

Host • 48%

Chapters

0:00	Introduction of guests and hosts
1:16	Discussion on dry powder in VC, role of GPs and LPs' viewpoint on capital deployment
12:35	NVNG's strategy, fund selection and expectations for emerging managers
17:18	Value adds Victor Gutwein looks for in a GP and the importance of the relationship between seed and series A investors
23:43	Importance of founder references, transparency, and due diligence in venture capital
33:08	Importance of building a firm, not just a fund and the impact of previous performance on future performance
48:57	Growth and investment strategy of Victor Gutwein and recent investments of the hosts
54:22	Serial entrepreneurs coming back for funding and latest GPs invested in
1:01:12	The evolution of startups and assessing a GP's potential to succeed in the industry
1:04:11	Due diligence, the importance of talking to customers, and potential new book by Jason Calacanis
1:15:03	Investing in startups outside of major tech hubs and the need for voice verification
1:20:14	Wrap up of the episode

Transcript

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