The Full Ratchet: Venture Capital Demystified

Marcelino Pantoja of Tribe Capital joins Nick to discuss LP Turned VC, Mistakes When Pitching to Allocators, and Managing Limited Partner Relationships. In this episode, we cover:

  • Walk us through your background and path to VC
  • Refresh on the thesis at Tribe?
  • Talk to us about the mindset of the allocator — what are their key objectives and what do they care about?
  • What are the biggest mistakes you see emerging managers making when pitching LPs?
  • Let's say an aspiring VC has a few years until they will raise from institutions... what should they be focusing on in order to create a really compelling offering in the medium term?
  • Let's say an emerging GP is raising from institutions imminently... what advice would you have for them?
  • Do you think it's significantly easier for an institution to make an investment in some coming from a large successful Tier 1 fund, spinoff, vs. a successful operator or angel?
  • What are the key challenge areas that the LP is really going to scrutinize on the spin-off and what are the areas under scrutiny for the operator?
  • Sometimes it's hard to get information on LPs from a distance... do you have any advice for fund managers that are trying to pre-qualify?
  • What is the difference between a good LP and one that may be a problem... how does a GP determine that early enough to avoid bringing on the wrong types of LPs?
  • In what ways is your job similar and different moving from LP to VC?
  • How do you compete against other firms for deals?  I understand the value-add but the value has become competitive with a larger number of firms... how can you continue to win and do so at a price that makes sense for the return potential?
Direct download: Pantoja_Final_v2.mp3
Category:general -- posted at: 6:00am EDT