{
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  "sources": ["ssg:https://framerusercontent.com/modules/MeGikCavylHp76PGw1PG/pQ1oyMW0NcW4mAK0OwvH/o1mKe6qAM-3.js"],
  "sourcesContent": ["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{Link as n}from\"framer\";import*as a from\"react\";export const richText=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What is the CTA? \"})}),/*#__PURE__*/e(\"p\",{children:\"The Corporate Transparency Act (CTA), which was originally passed in 2021 as part of the National Defense Authorization Act, went into effect on January 1, 2024. The goal of the CTA is to combat illegal activities (e.g., tax fraud, money laundering, etc.) by creating more transparency around company ownership. The CTA requires certain U.S. businesses, including limited liability companies and other similar entities, to report identifying information about their beneficial owners to the Department of Treasury\u2019s Financial Crimes Enforcement Network (FinCEN).  By requiring the disclosure of beneficial ownership information (BOI), the act intends to peel back the layers of anonymity that have allowed such activities to flourish.\"}),/*#__PURE__*/e(\"p\",{children:\"A beneficial owner refers to the person(s) who ultimately own, control, or have significant influence over a company, typically through substantial equity interests or decision-making authority. The CTA mandates that covered entities disclose information about their beneficial owners, including names, birthdates, addresses, and identification numbers (such as a driver\u2019s license or passport number).\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What does this mean for VCs? \"})}),/*#__PURE__*/e(\"p\",{children:\"Unless an entity is exempt, under the CTA, all private companies such as LLCs, corporations, partnerships, and similar entities that do business in the US are mandated to submit BOI for certain beneficial owners. This includes LLCs formed for the purpose of making an investment, such as Sydecar SPVs and funds. \"}),/*#__PURE__*/e(\"p\",{children:\"Entities must disclose the name, birthdate, and address, and provide an ID (e.g., a passport or driver\u2019s license) for all beneficial owners. For the purposes of CTA, a beneficial owner is anyone who owns at least 25% of the fund. The fund/SPV manager is also considered a beneficial owner because they possess \u201Csignificant influence and control\u201D over the entity. \"}),/*#__PURE__*/e(\"p\",{children:\"For entities established after December 31, 2023, the initial CTA filings must be submitted within 90 days of their formation date. Entities formed before January 1, 2024, have until January 1, 2025, to submit their initial filings. Starting on January 1, 2025, any new entities created have to submit their filings within 30 days of formation.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How is Sydecar ensuring compliance with CTA requirements? \"})}),/*#__PURE__*/e(\"p\",{children:\"As always, our goal at Sydecar is to give you peace of mind with your investments so that you can focus on what matters most: finding great deals and building relationships. In response to the CTA reporting requirements, we have built a workflow to collect the required information from all new SPV and Fund+ investors and submit initial and amendment BOI forms to FinCEN on behalf of our customers. We will be collecting identifying information from all investors (not those considered beneficial owners at the time of their subscription), in order to frontload the process. By doing so, we aim to ensure that you remain compliant with the CTA without creating unnecessary friction during the investing process. \"}),/*#__PURE__*/e(\"p\",{children:\"Data collection required by CTA will also be integrated into our KYC/EDD process. This means that Sydecar customers likely will not have to take any additional actions outside of the platform to ensure they are in compliance with CTA reporting requirements*. \"}),/*#__PURE__*/t(\"p\",{children:[\"Request a demo \",/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=corporatetransparencyact\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"here\"})}),\" to learn more about how we help you maintain compliance while streamlining your investment operations.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"CTA FAQs\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"1. What is the Corporate Transparency Act (CTA)?\"}),/*#__PURE__*/e(\"br\",{}),\"The CTA, effective January 1, 2024, requires certain U.S. businesses (including corporations, LLCs, and similar entities) to report their beneficial owners to FinCEN to increase corporate ownership transparency and combat illicit financial activities. \"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"2. Who needs to report under the CTA?\"}),/*#__PURE__*/e(\"br\",{}),\"U.S.-created or registered corporations, LLCs, or similar entities must report beneficial ownership information to FinCEN. Certain entities, such as publicly traded companies, nonprofits, and certain large operating companies, are exempt from these reporting requirements.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"3. When does BOI have to be reported? \"}),/*#__PURE__*/e(\"br\",{}),\"Entities formed prior to January 1, 2024, have until January 1, 2025, to report. New entities created in 2024 have 90 days from either the actual notice of formation or public announcement (whichever comes first), and those established from 2025 onwards will have 30 days from notification or public announcement of their formation.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"4. What information must be reported to FinCEN?\"}),/*#__PURE__*/e(\"br\",{}),\"Entities must report identifying information of their beneficial owners, including names, birthdates, addresses, and ID numbers. \"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"5. What constitutes a beneficial owner under the CTA?\"}),/*#__PURE__*/e(\"br\",{}),\"A beneficial owner is someone who ultimately owns, controls, or significantly influences a company, usually through substantial equity interests or decision-making authority. The threshold for beneficial ownership may vary between jurisdictions but for SPVs formed in the state of Delaware (such as Sydecar SPVs), an ultimate beneficial owner is anyone who owns at least 25% of the SPV.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"6. How does the CTA affect venture capital investors and fund managers?\"}),/*#__PURE__*/e(\"br\",{}),\"VCs, including those managing LLCs, SPVs, or funds, must report BOI by the specified deadlines described above, unless an exemption applies.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"7. How is Sydecar facilitating compliance with the CTA for its users?\"}),/*#__PURE__*/e(\"br\",{}),\"Sydecar has developed a workflow to collect the required information from beneficial owners of an SPV and submit BOI forms to FinCEN on behalf of its customers, ensuring compliance. The data collection will be integrated into our KYC/EDD process, limiting any unnecessary friction for our customers. \"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"8. Do I need to take any additional actions on Sydecar to comply with CTA?\"}),/*#__PURE__*/e(\"br\",{}),\"Sydecar will give all customers the ability to opt-in to our CTA services. For those who opt-in, Sydecar will handle all BOI collection and submit initial and amendment filings to FinCEN on behalf of our customers, meaning that no additional steps outside the platform should be required for compliance. For questions regarding requirements specific to you or any other entities that you manage or in which you are invested, please consult your legal counsel.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"*This content is made available for general information purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Sydecar, Inc. (\u201CCompany\u201D). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct, or up-to-date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Please see here for our full Terms of Service.\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]});export const richText1=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:['Successful venture capitalists don\u2019t always begin in the industry. Earnest Sweat, self-made venture capitalist and co-host of the podcast \"',/*#__PURE__*/e(n,{href:\"https://swimmingwithallocators.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Swimming with Allocators\"})}),',\" is a prime example of this. His journey from investment banking to entrepreneurship and finally to venture capital shows how different experiences can shape a unique approach to investing.']}),/*#__PURE__*/e(\"p\",{children:\"Earnest's career began in the 2007 financial crisis, a period that grounded his investment approach. As an equity research analyst at BMO Capital Markets specializing in Real Estate Investment Trusts (REITs), he mastered data analysis, clear communication with asset manager customers and Fortune 500 CEOs, and learned how to defend an investment thesis.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"As an equity research analyst, writing was a big part of my job. I had to confidently share my investment thesis with the world, fully aware it could be proven wrong in the short term. That experience taught me resilience, a quality I still rely on today.\"'})})}),/*#__PURE__*/e(\"p\",{children:\"Earnest\u2019s shift to entrepreneurship was both challenging and enlightening. He was drawn to the way people build networks and set out to create MERIT, Inc., a marketplace for connecting individuals with their ideal mentors. Despite facing the common hurdles of a first-time founder and navigating the lengthy sales cycles of working with municipalities and universities, his passion for entrepreneurship remained. \"}),/*#__PURE__*/e(\"p\",{children:\"This drive led Earnest to business school, where he discovered his true calling in venture capital. During an MBA internship in India for a VC, he assessed and invested in tech companies, transitioning from analysis to hands-on action.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CVenture capital is the better version of equity research because I'm getting to make bets\u2013it's not just a recommendation. I'm actually putting skin in the game.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Once an investor, Earnest\u2019s diverse background laid the foundation for his unique investing thesis. Initially focusing on real estate technology (\u201Cprop tech\u201D) through his job with Prologis Ventures, he expanded his outlook to Vertical SaaS which included industries such as commercial real estate, construction, supply chain, logistics, commerce, and retail. This flexible perspective helped him identify key challenges across industries, such as outdated technology, the need for transparency, and labor market complexities. Recognizing these universal challenges, Earnest developed a strong thesis around how product types such as applied AI, marketplaces, middleware, and vertical software can enhance value chains in all industries. \"}),/*#__PURE__*/e(\"p\",{children:\"To add structure to this thesis, Earnest has defined three archetypes for what makes a successful founder: \"}),/*#__PURE__*/e(\"p\",{children:\"The Humble Outsider: Picture the classic tech expert from Silicon Valley. They spot a problem in a specific industry and dive deep to understand every part of it, surrounding themselves with knowledgeable industry insiders to get the full picture.\"}),/*#__PURE__*/e(\"p\",{children:\"The Innovative Insider: This is someone who's been in the industry for years and knows it like the back of their hand. They recognize the need for technology and can clearly define their ultimate goal, drawing in tech talent to create innovative solutions. They balance their deep industry knowledge with a vision for the future.\"}),/*#__PURE__*/e(\"p\",{children:\"The Bridge: These are individuals with personal ties to an industry, maybe through family or their upbringing. They blend this insider perspective with a strong technical background from studying engineering. (Earnest is noticing more people like this looking to become entrepreneurs.)\"}),/*#__PURE__*/e(\"p\",{children:\"Earnest's background and commitment to consistently learning isn't just the foundation of his investment thesis; it's also what makes him a standout venture capitalist. He's known for providing real value to founders, often connecting them with potential customers or other valuable contacts before making any investment. When considering an investment, Earnest goes deep, understanding the startup's target customers and then introducing the founders to two or three potential leads within his network. Thanks to his extensive connections, he can open doors to new opportunities.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CIt's a win, win, win. I get unfiltered feedback, the founder has an opportunity to present their product, and my contact might become a future customer. I\u2019ve seen this as a differentiator for me.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Everyone\u2019s path to venture capital is shaped by their individual experiences and perspectives. Earnest's journey demonstrates that embracing your unique journey can be your greatest asset in venture capital. He emphasizes the importance of authenticity and self-belief. \"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"A lot of times you have to trust your own narrative and be the best version of yourself.