Swimming with Allocators

The Strategy for Selecting Top Co-Investments as a Limited Partner with Josh Porter

Episode Summary

This week on Swimming with Allocators, Earnest and Alexa welcome Josh Porter, Co-Founder and General Partner at FirstLook Partners. During this conversation, the group discusses how the LA venture ecosystem has evolved from an entertainment-centric hub to a diverse tech industry landscape. The conversation also covers how Porter and his co-founder Ankeet Kansupada came to know one another and build their hybrid Fund of Fund strategy. Josh explains FirstLook’s focus on smaller funds under $50 million, filling a gap for institutional-grade partnerships. He details their fee structure, aiming to be more attractive by offering lower fees compared to typical fund of funds. Josh concludes by highlighting the firm's strategy of consistent investment and the importance of being a fiduciary, while also sharing some niche fund investment strategies. Nik Talreja, CEO of Sydecar.io, also joins us this episode to discuss his personal investment journey and the role of SPVs in building a venture track record.

Episode Notes

Highlights from this week’s conversation include:

• The LA venture ecosystem (0:43)
• Unique investment opportunities in LA (3:54)
• Leveraging entertainment and deep tech in LA (6:42)
• The Partnership between Josh and Ankeet (7:47)
• Finding the right partner (9:23)
• The goal of FirstLook Partners (11:35)
• Fee structure of fund of funds (15:47)
• Strategy Shifts and Market Validation (18:13)
• Co-Investment Strategy (20:05)
• Investment Thesis and Co-Investment Opportunities (21:30)
• Insider Segment: Fund Administration and the Rise of Hybrid Fund Models (24:42)
• Product Development and Core Focus (27:18)
• Future of Venture Capital and Hybrid Fund Models (31:36)
• Sourcing new managers (36:46)
• Criteria for manager selection (37:41)
• Unique investment strategies (38:24)
• Venture allocation and market dynamics (43:40)
• Challenges in decision-making and final takeaways (44:57)

Founded in 2023, FirstLook Partners is a hybrid fund of funds investing in venture capital firms under $50M and software companies. FirstLook is managed by Josh Porter in Los Angeles, CA and Ankeet Kansupada in Chicago, IL. Visit their website at firstlookpartners.com.

Sydecar.io is a frictionless deal execution platform for venture investors. Our platform handles back-office operations for venture investors, automating banking, compliance, contracts, and reporting so that customers can focus on making deals and building relationships. Learn more at www.sydecar.io.

Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. 

The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.