I just got off our latest Emerging Manager Spotlight, and I’m still thinking about something John Felix said early in the conversation.
John’s an LP who sees hundreds of emerging manager pitches. And his opening comment should be a wake-up call for anyone trying to raise a fund:
Let that sink in for a second.
Your Stanford MBA, your track record at a big firm, your operating experience at three unicorns—all table stakes.
Everyone has impressive credentials now.
So what actually gets LPs to say yes?
Our panel dove deep on this question, featuring John Felix from the LP side, Ben Freeberg (who built a cancer-focused fund from personal experience), Rachel Tsui & Kathy Tune (both navigating healthcare investing), and Noor Chaudry from our sponsors at Sydecar
If you missed it live, here’s what we learned:
This edition of the Emerging Manager Spotlight was presented by Sydecar.
Sydecar makes it simple and efficient for venture fund and syndicate managers to form Special Purpose Vehicles (SPVs) and funds by automating banking, contracts and reporting. Sydecar eliminates operational headaches, freeing up time and resources so managers can focus on building portfolios, strengthening track records and fostering stronger relationships with limited partners. Founded in 2021, Sydecar is on a mission to build the infrastructure that powers private markets.
Everyone Is Smart and Impressive (So What’s Your Magic?)
What his partner calls “magic” is what separates funded managers from unfunded ones.
You need something truly exceptional about you and your right to win.
Ben nailed this: As a cancer survivor treated at Memorial Sloan Kettering, he understood the “zip code lottery” in cancer care firsthand.
Founders immediately got that he understood what they were building from a patient perspective, not just an investor perspective.
Personal Stories Trump Technical Credentials
Kathy, who’s been doing this for 25 years, noticed the shift:
Technical backgrounds are now conversation starters, not the main event.
Even her firm pivoted from leading with PhD credentials to sharing personal origin stories.
Building Conviction Takes Time (And Consistency)
John’s process is “conviction-based,” and building conviction doesn’t happen overnight.
LPs are locking up capital for 10+ years, so they need to believe in you.
What works:
- Meaningful updates – not just checking in for the sake of it
- Address feedback head-on – managers who act on LP feedback get second looks
- Do what you said you were going to do – the most important thing, according to John
Portfolio Construction Reality Check
John’s framework advice for emerging managers:
Take your average entry ownership, apply dilution assumptions, then calculate what enterprise value is required to 5X your fund.
If that number is unrealistic, your portfolio construction doesn’t work.
Ben learned this during fundraising:
Community Over Competition
The most encouraging theme of the webinar? Collaboration works.
Rachel does “LP list swaps” at conferences with other GPs, resulting in multiple commitments.
John regularly refers managers to other LPs when there isn’t a fit.
There’s room for multiple excellent managers.
In Short:
If you’re fundraising now:
🦄 Lead with your unique story. Technical credentials get you in the room. Your personal story gets you the check.
⌚ Plan for the long game. Start building conviction before you need it, and maintain relationships with meaningful updates.
💰 Make your math work. Run realistic scenarios on what outcomes you need to generate good returns.
🪄 Your “magic” isn’t just what makes you different—it’s what makes you indispensable to the founders and companies you want to back.
Until next time,
John Gannon and the team @ Venture5