\u201D'})})}),/*#__PURE__*/t(\"p\",{children:[\"Sydecar has supported Earnest by streamlining his investment process with our \",/*#__PURE__*/e(n,{href:\"http://sydecar.io/spv\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"SPV product\"})}),\", and we're ready to do the same for you. If, like Earnest, you're breaking into venture capital from a non-traditional starting point, \",/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=earnest-sweat\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"schedule a demo\"})}),\" with Sydecar today and let us help you start your VC journey.\"]})]});export const richText2=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"As we move into 2024, the venture capital landscape continues to evolve, influenced by a range of factors from an abundance of unallocated capital in firms to a hot secondaries market. This year promises to bring changes, opportunities, and challenges for investors and startups alike. Here's an in-depth look at the key trends and predictions shaping the venture climate in 2024.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"1. A Surge in Dry Powder\"}),/*#__PURE__*/e(\"br\",{}),\"Dry powder, which refers to capital that has not been allocated or deployed by firms, has \",/*#__PURE__*/e(n,{href:\"https://www.cryptopolitan.com/venture-capital-outlook-for-2024-challenges-and-opportunities/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"increased 385% since 2015\"})}),\" and created a situation where firms are now competing to deploy this capital. With more capital vying for the same number of quality investment opportunities, the pressure on investment returns has intensified. The abundance of capital means that firms may have to pay more for the same ownership, potentially leading to lower returns. Given the competitive landscape and pressure on returns, firms will need to deploy more strategically in 2024.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"2. Rise in IPO Activity\"}),/*#__PURE__*/e(\"br\",{}),\"There is \",/*#__PURE__*/e(n,{href:\"https://www.natlawreview.com/article/5-trends-watch-2024-venture-capital\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"growing optimism around IPOs\"})}),\" for 2024. This optimism is buoyed by a more favorable economic outlook, including expected interest rate cuts and cooling inflation. The anticipated resurgence of IPOs is partly attributed to the bleak outlook for M&A, after regulators have slowed or blocked several significant deals. As a result, IPOs are a more attractive exit strategy for late-stage startups in 2024 as compared to the past decade.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"3. Governance Structures Under Scrutiny\"}),/*#__PURE__*/e(\"br\",{}),\"The importance of corporate governance \",/*#__PURE__*/e(n,{href:\"https://www.natlawreview.com/article/5-trends-watch-2024-venture-capital\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"is taking center stage\"})}),'. Several high-profile venture capital-backed companies have faced public scrutiny due to unconventional governance structures, such as founder board control and super-voting rights. This heightened attention is prompting discussions among VCs and their LPs about the importance of robust governance. It\\'s clear that founders and investors will continue to prioritize corporate governance issues as they evaluate traditional venture capital growth models in light of other factors, such as \"public benefit\" considerations.']}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"4. Down-Rounds and Funding Challenges Ahead\"}),/*#__PURE__*/e(\"br\",{}),\"In an attempt to avoid down-rounds and recapitalizations, many companies had to cut expenses and raise bridge convertible notes, hoping for a more favorable funding landscape by the end of 2023. Unfortunately, it seems that such a shift \",/*#__PURE__*/e(n,{href:\"https://www.gtlaw.com/en/insights/2024/01/published-articles/5-trends-to-watch-2024-venture-capital\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"is not coming anytime soon\"})}),\". As of late 2023, venture debt lenders were less willing to refinance existing venture debt facilities without an infusion of additional equity from existing or new investors, so investors may have to make tough decisions about which companies to fund and which ones to write off, shut down, or sell at a loss. Consequently, investors are more likely to support their existing portfolio companies through bridge rounds and similar mechanisms. Often, these are executed using Special Purpose Vehicles (SPVs) because the firm may not have reserves in its main fund to invest further into existing portfolio companies. Investors are likely to scrutinize companies carefully to determine their real viability and differentiate them from those that may only continue to operate for a while without gaining significant traction. While down-rounds and recapitalizations will likely continue throughout 2024, even for viable companies, the bright side is that this can lead to more deals and transactions taking place.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"5. Emerging Markets Gaining Momentum\"}),/*#__PURE__*/e(\"br\",{}),\"2024 is witnessing a \",/*#__PURE__*/e(n,{href:\"https://endeavor.org/stories/venture-capital-predictions-2024/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"significant shift towards emerging markets\"})}),\". There's a growing recognition of the untapped potential in these regions, leading to the establishment of regionally-focused funds. Markets like Latin America, Southeast Asia, and Sub-Saharan Africa are attracting attention for their maturing entrepreneurial ecosystems and high-quality growth-stage startups. This shift represents a global diversification of venture capital investments, highlighting the potential for high returns in these previously underrepresented markets\u200B\u200B.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"6. Venture Capital Secondaries Market\"}),/*#__PURE__*/e(\"br\",{}),\"The secondary market in venture capital is \",/*#__PURE__*/e(n,{href:\"https://pitchbook.com/news/articles/secondaries-pipeline-deals-2024-outlook\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"poised for a robust 2024\"})}),\", building on the momentum from an active 2023. Despite some challenges, the market has seen a recovery with deal volumes remaining higher than pre-2021 levels and the gap between what buyers want to pay and what sellers want to receive in the secondary market is shrinking. This, along with a continued demand for liquidity, will drive activity. Looking ahead, aggressive fundraising for secondaries-focused funds, including Blackstone's record $22.2 billion Strategic Partners IX fund, indicates a strong pipeline of secondary deals in 2024. SPV platforms like Sydecar offer an efficient and flexible way for managers to \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/secondaries?utm_source=website&utm_medium=blog&utm_campaign=2024venturelandscape\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"participate in secondary transactions\"})}),\" and create much-needed liquidity for their investors.\"]}),/*#__PURE__*/e(\"p\",{children:\"As we can see, the venture capital environment is changing. From the increase in dry powder to the shift towards secondary markets and everything in between, the venture capital world is poised for an exciting year filled with many changes. For venture investors, navigating these changes requires a platform that simplifies and improves the deal execution process.\"}),/*#__PURE__*/t(\"p\",{children:[\"Sydecar offers a solution tailored to these needs. Our platform is designed to help emerging fund managers manage venture funds and SPVs efficiently. To see how Sydecar can assist you, \",/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=2024venturelandscape\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"book a demo\"})}),\" today.\"]})]});export const richText3=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Meet Jesse Bloom, Partner at SaaS Ventures. After beginning his career as a financial advisor, Jesse got his start in VC through a series of internships while getting his MBA from NYU. In August of 2022, Jesse joined SaaS Ventures as a Partner, leading their growth investing practice. Read on to learn about the complexities of investing in growth-stage companies and how SaaS Ventures uses SPVs to gain access to desirable rounds. Jesse also shares the secret behind building NewbieVCs, an online and IRL community that fosters connections and supports emerging talent in the venture capital space.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/t(\"strong\",{children:[/*#__PURE__*/e(\"br\",{}),\"Sydecar (SC): What do you do at SaaS Ventures?\",/*#__PURE__*/e(\"br\",{}),\"Jesse Bloom (JB):\"]}),\" I lead the growth investing practice at SaaS Ventures. We have two teams: an early-stage team that invests in pre-seed through seed and a growth team that invests in Series B through Series D. SaaS Growth invests particularly in oversubscribed rounds, where access is typically limited to only the lead investor and existing investors with legal \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" rights. We partner with these existing investors, providing them with the capital they need to fill their \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" allocations.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[\"\\xa0\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What was your path into venture and how did you end up at SaaS Ventures?\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"I started as a financial advisor at Morgan Stanley after college. Three years later, I pursued my MBA at NYU and interned at a venture fund called Alpha Partners, where I gained experience sourcing investments and performing due diligence on later-stage companies. After two years, I joined SaaS Ventures as a Partner to lead a new growth fund. Within 15 months at SaaS, we have successfully raised the fund and made two investments of which I am incredibly proud.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What challenges have you noticed in investing across both early and late-stage companies?\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"In my experience, the most difficult part of early-stage investing is having to be selective about which founders to invest in, because you want to support them all, but that\u2019s just not feasible. On the growth side, it can be complicated to gain access to the types of deals that I want to invest in, which are oversubscribed Series B through Series D rounds, led by one of about 25 funds that we consider to be top-tier. Speed is of utmost importance here; there were only 6 of these rounds reported in all of Q4 2023, and once they have been reported, it\u2019s already too late to participate.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Sydecar was key in overcoming these growth-stage challenges in our most recent investment. We set up an SPV, signed a carry-share agreement, funded it, and wired to the company all within 72 hours. This speed was crucial because top-tier \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" decisions often need to be made in hours, not days, and we can\u2019t afford to spend a week setting up an SPV. We need to have the capital and infrastructure ready to seize that fleeting opportunity. Without Sydecar, making this investment might not have been possible.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What is your approach to network building?\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"The bulk of a typical VC's job is to know every founder in their domain. However, my full-time job is getting to know every investor. My networking involves recurring meetings with investors and attending as many VC events as my schedule allows. I also started a group called NewbieVCs which brings newly minted investors together to collaborate, network, and navigate the world of venture capital together. 25 of us are attending the 3rd Annual NewbieVC Ski Trip in January! Throughout all of this, I emphasize being friendly and not overly transactional, hoping my business will grow proportionate to the number of investors who like me and know what I do. I\u2019m also very clear on the type of deals I\u2019m looking to participate in. Picking a niche is essential to stand out, and hopefully, my network knows exactly what I'm seeking.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What role do SPVs play in your investing strategy?\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"Our firm invests almost exclusively through SPVs because we theoretically exercise \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" rights on behalf of other funds. For the legal \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" owner to be represented on the \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"cap table\"})}),\", we have to set up the SPV as an affiliate of the fund with the pro-rata right. This ensures genuine \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" execution and avoids adding complexity to the \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"cap table\"})}),\". Our goal is to gain access to otherwise closed opportunities by supporting insiders who have earned valuable \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" rights but can\u2019t fill them. The only method I know to achieve this swiftly and effectively is through SPVs.