There's going to be a lot of really Disappointed hands out there and so you Have to show that you're really Differentiated you can access basically Any VC fund today I hate to say it but Everybody's open and so you really have To be sharp about why you deserve to be At the table and that comes from these Five components you can't over raise Because LPS truly understand and they'll Evaluate your deals your deal size the Markets they're highly intelligent you Got to be rational about your Fun Size Worst things to do in a pitch and I'm Going to laugh cuz J just did it on Stage is don't refer to Deals as bets Don't worry this is the hardest time to Raise capital in 25 years that I've been Doing this it is the hardest time for Everyone full stop always be closing Right Glen Gary Glenn Ross always be Fundraising this weekend startups is Brought to you by LinkedIn ads to redeem A $100 LinkedIn ad credit and launch Your first campaign go to linkedin.com Thisweek and startup Runway looking to level up your Financial planning Runway is the modern And intuitive way to model plan and Align your business for everyone on your Team sign up at runway.com twist to get Your first 3 months free and behive Power your newsletters with AI tools Referral programs and AD Network
Features all in one platform get 30 days Free and 20% off your first 3 months at Beehive.org all right one of my besties Brad gersner some people refer to him as The fifth bestie on the All pod and he's Got a great new podcast bg2 introduced Me to This brilliant force of nature Megan Reynolds and uh we went to the UAE And we went and visited some amazing Places and she looked at everything I Was doing and I said I don't know how to Manage LPS and she said but you've been Doing this for 10 years I was like yeah I just tweet I'm raising a fund and you Know we just raise a fund but then all Of a sudden the world imploded and I Lost my mightest touch the ability to Just say tell somebody I'm raising a Fund and would just hand me money and I Had to actually like explain the Strategy and all this crazy stuff and Then uh she's mentored me and so I got a New bestie uh and you know I asked Brad Is it okay if I ask Megan to help me and He said yeah she'll just ask her and She's got time I'm sure she'll do it and So not only did Megan help me with rlp Relations and structuring it she helped Me train my team like Ashley uh who had Our firm Ashley is now going to be in Charge of just the healthier Relationships and so I really appreciate The fact that in Silicon there's people Who just help people for the sake of
Doing it because it is the right thing To do to help your peers uh try to yeah Get better at the craft and so I asked Her to talk today she said what do you Want me to talk about I said I want you To talk about what you do which is Relationships and whenever Brad's going To the Middle East I'm like who should We meet with she like I don't know That's what Megan does and uh I said Okay can I talk to her she said yeah She's there I'm like well we're going Next week she's yeah she's there like Setting up the meetings and meeting People and betting them I said ah I get It so give it up for Megan Rolds thank you so much Jason and thank You so much for having me here I know Most of the people in the room the craft Is investing but truly my craft is Relationships and I am Relentless about This craft and so I'm here to give you Relationship advice and I told my Husband asked me where I was going this Morning and I said I'm going to Napa to Talk to a room of most men and give them Relationship advice and he said I don't Think that you're the right person to be Giving that talk which is true if you're Talking about marriage or those types of Relationships but the reality is that I've been fundraising and doing investor Relations a lot longer than I've been Married so perhaps I'm a little bit more
Qualified to talk about relationships of The investor sort of the lp GP sort and So what what is my background what makes Me qualified to do this I've been doing It a really long time 25 years Unfortunately it does not mean I was Some sort of Prodigy yes I am that old And I've been fundraising I've spent the Majority of my time at three firms Goldman Sachs tpg and I've been at Altimer for the last three years during My time in being in fundraising and Investor relations we've collectively Raised over a hundred billion dollar the Teams that I've been a part of or me Personally I joined Goldman in our Private Equity Group at the very early Stages of the development of the fund Funds business we had about 5 billion of Assets under management we had about 40 Billion of assets when I left we joined Tpg when we had 40 billion of assets and We had 120 billion when I left in Altimer we're just getting started so And that represents not just Venture Capital it's I've raised over 50 funds From Middle Market buyouts to real Estate infrastructure to bdcs Long only Equity mean impact you name it i' i' I've seen a lot in my time thousands and Thousands of LP relationships of every Kind of LP in the world across every Continent and what have I taken away From that one big thing which is the
