What exactly are LPs buying when they allocate to venture today and do they still believe in it?

In this episode, Andreas sits down with Max Bray and Juliet Bailin, both Venture Partners at Kindred Capital VC to unpack what’s really happening beneath the fundraising headlines.

Max brings the raw perspective of trying to raise a first-time fund in 2025 with unicorn-founder GPs, strong angel track records, and still struggling to secure second meetings.

Juliet brings the sharper counterpoint: LP frustration isn’t always ignorance. Sometimes it’s a rational response to how venture has been practiced, especially around transparency, liquidity discipline, and the unrealistic expectation that a GP should be world-class at everything.

This is a conversation about:

LP behavior in uncertain cycles
The myth of the “full-stack investor”
Why solo GP economics are brutal
Whether software still needs venture
And why the fund model is splitting at the extremes

Not hot takes. Not doom.
Just honest mechanics.

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What’s Covered:

01:04 Max’s 2025 fundraising reality: even strong “on-paper” stories struggle to get second calls
03:46 LP rotation: capital moving toward liquidity, security, and shorter-duration bets
05:08 LP frustration: transparency gaps + liquidity decision-making
07:09 LPACs as sparring partners, not governance theatre
09:31 Europe’s structural issue: too few LPs and GPs have lived full cycles
12:47 The “full-stack investor” myth: investing + fund management + compliance + IR
14:46 Solo GP economics: why 2/20 breaks at the small end
26:08 The barbell thesis: platforms on one end, specialists on the other
27:56 Software defensibility compression in the AI era
30:24 Will AI decentralize outcomes — or centralize them further?
33:10 The rise of AI roll-ups and alternative capital models
35:19 The “middle-market squeeze” — real or overhyped?
39:34 What founders actually care about when choosing a fund

E703 | Max Bray and Juliet Bailin, Kindred Capital VC: LP Conviction, $15B Funds & The Venture Barbell

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