GP4: What place does VC have in your portfolio w/ Seth Levine, Partner @ Foundry Group

Welcome to The Legacy Wealth Podcast where we help accredited business owners become educated & get access to, private investments that the wealthiest investors in the world utilize to grow their net worth. We do this by providing insight & access to successful fund managers & investors across multiple asset classes.

We are your hosts, Pascal Wagner & Mike Klein, and today we are interviewing Seth Levine, Partner @ Foundry Group and we're diving into:
  • How much of your portfolio should be made up of VC funds?
  • Questions to ask a VC fund manager as part of your due diligence process
  • Why venture investing is a long term commitment?
With that said, let’s get to it!


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Links from our Guest

    Time Stamp:
    00:00 - Intro
    00:51 - The concept of venture capital
    01:30 - The importance of including private assets in a portfolio
    02:27 - The importance of diversification and risk-adjusted returns
    03:45 - Seth Levine explains the purpose and role of venture capital in the economy
    05:00 - The significance of venture capital in the growth of companies like Google and Amazon.
    06:10 - The uniqueness of Venture Capital as an asset class
    09:23 - Importance of understanding fund strategies and stages in Venture Capital
    10:00 - Seth Levine emphasizes the need for a long-term investment perspective in Venture Capital
    12:45 - Seth Levine discusses the impact of the pandemic on venture capital
    14:09 - Difference between venture capital and private equity
    16:00 - The need for a meaningful amount of money
    17:30 - Angel investments and the need to be comfortable with potential losses.
    18:00 - The learning curve and partnership benefits in venture capital.
    19:30 - The difference between managing in upmarkets and downmarkets
    22:06 - Seth Levine discusses the challenges of finding good deals, evaluating teams, and market analysis as a VC.
    23:44 - The role of luck in venture capital and the need for skill in evaluating investments.
    25:27 - The importance of continuous learning and adapting in the VC industry
    27:17 - The importance of planning for the next funding round to avoid running out of money
    29:25 - The difference between discussion topics and decision topics during board meetings 
    31:54 - The involvement of due diligence
    36:29 - The importance of being declarative in difficult decisions
    38:00 - Deal flow attraction and portfolio construction strategy
    41:00 - Seth's approach to managing the risk profile of investments
    42:45 - The average time it takes for a venture fund to return the investment
    45:35 - The role of market timing and valuation
    49:05 - The team sport aspect of venture investing
    49:52 - The discussion shifts to the recent crisis involving SVB (Silicon Valley bank)
    51:15 - The measured response of most VCs during the SVB crisis
    52:45 - The need for flexibility and reconsideration of banking agreements
    54:03 -  GSIBs (Globally Systemically Important Banks)
    55:19 -  The importance of evaluating banking relationships and risk management becomes a diligence question for LPs
    56:27 - Outro

Creators and Guests

Mike Klein
Mike Klein
VC, Digital Asset Fund Manager, Entrepreneur
Pascal Wagner
Pascal Wagner
I help accredited entrepreneurs & executives in the US replace their primary income through private investments.
GP4: What place does VC have in your portfolio w/ Seth Levine, Partner @ Foundry Group
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