Fund Flow

McGuireWoods

Fund Flow is a podcast for Emerging Managers offering insights into the journey of new and aspiring fund managers seeking to have success in a crowded market. Tune in as McGuireWoods partner and host, Jon Finger, is joined by guests ranging from first-time fund managers to proven emerging managers, experienced LPs poised to back emerging managers, and other key participants in the emerging manager ecosystem. Hear their real-world perspectives and gain actionable tips to help inform your strategy and position yourself for a successful fund closing. McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide for more than 200 years collectively. Our commitment to excellence in everything we do gives our clients a competitive edge in everything they do. Our law firm, over its 186-year history, has earned the loyalty of our many long-standing clients with a deep understanding of their businesses, and broad skills in corporate transactions, high-stakes disputes, and complex regulatory and compliance matters. To learn more about McGuireWoods or to contact us, please visit our website at mcguirewoods.com. This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

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Welcome to Fund Flow
May 9 2022
Welcome to Fund Flow
Fund Flow is a podcast for Emerging Managers offering insights into the journey of new and aspiring fund managers seeking to have success in a crowded market. Tune in as McGuireWoods partner and host, Jon Finger, is joined by guests ranging from first-time fund managers to proven emerging managers, experienced LPs poised to back emerging managers, and other key participants in the emerging manager ecosystem. Hear their real-world perspectives and gain actionable tips to help inform your strategy and position yourself for a successful fund closing. McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide for more than 200 years collectively. Our commitment to excellence in everything we do gives our clients a competitive edge in everything they do. Our law firm, over its 186-year history, has earned the loyalty of our many long-standing clients with a deep understanding of their businesses, and broad skills in corporate transactions, high-stakes disputes, and complex regulatory and compliance matters. To learn more about McGuireWoods or to contact us, please visit our website at mcguirewoods.com. This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.
Filling Investor Needs with Sheryl Mejia of Steward Asset Management
Sep 15 2022
Filling Investor Needs with Sheryl Mejia of Steward Asset Management
On this episode of Fund Flow, Sheryl Mejia, Managing Partner at Steward Asset Management, joins host Jon Finger to discuss what spurred the creation of her own firm, how to establish differentiation, and why maintaining empathy for founders is key.  Sheryl built a depth of knowledge working in asset management for large and small private funds before launching Steward Asset Management and fulfilling her desire to create a wider deal pipeline for the industry.  She says Steward chooses to operate so they can win the deals they want. Choosing core pillars of differentiation allows the team to competitively position their relationship with emerging managers based on their unique value add.  Sheryl also shares her advice for emerging managers raising their first fund and GPs who have recently closed their first committed fund. She believes that emerging managers need to understand what need they are filling for the investor — then listen, learn, and iterate the pitch. GPs should use the questions investors ask to refine their pitch and improve.  For those who have recently closed their first fund, the best advice Sheryl can give is to learn to balance leadership time properly. She shares tips on how to avoid underestimating the effort that this balance takes.    💡 Featured Guest 💡Name: Sheryl Mejia What she does: Sheryl is the Managing Partner and Investment Committee Chair at Steward Asset Management. She maintains a focus on strategies of growing interest to Institutional Limited Partners, ultimately seeking to steward the next generation of alternative asset management leaders.  Organization: (Steward Asset Management) Connect: (LinkedIn) ContactConnect with us on (Facebook), (Twitter), (Instagram), (YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.
