Every day, Jason Calacanis and Molly Wood cover startups, technology, markets, media, crypto, and the all the hottest topics in business and tech. They also interview the world’s greatest founders, operators, investors and innovators.
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E1075: Cendana Capital’s Michael Kim on investing in Seed funds as a serial LP, Robinhood as an acquisition target, greatest Seed funds of all time & more
0:38 Jason talks about the now fully-virtual LAUNCH Accelerator and intros Cendana Capital's Michael Kim
2:47 What is a fund of funds & why do they exist? History of raising Cendana's first fund
6:06 Portfolio construction of fund of funds
10:19 Why ownership percentage is paramount, ideal ownership % for Seed funds, what makes a great Seed fund manager
17:04 How do fund of funds make money?
18:51 Hedging bets by selling secondary shares to generate liquid cash for LPs
24:33 Michael on Call of Duty, using secondary shares to win a deal
30:46 What was the greatest Seed fund ever raised?
32:42 What is the ideal number of managers in a Seed fund?
36:38 What has the last 90 days been like for Cendana? Influx of new fund managers into the market
41:50 How fast is Cendana in making decisions compared to institutional LPs?
44:47 Will there be a wave of white-collar layoffs, and how will COVID change large tech companies?
52:29 Writing small "pilot" checks over Zoom, venture/growth fund deployment, which companies in non-obvious markets will come out of COVID in great shape?
1:03:37 Robinhood as an acquisition target (Should Facebook buy it?), Dropbox/Slack merger
1:06:17 Why right now is the best time to invest in the early-stage