Rob Trice is an established international venture capital investor. He is currently leveraging his background in telecom, mobile and internet investing to fund companies that apply IT to the food and agriculture sectors via Better Food Ventures, a seed stage investment entity established in 2013.
Jim Pulcrano is Adjunct Professor of Entrepreneurship and Management. He has extensive expertise in entrepreneurship, particularly startup culture, strategy, customer centricity, marketing, and disruption.
***
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
Cendana Capital is a San Francisco-based fund of funds investing in early-stage venture capital ventures. The firm was launched in 2010 and has over $2B in assets. Cendana has invested in many VC teams that have gone on to enjoy great success, like Forerunner Ventures, K9 Ventures, and IA Ventures.
In this episode, the founder of Cendana, Michael Kim, focuses specifically on the strategies institutional LPs use to evaluate and partner with new and emerging GPs, covering key topics like identifying high-potential investments, navigating long-term portfolios, leveraging secondary opportunities, and assessing cultural fluency in global markets.
***
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
Liz Campbell, CIO at Portfolio Advisors, discusses the challenges of realising returns in an increasingly sophisticated VC market.
Founded in 1994, Portfolio Advisors is an experienced private markets manager with dedicated primary, secondary, co-investment, real estate and direct credit teams. In 2023, Portfolio Advisors combined with FS Investments, a pioneer in the democratization of alternative assets. Together, they manage over $82 billion in assets.
***
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
Since its inception, VenCap has committed $2.9 billion to over 450 venture capital funds in the US, Europe, China and India. As CIO David Clark has decades of experience and access to unparalleled data, and in this episode of Capital Conversations he explores the cycles, metrics and misconceptions associated with VC.
***
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
Sia Houchangia joined Seedcamp as an intern in 2014 and became a partner in 2017. Seedcamp is a leading European seed fund that has backed over 500 tech-driven startups, including Sorare, Revolut, UiPath, Wise, and Synthesia.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
France's national investment bank, led by Nicolas Dufourc, finances businesses at every stage of development through loans, guarantees, and equity investments.
In this week's episode, we explore its pivotal role in fostering entrepreneurship through a grassroots approach to innovation and commitment to supporting diverse communities.
Dufourc discusses why Bpifrance emphasizes the importance of perseverance and risk-taking among entrepreneurs, and how he works to create a holistic ecosystem of support for them. He promotes accessibility and inclusivity at every stage, and Bpifrance may well serve as a model for other countries that want to drive innovation and economic resilience.
Details on the 2023 results of Bpifrance can be found here.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
Over the past decade, American VCs have outraised their European counterparts by hundreds of billions of dollars. But why?
Nathaniel Arnold and Jan-Martin Frie say several factors are at play, including fragmented markets, a disparity in private capital, and Europe's comparative absence of institutional investors. The result has been a "scale-up gap" pushing promising EU startups to seek foreign funding.
In this episode of Capital Conversations, Arnold and Frie explore the challenges and opportunities in the European VC landscape, and discuss how the "brain drain" effect is hampering the growth of startups on the continent.
Nate Arnold is the IMF’s Deputy Resident Representative to the EU in Brussels. Before that he worked on the euro area team, Nordic countries, and in the Fiscal Affairs department at the IMF headquarters in Washington. Jan Frie is an economist in the IMF’s Brussels office. He has also worked at the European Commission and the think tank, CEPS. Their paper 'Stepping up Venture Capital to Finance Innovation in Europe' can be found here, or through their blog.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program visit: imd.org/finance/vam/
How do investors strike the delicate balance between fund size, investment strategy, and portfolio construction to maximize returns?
In today's markets, that's a tricky question. VCs need to keep one eye on waning IPO activity and intensifying competition while also grappling with unpredictable market dynamics.
One firm that has done this successfully is Speedinvest – much to the credit of its co-founding partner Daniel Keiper-Knorr. The firm focuses on early-stage investments and has offices in Berlin, London, Munich, Paris, and Vienna, and total assets under management exceeding €1bn.
In this episode of Capital Conversations, Keiper-Knorr discusses the story behind Speedinvest and the complex craft of fund sizing and modeling.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program click here
How do investors strike the delicate balance between fund size, investment strategy, and portfolio construction to maximize returns?
In today's markets, that's a tricky question. VCs need to keep one eye on waning IPO activity and intensifying competition while also grappling with unpredictable market dynamics.
One firm that has done this successfully is Speedinvest – much to the credit of its co-founding partner Daniel Keiper-Knorr. The firm focuses on early-stage investments and has offices in Berlin, London, Munich, Paris, and Vienna, and total assets under management exceeding €1bn.
In this episode of Capital Conversations, Keiper-Knorr discusses the story behind Speedinvest and the complex craft of fund sizing and modeling.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program click here
In the high-stakes context of venture capital, portfolio triage isn't just a strategy – it's a survival skill.
As markets shift and startups struggle, VCs face the brutal task of deciding which companies to save and which to let go. But it's not just about cold, hard numbers. It's a delicate dance of managing expectations, balancing resources, and sometimes delivering hard truths to passionate founders
Michael Stucky is Chief Investment Officer at Serpentine Ventures and a coach and mentor of young entrepreneurs and spin-off companies from ETH Zurich (ETHZ).
In this episode, we dive into the trenches with Michael and explore how VCs navigate the treacherous waters of portfolio triage, and what it means for both investors and startups when the lifeboats are limited and not everyone can make the cut.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program click here
In this new episode of Capital Conversations, Harshul Sanghi outlines the critical factors that underpin successful GP-LP relationships in venture capital, and the value of trust.
