Kate Simpson

I think these are some of the ingredients that can make a great firm.

The rise of the solo GP, which today is quite common.

And again, institutional investors have gotten comfortable with that model, but that was not always the case.

It's been an interesting evolution, both in the industry and as LPs have come along to sort of

So there's two situations maybe to unpack there.

There's a full-time VC who goes back to an operating role or an interim chairman or CEO role.

And that is certainly a different situation to navigate than what has become fairly more common.

And again, I think embraced by the LP community is an operator founder who has scaled a company to a certain level.

a certain size and maturity where they're now able to spend time in investing.

So they're, they're, they're, they're going from operator to investor.

And I think that, that model again has been, I think better understood and embraced by LPs.

And I think, you know, going back to the sourcing, the importance of sourcing, right.

The founders today, especially young founders who, you know,

aspire to be a founder that has grown and scaled a successful company, they want those people on their cap table.

They want somebody who is still in their seat, if not very recently in their seat as a young founder.

So that operator-founder profile or archetype for an investor is super compelling, I think, for both younger generation of founders, but also LPs.

The other situation that you led with, a full-time investor taking other jobs, whether it's inside or outside the portfolio, I think is a different question.

It is a different maybe risk, if you will, to evaluate.

But I think it has to be situational.

You have to understand why they're taking this new role, what the value is strategically to the portfolio, what the rest of the team is doing in their absence.