Networks and Ecosystems
Access to amazing founders stems from the unique networks each GP brings to the table. We view our own portfolios holistically, ensuring that we cover important networks as well as new ones.
Through our diligence process, we seek to understand the breadth and depth of the relationships that a GP has and their domain expertise. We focus on the credibility of the GP to write these initial checks; we talk to founders, co-investors and later stage VC GPs to validate this credibility.
We consider the ecosystems of the fund manager, which include: 1) availability of high quality founders and teams; 2) the presence of high quality co-investors; and 3) the availability of local follow-on capital.
Networks and access evolve; first time funds generally rely on existing networks, while subsequent funds have to expand and evolve their initial networks through market reputation, founder awareness and a self-reinforcing cycle of succcess.