20VC: Scaling to $2BN AUM in 3 years, Fundraising Lessons and Tactics from 2,500 LP Meetings & What it Takes to Build a Firm That Stands the Test of Time with Harley Miller, Co-Founder and Managing Partner @ Left Lane Capital

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 2 May 2022

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Harley Miller is the Founder and Managing Partner @ Left Lane Capital, one of the fastest-growing growth equity firms of the last five years. Just yesterday, Left Lane announced the closing of their new fund taking their AUM to over $2BN with an early portfolio including M1 Finance, Masterworks, Choco, GoStudent, to name a few. Prior to founding Left Lane, Harley spent over 9 years at Insight Partners investing in the likes of DeliveryHero, HelloFresh, N26, Calm, Udemy and many more breakout companies.

In Today’s Episode with Harley Miller You Will Learn:

1.) Origins into Venture:

How Harley made his way into the world of venture with his first role at Insight?
What were Harley's biggest lessons and takeaways from 10 years at Insight?

2.) Left Lane: Fundraising

What are harley's biggest takeaways on fundraising from speaking to 2,500 LPs for Left Lane I?
With that experience in mind, what advice does Harley give to other first time fund managers on what it takes to raise successfully?
How did the Left Lane pitch to LPs change over time? What worked? What did not work?
With the benefit of hindsight, what fundraising elements would Harley have done differently?

3.) Left Lane: Firm Building

What are the hardest elements of building a firm today?
How did Harley navigate the transition from investor to fund manager? What was challenging?
What is Harley's biggest advice to young people in venture looking to scale their career fast?
What are 1-2 core inputs aspiring VCs should focus on as they build their career?

4.) Left Lane: Investing and Consumer

How does Harley approach portfolio construction with the new fund?
How does Harley think through outcome scenario planning and ownership requirements with the new fund?
How does Harley think traditional growth equity models can be applied to consumer investing?
What will Left Lane be in 20 years? What firm does Harley want to build?

Item’s Mentioned In Today’s Episode with Harley Miller

Harley’s Most Recent Investment: Masterworks

Transcript

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0:00.0	Welcome back. This is 20 VC with me, Harry Stebbings, and this guest today I'd heard a lot about for a long time,
0:05.3	and I always wanted to make the show happen, but knew this guest did not do many interviews, and so I was
0:09.8	thrilled when we got the chance, and I'd also want to say before we dive in, last week this guest
0:13.8	announced their new funds, a massive day for him and for his fund, but I hadn't been very well with some health challenges, and on the day of his
0:21.0	news, no sending me the links, no asking me to post on social, he checked in to see how I was
0:26.2	multiple times on one of the biggest days of his and his firm's history. I think it says so much
0:31.3	about him as a person, and so with that, I'm thrilled to welcome Harley Miller, found and managing
0:35.6	partner at Leflane Capital, one of the fastest growing
0:38.2	growth equity firms for the last five years. As mentioned, just last week, Leflane announced the closing
0:43.1	of their new fund, taking their AUM to over $2 billion, with an early portfolio including M1
0:48.4	finance, Masterworks, Choco, Go Student, just to name a few. And prior to founding Leflane, Harley spent over nine years at
0:55.2	Insight Partners, investing in the likes of Delivery Hero, Hello Fresh, N26, Calm, UDEMI, and many more
1:01.8	breakout companies. But before we move into the episode today, Harvard Management Company is
1:06.3	constantly seeking out the next generation of great investors and entrepreneurs. HMC has managed Harvard
1:11.9	University's endowment for nearly 50 years and was one of the first institutional investors in
1:16.8	venture capital. Their experience in long-term investment horizon makes them ideal partners
1:21.5	to get world-changing ideas on a path to viability and success. They work as a true partner
1:26.7	providing insightful perspectives to help managers succeed.
1:30.0	I personally have had the pleasure of working with the HMC team
1:33.0	and can say that they're truly exceptional partners, people and incredibly savvy investors.
1:37.9	Whether you are launching your first fund or your fifth,
1:40.6	HMC welcomes the opportunity to partner with both developing and established managers.
	...

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