Best way to raise capital and to keep Capital is communication it's not a Surprise to me that some of the best Venture capitalists from Mike morit to Bill Gurley to Jason to folks like Brad Started the career in media publishing Or politics because communication really Matters and if you think about if you Ask any number of LPS out there and There's some in the room and I would say You should raise your hand if you Disagree the most important thing to Them is actually not returns returns are Just table Stakes the most important Thing is really good communication and The trust and the mutual value ad and Shared insights that all comes comes From the right Cadence of Communication and why is that the Reality is in the course of your career And especially in Venture you're Communicating mostly bad news the good Stuff happens there will be good exits There will be good performance years but There will be a whole host of really bad Things that happen and I've worked at Some tremendous firms and I've listed Here when I thought about okay what's Been the good that I've commun at and What's been the bad I could have kept Going on the bad list and I had a hard Time I mean I have annual meetings on The good List but there has been a whole host of
Unexpected bad things that have happened I'd love to share War Stories it Definitely requires a drink or two we've Had fraud we've had we called capital For a deal that had already gone to zero And the LPS funded it I mean there are Some really really bad things and no one Is immune portfolio company fraud like These things just happen and it's not About them the fact that they happen it Really what makes the difference is how You communicate when those things happen And this applies to portfolio company CEOs people with boards as well I Believe this fully that it really is About how you communicate when these Things go wrong and what happens it's no Surprises you are in a race for me you Are in a race when there is about to be Press on something that's happening in Your portfolio that's happening with Your company to get to your most Investors before that press hits I was Actually on my way here this morning and I spent um I got up really early and Spent the whole drive up here calling Our klps we had an exit announce this Morning for altimer it's a really big Exit super exciting and I was racing Against the Wall Street Journal because I just know it means so much if they've Already heard from me before they see That press hit and I know that it it Seems I hope it doesn't seem Elementary
To people but it's just a really Important reminder about how that Communication goes a really long way and It applies to good news and bad news Right raise to get there first even if You don't know the answers but we wanted Everybody to hear just to say hey we Know that you're going to see this and This is painful we'll get to you as soon As we know more information I believe in A communication Hier uh hierarchy as Well I think it's really important I've Seen a lot of things go wrong in Communication where you talk to your LPS Before you talk to your employees and That's hurtful to your employees you Could have miscommunication because then Your employees might be telling Something else some some other investor Something that isn't true you've got to Get it right so it goes employees then LPS then your portfolio company CEOs and Then other prospects and perspective Employees and other people it's Important to get to all of them but I Believe really strongly in this exact Order there's a bad news framework when Communicating bad news what's the Problem what's the impact to that Company and what's my personal exposure As an investor you have a company that Goes to zero communicate it out it's the Problem this is what happened at the Company it's going to zero but it's only
X% of your portfolio and this is what we Think the impact would be to the Multiple one of the biggest mistakes That I see GPS make is they assume that The LPS read the annual Report they don't they're not reading a Long email if you have good news don't Bury it in the report Communicate it in other ways send text Send whatsapps send you know multiple Emails celebrate the good news but also Don't don't just bury the bad news and Report because it's really going to piss Your your LPS off if you're a B2B Startup linked did should be your top Marketing channel why because the Business marketing playing field is Tilted against you the big companies Will always outspend the startup so your Spend needs to be 100% dialed in you Need two things the right prospects and A way to reach them LinkedIn has 1 Billion members 130 million decision Makers and 10 million SE level Executives so LinkedIn ads gives you the Ability Target them with pinpoint Accuracy LinkedIn ads let you filter Potential leads by job title industry And even company so you can build new Relationships while reaching customers Where they already are and you're not Going to overspend in the tech Market LinkedIn generates two to five times Higher return on ads spend than other