Today's Fundraising Environment with Casey Peters of Pacenote Capital
Aug 25 2022
Today's Fundraising Environment with Casey Peters of Pacenote Capital
On this episode of Fund Flow, host Jon Finger is joined by Casey Peters, a managing partner at boutique placement agency Pacenote Capital. They discuss the mandates that formed Pacenote and how maintaining a high touch and selective lens has shaped the company.   Casey founded Pacenote Capital in response to market feedback that there was a desire for value-added through high-performing, young, and hungry sponsors. This was the kicking-off point for his firm. For Casey and his partners, adding value to relationships went beyond bringing on LPs. He explains how they work to be active with independent sponsors on pre-fund deals. This includes providing coaching on how to view deal attribution and relationship building, along with the functional benefits of applying their expertise to catch errors before the launch of a fund.   “We're boutique — we try to be super hands-on. We have WhatsApp chats with all of our GPs, even our GPs that aren't in market right now. Every day we're talking to each of our GPs. And definitely if we're in market with them, it's all day, eight until eight, just messages firing back and forth. We try to look, feel, and act like we are truly an extension of our GPs, rather than them just being another name on our list,” Casey says. Throughout this episode, Casey provides insights that emerging managers can use to formulate and improve upon their strategy and pitch. He uses his unique approach with Pacenote to provide tangible examples of why relationships are king and how emerging managers can differentiate themselves in an increasingly competitive marketplace.  💡 Featured Guest 💡Name: Casey Peters What he does: Casey is the Founding and Managing Partner at Pacenote Capital. He is focused on LP coverage in the Southeast, Midwest, and Western U.S. Organization: (Pacenote Capital) Connect: (LinkedIn) 🗝️ Key Points 🗝️Top takeaways from this episode ★ Video communication is here to stay. According to Casey, the pandemic has created some lasting changes in the processes for raising a fund, predominantly around video communication. He believes it’s important to have strong Zoom etiquette because the efficiency of video meetings introductions aren’t going away anytime soon.  ★ Fund structures are getting more creative. In today’s environment, it’s not a one-size fits all deal structure. Some funds have moved away from traditional annual management fees to annual budgets. Other trends include longer-dated funds and the proliferation of GP-led secondaries and continuation funds. ★ Differentiate yourself as an emerging manager. It’s no surprise that returns are the ultimate indicator of success. If you don't yet have outperformance on the backend, Casey believes that strong communication with LPs is one of the easiest ways to stand out in the market.  ContactConnect with us on (Facebook), (Twitter), (Instagram), (YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.
Building Teams and Investor Relationships with Suzanne Yoon of Kinzie Capital Partners
Aug 5 2022
Building Teams and Investor Relationships with Suzanne Yoon of Kinzie Capital Partners
The pandemic era has not been an easy time for any industry, including private equity. In today’s volatile market, funds are facing increased competition while continuing to adapt to the challenges of remote deal-making. Now imagine being an emerging manager in the lower-to-middle-market investing space — and building your firm in the middle of the pandemic. That’s the situation Suzanne Yoon found herself in, having started (Kinzie Capital Partners) just three years before the pandemic began. “It was essentially crisis management, every day, the first three months of COVID,” Suzanne said. “But that is the life of a fund manager [...] You have to be on all the time.” But crises like COVID-19 also show the importance of having a good team prepared for anything — one that has been established based on your company’s culture and values rather than just on impressive resumes. Knowing this, Suzanne was able to double Kinzie’s team during the pandemic. In this episode of Fund Flow, Suzanne joins host Jon Finger to share her secrets to success as an emerging manager in the lower-to-middle-market investing environment, from team-building to establishing long-term investor relationships. She also shares a wealth of resources for women interested in a career in private equity investing.    