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: Do you ever use the SPV to bring in co-investors to the round?\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"Absolutely. If our \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"pro-rata\"})}),\" source has more allocation than we can fill and they are okay with bringing in \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/co-investors\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"co-investors\"})}),\", we offer up additional allocation to our LP base. We often extend these opportunities to a small group of prospective LPs as well to demonstrate the quality of our deal flow.\\xa0\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What does your LP base look like? What is unique about them?\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"Our LP base is made up primarily of family offices and high-net-worth individuals. They understand that the dynamics of venture are such that only the top firms typically get access to the best deals at the most favorable prices, especially at Series B, C, and D. The leading companies at these stages have the strongest traction, metrics, and teams, and therefore only want top-tier investors. Our LPs know that if they cannot invest directly in the top-tier funds, their next best move is to invest in the rounds these funds are leading to get a sample of their outperformance.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"strong\",{children:\"SC:\"}),\" \",/*#__PURE__*/t(\"strong\",{children:[\"It sounds like understanding LP preferences is important. Do you have any tools or processes besides Sydecar that are essential to your process?\",/*#__PURE__*/e(\"br\",{}),\"JB:\"]}),\" My CRM, Affinity, helps me manage relationships with LPs who provide insights into ongoing deals. It's indispensable in understanding the dynamics of my network. PitchBook is another essential tool because it gives me access to \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"cap table\"})}),\" details, enabling me to identify potential fund partners. Affinity then comes back into play, helping me discern which of these \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"cap table\"})}),\" contacts our team knows best, giving us a strategic advantage. If we secure the deal, Sydecar becomes the go-to for subsequent closing.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/t(\"strong\",{children:[/*#__PURE__*/e(\"br\",{}),\"SC: Tell us more about NewbieVCs and the inspiration behind it.\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB:\"]}),\" NewbieVCs is primarily a Slack group where we exchange information, plan events, and talk about investments. I created it back in 2021 because venture newcomers expect training and guidance that partners and more experienced VCs rarely provide. So, I built a small community of \u2018Newbies\u2019 as a type of support group for VCs who have just joined the industry to make friends and learn the job. We're a tight group of 200 active members, and it's played a big role in my career. I found my job at SaaS Ventures through a Newbie, and some Newbies have been funded by others to start their own companies! It's a unique community with a ton of up-and-coming all-stars.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Jesse\u2019s quick rise to Partner at SaaS Ventures shows how ambition can meet opportunity in the venture world. Launching SPVs with Sydecar's help, he quickly capitalized on important investment opportunities, while at the same time starting NewbieVCs, promoting knowledge sharing and networking in the venture community. His experience is a lesson for new investors: success comes from using efficient tools, building strong networks, and constantly learning.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/t(\"em\",{children:[/*#__PURE__*/e(\"br\",{}),\"To learn more about how Sydecar supports venture capitalists like Jesse, you can find additional information about SPVs on our website, \"]}),/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/spv\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:/*#__PURE__*/e(\"em\",{children:\"here\"})})}),/*#__PURE__*/e(\"em\",{children:\".\"})]})]});export const richText4=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"In a venture capital landscape teeming with new players from various backgrounds, emerging VCs face a challenge in distinguishing themselves. Lacking the resources of established funds, they can't always compete with large investments or extensive networks. Recognizing this, savvy new investors are turning to brand building as a crucial strategy.\"}),/*#__PURE__*/e(\"p\",{children:\"A strong brand helps in various ways: it provides social proof, establishes credibility as an expert, and keeps a VC's name at the forefront for founders and fellow investors. As capital is increasingly commoditized, building a brand alongside a portfolio is more important than ever.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Raising Capital\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"Brand building extends beyond traditional methods. Engaging on Twitter, publishing newsletters, and contributing thought leadership in media are effective ways to stand out. These efforts not only distinguish an investor but also attract capital, especially with the popularity of 506(c) funds which allow public marketing of fundraising.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"As you start to build your LP network, you\u2019re competing for investor attention as well as dollars. Building trust and owning the relationship with your LPs can be a huge competitive advantage. This is why Sydecar has chosen to make our customers\u2019 deals and syndicates private, rather than creating a marketplace that draws your investors away to other opportunities.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Winning Deals\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"Building a brand around your investment thesis and sharing details of that thesis through public channels will increase your inbound deal flow. You\u2019ll become the first investor others think of when meeting a company that matches your thesis. This increases both the quantity and quality of your deal flow. A strong brand will also help to secure allocation in the most competitive deals as founders will have an understanding of the value you bring.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Supporting Founders\\xa0\"})}),/*#__PURE__*/t(\"p\",{children:[\"Your brand immediately demonstrates how you support your portfolio founders. In positioning yourself as an expert in an area, such as growth, product, or fundraising, your founders know they can turn to you for resources and connections on that topic. They can also ask you to utilize your reach for further advice. Lolita Taub, a VC who recently launched her own fund, frequently tweets \",/*#__PURE__*/e(n,{href:\"https://twitter.com/lolitataub/status/1301683869389697025\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"questions on behalf of founders\"})}),\" to crowdsource advice, creating a concise resource for founders to turn to.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Build your brand\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"How can emerging VCs start building their brand? The lowest barrier to entry is social media. Experiment with LinkedIn, Twitter, or even TikTok content to find where you can shine. As you engage with others, you may find podcasts, newsletters, events, or blogs are valuable for building your brand. Here are some low-cost, high-value brand-building activities that new investors can focus on:\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Identify your voice and who you want to connect with\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Use your areas of expertise to create educational content\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Launch a newsletter for LPs to demonstrate your investment thesis and portfolio wins\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Ask questions or run polls on Twitter to get a better understanding of your audience\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Personify your brand by including pictures of yourself or telling stories in investor updates\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"\u201CBuild in public\u201D by using social media to share updates on your fundraising journey\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Host networking events in collaboration with other emerging VCs\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Record conversations you have with founders, LPs, or investors and turn them into a podcast\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Develop an engaging, informative YouTube channel to visually showcase your insights and investment philosophy\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Offer mentorship or advisory sessions to early-stage startups, building relationships and demonstrating expertise\"})})]}),/*#__PURE__*/e(\"p\",{children:\"The surge of new entrants into venture capital has intensified the race for top deals and LPs, challenging newcomers to carve out their niche. By harnessing the power of social media, thought leadership, and targeted content, savvy managers are establishing themselves as experts and reliable partners in the eyes of founders and fellow VCs.\\xa0 This brand-building journey is not just about visibility; it's an essential strategy for success in today's VC world.\"})]});export const richText5=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"h4\",{children:\"What is co-syndication?\"}),/*#__PURE__*/e(\"p\",{children:\"Co-syndicating is when two or more syndicates team up to run an SPV together, leveraging capital sourced from both of their networks. Typically, one of the managers will identify the deal, secure an allocation, and then invite another lead to share the deal with the network. The two managers will collaborate on management responsibilities, including filling the allocation and communicating with the company, and then will share economics (carry and management fees) from the deal.\"}),/*#__PURE__*/e(\"h4\",{children:\"Why should managers co-syndicate?\"}),/*#__PURE__*/e(\"p\",{children:\"Co-syndication is especially valuable for emerging syndicate managers who are looking to grow, operationalize, and level up their business. The benefits of co-syndicating for emerging managers include the opportunity to:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Expand your network and collaborate with other emerging managers. Unlike traditional venture capital managers, who tend to be highly competitive with one another when it comes to winning deals, syndicate leads are often collaborative with one another. Syndicates are typically more flexible when it comes to portfolio construction and deal size, as they aren\u2019t optimizing for ownership percentage in a company.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Meet new LPs from your co-syndicator\u2019s network who may be interested in your deal flow.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Access a larger pool of capital, which can make it easier to win allocation into competitive financing rounds and gives you a larger upside potential.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Increase your deal flow and opportunity to see deals with mitigated risk, because they have already been sourced and diligence and an allocation has been secured.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Get upside via shared economics without having the sole responsibility of organizing a deal and filling an allocation. For a newer manager with a limited investor network, co-syndication can often be the difference between closing a deal or not.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Do more with less. Leverage the power of a shared network to efficiently identify deals, and diligence companies, fill allocations, and support founders.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Diversify your portfolio by gaining access to deals that you might not otherwise see.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Provide better support and more value-add to startups through the power of an extended network.\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"code\",{children:[\"\u201CCo-syndicating creates so much alignment of incentives and leverages the collaborative nature of early-stage, emerging syndicate managers that does not exist within traditional VC. It has also become my strongest deal flow channel, allowing me to do hundreds of deals per year through my syndicate.\u201D - \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/alex-pattis-1709011a/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Alex Pattis\"})}),\", Riverside Ventures\"]})}),/*#__PURE__*/e(\"h4\",{children:\"What are some key considerations when co-syndicating a deal?\"}),/*#__PURE__*/e(\"p\",{children:\"While co-syndication can be a powerful tool for emerging managers, it also requires thoughtfulness, communication, and coordination. Here are a few things to keep in mind if you\u2019re considering co-syndicating a deal with another manager:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Deal Leadership: While there are benefits in managers co-owning deal responsibilities, it\u2019s often more efficient to have one true deal manager. It can be helpful to divide up areas of responsibility; for example, choosing one manager as the main point of contact for the company to avoid any confusion.