The Strategy for Selecting Top Co-Investments as a Limited Partner with Josh Porter

This interview podcast features Josh Porter, co-founder and GP of FirstLook Partners, a hybrid fund of funds investing in smaller funds. The podcast begins by discussing the Los Angeles venture ecosystem's growth and evolution, including an anecdote about meeting Snoop Dogg. The conversation then shifts to FirstLook's strategy, which focuses on providing institutional-grade access to smaller emerging managers and offering a unique hybrid model combining LP commitments with direct co-investments to mitigate typical fund-of-funds fee structures. Josh explains their approach to sourcing managers, emphasizing the importance of finding managers with a unique edge in sourcing and evaluating deals, and highlights some unusual investment strategies they've encountered. Finally, the discussion touches upon the current state of venture capital and the challenges of saying "no" to promising but ultimately unsuitable investment opportunities.