E76: How FirstLook Picks the Top 10% of Venture Funds

This interview podcast features David, the host, speaking with Josh, a venture capitalist at FirstLook, a hybrid multi-strategy venture capital firm. The conversation covers FirstLook's investment strategy, focusing on co-investments in emerging managers and their portfolio companies. Josh details their rigorous diligence process, which involves numerous reference checks and in-person meetings, emphasizing the importance of building strong relationships and assessing "skin in the game" for potential investments. He also discusses the typical terms offered to LPs for co-investments, ranging from minimal fees to a median of around 10% management fees. The interview concludes with Josh's advice for emerging managers, highlighting the crucial role of maintaining strong LP relationships and the continuous nature of fundraising.