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The 10X Capital Newsletter
What the top 1% of GPs have in common, venture fundraises of the week, how to get past the 100-investor limit for investment funds, and much more.
The 10X Capital Podcast is a podcast focused on limited partners where co-hosts David Weisburd and Erik Torenberg discuss venture capital through the lens of limited partners.
By popular demand, we’ve launched the 10X Capital Podcast newsletter, which offers this week’s venture capital and limited partner news in digestible news bites delivered straight to your email.
The world of LPs is notoriously secret and private, but on this show, influential limited partners, VCs, and investors speak candidly about venture capital in 2024 and how LPs are navigating the asset class today.
Today’s Agenda 📋
🗣 What Investors Are Saying
💰 Who’s Raising?
🗞 Venture Capital News
✍️ Top Posts of the Week
📈 Chart of the Week
🔧 Emerging Manager Tools
✅ Emerging Manager Do’s and Don’ts
Recent episodes 🎙
"The 10X Capital Podcast" with David Weisburd and Erik Torenberg | Startups, Venture Capital, and Limited Partners:
What investors are saying 🗣
🎙 Masha Bucher, Founder and General Partner at Day One Ventures, on being a solo GP in 2024
“You don't have to call a board meeting to decide on an investment…One of the biggest things in VC that you need to succeed—alongside great access—is your ability to decide really fast”
🎙 Rex Woodbury, Founder of Daybreak, on tech’s blind spots
“One thing about Silicon Valley is that Silicon Valley disproportionately builds for….well, for Silicon Valley…But Silicon Valley’s inwardness also means that other groups get overlooked by technology. Those groups underpin large opportunities themselves, ones not yet captured by startups…baby boomers; gen alphas; industrials, manufacturing, & agriculture workers; internet workers.”
🎙 Jeff Becker, General Partner at Antler, on indexing VC
“…as an asset class, early-stage venture has produced 19.7% IRR’s historically…the problem is, even if you wanted to, there is no infrastructure to simply buy the asset class. At least not without becoming an LP in dozens of funds and/or funds of funds with additional layers of fees…all of this is possible, it’s just going to take some time.”
Who’s raising? 💰
Venture capital news 🗞
Top posts of the week ✍️
VC Board Seat Risks & Protection: A Quick Guide
Three Fiduciary Duties:
• Duty of Care: Be informed, diligent, and make good faith decisions. (eg: Lack of controls in FTX)
• Duty of Loyalty: Prioritize the company's interests over yours or others. (eg: Insiders enriching… twitter.com/i/web/status/1…
— Chris Harvey (@ChrisHarveyEsq)
3:01 PM • Jan 18, 2024
General Catalyst is buying a hospital in Ohio. Imo, this is genius for a firm big enough to afford it as a relatively small cost in the grand scheme of their whole portfolio.
Here’s why:
1. Healthcare is a massive industry we all rely on (aka massive market that is recession… twitter.com/i/web/status/1…
— Amber Illig (@AmberIllig)
5:50 PM • Jan 17, 2024
How to get around the 100-investor limit for investment funds. ✅
A little background:
🏦 The "Investment Company Act" is the law we're dealing with.
Registered Investment Companies are subject to all sorts of rules most private funds don't want to deal with. 🙅♂️
Instead,… twitter.com/i/web/status/1…
— The Investments Lawyer (Michael Huseby) (@investing_law)
1:50 PM • Jan 21, 2024
The future of VC will be driven by the bifurcation into two types of firms: Cottage Keepers vs. Capital Agglomerators"
Going forward, they can't ignore each other. These players will need some semblance of symbiosis, rather than race-to-the-bottom direct competition.
Neither… twitter.com/i/web/status/1…
— Kyle Harrison (@kwharrison13)
5:12 PM • Jan 13, 2024
Chart of the week 📈
Emerging manager tools 🔧
AngelList for fund administration
Get in touch by emailing the team at [email protected].
Tactyc for forecasting and planning
Please reach out to [email protected] for a personalized demo.
Chris Harvey for fund counsel
Reach out to Chris at [email protected].
Sydney Fulkerson for investor pitch deck consulting
Reach out to Sydney at [email protected]