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  • 📶 Leo Polovets (GP @ Humba Ventures) on what makes a great LP, attributing luck to seed investing, and using transparency to your advantage

📶 Leo Polovets (GP @ Humba Ventures) on what makes a great LP, attributing luck to seed investing, and using transparency to your advantage

What GPs look for from their LPs, making the case for venture investing vs. other asset classes, and some philosophy around reserves and follow-on investments

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Good morning 👋

When I was still in college and still trying to break into VC, there were a small handful of blogs that I kept reading over and over again because of the quality of the writing and the usefulness of the content.

Leo Polovets (@lpolovets) was one of those writers, and he is the GP of Humba and Susa Ventures.

Leo is one of the smartest, most humble, and most liked GPs I have met since I started, and he has spent the past 12 years honing his craft as one of the best seed investors in the world.

I wanted to ask him about:

  • Common misconceptions people have about running a fund

  • Using transparency to your advantage as a GP

  • What he looks for in LPs

  • The case for allocating into venture as an asset class

  • Thoughts on attributing luck to seed investing

Here’s what he had to say …

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