Summary
The core message of the provided transcript segment is that raising a first venture fund and raising a successor fund are very different challenges, especially in a market where capital is concentrating sharply among a small number of managers. The moderator frames the discussion around a bifurcation in venture fundraising: in US data cited on stage, about 60% of capital invested into venture capital funds is raised by 10 funds, while many emerging managers sit in market for around sixteen months when fundraising, counting only those who successfully close. The panel is positioned as a practical look at managers who have raised Fund I and are either preparing for or experiencing the move toward Fund II or Fund III.
The speakers represent three distinct angles on emerging manager fundraising. Michael from Allocator One explains that his firm raises fund-of-funds capital to anchor first-time managers globally, mostly at Fund I and Fund II. Aashna Kumar from Upside Ventures describes a London-based $30 million Fund I focused on consumer tech and AI, with a differentiated LP base that includes major creators with more than 500 million followers and subscribers collectively; she says the firm believes distribution is value creation and has introduced hundreds of thousands of paying retained customers to portfolio companies. Magnus from Left Lane describes a growth equity firm investing mainly at Series A and B, headquartered in New York, with more than $3 billion raised over six or seven years.
Magnus explains that Left Lane’s Fund I was not a typical blank-slate emerging manager raise because the team had previously run a similar strategy successfully at Insight Partners for nine years, with full track record attribution and examples including Delivery Hero, N26, and HomeToGo. He emphasizes the value of warm introductions from trusted industry relationships and recommends building a broad, diversified LP base across family offices, institutions, and endowments rather than relying too heavily on one cyclical constituency. On spin-outs, he stresses avoiding direct competition with the former firm, communicating carefully, and preserving long-term relationships where both sides can benefit.
Michael then describes Allocator One’s launch as driven by necessity after he and co-founder Felix ran out of personal capital while investing in managers from their own pockets. Their first fundraise began in fall 2023, a difficult moment for an emerging manager fund of funds, and ultimately drew mostly high-net-worth individuals writing $250,000 to $1 million checks plus a handful of large professional allocators. Aashna closes the visible segment by outlining Upside’s Fund I: talent LPs contributed about 25% of capital, while the rest came from institutions, family offices, and opportunistic high-net-worths. She says founder Jamie took more than 500 initial meetings, over 150 flights, and visited three continents, with roughly 90% of LP prospects previously unknown to him. The transcript cuts off as she begins explaining the importance of listening to LP needs and meeting them where they are.
Key Topics
5 key topics from Michael Ströck, Aashna Kumar, Magnus Karnehm and Andre Retterath at Bits & Pretzels 2026 | Founders Festival in Munich. Thicker branches were mentioned more often in the talk.
Key Takeaways
- Diversify your LP base across investor types and cycles.
- Use trusted warm introductions to accelerate LP confidence.
- Communicate spin-outs early and avoid direct deal competition.
- Meet LPs where they are by listening to their needs.
- Expect Fund I or II fundraising to require heavy outbound hustle.
“warm introductions from people that LPs already trust, they go such a long way”
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