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Shared Economics: Typically, when a deal is co-syndicated, carried interest is share between the two managers. Make sure to align on the economic split prior to launching the deal. It may be 50/50 or the deal originator may take slightly more carry if they are more involved in sourcing and managing the deal.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Communication and Expectation-Setting: Maintain open and regular communication among syndicate members throughout the investment process. This includes making sure investors from each syndicate know who their main point of contact is for deal information.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Investor Exposure: Keep in mind that, when you invite your investor network to participate in a co-syndicated deal, you are exposing them to a new manager with unique deal flow. Make sure to communicate clearly with the deal originator about expectations for communicating with investors once the deal has closed.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Pro-Rata and Follow-Ons: Discuss and agree on the pro-rata rights for future investment rounds. This includes decisions on whether syndicate members will invest together in subsequent rounds and how to handle situations when one or more syndicate members choose not to follow on.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Distribution Preferences: Co-syndicate partners should have a mutual understanding of the exit strategy and distribution expectations, including timelines and a process for distributing cash, selling shares, or managing an IPO.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Like any collaborative undertaking, proactive communication and thoughtfulness is key to a successful co-syndication. With these best practices in mind, you\u2019ll be able to develop ongoing relationships with other managers who become regular co-syndication partners.\"})]});export const richText6=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"In the investing world, the last decade has been characterized by a notable shift from an individualistic, self-interested approach to investing to a more communal one. New generations of investors have embraced the impact of investing alongside a community, driven by a shared purpose, camaraderie, sustainability, and trust \u2013 all of which have a demonstrated positive impact on financial returns. Since 2020, the term\\xa0 \u201Cinvesting community\u201D has become part of the shared lexicon as investors realize that they thrive within social ecosystems. Financial decision-making and investing rhetoric are more commonly occurring in open, inclusive spaces rather than behind closed doors.\\xa0\"}),/*#__PURE__*/e(\"h5\",{children:\"Several key dynamics have contributed to this shift:\\xa0\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Digital Transformation of Investment Committees: The adoption of digital communication for investment decision-making, especially at the highest levels, has become more widespread since the onset of COVID, allowing for remote collaboration.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Increased competition in venture capital: The VC asset class has surged in popularity, prompting firms and individuals to look for new ways to create value and competitive advantages.\\xa0\"})}),/*#__PURE__*/t(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:[/*#__PURE__*/e(\"p\",{children:\"Investment tooling has improved:\\xa0 It used to cost $20,000 in legal fees to get a deal done. Today, both the cost and complexity of investing legal processes have significantly decreased, with new software emerging that has made it much easier to share financial upside and ultimately encourage collaboration.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",\"data-framer-asset\":\"data:framer/asset-reference,8UeJ3DeKvZzse5wVlLTRvMKw8.png\",\"data-framer-height\":\"1125\",\"data-framer-width\":\"2000\",height:\"562\",src:\"https://framerusercontent.com/images/8UeJ3DeKvZzse5wVlLTRvMKw8.png\",srcSet:\"https://framerusercontent.com/images/8UeJ3DeKvZzse5wVlLTRvMKw8.png?scale-down-to=512 512w,https://framerusercontent.com/images/8UeJ3DeKvZzse5wVlLTRvMKw8.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/8UeJ3DeKvZzse5wVlLTRvMKw8.png 2000w\",style:{aspectRatio:\"2000 / 1125\"},width:\"1000\"}),/*#__PURE__*/e(\"h5\",{children:\"What does community actually look like in an investing context?\"}),/*#__PURE__*/e(\"p\",{children:\"An investing community can broadly be defined as an interconnected network of stakeholders who share a vested interest in the success of an investment or fund or the group itself. Community members can include founders, investors, employees, advisors, and even customers.\\xa0 Communities focus less on ad hoc transactions and more on creating collective value. A community is meant to win and grow together.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"As communities grow, they generate a power that becomes more than the sum of its parts. \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/alex-pattis-1709011a/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Alex Pattis\"})}),\", GP of \",/*#__PURE__*/e(n,{href:\"https://www.riversideventures.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Riverside Ventures\"})}),\", believes: \"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CCommunities create the best flywheels which can create access to the right people or companies for all sorts of business opportunities.\u201D\"})})}),/*#__PURE__*/e(\"h5\",{children:\"In the VC ecosystem, community takes on many forms:\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Syndicates: A syndicate is a formal or informal group of investors who pool capital, resources, and insight to invest in a startup together. While some operate collectively, most are led by one or a few individuals who act as primary decision-makers. Digital platforms (like Sydecar) have also made it easier to form and manage syndicates with multiple stakeholders and shared incentives.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/zachary-ginsburg-74a03423/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Zachary Ginsburg\"})}),\", GP of \",/*#__PURE__*/e(n,{href:\"https://calmvc.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Calm Ventures\"})}),\", says:\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CCommunity can take a long time to build \u2013 but, once you have it, you can move a lot quicker. At Calm, we\u2019ve seen this momentum within our syndicate. From the outside, it may seem like it\u2019s just me running everything \u2013 but, in reality, our community of syndicate members, including angels, VCs, operators, founders, and scouts, is the engine that allows us to invest in over 100 startups annually.\u201D\"})}),\"\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Founder Networks: Founder networks offer platforms for knowledge exchange, resource sharing, and potential customer leads amongst startup founders. These groups are typically formed and supported by VC firms and have become a powerful source of deal flow. They also provide an opportunity for founders to invest together in other startups. Notably, alumni networks from major tech companies like Airbnb, Google, and Coinbase have transformed into active founder networks, investing in startups launched by former employees.\"}),/*#__PURE__*/e(\"p\",{children:\"Alex Pattis loves these communities:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CI\u2019ve seen the Airbnb, Uber, Lyft, and Google alumni syndicates deploy meaningful capital into their ex-employees\u2019 new companies. Startups love having these communities on their cap table given the relevant operating backgrounds and unique access of the members. It\u2019s a true win-win.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Online Forums & Social Media: Increasingly, investors and founders are taking conversations to Twitter, LinkedIn, and specialized forums to source deals, discuss strategies, and gain insights. Some of these groups are rallied together by a syndicate lead or fund, but others form more naturally to later join forces as a syndicate or fund.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Hustle Fund\u2019s Angel Squad is a great example. Zachary Ginburg notes:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CAngel Squad has done a great job of establishing a large group of accredited investors with shared goals. I\u2019ve seen others try to build national angel groups in the past, but Hustle Fund seems to have succeeded by putting the community first and continually engaging them via education, networking, and deal flow access.\u201D\"})})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/briannichols11/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Brian Nichols\"})}),\", Co-Founder of \",/*#__PURE__*/e(n,{href:\"https://www.hustlefund.vc/squad\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Angel Squad\"})}),\", notes: \"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CThe best part of our approach is that the community extends outside of just the angel members to our portfolio companies as well. Angels have an opportunity to get in the weeds with portfolio companies in meaningful ways. As an example, one of our angels who works at Nike connected a portfolio company that they invested into the right team at Nike, which became that startup's biggest contract in company history.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Incubators/Accelerators: These groups serve as vibrant mini-ecosystems, offering startups not only capital but also a supportive community of fellow entrepreneurs, mentors, and alumni. Y Combinator stands out as a prime example, fostering an active and interconnected network of founders.\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",\"data-framer-asset\":\"data:framer/asset-reference,Qsa6Q04QDiaH2EeQ74ZuH0fBUdY.png\",\"data-framer-height\":\"324\",\"data-framer-width\":\"850\",height:\"162\",src:\"https://framerusercontent.com/images/Qsa6Q04QDiaH2EeQ74ZuH0fBUdY.png\",srcSet:\"https://framerusercontent.com/images/Qsa6Q04QDiaH2EeQ74ZuH0fBUdY.png?scale-down-to=512 512w,https://framerusercontent.com/images/Qsa6Q04QDiaH2EeQ74ZuH0fBUdY.png 850w\",style:{aspectRatio:\"850 / 324\"},width:\"425\"}),/*#__PURE__*/e(\"h5\",{children:\"Community is a Competitive Advantage\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"The value of community in VC cannot be overstated. In a competitive and rapidly evolving landscape, an authentic community can differentiate and strengthen an investment strategy and provide a network ripe for support and collaboration.\"}),/*#__PURE__*/e(\"p\",{children:\"However, establishing a community isn\u2019t as simple as bringing together a group of individuals with shared interests or goals. The term community is often used to describe a large social following or group of newsletter subscribers. In reality, these groups are more likely audiences. Importantly, a community involves two-way interactions and mutual engagement, whereas an audience typically engages in a one-directional manner with the leader. For example, a newsletter would be considered an audience because the subscribers cannot communicate with each other. A founder network hosted in Slack would be considered a community because the members are able to (and encouraged) to communicate with each other.\"}),/*#__PURE__*/e(\"p\",{children:\"Zach Ginsburg has experience with both. In reflecting on the process of building up the following for his newsletter, Last Money In, Zach notes:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:'\"Part of building an audience is delivering consistent value and transparency. The shift from audience to community comes from engagement, which could come from real-life events or Slack groups. Creating opportunities for two-way interactions is key in transforming an audience into a community.\u201D'})})}),/*#__PURE__*/e(\"p\",{children:\"The line between audience and community is often blurred, with many groups embodying elements of both. Newsletters often extend their reach by creating Slack groups for subscribers to connect. Similarly, venture capital firms may lead founder networks, periodically engaging members through updates and newsletters. The key distinction lies in the nature of interaction: communities foster mutual engagement among all members, while audiences primarily interact with the leader.\"}),/*#__PURE__*/e(\"p\",{children:\"An audience, if well taken care of, can become a community. And a community, if neglected, may slip back into an audience.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/bradjenkins/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Brad Jenkins\"})}),\", Co-Founder and CEO of \",/*#__PURE__*/e(n,{href:\"https://seedroundcapital.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Seed Round Capital\"})}),\" agrees: \"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CThe difference between a community and an email list is consistent two-way engagement. If community members don\u2019t have a way to interact with you or their fellow members, it\u2019s not going to be as rewarding.