Social media platforms you won't be Alone either 79% of B2B content Marketers said Linkin produces the best Results for paid media so here's a call To action start converting your B2B Audience into highquality leads today We'll even give you a $100 credit on Your next campaign so go to linkedin.com Thisweek and startups to claim your Credit that's linkedin.com ween startups Terms and conditions apply LinkedIn the Place to be to be I loved that you were talking about Founders um replying within two minutes Earlier I believe in that from an Investor relation standpoint too even if You don't have a response just the just The client service that's involved in Investing I think it just gets lost a Lot because people have their heads down And they're so F focused on delivering Returns that they forget about what Client service really means for your own Investment firm and that involves a lot Of empathy sitting the fact that your Most of your investors have boards and Bosses and principles and pensioners That they need to communicate with and Sitting with that and understanding that Really informs the way you communicate And finally don't burn Bridges you know Karma is real I had a tweet about this But I A friend of mine this year that Told me that he had a 5 million LP from
One of his previous funds that he always Service because his mentor told him that You treat your 5 million LP the same way You treat your 100 million LP and that 5 Million LP just wrote him a billion Dollar check this year when he spun out And started his own fund karma is real You treat everyone the same and you Really think about that um in the way That you develop your business Transparency bonus points there's Certain levels of just giving a Portfolio review just thinking about What the LPS really need to understand When you're managing a portfolio it's What's at risk and where's my potential Upside and if you're communicating that On an annual basis I guarantee you will be getting major Transparency points from your investors So that's really around client service And investor relations but it's really About fundraising as well because if you Ask about Nelp what's the number one way that they Source new funds they'll say word of Mouth or other LPS it's not on prequin It's not in the Press it's not on the Midas list it's who are the other Investors out there that are actually Saying good things about you fund and so What does that mean the best way to Friend raise is making your existing LPS Happy and that leads to good investor
Relations or that comes from good Investor relations you know people come To me a lot and ask for advice about Fundraising or there and it's to Typically when they're stuck and they'll Say Megan I just don't understand our Track record is really exceptional and We're having a real- Time raising Capital and I say one don't worry this Is the hardest time to raise capital in 25 years that I've been doing this it is The hardest time for everyone full stop And there's a lot of reasons that we can T discuss of why that's happens and why That's happening but it's a lot around This formula I didn't make up this Formula someone showed it to me once and I thought it was absolutely brilliant And spoton because your track record Matters you got to layer in your Differentiation on top of that but a lot Of it is reduced by this underestimated Factor called complexity And what is complexity it's are you a Firsttime fund do you have paper returns But not DPI have you had team changes is Your performance concentrated around one Deal have you had changes in strategy Strategy drift are you overmarking your Portfolio where all of the LPS know this Is like this is an overestimated track Record and then there's something called The bucket issue a lot of investors have Buckets that's the way they allocate
Capital they have a bucket for early Stage they have a bucket for buyouts They have a bucket for Real Estate are You outside of a bucket we face that Sometimes at altimer because we multi Strategy and people sometimes they like Early and they do late so we are we have A bucket issue for some of some LPS and So I just think you really have to Rationalize what you can accomplish when You're raising Capital by really taking A firm look at what your complexity Factor is and then layer that into your Pitch so so face it headon don't bury it Because it's going to come out in the Reference calls or as they dig through And you could say you know really take It on and I know this is something you Know Jason and I talk about this when we Evaluate the presentation together it's Like let's talk about how your strategy Is evolved address that headon in your Pitch and I think it's it's probably That piece of it is probably the biggest Mistake that I see GPS making um as they Put together presentations and as they Get frustrated that Capital isn't coming Together and like I said earlier Everything is achievable you can get There if you have a rational fund size And we can talk about that a little bit I think one thing the market will give You what you need you can't over raise Um because LPS truly understand and
