Investing in USV Fund I, lessons learned as a LP, and why Emerging Managers are so important

Venture Unlocked: The playbook for venture capital managers

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

This week I'm excited to sit down with Lindel Eakman from Foundry. Lindel has been an investor in funds and companies since the early 2000s when he started at UTIMCO.

In our conversation, Lindel talks about being one of the first investors in Union Square Ventures, his preference for smaller partnerships, and the art of conducting quality reference calls on GPs. Having known each other for a while, our chat felt like a fun and casual water cooler conversation about the venture capital world.

About Lindel Eakman:Lindel Eakman is a partner at Foundry, where he focuses on early-stage investing. Since joining in 2015, Lindel has been active across the portfolio, working closely with partner funds and leading new direct investments. He is known for his humble and supportive approach, valuing the hard work of founders.

Before Foundry, Lindel managed the private investment program at the University of Texas Investment Management Company (UTIMCO) from 2002 to 2015. At UTIMCO, he built the venture capital program and invested in firms like IA Ventures, True Ventures, Union Square Ventures, and Foundry.

Lindel began his career in finance at KPMG in the M&A Tax Practice from 1997 to 2001 and then worked as a Corporate Finance Associate at Stephens, Inc. in 2002. He holds an MBA from the University of Texas at Austin McCombs School of Business and a BBA in Accounting and Finance from Texas Christian University. He is a CPA and a CFA charter holder.

In this episode, we discuss:

(01:14) Early Career and Union Square Ventures and moving to Foundry

(03:00) Investment Philosophy and Strategy

(04:28) The value of partnering with emerging managers

(05:55) Selecting GPs and Making Investment Decisions

(10:30) The Current Venture Market Landscape in 2024.

(13:00) Challenges and Opportunities for New Managers

(17:00) Future of Venture Capital

(21:00) Importance of People in Venture

(25:00) Secondaries and Liquidity Opportunities

(29:00) The importance of evaluating partnership dynamics in emerging managers

(33:00) Best practices for conducting reference checks.

(37:00) How virtual interactions affect partnership assessments and fundraising

(42:00) Advice for new managers on constructing a venture portfolio, focusing on sectors and small funds

(47:00) Role of Large Funds in a Venture Portfolio

I’d love to know what you took away from this conversation with Lindel. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.

Podcast Production support provided by Agent Bee

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com