10X Capital Podcast
The 10X Capital podcast interviews the world's premier institutional investors to deliver insights on how they manage their capital. Interview topics include investment decision frameworks, capital allocation strategies, GP/LP relationships and many more.
E10: Michael Kim | Founder of Cendana Capital on How Small VC Funds Can Return 200X+
Michael Kim, founder and Managing Partner of Cendana Capital sits down with David Weisburd and Erik Torenberg to discuss his thesis of creating a fund of funds at seed stage, insights into the changing landscape of VC from the 90s to today, and whether VC should recycle capital. Cendana Capital has invested in Forerunner Ventures, K9 Ventures, and IA Ventures.
Key Points
- Small funds with high ownership stakes can yield substantial returns, as demonstrated by examples like Chris Sacca's Lowercase 1 and Manu Kumar's K9 Ventures.
- The evolution of venture capital has seen a shift towards pre-seed and seed funds as larger multi-stage firms face opportunity costs with smaller investments.
- Michael Kim emphasizes the importance of integrity and long-term relationships in fund management, favoring fund managers who are not only competent but also genuinely nice people.
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Chapters
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Transcript
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