This podcast episode explores the venture ecosystem as an interesting asset class, highlighting the excitement and rewards that come with the startup world. The guest discusses the economic aspect of venture and the opportunities it offers, as well as the perspective of LPs towards fund of funds. The evaluation of venture capital managers is discussed, with an emphasis on considering financial metrics, portfolio quality, and the opinions of entrepreneurs. The preference for teams with a strong point of view and connection with founders is highlighted, as well as the importance of engaging with LPs and constantly assessing managers. The challenges faced by VCs and fund managers in navigating the LP community are also addressed. The significance of building long-term relationships with LPs for sustainable growth is emphasized, and the parallels between the British Navy and startups in the VC ecosystem are explored. The accomplishments of Felicis as an investment firm are highlighted, along with the importance of operational support behind funds.