20VC: What It Takes To Raise A VC Fund & Investing in First Time Fund Managers with Michael Kim @ Cendana Capital

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The Twenty Minute VC

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

4.4 • 637 Ratings

🗓️ 6 July 2016

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Michael Kim is the founder and Managing Partner of Cendana Capital, a fund of funds which invests in seed VC funds. Michael has many of our previous guests in his portfolio including the likes of SoftTech, Freestyle, Founder Collective, Collaborative Fund and many more, clearly great minds think alike! Prior to Cendana, Michael was one of the original partners of Rustic Canyon Partners a VC firm with $1bn AUM.

In Today’s Episode You Will Learn:

1.) How Michael made his way into VC and then made the transition into the world of LP?

2.) Why have we seen the proliferation of seed funding? Is this a good thing for the economy? Is dumb money good or bad for the early stage environment?

3.) Chris Douvos states we will begin to see the hybridisation of LPs and GPs, does Michael agree? What are the inherent problems with this happening?

4.) What is Michael's blackbox for assessing emerging fund managers? What does he look for? How can they present their edge?

4.) How does Michael respond to Dave McClure's portfolio construction theory of allocating capital to many startups with the realisation that 0.5% become unicorns?

Items Mentioned In Today’s Show:

Michael’s Fave Book: Catcher & The Rye

Michael's Fave Blog or Newsletter: Techcrunch, The Twenty Minute VC

As always you can follow The Twenty Minute VC, Harry and Michael on Twitter here!

If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Snapchat here!

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Transcript

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0:00.0	You are listening to the 20-minute VC with your host Harry Stebbings at H-Stebings with two bees on
0:05.4	Snapchat. Now, today's show is a little different, as you might remember a few weeks ago, we featured
0:10.2	Beza Clarkson and Chris Duvoss, two phenomenal LPs, and today I'm delighted to welcome another
0:16.0	in the form of a fund of funds. And before we start, I have to say, I just love recording the show today,
0:22.0	as it was one of those where the schedule just went out the window, and we have a great chat on the
0:26.2	venture scene and all the intricacies of it. So joining me in the Hot Seats Day, I'm delighted to
0:30.8	welcome Michael Kim. Michael is the founder and managing partner of Sendana Capital, a fund of funds,
0:36.7	which invests in seed funds, and it seems
0:39.0	we've stalled his portfolio with our previous VC guests, who include soft tech, freestyle,
0:45.5	founder collective, collaborative fund, lira hippo ventures, and actually many more, such a fantastic
0:51.8	portfolio of funds, and clearly we have similar taste in funds.
0:55.2	But prior to Sendana, Michael was one of the original partners of Rustic Canyon partners,
0:59.7	a VC firm with one billion under management. And I have to say, again, a huge thank you
1:04.3	to Beza Clarkson and Sapphire Ventures for making the intro to Michael. I'm so grateful for that,
1:09.3	and without which the interview couldn't have happened. But before we dive into the world of investing in VC funds with Michael, you must
1:15.2	check out design crowd. It's the online marketplace for all things design, from custom graphics to
1:21.2	logos to web design. Hey, they even do big brands like HTC and Virgin who use them for t-shirts and Billboard Design.
1:29.1	So how does it work?
1:30.3	Launch your project.
1:31.4	Designers begin submitting quality designs for you to review.
1:34.6	You quickly generate a large gallery of designs that fit your needs.
1:38.4	Once you select your favorite design, you'll be sent all the files you require, and all
	...

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