They'll evaluate your deals your deal Size the markets they're highly Intelligent and it will rationalize you Got to be rational about your fund size VC is pretty simple as far as I'm Concerned and how you have to pitch your Fund it doesn't need to be in this order But how you explain your differentiation It's not just about track record but There's five basic components in Venture Capital it's sourcing picking winning And I put the picking in portfolio Construction how you add value and exit I mean it's basically those five Components you have to Define your Differentiation at every turn otherwise You'll be leaving part of your strategy Off the table and this is really what Investors seek to understand Unfortunately there's about 2,000 VC funds that will raise capital Or try to raise Capital over the course Of the next 24 months that's an insane Amount of product there's going to be a Lot of really disappointed hands out There and so you have to show that You're really differentiated you can Access basically any VC fund today you Can access seoa you can buy a secondary And get on the list and like I hate to Say it but everybody's open even the Funds that are over subscribed I would Argue they're open because there's ways To get in and so you really have to be
Sharp about why you deserve to be at the Table and that comes from these five Components so some fundraising dos and Don'ts okay this is another mistake that I see people make they fund raise and They say Megan great news we we just Raised our last fund and we hit our Target or we're at our cap said that's Great what are you doing next week start Raising again always be closing right Glen Gary Glenn Ross always be Fundraising Now that doesn't mean you have a product In the market but don't miss an Opportunity to build your brand have Someone in your firm own the brand in The market and be thinking about how You're raising Capital the best way to Do that is by servicing your LPS keeping The conversation most of your Capital Should come from re-ups if you already Have a fund so fundraising the Pre-marketing piece comes in that Regular Cadence of communication with Your existing investors but it's also Thinking of about brand building when You're not in the market it's that Constantly build your brand and the Ownership I think this is a big mistake That I see GPS make as well is that they Build a firm and the first thing they do Is hire more investors they hire Ops Someone to deal with their back office And they focus on building out their
Deal team and the last person that they Hire they typically try to bring in Someone Junior to handle IR which they Define as sending out the capital calls And writing up those notices and I think I push you to say when you have a Company at what point in their growth do They hire a head of sales or customer Service or client Success probably pretty early and if not There's someone on that team that is Taking ownership over it I actually Think most investors like it when it's Someone on the deal side someone that's Not Junior that's not disconnected from The portfolio but making sure that Someone is waking up every day saying How is the Harvard endowment thinking About us today who haven't I talked to When was the last time I spoke to family Office XYZ or Texas retirement system Like you really have to make sure that Someone is owning that because that's Your sales and you need capital I know This sounds very basic but I've seen in 25 years I still see people make this Mistake as a Founder there are some Crucial questions you got to ask Yourself do you know how your hiring Plan impacts your burn rate do you know How much cash your startup has right now Are you living living in spreadsheet Chaos well if you want to have the Answer to every investor question before
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The optimal portfolio construction to Deliver the highest returns that is what Should drive your fund size but a lot of People try to back into it um and then I Say the last thing is do Secure re-ups from your existing Investors and then ask for referrals I See a lot of people not hold back to Doing this saying to your investors who Else should we be talking to that you Know I think some of our best Relationships and my best relationships Of the course of history have actually Come from warm referrals in the investor Base it's not from cold emails so one of My don'ts is don't expect responses to Cold investor emails I have most of the Institutional LPS I talk to do not Answer emails to people they don't know And it's just the reality they are Inundated with uh an overwhelming amount Of inbound most institutional LPS emails Are available on prequin so they're they Are totally inundated so don't Underestimate how hard it's going to be In 25 years it's never been easy and if It's too easy you should probably sell Everything that's not buttoned down in Your portfolio don't undersell yourself That is one of the actually the things That drives me the most crazy when I'm Sitting in a pitch with a principal and The say yeah our returns last year were Pretty good and I say Brad your returns
