Investor Stories 338: Best LP Question (Sigalow, Wagner, Beller)

Investor Stories 338: Best LP Question (Sigalow, Wagner, Beller)

On this special segment of The Full Ratchet, the following Investors are featured:

  • Ian Sigalow
  • Peter Wagner
  • Morgan Beller

We asked guests to share the best question they’ve ever been asked by an allocator.

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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Transcribed with AI:

Welcome back to TFR on today’s special segment, we ask guests to share the best question they’ve ever been asked by an alligator. Here’s the segment called Best LP question.

On today’s special segment, we have Ian sigillo, co founder and Managing Partner of grey Croft. In what’s the best question an LP has asked you?

Oh, boy, I’d say probably, like, how do you win against him pick a firm that they’re in like a Sequoia or another big name fund? And that answer takes one of two routes. For us at least one route is reference selling in the venture business is really important. And fortunately, we’ve co invested with virtually everybody. And you don’t have to take my word for it, you should talk to these four CEOs who have partnered with us or me and these partners at these firms. And they’ll tell you why. And that that’s really effective. And the second thing that’s effective, which I respond when I get this question is you know, great, the founders of Greg Krupp, Dan and I are still active, running the firm, and acting like founders were we’re looking at the world. And, and moving as fast as we can. And we do it in the same way that these founders respect in terms of the way they run their firms. The reality is that the founders of Sequoia and many of the people we compete with are long gone. And a lot of the people who run those firms are professional managers now. And there’s just a different talk track. It’s not true, obviously with Andreessen because Mark is there and plugged in and working his ass off, but it’s certainly true with with many other many other firms.

Really interesting answer.

On today’s special segment, we have Peter Wagner of wing VC. Peter, what is the best question an LP has asked you?

Oh, man, that’s there’s a long list of good questions that the LPS asked could share, I’m gonna be able to single out the best one, you know, we’re fortunate to work with a really experienced group of them so that they come out, they come out with, with these on a pretty regular basis, I think, you know, some of the most insightful stuff that our LPS asked about is actually around the decision making process itself. So sort of how we how we make decisions, what, how the structure or the firm lends itself to a particular decision, decision making process, what are what are sort of the obvious, you know, and every process has, you know, its its counter process, right. And so what are the obvious flaws, right, are the strengths of the counter process? So I think we’ve had maybe sort of the most most interesting, you know, sort of sets of probing around that.

On today’s special segment, we have Morgan Beller of FX Morgan, what is the best question an LP has asked you?

I don’t know about best, but we were fundraising and an LP, I won’t name started asking all of these, like, really obscure questions about things that I thought were completely irrelevant and made absolutely no sense to the point where we were like, almost rolling our eyes to each other when they weren’t looking. And afterwards, I was like, is that person a moron? Or, or was that like a consulting interview and the person is not a moron, they came from like a huge firm, they’re really good at what they do. And it was very much like a consulting interview where they just wanted to see how we think they wanted to see how we responded. And that was the only time and Opie has ever done that, to me, at least and, you know, like, how many how do you weigh a plane type questions? Not that kind of directionally, like closer to that then what’s your DPI? Oh, they want to see me think interesting.

So the strangest but maybe the best question,

I will tell you there too, but it was it was the most unique Yeah. And I you know, unique and best are sisters in my mind. So

that will conclude this instalment of Investors stories. If you’re enjoying the programme and would like to see it continue, take a moment and leave a five star review in iTunes. Okay, that will wrap things up for today. Until next time over prepare, choose carefully and invest confidently thanks for joining me