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Good morning 👋

I hope all of you had a great weekend.

On Friday in our poll, we asked the main reason why emerging managers are struggling to raise funding.

The overwhelming reason?

No independent track record.

Interesting results that we’ll have to dive into more soon. You can see the full poll results at the bottom of this email.

But before you do that, let’s jump right into the headlines you missed over the weekend.

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TL;DR:

• 📰 News

• 🔗 Links

• 🐥 Tweet

• 💰 Funds

• 📶 Recs

• 🗳 Poll

HEADLINES
Canadian HNWIs 🤝 gov’t-backed funds

• Wealthy Canadians investing more in government-backed venture capital funds (The Globe and Mail)

• Metaverse And Augmented Reality Remain Unpopular With VCs (Crunchbase)

• We’re Still Waiting For the Next Big Leap in AI (Wired)

• Apple might partner with Meta on AI (TechCrunch)

• Tesla makes Musk the best-paid CEO of all time and Fisker bites the dust (TechCrunch)

• OpenAI buys Rockset to bolster its enterprise AI (TechCrunch)

• Deel is now valued at $12 billion (Fortune)

• Why It Pays for Startups to Move to Silicon Valley (WSJ)

• Seed investors hitched their wagon to blue-chip VC firms. Now they’re hightailing it (Pitchbook)

LINKS

🧠 Outlier Frameworks: How the best investors in the world make decisions

📁 Breaking Into Venture Capital Through Syndicates: Insights from Zachary Ginsburg and Alex Pattis into the venture ecosystem

🚁 Bootstrapping a $5 Million Custom Drone Business: Spare bedroom to 20-person team and 10,000 sqft design facility

☣️ The Wartime CEO: 9 leadership principles for strong startups

⭐️ Be a Star or a Janitor: Yoni Rechtman explains how to prioritize work early in your career

🗣️ Happy Talk versus Hard Talk: David Sacks uses history to show you can’t get out of a crisis until you admit you’re in one

🤖 AI and Jobs: AI is taking real jobs (shoutout CB Insights for the research)

📶 17 Lessons from Charlie Songhurst: Investing principles from one of the smartest investors we’ve studied

TWEET

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FUNDS

P.S. 👉 If you’re looking to get a new VC job … 

We’ve found the best way to do that is to find the jobs before they become available. In our opinion, the best way to do that is to a) find who is raising funds and b) find who is the right person to contact at each of those funds.

Lucky for you, we’ve already collected all of that information for you.

Here’s how to see all the information we have on funds (plus contact info)

RECS

The Early: A new place for junior VC resources and content

Creator Spotlight: How the best online creators make it all happen.

Newsletter Operator: The best newsletter we read about building a newsletter business.

POLL

Thanks for reading this far and giving us a little bit of your attention this week.

Feel free to unsubscribe whenever this stops becoming valuable to you.

- Clay

RESULTS

Here are the results from our poll question in yesterday’s piece:

In your opinion, what's the main reason LPs DON'T invest in emerging managers?

🟩🟩🟩🟩🟩🟩 No independent track record (15)

🟨🟨🟨⬜️⬜️⬜️ Lack of differentiation / edge (8)

🟨🟨🟨🟨⬜️⬜️ No sustainable sourcing method (10)

🟨🟨⬜️⬜️⬜️⬜️ Unable to create value for portfolio companies (6)

🟨🟨🟨⬜️⬜️⬜️ VC as an asset class is unappealling (9)

48 Votes