💡 Featured Guest 💡Name: Suzanne Yoon What she does: Suzanne Yoon is the Founder and Managing Partner of (Kinzie Capital Partners), a Chicago-based private equity firm investing in middle-market companies in the consumer, manufacturing, and service industries. Suzanne has over 25 years of experience advising and investing in middle-market companies. For the past three years, she has been (recognized by Mergers & Acquisitions) as one of the most influential women in the mid-market M&A space. Organization: (Kinzie Capital Partners) Connect: (LinkedIn)   🗝️ Key Points 🗝️Top takeaways from this episode ★    Use tech to unlock value. Leveraging technology within your firm can be a challenge for lower- and middle-market firms that don’t have the same level of access to companies like Deloitte or McKinsey. But learning how to implement tech will help you solve problems in the long run.  ★     Do your research and think ahead. Two of the biggest challenges that emerging lower- and middle-market managers will face are competition with other firms and skepticism from LPs hesitant to take a risk with your firm. That’s why it’s so important to understand the market and identify key long-term partners who can help you build a reputation.   ★     Hire the right team. You’ll thank yourself in the long run by hiring a team diverse in both identity and experience that best reflects your company’s established culture and values, rather than just the candidates that have the most impressive resume.  ContactConnect with us on (Facebook), (Twitter), (Instagram), (YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for
Developing a Technology Investment Strategy With Aly Madhavji of Blockchain Founders Fund
Jun 27 2022
Developing a Technology Investment Strategy With Aly Madhavji of Blockchain Founders Fund
The blockchain sector is perhaps one of the riskiest to invest in today. Not only is it a new and constantly evolving space, but it’s also often riddled with scams. Many large investors remain skeptical, but it’s likely that the future lies in blockchain and crypto. So how can funds do it safer and smarter, especially as emerging managers? We bring in leading tech entrepreneur and blockchain investor Aly Madhavji to tell us how. Recognized as a “Blockchain 100” global leader by LATTICE80, Aly is an internationally recognized author, speaker, and managing partner at (Blockchain Founders Fund), which he launched in 2017. His success is linked to Blockchain Founders Fund’s goal to be “the most transparent fund in the world.” In fact, all of the fund’s LPs have real-time access to every deal the fund makes. That might sound terrifying, but in the blockchain world, transparency is crucial. “We think that this is incredibly important when you think about how important partnerships and collaborations are in this space, and being able to tap into world-class expertise to work with our companies,” said Aly.  That type of differentiation — and the associated risks — are necessary for success. “The way that this industry is evolving and changing, oftentimes, some people don't just don't get it right away — what this shift could mean and how it could actually change the landscape of the way a sector could work,” said Aly. “And so we want to be part of being at the cutting edge of driving that change with companies.” In this episode of Fund Flow, Aly joins host Jon Finger as he shares his secrets and best tips for emerging managers in the blockchain or crypto world.    💡 Featured Guest 💡Name: Aly Madhavji What he does: Aly is a managing partner at Blockchain Founders Fund, a Singapore-based venture capital fund focused on blockchain startups. He is also a senior blockchain fellow at (INSEAD) and the author of three books.  Organization: (Blockchain Founders Fund) Connect: (LinkedIn) | (Twitter) 🗝️ Key Points 🗝️Top takeaways from this episode ★    Transactions in the blockchain space operate differently. The industry relies and thrives on strong partnerships and collaborations; unlike on Wall Street, blockchain funds are not ultra-competitive. That’s why Aly’s fund aims to be transparent with all of its LPs and notifies them each time a new deal is made. Transparency ultimately leads to greater success. ★     For a constantly evolving market, have an adaptable strategy. For Blockchain Founders Fund, that means doing things differently than most other VCs — responding to cold emails, and focusing on LPs that fill a gap or propose a solution to a problem in the blockchain sector, rather than adopting a narrow strategy. ★     Find what you do best and follow through. There’s a lot of capital available for emerging managers these days, but it’s also crucial to show what makes your fund different from others. Define what that is and prove that you can follow through on those early investments. ContactConnect with us on (Facebook), (Twitter), (Instagram), (YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are...
