Our Approach

We focus on very early stage VC funds with a discernible edge, enabling GPs to secure outsized ownership in companies led by amazing founders

Our portfolio fund GPs have unique networks and domain expertise that provide access to remarkable founders, which collectively empowers our unique Cendana ecosystem

Lead Investor

We seek to be the lead investor in great funds.

As the lead investor, we seek to be a true partner and trusted advisor to our portfolio funds. With our Core portfolio funds, we are generally amongst their largest LPs and make $10M to $20M commitments. Our Nano and Pilot checks may provide an on-ramp to becoming a Core position.

Fund managers

We work closely with our portfolio funds.

Having a singular focus on very early stage VC funds enables us to share best practices with our portfolio fund managers. We help with portfolio construction, facilitate introductions between GPs and LPs, and provide strategic advice as these GPs build lasting firms.

Our investors

We work closely with our LPs.

Similar to how we work with portfolio funds, we seek to be a pro-active, collaborative partner to our LPs. We provide direct access to our portfolio funds, facilitated through a number of events, and insight through our data analytics and market commentary.

Portfolio Construction

Networks and Ecosystems

Intangibles

Filter 1

Portfolio Construction

We believe that fund size determines investment approach so we work closely with our portfolio funds on optimizing the portfolios they are building.

Assuming access to amazing founders, we believe ownership is paramount for fund managers, and enables portfolio funds to generate significant returns without outlier exits.

While recognizing that smaller funds may not be able to lead or co-lead, we focus on the GPs that can invest relatively large initial checks given their fund size.

Our analysis of existing portfolio funds show that Seed VC managers should seek at minimum 10% of their fund size as their target initial ownership; for Pre-Seed managers, it is a minimum of 20% of their fund size.

Filter 2

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.

Filter 3

Intangibles

We look for a special spark in our portfolio fund GPs that transcends work and educational credentials. A common theme is entrepreneurial spirit in building great firms that work with the most talented founders.

We spend a lot of time understanding the motivations of the fund managers and what their vision holds for their firm over the longer term.

New VC firms are start-ups; we want to see the GP have a similar ethos and work ethic of a start-up founder.

We specifically look for fund managers who are nice. In a competitive market environment, we seek the fund managers that founders want to work with, who they will call at 11pm with a problem, and one that has empathy for the founders' journey.

We focus on very early stage VC funds with a discernible edge, enabling GPs to secure outsized ownership in companies led by amazing founders

Who we work with

We seek to be the lead investor in great funds.

We work closely with our portfolio funds.

We work closely with our LPs.

We have remained disciplined on our investment approach

Portfolio Construction

Assuming access to amazing founders, we believe ownership is paramount for fund managers, and enables portfolio funds to generate significant returns without outlier exits.

While recognizing that smaller funds may not be able to lead or co-lead, we focus on the GPs that can invest relatively large initial checks given their fund size.

Our analysis of existing portfolio funds show that Seed VC managers should seek at minimum 10% of their fund size as their target initial ownership; for Pre-Seed managers, it is a minimum of 20% of their fund size.

Networks and Ecosystems

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.

Intangibles

We spend a lot of time understanding the motivations of the fund managers and what their vision holds for their firm over the longer term.

New VC firms are start-ups; we want to see the GP have a similar ethos and work ethic of a start-up founder.

We specifically look for fund managers who are nice. In a competitive market environment, we seek the fund managers that founders want to work with, who they will call at 11pm with a problem, and one that has empathy for the founders' journey.