Last year were overwhelmingly amazing Like don't unell tell them what the Numbers are if you had a great year say It don't expect like people say well the Numbers are on the page no don't they're Not looking at the page you look them in The eye and say we killed it and like People take it humility yes a humility Is important but when you have something To sell sell it it's a competitive Market I think one of the things people Get really frustrated with in Fundraising and building relationships Is they have this great Meeting and then it goes nowhere and You'll have a series of great meetings And then people in your pipeline and Maybe they even access the data room and Then it's stuck and what I say is it's Time to ask the hard questions and ask Them early like you have a pitch meeting It's okay to say what is the likelihood That you're going to commit to this to Something like this this year and if It's just a relationship building Meeting that's fine you know to put it On the pipeline for the next fund but LPS almost always give you an honest Answer that question and it saves an Incredible amount of time and then I'd Say finally don't enforce false Deadlines people know I see that a lot They tried I know scarcity Sells and we struggle with this but you
It really pisses off investors when you Create I say yeah we're raising and Closing in the next three weeks and in Reality you're not going to activate That fund for 9 months and we've seen That happen a lot in this market okay Worst things to doing a pitch and I'm Going to laugh because Jason just did it On stage like a few minutes ago it's Number Three on the number three on the list I'll do that first is don't refer to Deals as Bets I actually think investors even Inventure when clearly you have to have A lot of chips on the table I don't Think investors particularly Institutional investors want to feel Like you're gambling with their Capital So I prefer to refer to them as Investments not bets the number one Thing not to say in the pitch I'm so Rich I don't need to be doing this I Just want to be Here don't don't say that people know People know how wealthy you are um but They really want to see hunger and Motivation and that you're going to be Here for the next 10 years and that You're not going to mail it in so I it's It's been said a lot in my presence so I Put it a number one second thing is this Is how you should think about allocate Like giving mentorship to the investor
About how they should build a venture Capital or Investment Portfolio I see it Happen a lot if you were a VC and your Company a company founder was telling You how they thought you should invest You would probably find that very Offensive um and so I'd say I'd put it Back and say you know get you know let The LPS decide how they should think About building a portfolio unless you Are asked for your view I wouldn't offer That up proactively the next would be Make sure to show an interest in the Investor take notes if you again I would Put it if you're a VC and you're not um And they're not asking you about your Firm when you're meeting with a company You're probably thinking they must Really want my Capital um you should you Know showing an interest and taking Notes is really important and like Important in the followup I know this Sounds Elementary it doesn't happen and Then just kind of the way to the way of The interaction I mean people are so Sensitive to this I've seen a lot of NOS Come from investors who are turned off By the way that the fund managers have Have conversations and we just are in a Market when there was you know five Funds in 1995 and people were new to allocating To Alternatives you could get away with You know the way you handled a meeting
It didn't really matter today there's 2,000 funds in the market people can Access anybody this little stuff I think Really does matter and you'd be Surprised how much it comes up in Feedback and then finally a little bit Of sentiment in the market I put out a Tweet once a week just called heard from Vcl LPS so what am I hearing right now When in all the lp meetings that I have One of the really interesting things Happening in the market is the single Deal SPV Dynamic it's something I'm Watching really closely I saw an SPV Letter out the other day um that offered Me interest that I can invest in x. a For $55,000 minimum which is great for That person managing that SPV but it Shocked me because this is something Like these things are out there and we Now have a dynamic that what we're Investing in at our firm is highly Accessible to the broader market and how Can you convince someone to allocate to Your Capital now we also have deals that You could never access in that portfolio But it is a dynamic that has changed and I see I'm also watching how firms are Managing and offloading their risk like You're seeing certain VC firms and this Is something LPS talk about put $20 Million of an investment into a fund and Then offer 450 million of that in an SPV Directly to investors and you're
Thinking hm if they had that much Conviction why wouldn't they upssize the Ticket in their fund and is this around Kind of the next Point concern around a AI valuations you want to have the logo But you don't want the risk on your Portfolio I think a lot of LPS are just Skeptical about this behavior that we're Seeing in the market it might be fine But it's drawing a lot of what put kind Of going into the Red Zone and the Sentiment meter you know everybody's all Like fully bought in Lai but there is Huge concerns about Valuations um and just kind of the is This 97 or is this 2002 moment and that is Going to drive I think hesitancy from LPS to lean in inventure investing Especially because a lot of them have a Lot of dry powder and plenty of capital Lot of funds can still be deploying Plenty of capital into the market so It's just not a reason say they say I Have exposure to this vintage I don't Need more of it I have plenty because There's a lot of dry powder out there I'm going to hold back it's not a leanin Because I'm seeing these crazy Valuations out there and I'm going to Wait and see how this plays out you know L land it's a lot of what have you done For me lately and public Tech killed it Last year and so we're seeing a lot of