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Communities, inherently more complex and powerful, have the potential to become self-sustaining, growing organically through member interaction. Conversely, the vibrancy of an audience depends solely on the leader's activities. However, an audience, particularly in the form of an extensive email list or social media following, can still offer substantial benefits, especially to investors.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/juliemaeweber/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Julie Weber\"})}),\", GP of \",/*#__PURE__*/e(n,{href:\"https://thehelm.co/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"The Helm\"})}),\", notes: \"]}),/*#__PURE__*/e(\"p\",{children:\"\u201CInvesting alongside a community can also feel more impactful; where one small check may not feel like it moves the needle when capital is pooled, a little can turn into a lot very quickly. It\u2019s exciting to feel part of something bigger and to know that you\u2019re investing alongside others whose values are aligned with your own. Additionally, depending on the round dynamics, many founders won\u2019t take small angel checks, so investing as part of a community provides access to sought-after investment opportunities that wouldn\u2019t otherwise exist for angels.\u201D\"}),/*#__PURE__*/e(\"h5\",{children:\"How do investors effectively foster community?\"}),/*#__PURE__*/e(\"p\",{children:\"For investors aiming to cultivate a sense of community, the journey begins with fostering interconnectedness and encouraging active participation. A syndicate, initially a list of individual investors receiving deal memos, can evolve into a community through events, forums, and facilitated connections. No single step can make an audience a community, but a consistent effort to encourage interconnectedness will push things in the right direction.\"}),/*#__PURE__*/t(\"p\",{children:[\"As \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/jmburke/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Jason Burke\"})}),\", Co-Founder of \",/*#__PURE__*/e(n,{href:\"https://allstageinvest.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"All Stage\"})}),\", explains:\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"code\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CSuccessful communities are about give and take. Like any relationship, the communities are ones in which the value exchange is bi-directional. Encourage everyone in the community to contribute and engage.\u201D\"})})})]});export const richText7=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"After decades of investing in startups almost exclusively through fund managers, more family offices are choosing to go direct with their investments, drawn by the control and outsized returns and empowered by a new generation taking the reigns.\"}),/*#__PURE__*/t(\"p\",{children:[\"A family office is an organization that manages financial assets for a wealthy family (or multiple families, in the case of a multi-family office). Its role is to ensure that the family\u2019s wealth is managed, preserved, and grown for future generations. Given their goal of increasing wealth for future generations, family offices tend to be more comfortable with high-risk and long-term investment horizons. According to a study by Goldman Sachs, family offices allocate \",/*#__PURE__*/e(n,{href:\"https://streaklinks.com/BrOlNvbv7z3AFLTMqQnS1k_Q/https%3A%2F%2Fwww.wealthmanagement.com%2Finvestment%2Ffamily-offices-are-increasingly-important-players-private-markets%3FNL%3DWM-07%26Issue%3DWM-07_20220808_WM-07_674%26sfvc4enews%3D42%26cl%3Darticle_1_b%26utm_rid%3DCPG09000022021295%26utm_campaign%3D38912%26utm_medium%3Demail%26elq2%3Ddee1530728354f08bce7e11e689b856f%26oly_enc_id%3D7232C7799401H4R%26sp_eh%3D59e4a1f624917424932a122e91091edfb8a3c7a3391b24a0bd7e1df6e867c752\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"approximately 45%\"})}),\" of their portfolio to private equity on average. A \",/*#__PURE__*/e(n,{href:\"https://streaklinks.com/BrOlNvXAAH3eVpeurwWTRHg0/https%3A%2F%2Fwww.barrons.com%2Farticles%2Ffuture-returns-single-family-offices-turning-more-to-private-markets-01656446549\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"UBS survey\"})}),\" shows 74% of families are likely to increase their allocation to private equity as they believe these investments will continue to outperform public equities.\"]}),/*#__PURE__*/e(\"p\",{children:\"Historically, family offices have gained access to private assets through funds, rather than direct investments. Notably, this gives them exposure to a wider variety of assets so as to hedge the risk involved and build a truly diversified portfolio. As venture capital has proven to be an increasingly lucrative asset class over the past decade, family offices have become a popular source of LP dollars for venture funds. Investing through a fund allows a family to diversify their startup exposure, access high-quality deal flow, outsource the cumbersome process of due diligence, and save time on deal execution. Outsourcing deal flow and due diligence are key, as many family offices lack the expertise needed to effectively evaluate an early-stage company. Instead, they look to emerging fund managers, who spend their time deep in the weeds of company picking, to provide access to a high-quality basket of startup assets. Family offices and emerging fund managers are a match made in heaven, as newer managers appreciate the lower diligence threshold that family offices have as compared to institutional LPs.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CSyndicates play a critical role in showcasing how certain managers communicate about deals. The most savvy VC managers are showcasing deals that they are syndicating, along with whatever terms they have, to prospective LPs. It helps LPs understand how they think, which is especially helpful for family offices that are thinking about going direct. It helps them start to understand what a good deal looks like, what type of traction and growth investors are looking for at each stage.\u201D - Dave Sachse, Sachse Family Fund\"})}),/*#__PURE__*/t(\"p\",{children:[\"In recent years, family offices have displayed a growing appetite for more direct exposure to startups. Each year, family offices as a whole have increased direct startup investments, as evidenced in First Republic Bank\u2019s \",/*#__PURE__*/e(n,{href:\"https://streaklinks.com/BrOlNvTDwzDea5dtVw_7Uuvl/https%3A%2F%2Fwww.firstrepublic.com%2F-%2Fmedia%2Ffrb%2Fdocuments%2Fpdfs%2Finnovators%2Ffamily-office-survey-report_2022.pdf\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"report from 2022\"})}),\". Family offices will often invest alongside funds to increase exposure to a certain company and as an opportunity to build their own deal flow. This trend is fueled by the younger generation\u2019s influence, the market downturn, and new economic advantages.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:\"\u201CThe vast majority (72%) of those surveyed invest in established venture funds, 84% invest in emerging venture funds (which include Fund II and Fund 3) and 81% percent invest in first-time funds \u2014 a jump from over 75% last year.\u201D - \"}),/*#__PURE__*/e(n,{href:\"https://streaklinks.com/BrOlNvXdXYOE1dEUGgVKzMNB/https%3A%2F%2Fwww.firstrepublic.com%2F-%2Fmedia%2Ffrb%2Fdocuments%2Fpdfs%2Finnovators%2Ffamily-office-survey-report_2022.pdf\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:/*#__PURE__*/e(\"em\",{children:\"First Republic\u2019s Family Office Survey Report 2022\"})})})]}),/*#__PURE__*/e(\"h3\",{children:\"The next generation of investors brings new strategies\"}),/*#__PURE__*/e(\"p\",{children:\"The first wave of family offices included the likes of JP Morgan and JD Rockefeller in the 1830s, but the family office model wasn't popularized until the late 20th century. Over the past few decades, the number of family offices has grown to track with the record number of Ultra High Net Worth Individuals (UHNWIs) in the US. Unless they were in a tech ecosystem or made their wealth from the Dot-com boom, this generation of family offices was less interested in venture investments, instead focusing on familiar investments or the industry where they made their wealth. However, as millennials become more involved with their family\u2019s wealth management, venture capital is becoming an increasingly appealing asset class. This generation is not only more comfortable with risk, but they are also able to leverage their knowledge as digital natives when evaluating opportunities. They\u2019re better suited to seek out deal flow, perform diligence on early-stage startups, and get in the weeds with portfolio companies. Their lived experience generally allows them to make direct investments with more confidence.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CA lot of gen ones want to hold on to how they made their original wealth \u2014 maybe it\u2019s real estate or manufacturing or retail. That\u2019s all they know. But eventually, the generational wealth transfer is going to happen. I see venture becoming more and more prevalent because our generation grew up with technology. We\u2019re going to gravitate towards it more and we\u2019re going to see more and more family offices getting into the game in the next decade.\u201D - Dave Sachse, Sachse Family Fund\"})}),/*#__PURE__*/e(\"p\",{children:\"The rise of value-driven investing is also incentivizing more family office involvement in VC. Across the board, investors want to be more connected to the startups they are investing in. Family offices are more interested in funds that invest in diverse founders or impactful causes, but an even better way for family offices to control investing in their values is through direct investment.\"}),/*#__PURE__*/e(\"h3\",{children:\"Downturn makes startup investing more palatable\"}),/*#__PURE__*/e(\"p\",{children:\"Family offices have a reputation for being bureaucratic, slow, and approaching venture investing with the same heavy-diligence lens as they do with other investments, causing them to miss out on the fast-moving, high-valuation rounds from the past few years.\\xa0 They tend to have smaller teams that approach early-stage investing through a broader private equity lens, meaning they take more time to do the calculations on a company\u2019s cash flow, growth, and exit potential and will care more about a reasonable valuation deal.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"With the economic downturn, the venture ecosystem has adjusted to slower fundraising timelines, more reasonable valuations, and alternative sources of capital outside of traditional VCs. These factors have made venture investing more palatable for family offices.\"}),/*#__PURE__*/e(\"p\",{children:\"On the startup side, founders are looking toward sources of funding other than institutional VC funds as fundraising is now harder. They are more inclined to seek out family offices, syndicates, and other funding options to participate in their rounds.\"}),/*#__PURE__*/e(\"h3\",{children:\"Economic Advantages\"}),/*#__PURE__*/e(\"p\",{children:\"Family offices were never uninterested in direct investing. In fact, several believe that direct opportunities are where they can find truly outsized returns. However, they haven\u2019t focused on direct investing because of the back-office operations required. They were willing to rely on VC firms to handle the legal and accounting work for each investment because of the time and cost involved.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CFamily offices can benefit from partnering with emerging managers who bring a fresh perspective, specialized expertise, and access to unique investment opportunities. By partnering with emerging managers, family offices can diversify their portfolios and achieve higher returns while also supporting the growth of emerging businesses.\u201D - Leesa Soulodre, R3I CAPITAL\"})}),/*#__PURE__*/e(\"p\",{children:\"Today, as back-office technology improves, deals can be done quicker and cheaper. What used to take months of legal fees and a team of accountants on retainer can now be spun up in a few hours for a fraction of the cost.  Direct investing also allows family offices to put more of their capital to work without sacrificing carry and management fees. Platforms like Sydecar are powering family offices by managing back-office functions like legal, banking, and accounting using standards-driven software. With the lowered transaction costs and admin time required, family offices can spend more of their time focusing on deal sourcing and diligence, and get greater exposure to the opportunities that excite them.\"}),/*#__PURE__*/e(\"p\",{children:\"As the next generation steps up to managing the investments, the downturn allows family offices to get involved, and the burden of executing investments is lowered, family offices are increasingly able to act as their own VC fund and invest directly into startups.\"}),/*#__PURE__*/e(\"p\",{children:\"\u2014\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/family-offices\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Learn more about how family offices partner with Sydecar to run SPVs.\"})})})]});export const richText8=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"In the dynamic world of startups, securing the right type of funding at the right time can often be a make-or-break moment. For \",/*#__PURE__*/e(n,{href:\"https://unplex.app/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Unplex\"})}),\", the decision to opt for an angel round was a strategic choice. In this article, we delve into Unplex's journey and explore its decision to use a founder-led SPV to leverage its network and efficiently raise capital from over 20 angel investors.