Kate Simpson

both the quality of the reference and the words used, but also the detail behind the reference.

You can tell if a reference is positive at a very high level, but a reference that is very positive at a granular, detailed level, I think, pops out in our estimation.

I think the best references are often those where I don't ask many questions.

And the person that I'm speaking to, they can't help but just go on and on and on about how wonderful the investor is.

I do think it's important to ask very targeted and appropriately timed questions in that conversation.

But sometimes you don't have to ask much at all.

You just get the full story.

They just can't wait to tell you about the person you're referencing.

And sometimes you even have to stop them so that you can get your questions in.

They're a lot of fun.

It's one of the most fun parts of the job.

As you said, at the UNC Endowment, I covered all private asset classes.

So that's what I meant when I referenced an inch deep and a mile wide.

I moved to a fund of funds focused on buyout and venture after that, where size was really the first screen.

So I narrowed my investable universe based on size.

And then most recently, prior to joining JAMA, I was with a fund of funds focused on venture.

And honestly...

You know, those doors, as I reflect in my career, those doors kind of opened for me in the right place at the right time.

I've appreciated that opportunity to specialize over time to be kind of an inch wide and a mile deep.

So now at Gem, I've in essence returned to my endowments roots in a sense, but I'm still specializing in ventures.