Harshul Sanghi is a Co-Founding Partner at WillowTree Investments. During his tenure as head of the $1.3 billion venture capital division at American Express that he founded in 2011, he pioneered strategic investments, fostering partnerships with 89 companies and significantly contributing to the company's innovation strategy.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
Part 2 of Capital Conversations, with Evgenia Plotnikova.
As technology advances and industries transform, venture capitalists face a critical decision: should they cast a wide net, or home in on a niche?
To guide investors through this choice, Evgenia Plotnikova, General Partner at Dawn Capital, has sat down with IMD's venture asset management team.
As the youngest woman in Europe to be internally promoted to GP, Evgenia leads the company's B2B SaaS (Software as a Service) deals from early stage to pre-IPO. With a particular love for data, automation, and cloud infrastructure, she has led the firm's investments in Dataiku, Soldo, and Firebolt among others.
Dawn Capital is Europe's leading specialist B2B software venture capital investor. Founded in 2007, it has over $2bn in assets under management and is currently deploying from a $620m Fund 5 with initial tickets ranging from $10-40m at Series A or B stages.
---
Find out more about IMD at imd.org
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
As technology advances and industries transform, venture capitalists face a critical decision: should they cast a wide net, or home in on a niche?
To guide investors through this choice, Evgenia Plotnikova, General Partner at Dawn Capital, has sat down with IMD's venture asset management team.
As the youngest woman in Europe to be internally promoted to GP, Evgenia leads the company's B2B SaaS (Software as a Service) deals from early stage to pre-IPO. With a particular love for data, automation, and cloud infrastructure, she has led the firm's investments in Dataiku, Soldo, and Firebolt among others.
Dawn Capital is Europe's leading specialist B2B software venture capital investor. Founded in 2007, it has over $2bn in assets under management and is currently deploying from a $620m Fund 5 with initial tickets ranging from $10-40m at Series A or B stages.
****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
With trillions in assets worldwide, pension funds play a dual role, acting as both asset and liability managers, influencing their exposure to venture capital.
In this episode of Capital Conversations, Bertrand Mueller a founding partner at DAA Capital, uncovers the strategies and dynamics behind this often-overlooked relationship.
We learn how pension funds shape their engagement with venture capital by providing stable, long-term capital, adjusting risk profiles, and seeking diversification within the venture capital landscape.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Capital Asset Management program click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
Part 2 of our conversation with Chris Douvos, on how the Emerging Managers segment in Venture Capital has evolved since 2010.
Chris Douvos founded Ahoy Capital in 2018, focusing on backing emerging venture capital fund managers. With nearly two decades in venture capital, he's a pioneer in the micro-VC movement.
At Ahoy Capital, the focus is on intentionally right-sized investment vehicles, believing that size can hinder performance. They prioritize concentrated portfolios, anchored by top-performing VC managers, alongside dynamic emerging managers and co-investments.
With experience catalyzing leading managers since the early micro-VC days, Ahoy pursues a conviction-based strategy, backing dynamic nascent managers and companies with sustainable competitive advantages or leveraging innovation ecosystems.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
In this new episode of Capital Conversations, we explore “How the Emerging Managers segment in Venture Capital has evolved since 2010” with Chris Douvos.
Chris Douvos founded Ahoy Capital in 2018, focusing on backing emerging venture capital fund managers. With nearly two decades in venture capital, he's a pioneer in the micro-VC movement.
At Ahoy Capital, the focus is on intentionally right-sized investment vehicles, believing that size can hinder performance. They prioritize concentrated portfolios, anchored by top-performing VC managers, alongside dynamic emerging managers and co-investments.
With experience catalyzing leading managers since the early micro-VC days, Ahoy pursues a conviction-based strategy, backing dynamic nascent managers and companies with sustainable competitive advantages or leveraging innovation ecosystems.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
In the second part of Fergal Mullen's interview, the co-founder and Partner of Highland Europe provides a pragmatic take on venture capital practices, addressing key industry dogmas.
Mullen questions the bias against first-time entrepreneurs and talks about the importance of getting feedback from founders. He delves into the significance of geographical proximity, critiques the "Unicorn or Bust" mentality, and offers a practical approach to board meetings.
In closing, he emphasizes the importance of aligning fund size with strategy, considering diverse market sizes, and recognizing the potential in hardware investments.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
Fergal Mullen is a co-founder and Partner of Highland Europe focused on enterprise SaaS and consumer internet companies. He represents Highland Europe on the boards of GetYourGuide.com, AMCS, Nexthink, Bitmovin, Meditopia, Unibuddy, and Podimo.
Highland Europe is currently investing from its 5th Fund which is just over €1B. In total, the firm manages approximately €3B. Until the formation of Highland Europe, Fergal was a General Partner with Highland Capital Partners.
He launched the firm in Europe in 2007 and Co-Founded Highland Europe in 2011.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
In episode one of Capital Conversations, Olivier Laplace, Managing Partner at VI Partners, discusses the evolving landscape of the technology investment market.
Olivier Laplace explores the nature of the current crisis, drawing parallels to previous downturns and highlighting the unique features of the current situation. His advice to founders centers on building a robust business, conducting thorough due diligence on investors, and navigating the changing dynamics of talent acquisition and fundraising.
Key points include the impact of a 2020 bubble on startup valuations, the transitional phase in 2021 marked by a decline in IPOs, and the influence of long-term interest rates on venture capital dynamics.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here
This podcast was editorialized by Raphael Grieco, VC Researcher at IMD
Capital Conversations: Insights into the World of Venture Capital, is a podcast series produced by IMD and its Venture Asset Management Initiative. Subscribe for future episodes.
To find out more about IMD visit imd.org
For more information on IMD's Venture Asset Management Initiative click here