Summit Peak Investments

This Week in Startups is brought to you by… DevSquad. Most dev agencies only offer developers. Why? Because product management is hard. Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist. Hubspot for Podcast Networks. Looking to up your marketing game? Check out the podcast: Marketing Against the Grain Hosted by: Hubspot CMO Kipp Bodnar and Zapier CMO Kieran Flannigan They bring you the latest in marketing trends, growth tactics and innovation. Available on all your favorite podcast apps. Gelt. It’s time to take control over your taxes. Discover how Gelt can help you to manage and optimize both your personal and business taxes. Visit https://joingelt.com/twist now. * Todays show: David Weisburd hosts Apurva Mehta, Jack Altman, and Jason Calacanis to discuss Sam Altman’s huge investment wins (2:34), the role of SPVs (13:19), CalPERS increasing their exposure to venture (26:19), and liquidation preferences (45:56). * Timestamps: (0:00) David Weisburd intros Apurva Mehta, Jack Altman, and Jason Calacanis (2:34) Reddit's IPO and Sam Altman's investment success (5:48) Apurva's investment strategy and thoughts on fund size and portfolio strategy (11:50) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist (13:19) The role of SPVs and the importance of trust in the investment ecosystem (24:53) Marketing Against the Grain ⁠https://www.youtube.com/watch?v=xHrjktuM1Dc https://lnk.to/h3vKHnTW (26:19) CalPERS and pension funds increasing their exposure to venture capital and private equity (28:11) Is it a good time to invest in venture? (41:48) Gelt. It’s time to take control over your taxes. Visit https://joingelt.com/twist now (43:02) Fundraising and decision-making processes (45:56) Higher liquidation preferences at the later stage (55:49) Rapid fire segment on recent investments * Mentioned on the show: https://www.retellai.com https://www.heygen.com https://www.owner.com https://www.foundationhealth.com https://peregrine.io https://www.marvl.io https://getprops.ai https://www.arkitask.ai * Follow Apurva: X: https://twitter.com/mehtaaapurva LinkedIn: https://www.linkedin.com/in/apurvaamehta/ * Follow Jack: X: https://twitter.com/jaltma LinkedIn: https://www.linkedin.com/in/jackealtman/ * Follow David: X: ⁠https://twitter.com/DWeisburd⁠ LinkedIn: ⁠https://www.linkedin.com/in/dweisburd⁠ Check out: ⁠https://10xcapital.com * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp * Thank you to our partners: (11:50) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist (24:53) Marketing Against the Grain ⁠https://www.youtube.com/watch?v=xHrjktuM1Dc https://lnk.to/h3vKHnTW (41:48) Gelt. It’s time to take control over your taxes. Visit https://joingelt.com/twist now * Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland * Check out Jason’s suite of newsletters: https://substack.com/@calacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Instagram: https://www.instagram.com/thisweekinstartups TikTok: https://www.tiktok.com/@thisweekinstartups * Subscribe to the Founder University Podcast: https://www.founder.university/podcast

Apurva Mehta

Co-Founder

ConfluentSummit Peak Investments

Jack Altman

CEO

LatticeTeespring

Apurva Mehta is the Managing Partner @ Summit Peak Investments, investing in early stage venture capital funds and making direct co-investments. To date they have backed the likes of Raymond Tonsing, Lachy Groom and Josh Buckley to name a few on the fund side and then on the direct side, invested in Airtable, Virta Health and Sourcegraph. Prior to founding Summit Peak, Apurva spent 7 years as the Deputy Chief Investment Officer at Cook's Children's Hospital and before that spent 3 years as Director of Portfolio Investments at The Juilliard School. In Today's Episode You Will Learn: 1.) How did Apurva make his way into the world of fund investing? How did that lead to his founding Summit Peak and also becoming a GP? 2.) How does Apurva think about how much importance to place on references when diligencing managers? What reference types mean a lot? Which mean less? Why does Apurva still believe early-stage is the most inefficient segment of the venture landscape? 3.) How does Apurva think about GP commits? Is it fair to have a required benchmark? How does Apurva advise founders on LP concentration limits? When is one LP too much of a fund? How does Apurva advise managers on selling a stake in the management company? 4.) As a fund of funds, how does Apurva approach fund portfolio construction today? How does this differ between the fund portfolio vs the direct portfolio? How does Apurva think about the compression of fundraising timelines both with GPs and Founders? Why does Apurva believe founders at the early-stage care less about firm brand today? 5.) How does Apurva feel about investing in managers he has not met in person? How does the GP/LP fundraising process need to change? How does COVID change the fundraising process for venture funds? How will LPs react to these changes? Items Mentioned In Today's Show: Apurva's Fave Book: Principles: Life and Work by Ray Dalio Apurva's Most Recent Investment: Sourcegraph As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Apurva Mehta

Co-Founder

ConfluentSummit Peak Investments