20VC: The 3 Things LPs Want To See From VCs & Why The Table Stakes For VCs Is Higher Than Ever with Judith Elsea, Co-Founder @ Weathergage Capital
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 26 September 2016
⏱️ 32 minutes
🧾️ Download transcript
Summary
Judith Elsea is a Co-Founder @ Weathergage Capital, one of the world's leading fund of funds with over $950m AUM. Prior to Wealthergage, Judith was Chief Investment Officer of the Ewing Marion Kauffman Foundation from 1993 to 2001. As CIO, she directed a $2 billion globally diversified investment portfolio, committing over $600 million to US early stage venture funds and other private equity partnerships. She was also instrumental in the creation and implementation of the Kauffman Fellows Program, a global apprenticeship program designed to train the next generation of venture capitalists.
In Today’s Episode You Will Learn:
1.) How Judith made her way into the world of LPs and what makes her think venture is such an attractive asset class?
2.) What gets Judith really excited when viewing prospective fund managers for potential investments? What differentiators does Judith look for?
3.) What are the most common reasons Judith finds for her rejecting fund managers for investment? What are they not doing and how can they optimise this?
4.) To what extent do LPs have a commitment to invest in further funds having invested in one fund? Are there any situations where this changes?
5.) What are the similarities and differences between fundraising for LPs vs fundraising for startups? How should the different elements be approached?
Items Mentioned In Today’s Show:
Judith’s Fave Book: Patrick O'Brian
Judith’s Fave Blog: The Twenty Minute VC, a16z, Founder Collective
Judith’s Most Recent Investment: Felicis Ventures
As always you can follow Harry, The Twenty Minute VC and Judith on Twitter here!
Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.
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Cooley are the global law firm built around startups and venture capital. Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund’s lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also atcooleygo.com.
Transcript
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| 0:00.0 | Welcome back to another week in the world of the 20 minute VC with me, Harry Stebbings. |
| 0:03.8 | You can add on Snapchat at H. Stebbings to see Snapstorms on funding advice, having interviewed over 500 VCs, |
| 0:10.3 | personal branding tips and tricks, and of course, Mahito masterclasses. |
| 0:14.4 | But to the show's date, and this one really was a special one for me. |
| 0:17.2 | The guest is one I've long admired and respected for her incredible work in the LP community. |
| 0:21.5 | And since our meeting, she's been so kind as to help and advise me in my personal journey. |
| 0:25.7 | So for that, I'm incredibly grateful. So joining us on the show today is Judith Elsea. |
| 0:29.9 | Now, Judith is the co-founder of Weathergauge Capital, one of the leading fund of funds with |
| 0:34.2 | $950 million under management. And prior to Weathergauge, Judith was chief |
| 0:38.9 | investment officer of the Ewing Marion Kaufman Foundation from 1993 to 2001, as CIO she directed a |
| 0:46.6 | $2 billion globally diversified investment portfolio committing over $600 million to US early stage |
| 0:53.0 | venture funds and other private equity partnerships. |
| 0:55.5 | She was also instrumental in the creation and implementation of the Kaufman Fellows Program, |
| 1:00.5 | a global apprenticeship program designed to train the next generation of venture capitalists. |
| 1:05.0 | And as I said, a true legend of the industry, and I want to say a huge thank you to Beezer Clarkson |
| 1:09.2 | at Sapphire Ventures for the introduction today to Judith. |
| 1:12.5 | And I must also add, if you'd like reading from the amazing world of LPs, you must check out openlp.com by Beza. |
| 1:19.1 | It really is my must read every morning. However, before we begin the show today with Judith, |
| 1:23.5 | many things make up great venture funds. Great LPs like Judith, great GPs, and also a great |
| 1:29.2 | legal team behind the fund. And that's where Cootie come in. They are the global law firm |
| 1:33.7 | built around startups and venture capital. And since forming the first venture fund in Silicon |
| 1:38.2 | Valley in the late 50s, Cooleys helped more firms than any other law firm in the world with over 50 years working with VCs. |
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