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"First, some background on the company: Unplex is pioneering a financial revolution that envisions a planet where money knows no borders. With a mission to simplify and democratize global transactions, Unplex is redefining the way we send money, making international money transfers as effortless as sending a text message. Say goodbye to cumbersome bank account numbers and the hassle of navigating multiple apps.\\xa0\"}),/*#__PURE__*/e(\"h4\",{children:\"Why Choose an Angel Round?\"}),/*#__PURE__*/e(\"p\",{children:\"In February 2023, six months after launching their company, the Unplex team set out to raise an angel round to extend their runway. It became clear that an angel round was the right fit for the company when they considered the community they were building their solution for. During their research phase, they noticed a significant level of interest among potential investors. What's more, they recognized the added value that angel investors could bring, particularly those with relevant contacts or experience, who could also serve as advisors with a vested interest in the company's success. With this information in their back pocket, the founders of Unplex kicked off their own fundraise using a founder-led SPV on Sydecar.\\xa0\"}),/*#__PURE__*/e(\"h4\",{children:\"Kick off the Fundraise\"}),/*#__PURE__*/e(\"p\",{children:\"The Unplex team kicked off their angel round by gauging interest and determining an appropriate valuation for the company. To gauge interest, they reached out to their network of friends and acquaintances. The response was overwhelmingly positive, further fueling their confidence in pursuing angel funding.\"}),/*#__PURE__*/e(\"p\",{children:\"Valuation, a crucial aspect of any funding round, was established through meticulous research. The team studied similar companies and funding rounds on platforms like Crunchbase and engaged in discussions with a select group of advisors. This comprehensive approach helped them arrive at a valuation that was both fair and competitive.\"}),/*#__PURE__*/e(\"h4\",{children:\"Leveraging the Power of Network\"}),/*#__PURE__*/e(\"p\",{children:\"For Unplex, the network the founders had built played a pivotal role in the success of their angel round. The three co-founders harnessed the power of their individual networks, reaching out to friends and connections. They organized a single product demo and angel investment day, where they presented their pitch, provided a product demonstration, and fielded questions from potential investors. This strategic move not only streamlined the investor outreach process but also generated a sense of FOMO that allowed them to close the round within an impressive three-week timeframe.\"}),/*#__PURE__*/t(\"p\",{children:[\"Demo days were instrumental in Unplex's fundraising strategy to share information with potential investors. By presenting their pitch and product in a structured format, which included a presentation, demo, and detailed Q&A session, they were able to address questions and reservations on a broader scale. To ensure that investors came prepared, Unplex shared a pre-read memo in advance. This approach boosted investor confidence significantly.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h4\",{children:\"Efficiency through Processes\"}),/*#__PURE__*/e(\"p\",{children:\"Closing an angel round is not just about generating interest; it's also about efficient execution. Unplex adopted several practices and processes to expedite the deal closure. Demo days were a cornerstone in creating FOMO, but they didn't stop there. The team maintained diligent follow-ups at each stage of the process. They used Sydecar's founder-SPV product to onboard investors seamlessly, track incoming wires in real time, and follow up with lagging investors. The real-time visibility into each investor's status allowed them to follow up appropriately and keep the fundraising momentum going.\"}),/*#__PURE__*/e(\"p\",{children:\"The success of Unplex's fundraise can be attributed to their proactive approach to investor engagement and the FOMO generated through their demo days. Prior to the demo day, they kept potential angels informed about their startup through phone calls and regular social media updates, ensuring that there was already a foundation of interest. Additionally, they recognized the importance of a credible lead investor, which further instilled confidence in the deal and minimized drop-offs.\"}),/*#__PURE__*/e(\"p\",{children:\"Unplex's journey to secure angel investment offers valuable insights for startups looking to navigate the complexities of fundraising. Through strategic decision-making, leveraging their network, and adopting efficient processes, they successfully closed their angel round and took a significant step towards realizing their vision of a world where money truly knows no borders.\"})]});export const richText9=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Hearing about \",/*#__PURE__*/e(n,{href:\"https://twitter.com/paigefinnn?lang=en\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Paige Finn Doherty\u2019s\"})}),\" path into VC is like getting a masterclass on building a track record. What is perhaps most inspiring about Paige\u2019s story is that she never once waited for permission; time after time, she took initiative based on the path she envisioned for herself.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"We recently sat down with Paige to learn more about what was going on behind the scenes as she grew her Twitter following from 300 to 30k, published a children\u2019s book, and raised over $10M to invest into startups. Aspiring angel investors, syndicate leads, and fund managers can learn from Paige\u2019s story what it really takes to build trust, credibility, and a personal brand online.\"}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"strong\",{children:\"Building community through writing\"})}),/*#__PURE__*/t(\"p\",{children:[\"If there is one throughline to Paige\u2019s journey as an investor, it\u2019s community. As a 2020 college graduate, Paige was forced to navigate a tricky post-grad landscape and fell back on the community she built at San Diego State University to help guide her. In her first post-grad job at an early-stage startup, she missed the sense of community that she\u2019d enjoyed so much in the SDSU entrepreneurship program. Since it was the peak of the pandemic, Paige, like so many others, turned to the internet. She reignited her personal blog and started publishing pieces like \u201C\",/*#__PURE__*/e(n,{href:\"https://paigefinndoherty.com/2019/07/02/how-to-find-and-land-your-dream-job-a-sales-inspired-guide/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"How to Land Your Dream Job\"})}),\"\u201D as well as a virtual \",/*#__PURE__*/e(n,{href:\"https://paigefinndoherty.com/2020/03/25/a-cold-outreach-workshop/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"workshop on cold outreach\"})}),\". Through this work, she began connecting with like-minded individuals from across the world.\\xa0\"]}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CWriting online is like a tuning fork. You put an idea out and see who it resonates with.\u201D\\xa0\"})})}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"strong\",{children:\"Entrance into VC\"})}),/*#__PURE__*/t(\"p\",{children:[\"As Paige continued sharing her work with peers and through Twitter, she started to feel tuned in a specific direction. Having studied entrepreneurship at SDSU and subsequently gone through On Deck\u2019s Angel Investing program, she was pulled towards working with startups. After binge-watching \",/*#__PURE__*/e(n,{href:\"https://www.hbo.com/silicon-valley\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Silicon Valley\"})}),\", Paige knew she had to find a way to experience the world of venture capital for herself. Frustrated by the lack of simple explanations of VC, she started writing \",/*#__PURE__*/e(n,{href:\"https://www.amazon.com/Seed-Harvest-Explanation-Venture-Capital/dp/0578906457\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Seed to Harvest\"})}),\", a children's book about venture capital. Coming to the industry as a beginner herself, Paige felt like she was well-equipped to educate her community about this complex, opaque topic.\"]}),/*#__PURE__*/t(\"p\",{children:[\"The conversations she had while writing the book, along with her education, gave Paige a wealth of knowledge about the VC industry. And then, the magic moment: Paige discovered that she could start investing herself despite being an unaccredited investor. While you have to be \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/accredited-investor\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"accredited\"})}),\" in order to invest in venture funds, you don\u2019t meet any income, wealth, or certification thresholds in order to organize a venture fund or SPV. In fact, by organizing an investment vehicle, you actually become accredited for the purposes of investing in that vehicle.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Paige navigated countless hurdles when setting up her first few SPVs. The further she dug into the legal framework of SPVs, the more questions she had \u2013 questions that she couldn\u2019t find answers to while working with legacy SPV administrators. Should I charge a\",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/management-fee\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\" management fee\"})}),\"? How much? Am I even legally allowed to charge a management fee?\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:\"Are you a syndicate lead who has asked yourself these questions? Sydecar is here to help \u2013 check out our article on \"}),/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/help-center-article/should-spv-deal-leads-charge-management-fees\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:/*#__PURE__*/e(\"em\",{children:\"Management Fees\"})})}),/*#__PURE__*/e(\"em\",{children:\" and peruse the rest of our \"}),/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/lc-leading-deals\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:/*#__PURE__*/e(\"em\",{children:\"Learning Center\"})})}),/*#__PURE__*/e(\"em\",{children:\".\"})]}),/*#__PURE__*/e(\"p\",{children:\"\\xa0\"}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"strong\",{children:\"Sourcing your first deal and getting allocation\"})}),/*#__PURE__*/t(\"p\",{children:[\"Paige\u2019s first syndicate investment was into a company called \",/*#__PURE__*/e(n,{href:\"https://www.pallet.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Pallet\"})}),\" which builds infrastructure to manage job boards. At the time, she was writing Seed to Harvest and using Twitter as a way to meet people to interview for the book. The founder of Pallet reached out to learn more about Paige\u2019s approach to content and community, but Paige had something else in mind:\"]}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CI remember hearing Kai outline his vision for Pallet and having this overwhelming sense of conviction. As soon as we got off the call, I was like: \u201CHey, I'd love to have like a $50K allocation in your pre-seed round.\u201D He told me he\u2019d have to check with his other investors because the round was oversubscribed, but they ended up letting me in. And then, I realized that I had $50K in allocation and probably like a grand in my bank account.\u201D\\xa0\"})})}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"strong\",{children:\"Filling your first allocation\"})}),/*#__PURE__*/e(\"p\",{children:\"At that point, Paige had built up a small following on Twitter and decided to get scrappy. She understood that she couldn\u2019t post about the allocation publicly, so targeted people who were \u201Cmutuals\u201D and drafted short, personalized blurbs telling about the opportunity to invest in Pallet.\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CI've always valued the art of very personalized cold outreach at scale in tandem with building an online audience. And it's a skill that I used to raise $60K from 17 investors in two weeks. Ultimately, that skill translated into a lot of the tactics that I used to raise our first fund, which was five million dollars. Of our 120 fund investors, a lot of those relationships originated from Twitter, including folks like Andy Weissman from USV, Heather Hartnett from Human Ventures, and Jenny Lefcourt from Freestyle.\u201D\"})})}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"strong\",{children:\"Building trust in public\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"There was no playbook for Paige to follow as she set out to build an audience online and translate that audience into an investor community. Rather than navigate the challenges she faced alone, she chose to share her journey at each step of the way. By doing so, she was able to crowdsource crucial information about setting up her first few SPVs \u2013 but later on, she realized that sharing her journey publicly had a larger impact as well. As she shared her challenges and successes publicly, her followers started to learn how she thinks and makes crucial decisions. They started to trust her, without even knowing her personally. She started to build trust at scale.