Interacting with LPs - Insights from Kate Beardsley of Hannah Grey
Jun 8 2022
Interacting with LPs - Insights from Kate Beardsley of Hannah Grey
There’s a lot to consider when starting a venture firm: timing, experience with other firms that can support your journey, and a mission that differentiates you from other investment firms. These are all factors that Kate Beardsley and her partner Jessica Peltz-Zatulove had to consider when they made plans to kickstart their venture fund, Hannah Grey. But being women in a male-dominated industry and beginning their emerging manager journey during the pandemic, they had to think beyond the basics if they wanted to stand out. Planning was critical. Kate says that at the height of the pandemic, she and Jessica took the time to do their research, learn from mentors, and craft a story that could be clear and convincing to LPs when those discussions were happening on Zoom. Even their firm’s name is part of the firm’s greater story, taking inspiration from Kate’s and Jessica’s daughters. “Immediately we knew that it was an emotional connection, which is really one of the keys to being memorable,” Kate says. “There's a story there, and it has meaning for us, and I think deeply keeps us centered on what's important and how we actually tie our importance to venture capital.” In this episode of Fund Flow, Kate joins host Jon Finger to share what it took to start the firm and share insights from her emerging fund manager journey. She also talks about relationships with LPs — from first meeting to marriage — and diversifying the emerging manager ecosystem.   💡 Featured Guest 💡Name: ( )Kate Beardsley What she does: Kate is a Founding Partner at Hannah Grey, a first check venture fund investing in customer-centric startup founders. Previously, she worked with Martha Stewart and later Huffington Post co-founder Kenneth Lerer. Kate founded the venture fund in 2021 with Jessica Peltz-Zatulove. Organization: (Hannah Grey)  Connect: (LinkedIn) | (Twitter)   🗝️ Key Points 🗝️Top takeaways from this episode ★    When starting a firm, timing is everything. As you get more experienced, it becomes easier to identify the green lights that indicate when might be the right or wrong time to start an investment firm. The state of the market and your relationships with other LPs or previous firms you’ve worked with are all important to consider.  ★    Know your firm’s story. LPs are already reluctant to invest in newer firms. While having experience and a strong portfolio is important, a coherent and well-researched “story” about who your firm is and what you’ll do is an important asset. ★     Do your research and be ready. Relationships with LPs are like marriages: like any long-term relationship, a lot of work should be dedicated to that relationship before committing to marriage. So before even meeting with LPs, make sure you do plenty of research to make sure it will be the right fit for your firm. Being prepared will help you advance deals faster, and avoid relationships that aren’t the right fit.    ContactConnect with us on (Facebook), (Twitter), (Instagram), (YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should...
Making DEI Part of Your Investment Strategy With Mary Hunt of RCP Advisors
Jun 1 2022
Making DEI Part of Your Investment Strategy With Mary Hunt of RCP Advisors
As a woman in a male-dominated industry, Mary Hunt says it was because of the help of her mentors and managers’ support that she was able to succeed in the private equity investing world. Her current role as Principal at (RCP Advisors) and the director of RCP’s Diversity, Equity, and Inclusion (DE&I) Funds Investment Strategy is her way of helping open the door to other underrepresented people who “don't naturally have that network of support, particularly in the business community.” As DE&I strategy director, Mary has helped lead RCP’s investment focus toward more diverse GPs and emerging managers through the firm’s new program: Elevate.  And she’s proven, through (RCP’s report on diverse private equity investing), that diverse market managers in lower and middle-market equity investments consistently generated more alpha and performed on par with or better than the broader market. Diversity “shouldn't be just to satisfy a mandate or a ‘check the box’ situation,” Mary says. “We are seeing significant alpha generated from diversity, therefore, it should have a spot in every portfolio.” Mary joins Jon in this episode of Fund Flow to talk about how a firm like RCP crafts a DE&I-focused investing strategy. As an experienced LP, Mary also tells all about what LPs want to see when considering working with GPs and her biggest pieces of advice for emerging managers in a changing environment.   💡 Featured Guest 💡Name: Mary Hunt What he does: Mary is a principal at RCP Advisors, a private equity investment firm. In her role, Mary is responsible for sourcing, due diligence, and portfolio management of private equity fund investments. She is also the portfolio manager of the firm’s Diversity, Equity, and Inclusion Funds Investment Strategy. Organization: (RCP Advisors) Connect: (LinkedIn)   🗝️ Key Points 🗝️Top takeaways from this episode ★    Diverse investments generate more alpha. When it comes to lower or middle-market private equity investments, (RCP Advisors found) that funds led by diverse managers performed in line or better than the broader market, and with less risk than non-diverse managers. ★     Experience is key. In today’s market, Mary says talent is an important asset for GPs looking for LPs. But having some experience under your belt is necessary. “If you don't have that partner level, soup to nuts experience on several deals to create an attributable track record, do it on your own,” she says. “You've got to develop some relationships with backers who will support independent sponsors.” ★     The emerging manager landscape is changing. More reps and managers are returning to the market than the LP community may have anticipated, leading to a potential shift in investment focus. There will always be a desire for emerging managers since they tend to be stronger performers, Mary says. LPs just have to figure out how to strike the right balance. ContactConnect with us on (Facebook), ( Twitter), ( Instagram), ( YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you...
