E222: Why 90% of Managers Fail Before Fund 3

In this podcast episode, David Weisburd interviews Conrad Shang, Managing Partner and Co-founder at Ensemble VC, about the venture capital landscape from the perspective of both a General Partner (GP) and a Limited Partner (LP). Shang shares insights on what GPs should know about LPs, emphasizing the importance of building durable, long-term partnerships based on trust and open communication. He discusses the need for GPs to think beyond individual investments and focus on portfolio construction, team building, and the long-term vision of the firm. The conversation explores the dynamics of GP-LP relationships, including the value of transparency, seeking counsel from LPs, and building personal connections. Shang also details how Ensemble VC uses data and software to improve investment decisions and build a more efficient venture fund.