\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/t(\"strong\",{children:[\"\u201CI was pretty shameless when I started. I found people who followed me on Twitter, which constitutes an existing relationship, so I could legally reach out to them. I\u2019d tell them about the opportunity, what I liked about it, and maybe some of the co-investors. The conversion rates were pretty high because I had spent time building trust with people in public. Even if they didn\u2019t know me personally, they had built trust by following me online.\u201D\",/*#__PURE__*/e(\"br\",{})]})})}),/*#__PURE__*/e(\"h4\",{children:/*#__PURE__*/e(\"strong\",{children:\"Building a track record: from SPVs to a fund\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"When Paige set out to raise her first SPV, $50K felt like an infinite amount of money. Just one year later, she found herself closing a $5M fund, more money than she had ever conceived of. And yet, she still had people telling her that she should raise more. Telling her that $5M wasn\u2019t enough capital to implement a successful investing strategy.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"As she reflects on what allowed her to build a track record (while she was a new college grad in a moderately paid startup job), Paige is grateful for her conviction and passion. Without that, she might not have chosen to muscle her way through the fundraising process for what feels like a relatively small amount of money today.\\xa0\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CKnowing what I know now, raising a $60K syndicate from 17 investors is an insane amount of overhead.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Many managers would argue that syndicating a deal with this investor-to-capital ratio is more trouble than it\u2019s worth. Considering how much harder capital is to come by today compared to 2021 (when Paige was raising her first SPV), it\u2019s easy to feel cynical about the opportunity for those without traditional experience, network, or access to capital to build a track record. Paige herself admits that she no longer syndicates many deals, preferring to deploy the readily available capital out of her fund.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"However, all hope is not lost for aspiring syndicate or fund managers. Young startup operators can be some of the most valuable capital allocators. Having your boots on the ground in the startup ecosystem creates a valuable network from which to source deals, diligence companies collectively, raise capital, and, perhaps most importantly, provide hands-on support to founding teams. You just need to have the right combination of resourcefulness, shamelessness, and conviction.\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CI think there's still an opportunity there for people who are willing to go against what I know now, which is that syndicating deals requires a lot of work. But it got my foot in the door. And, if I could go back and do it again, I\u2019d do it every time.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"The good news: the tools available to syndicate smaller deals have evolved significantly over the past few years. Sydecar was built to provide a flexible on-ramp to capital allocators who, like Paige, have incredible value to provide to founders and to the startup ecosystem as a whole. If you\u2019re thinking about pursuing this path, look for an admin partner who can support your growth from syndicating your first deal to raising a committed capital fund. Sydecar is here to help.\"}),/*#__PURE__*/e(\"p\",{children:\"\u2013\"}),/*#__PURE__*/t(\"p\",{children:[\"Looking to syndicate your first deal but don\u2019t know where to start? \",/*#__PURE__*/e(n,{href:\"sydecar.io/syndicate?utm_source=website&utm_medium=blog&utm_campaign=paige\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Learn more about our Syndicate product and get in touch today.\"})})]})]});export const richText10=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Syndicate investing has quickly risen in popularity over the past several years. In venture capital, syndication refers to the process of pooling together capital from a number of individual angel investors or VCs to invest in a company via a single check. Syndicate members often collaborate around deal sourcing, diligence, and portfolio management as well.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Syndicates are in many ways the lifeblood of early-stage VC, but they have developed a complex reputation in recent years. On the one hand, syndicates increase access to venture investing for both investors and deal managers. In the same vein, they increase access to capital for early-stage founders. On the other hand, the boom of syndicate deals in 2020 and 2021 revealed bad, scammy behavior from syndicate managers who wanted a shot at the uncapped upside of startup investing with little to no skin in the game themselves.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"Unsurprisingly, the down market hasn\u2019t been great for syndicates. Syndicate activity has dropped significantly over the past year, with syndicate platform AngelList \",/*#__PURE__*/e(n,{href:\"https://www.angellist.com/blog/the-state-of-us-early-stage-venture-startups-2q23\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"reporting that\"})}),\" Q2 2023 was their lowest quarter in history for closed investments. And yet, some predict a renaissance of deal-by-deal investing over the quarters and years ahead. These optimists understand that deal-by-deal investing is more than just a way for influencers to monetize their audience or for retail investors to get $1k checks into hot deals. A deal-by-deal investing strategy, on its own or alongside a committed capital fund, can make a manager more attractive to LPs, more valuable to founders, and more flexible in how they can deploy capital.\"]}),/*#__PURE__*/e(\"p\",{children:\"Managing a syndicate was once seen as just a stepping stone, a way to build a track record with the hopes of one day being taken seriously as an investor. Today, there\u2019s an opportunity for savvy capital allocators to employ a deal-by-deal strategy and create disproportionate value for their founders, their LPs, and themselves.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/alex-pattis-1709011a/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Alex Pattis\"})}),\" and \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/zachary-ginsburg-74a03423/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Zach Ginsburg\"})}),\" have navigated the landscape of deal-by-deal investing through several markets. In the years since launching \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/company/riversideventures/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Riverside Ventures\"})}),\" (Alex) and \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/company/calmventures/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Calm Ventures\"})}),\" (Zach), the two of them have collectively deployed over $200M into almost 600 startups, largely through SPVs. Together, they author \",/*#__PURE__*/e(n,{href:\"https://lastmoneyin.beehiiv.com/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Last Money In\"})}),\", the most actionable newsletter in venture capital. We sat down with Alex and Zach to better understand the role that deal-by-deal investing plays in the venture capital ecosystem, especially through a down market.\\xa0\"]}),/*#__PURE__*/e(\"h2\",{children:\"Key Takeaways:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Your Syndicate is Your Deal Flow:\"}),\" Simply launching a syndicate isn\u2019t enough to build a compelling track record. Consider how you can use your syndicate as a source of deal flow to share with established managers as you build your network. If you want to eventually graduate to managing a fund, the relationship you built while syndicating deals could be invaluable.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Be a Super-Connector\"}),\": Bringing established managers into deals can help you earn or increase your allocation to an exciting company. Being a super-connector also increases your value to founders, allowing you to contribute to their hiring, sales, and business development efforts.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Build Trust Through Communication\"}),\": When raising a fund, you are selling yourself and your strategy to LPs. When raising for SPVs, you are constantly selling an opportunity, traction, and story behind a company. Understand what resonates with your LPs and communicate with them transparently.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Operationalize Your Workflows\"}),\": Deal-by-deal investing offers more flexibility. More flexibility gives you more options, as you are free to invest across any sector, stage, or geography. With more opportunities for distraction, streamlining your workflows and building repeatable processes are key to running a successful syndicate.\"]})})]}),/*#__PURE__*/e(\"h3\",{children:\"Selling Yourself vs. Selling the Opportunity\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Raising capital for an SPV requires selling investors on the founder, their company, its traction, and its growth story. An investor\u2019s attention is focused on the opportunity itself, rather than these deal managers. What does the company do? What type of traction does it have? Who are the other investors involved? These are all questions potential LPs can ask and get answers to before they make their own decision about investing.\"}),/*#__PURE__*/e(\"p\",{children:\"Traditional funds are all about the manager, their network, and their strategy. What is the manager\u2019s background? What investments have they made in the past? What is their overarching thesis? These are good questions for a potential LP to ask a fundraising manager, but they may be hard to answer if you\u2019re just getting started. SPVs allow an investor early in their career to focus LP attention on the opportunity itself rather than exposing any vulnerabilities in their own track record (or lack thereof).\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CIn a traditional fund, you have folks that are backing you and your ability to choose the right deals based on a specific thesis. With an SPV, each deal is an opportunity for you to highlight your ability to get into good deals.\\xa0 If you want to graduate into managing a traditional fund, this is the right place to start \u2013 and it\u2019s a great avenue to build trust and get some markups and/or returns for your LPs.\u201D\"})}),/*#__PURE__*/e(\"h6\",{children:\"- Alex Pattis\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h3\",{children:\"Your Value is Your Deal Flow\"}),/*#__PURE__*/e(\"p\",{children:\"The best way to get started with SPVs is by being a great source of deal flow for other established investors. By helping other investors in the ecosystem, you\u2019re able to build out your own deal flow and get access to better deals.\"}),/*#__PURE__*/e(\"p\",{children:\"LPs are often hesitant to get involved in a syndicated deal until there is a strong lead investor. But, it\u2019s hard to get allocation once there\u2019s a strong lead investor in a deal. The best way to stay ahead of this curve is to become the person that brings a strong lead into a round. This builds your credibility with established funds, cements your reputation as a strong source of deal flow, and demonstrates your value to other founders.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Becoming a deal-flow superconnector is no easy task. While deal-by-deal investing does allow you to build a track record quickly, there\u2019s no shortcut to the hard work of finding exciting founders to invest in before everybody else. However, this type of work compounds. Once your network is established, you\u2019ll find that deals come to you with little effort.\"}),/*#__PURE__*/e(\"p\",{children:\"One thing that never changes though is the role of syndicate leads as super-connectors. Whether you\u2019re connecting a founder to a VC, an LP to another syndicate, or two LPs to each other - the role of syndicate leads as facilitators in the ecosystem is a big part of their value.\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CWhen we started the syndicate, I would leverage my relationships to source deals and build credibility. I\u2019d get a referral to a founder from someone I already knew, and it kind of created a flywheel effect. People started sending us deals because they knew we could move quickly and also be helpful to founders.\\xa0\"})}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:\"Today, I spend very little to no time on sourcing. I spend a lot of time connecting with other VCs and syndicate managers. Then, as companies are looking to fill out their rounds, we\u2019ll bring in other syndicates or funds to help these companies move quicker and also raise follow-on capital down the line.\u201D\"})}),/*#__PURE__*/e(\"h6\",{children:\"-Zach Ginsburg\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Leveling Up: The Path of a Successful Syndicate Manager\"}),/*#__PURE__*/e(\"p\",{children:\"It\u2019s well understood that deal-by-deal investing can be an efficient way for an aspiring VC to build a track record. But not much airtime is given to the topic of what happens once you\u2019ve demonstrated success as a syndicate manager (in the form of distributions or significant markups). At this point, many syndicate leads find themselves pulled towards raising a committed capital fund so that they can spend less time fundraising, move more quickly on hot deals, and consider their portfolio construction strategy.