LP view: The Art & Science of Building in Venture with Lisa Edgar, Top Tier Capital
Lisa Edgar has been a trailblazer in the venture industry, a veteran with over two decades in the business backing many of the brand name venture firms we know today from Accel to Benchmark.
We chat about:
- Her journey in building Top Tier Capital Partners — a leading fund of funds and direct investing platform
- What it takes to build an enduring firm
- Current venture markets, challenges and opportunities
Timestamp
0:00 - Intro
01:15 - Views on current global venture market, Finland & ecosystem in Europe
03:15 - Lisa's journey from hospitality to venture
06:57 - Common mistakes when starting and the importance of relationship building
09:23 - Hard & soft skills that make GP successful
10:07 - Lisa's time at Horsley Bridge Partners; access plays and transitions
11:05 - What makes an enduring franchise; Benchmark's strategy in building
14:57 - Lisa's move to build Top Tier Capital Partners
17:46 - Living up to the name "Top Tier" and the mantra "leadership, trust, transparency and Respect
22:45 - Key to building infrastructure
24:40 - Access focused strategy, portfolio diversification
27:22 - Vision in fund evaluation and checklist for portfolio
32:15 - Strategies in fund of funds; criteria for success as fund manager
35:16 - Is fund of funds worth it?
39:32 - Access play: key learning and mistakes
43:19 - Lisa's thoughts on current market and how to cope as a team
46:28 - LP's view on ensuring GP's ethics
50:41 - Opportunities for people of color in the LP's world
51:50 - Lisa' next move
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What distinguishes the standout figures in the world of venture capital from those who aren’t?
"𝐒𝐨𝐦𝐞𝐭𝐢𝐦𝐞𝐬 𝐢𝐭'𝐬 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐛𝐮𝐭 𝐦𝐨𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐢𝐦𝐞, 𝐢𝐭'𝐬 𝐭𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞."
Key Takeaways
1/ “You have to have patience.”
This advice is often easier said than done, especially for young individuals striving for growth and success. However, time is of the essence. Invest your time in building important relationships, learning, and doing the necessary work.
2/ Hard skills & soft skills.
In an ever-changing world, diversity in teams and skill sets is crucial, especially now. As strategies evolve to align with market demands, a versatile repertoire of different skill sets can be the key to staying ahead.
3/ Building a lasting entity: Leadership, Trust, Transparency, and Respect
The formula for creating an enduring franchise often depends on the market, but more often than not, it's about the people. Consider your brand, its values, and how you treat the people you work with. The mantra “Leadership, Trust, Transparency, and Respect” is something we’d love to echo.
4/ Set the structure right from the get-go.
“I’m still such a big proponent of thinking about all of those things from the beginning. “ Vision, goals, mission, culture - all these basics for startup, they lay the groundwork and make it easy for the right people to join in.
5/ Fundamental of access plays: Relationship building.
Establishing deeper relationships with GPs involves getting to know them, acting responsibly, building trust, and more. Simultaneously, working on internal team dynamics is equally important; in any business that involves people, relationship building plays a significant role.
This episode is brought to you by Helsinki Partners.
If you are an international fund, LP or growth company looking to expand to Europe, Helsinki Partners is the place-to-go. Their services are tailored to your needs and free-of-charge services, sponsored by The City of Helsinki.
PS: Helsinki Partners is unveiling an exclusive 2-week program at Slush for international VC fund managers and LPs eager to dive into the dynamic Nordics and embrace the Finnish venture ecosystem!
📣 Be the FIRST to know when applications open:
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Find out more about their services at helsinkipartners.com!
𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐃𝐨𝐥𝐥𝐚𝐫 𝐌𝐨𝐯𝐞𝐬 is THE show for the audacious next-gen leaders.
Unfiltered. Personal. Inspirational.
Tune in to learn from world's foremost funders and founders, and their unicorn journey in the dynamic world of venture and business.
From underestimated to iconic, YOU too, can make #billiondollarmoves — in venture, in business, in life.
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Lisa Edgar
Partner Emeritus, Top Tier Capital Partners
Lisa Edgar retired from Top Tier Capital Partners at the end of 2020, after serving as Co-Founder and Managing Director since 2003. Lisa has become Partner Emeritus and splits her time between the US, UK and Europe, working on venture capital projects and other initiatives that are near and dear to her heart. Her journey was, quoted “serendipitous” and “curved”, as she started in hospitality then became the trail blazer in investment.