Ramtin Naimi

And then we also have titans of industry as well, as I mentioned earlier.

I think there's two types of LPs you meet, probably more than that, but I'll narrow it down into two.

There's the ones with imagination and the ones without imagination.

There are certain LPs who have built portfolios of amazing venture capital firms, and they had invested in them before they were amazing venture capital firms.

And they were fund one commitments to people who might necessarily have checked all the boxes of a traditional venture capital firm.

And I think by and large, those people have done dramatically better than the LPs who may be less imaginative and tend to only back managers who've spun out from other platforms.

I think that's the easy manager to back.

It's okay, cool.

This person's been a venture capitalist for 10 years.

You can look at their historical track record and pretty much underwrite what their future track record is going to be.

Arguably, their future track record won't be as good as their historical track record because the deals they were able to access those platform funds might not be deals that they have the ability to access or win in the future.

Paula Valente is a great example of this.

She used to be at Bowdoin and now she's at Rockefeller.

She was a day one LP to Chase Coleman.

I think she was very early to Josh Kushner.

She was my first institutional LP.

Bowdoin, small endowment, but I actually think there's stories that show that it's actually one of the best performing endowments in the world relative to its scale.

And Stan Druckenmiller famously chairs their IC.

Oftentimes you'll see that the managers she's in are mega managers today, but she was with them since day one.

I think like anything.