Momentum for public Tech opportunity I Also think it's a really interesting Time that you have a huge amount of the AI value acing to large public Incumbents and that's going to shape the Private investment allocations a year And a half ago literally no one wanted Multi-stage VC zero no one not a single Call which is hard because I sit in a Multi-stage VC firm and they'd say how Are you investing CED CED that was it if Any we were investing in SED um early Stage and that obviously there was a lot Of a big blood bath in late stage Investing that happened in O2 and Continues there continues to be Fallout But you're seeing that warm like we're Seeing that warm up a bit I think with People realizing the IPO Market's Opening we're seeing interesting late Late stage valuations frankly some of Them have become more interesting and You can invest I mean frankly you can Invest in bite dance at 2x forward cash Versus investing in pre-revenue Businesses for you know Infinity Multiples so I mean there's some really Interesting people are rationalizing Later stage valuation is much easier Than some of the earlier stage Opportunities and that's becoming Interesting to LPS okay everybody you know I love Newsletters I love sharing knowledge and
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Com/ twist Bei i.com what a great Product yeah few people increasing VC Allocations It's hard out there it's Getting harder it's great if you're in Private credit but that's a boom right Now I can I'm convinced that's the next Big kind of place that will have some Fallout some you know there will be Tougher times coming for private credit They've been the big winners in Fundraising um and then finally a term That i i two years ago joined altimeter And Brad brought me to we went to a Dinner with a Partners from another Story Venture Capital firm they actually Invited Brad in to talk about public Markets and um I thought it was really Interesting that I said Brad that's so Why would they have you in we're we're a Vc2 and I realized how collegial Sand Hill Road is actually s quite tight Community and people helping people with A little bit with Jason was talking About earlier that I thought was great That was one positive thing came out but The second thing that I was really Interesting that I we were talking to a Group of people and no one had heard the Term DPI and this is a major VC firm This is two years ago and now everybody Knows DPI right it this is now I mean I Think you could for a long time get away Like there was a people enjoyed paper Returns and that was fine but like cash
On cash managing distributions how you Get Capital back I was talking to n LP This morning talking about this pending Exit that we have and they said that's Great we're only committing to people That we can sell fund at this point with Distributions coming off of their Portfolio so that continues to be a Really important um component of the Market discussion I hope this was Helpful um it was really nice to connect With all of You super Helpful and you gave my team a ton of Ammunition so that's great of how I can Do better my job I wanted to go over This one simple sent you had was it is This a program you're likely to commit To this year was that how you said it is This the type of pro thing strategy Program fund that you are likely to Commit to this year wow gotcha so they Don't come on to the lot less they want To buy exactly but like people come on The lot all the time right yeah but you Want to find out are you going to buy a Car today are you going to buy a car This year you don't have to buy this car Right like no like not just is this the Type of strategy are you you know Actively investing right in early stage So and I think this was probably hard For you cuz people you'll get a lot of False positives people want to meet
Jason that's a big problem right now It's a big problem it's a very big Problemet you but are they actually Planning on this Year it's such an unlock for me just Every time we spend time together it's Just like like just so Many nuggets like the best part of my Relationship with is you oh like Literally it's literally like Brat's fun We We Vibe but like you're like Literally the best aspect of being Friends with him I I cannot thank you Enough for spending time with my Ashley And and my team and mentoring me I think It's like just really important that People understand that you know there Are people who are the figure heads in Some cases or the founders of the firm And they do a fraction of the work at The firm a tiny fraction of the work and It's so obvious to me how critical you Are to his success and I really Appreciate you trying to help us at our Firm try to be more successful happy to Be helpful thank you Meg thank you so Much thank you so much for doing This wow just incredible