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"Alex Pattis and Zach Ginsburg have both \u201Cgraduated\u201D to managing their own funds, but that doesn\u2019t mean that they\u2019ve left deal-by-deal investing aside. Instead, they\u2019ve layered on committed capital in a hybrid approach to venture investing.\\xa0 A hybrid model refers to a structure where a manager operates both a committed capital fund and a syndicate. In this model, the fund is able to lead the process, commit capital to a founder, and then open up additional allocation to LPs. This is also referred to as opening up \u201C\",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/blog-detail/co-investing\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"co-invest\"})}),\"\u201D opportunities to LPs.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/blog-detail/co-investing\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Learn more about how to use Co-Investing as a Competitive Advantage.\"})})}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CAbout a year ago, I raised a micro fund of a couple million dollars. Once the market started to turn, it made more sense to have a fund to be able to write slightly bigger, consistent checks, especially since the market for deal-by-deal is a little less reliable.\\xa0\"})}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:\"But syndication is always going to be meaningful for us. It allows liquidity opportunities earlier than a traditional fund. The hybrid model gives us the best of both worlds without really changing our strategy\u201D\\xa0\"})}),/*#__PURE__*/e(\"h6\",{children:\"- Alex Pattis\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/t(\"p\",{children:[\"Graduating from running a syndicate to managing a fund, or undertaking a hybrid model, isn\u2019t as simple as just standing up a new investment vehicle. Scaling can reveal vulnerabilities in your operational processes that are easy to ignore when your deals are infrequent or your investor base is smaller. Hybrid managers like Alex and Zach have found that proactive and clear communication with all stakeholders is a key part of a smooth process.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})]}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/t(\"em\",{children:[\"\u201CWe try to run the process within a two-week timeline, which gives LPs time to sit on the deal memo, do some diligence offline, and come back with any questions that they may have.\\xa0\",/*#__PURE__*/e(\"br\",{}),\"I have to understand what type of deals make sense for my LPs, and sometimes that means telling an LP that a deal probably isn\u2019t the right fit for them. While that might hurt in the short term, it\u2019s an investment in the long-term relationship. There's very little to gain by selling the deal and getting that first LP check without kind of building that trust and that transparency that's needed for a fruitful, long-term relationship.\u201D\"]})}),/*#__PURE__*/e(\"h6\",{children:\"- Alex Pattis\"}),/*#__PURE__*/e(\"p\",{children:\"Establishing clear and reliable channels of communication with LPs is key to building trust. In practice, this means putting in the time to draft comprehensive deal memos and then making yourself available to answer ad hoc questions relatively quickly. Rather than hard selling the deal, focus on what you know about your LPs. Not every deal will be the right fit for every LP and it\u2019s important to present the opportunity as it is rather than embellishing. Any exaggerations are short-sighted in what should be a long-term relationship with LPs.\"}),/*#__PURE__*/e(\"p\",{children:\"These relationships take a long time to build, so deal-by-deal investing is a really good way to build trust with LPs.\\xa0 Some of our LPs have been with us for a couple years and have seen a couple hundred deal memos. Not only do they get to evaluate the deal, but they get to evaluate our analysis on top of the deal. \u2018What does this GP think? Does it align with the way we go about deals?\u2019 Showing investors how you think with each deal memo is a really unique way to build that relationship over time.\"}),/*#__PURE__*/e(\"h6\",{children:/*#__PURE__*/e(\"em\",{children:\"\\\"After doing this over the course of a year or two, you actually have good relationships with some of these LPs. And they've also built a track record with you. And so they've built trust through actually working with you on the SPV side and investing in some of your deals.\\\"\"})}),/*#__PURE__*/e(\"h6\",{children:\"- Zach Ginsburg\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/t(\"p\",{children:[\"Enjoyed the recap? \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/events/sydecarsessions-thecaseforsyndi7099740524936400896/analytics/\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Check out the full conversation here\"})}),\".\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"\u2014\"}),/*#__PURE__*/t(\"p\",{children:[\"Sydecar's \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/fund+\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Fund+ \"})}),\"allows managers to employ a hybrid fund-syndicate model using a single vehicle.\\xa0 An end-to-end fund formation and administration solution, Fund+ combines the stability of a committed capital fund with the flexibility of deal by deal investing. Built on Sydecar\u2019s proprietary infrastructure, the Fund benefits from automated banking, compliance, contracts, tax, and reporting, making it the best option for the next generation of venture investors.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"mailto:hello@sydecar.io\",nodeId:\"o1mKe6qAM\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Get in touch\"})}),\" to learn more about Fund+!\\xa0\"]})]});export const richText11=/*#__PURE__*/t(a.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Co-investment strategies have gained popularity over the past several years. \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/co-investors\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Co-investing \"})}),\"allows LPs to back individual deals alongside fund managers rather than (or in addition to) committing to a blind pool fund. Emerging managers often use co-investments as a way to build relationships with and create value for prospective fund LPs. High-net-worth individuals and family offices, who often back emerging managers as LPs, are particularly drawn towards co-investment opportunities given that they tend to prioritize customized and relationship-based investing more than institutional investments. Co-investment strategies are particularly attractive to investors during periods of macroeconomic volatility because it allows them to deploy capital more slowly and with more control.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"We recently hosted an office hours session with Coolwater Capital to discuss the value a co-investment strategy can play for emerging fund managers. The conversation was full of rich insights and tactical takeaways, so we\u2019re sharing an overview along with the full recording with our community. If you\u2019re an emerging manager or syndicate lead who\u2019s looking to expand your investor base and strengthen relationships with LPs, this is for you.\"}),/*#__PURE__*/e(\"p\",{children:\"\u2014\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Coolwater Capital is an educational community and fund-of-funds for emerging managers. Since launching in 2021, they have: \"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"$1.5B raised across cohort funds\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"298 LP-led themed modules\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"924 1:1 value-added intros made\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"41 in-person events hosted since 2022\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"62% funds with diverse GPs across 159 funds\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"3600+ portfolio companies across funds pre-cohort\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"2500+ portfolio companies targeted across funds by 2025\"})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"83 NPS score rated by GPs\"})})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Sydecar and Coolwater have partnered to provide emerging fund managers with the full-stack resources they need to launch and manage their investment business while setting the foundation for an enduring firm past Fund I.\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"\u2014\"}),/*#__PURE__*/e(\"h3\",{children:\"Co-Investing as a Competitive Advantage\"}),/*#__PURE__*/e(\"h4\",{children:\"Key takeaways:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Co-investment has distinct benefits for managers, LPs, and founders\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Managers can deploy more (and increase their upside) into deals they love\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Managers can split economics with other funds or syndicates to align incentives\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Potential LPs can get deal-by-deal access before committing to the fund\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"LPs who are already in the fund can increase their exposure to exciting deals\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Managers can increase their value-add to founders and win more deals if they can deploy larger checks through a co-investment network\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Co-investments can give founders access to additional value-add angels that may not be able to meet fund minimums\\xa0\"})})]}),/*#__PURE__*/e(\"h4\",{children:\"Should co-investment opportunities only be offered to fund LPs?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Up to the manager to decide how to leverage the opportunity.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Can be used as a way to build trust with potential future LPs.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Can also be used as an exclusive benefit of being in the fund.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"A hybrid solution is to offer different terms for different participants. For example, LPs in the fund could pay 10% carry while potential future LPs could pay 20%.\"})})]}),/*#__PURE__*/e(\"h4\",{children:\"How can managers avoid making one-off SPV investments feel transactional?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Be intentional with your outreach and positioning. Approach LPs with investments that you believe will be especially valuable and relevant to their strategy.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"If you\u2019re investing out of your fund and using a co-investment SPV to top off allocation, the conviction is clear.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"If you\u2019re not also investing out of a fund, be active and transparent in your communication.\\xa0\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CPresent the deal as an opportunity, not a sales pitch. If you\u2019re excited about a deal but can only fill part of your allocation because of your fund size and mandate, give investors an opportunity to increase their exposure as though it is a gift. There\u2019s immediate alignment if you\u2019re already putting in money from the fund, which can make it feel less transaction.\u201D \"})}),/*#__PURE__*/t(\"p\",{children:[\"- \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/zander-rafael-64a1bb26/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Zander Rafael\"})}),\", Founder and GP of Spring Tide Capital, who has deployed over $100M through 20 SPVs\"]}),/*#__PURE__*/e(\"h4\",{children:\"If you are able to fill your allocation through co-investment, how do you manage the risk of coming up short?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"One of the biggest challenges of syndicating capital is managing founder expectations. Underpromise and overdeliver.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Know your LPs. The better you know them, the easier it will be to estimate how much you can raise in early conversations with the founder.\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Build a process to gauge interest from investors and calibrate it over time.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"11px\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Founders will have more patience for your process when markets are slow vs. hot.\\xa0\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CIt\u2019s much better if you try to come back and ask for a bit more than to have to go back to the founder and tell them you couldn't fill it. You want to start to get a window that you can share with the founder, which should be a conservative estimate. The more you do it, the more opportunity you\u2019ll have to calibrate and refine your process.\u201D\"})}),/*#__PURE__*/t(\"p\",{children:[\"-\",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/robluskjr/\",nodeId:\"o1mKe6qAM\",openInNewTab:!0,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Rob Lusk\"})}),\", Head of Partnerships at Sydecar\"]}),/*#__PURE__*/e(\"p\",{children:\"\u2014\"}),/*#__PURE__*/e(\"p\",{children:\"Want to dive in further? 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