Insight from John Huhn of Compass Group Equity Partners
May 20 2022
Insight from John Huhn of Compass Group Equity Partners
On this premiere episode of Fund Flow, a new show from McGuireWoods for emerging managers, host Jon Finger sits down with John Huhn, founder and managing partner of Compass Group Equity Partners, to discuss independent sponsorships, committed funds, and overall business practices.  John began his professional life as an engineer, but he’s more than made up for his lack of financial degree with his entrepreneurial spirit, willingness to always face a new challenge, and 30 years of experience.  “We like to say that we're operating engineers more than financial engineers. We really partner with our portfolio companies and help build and grow great businesses, and take them to the next level of success,” John says. John discusses the early challenges he and his team faced following the independent sponsor model. While they were still meeting their clients’ needs, the work became difficult on the administrative end with so many different investors, which led to their switching to a fixed pool of committed funds.  During this episode, John breaks down his company’s successful business strategies while offering ways for emerging managers to make it in a competitive market. What he believes makes the Compass Group Equity Partners unique is the combination of a geographic focus, a sector focus, a founder focus, and a target profile — and, of course, doing all four things well. Everyone, and every company, thinks they’re special, but John provides pointed direction for how to actually stand out.     💡 Featured Guest 💡Name: John Huhn What he does: John is the founder and managing partner at the Compass Group Equity Partners. With more than 30 years of experience, John has been involved in transactions that represent over 3 billion dollars.  Organization: (Compass Group Equity Partners) Connect: (LinkedIn)  🗝️ Key Points 🗝️Top takeaways from this episode ★    The independent sponsor model might not be sustainable. According to John, the independent sponsor model created some administrative challenges, and his team found themselves spending too much time dealing with board members and investor groups rather than working in tandem with the portfolio companies to help them grow. ★     Whatever you do, do it well. Standing out in the world of fund management is difficult, but John knows that following your own business model, proving your success, and doing all aspects of your job well is key to success.  ★     Really choose a partner that best fits your plan. John and the Compass Group used a placement agent to find their ideal investors. Set your criteria and put work into finding the right placement agent, so that the end result is the perfect fit for you.  ContactConnect with us on (Facebook), (Twitter), (Instagram), (YouTube). Subscribe to Fund Flow in your preferred podcast app so that you never miss an episode.  This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.
Welcome to Fund Flow
May 9 2022
Welcome to Fund Flow
Fund Flow is a podcast for Emerging Managers offering insights into the journey of new and aspiring fund managers seeking to have success in a crowded market. Tune in as McGuireWoods partner and host, Jon Finger, is joined by guests ranging from first-time fund managers to proven emerging managers, experienced LPs poised to back emerging managers, and other key participants in the emerging manager ecosystem. Hear their real-world perspectives and gain actionable tips to help inform your strategy and position yourself for a successful fund closing. McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide for more than 200 years collectively. Our commitment to excellence in everything we do gives our clients a competitive edge in everything they do. Our law firm, over its 186-year history, has earned the loyalty of our many long-standing clients with a deep understanding of their businesses, and broad skills in corporate transactions, high-stakes disputes, and complex regulatory and compliance matters. To learn more about McGuireWoods or to contact us, please visit our website at mcguirewoods.com. This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.