Venture Unlocked: The playbook for venture capital managers

• The Benchmark Way: Running of an Iconic firm with Victor Lazarte

  Today, I sat down with Victor Lazarte, a Benchmark partner who transitioned from founding a billion-dollar mobile gaming company in Brazil to becoming a venture capitalist in Silicon Valley with Benchmark in 2023. Victor shared Benchmark's unique investment philosophy, which focuses on deep, meaningful partnerships with entrepreneurs, with each partner doing only 1-2 deals per year. We also spoke about the equal partnership Benchmark has, and what that means in practice day to day from a decision making and culture standpoint. This was a fun one so hope you enjoy!Throughout our conversation, Victor provided a nuanced perspective on company building, technological innovation, and the evolving role of venture capital in bringing transformative ideas to market.About Victor LazarteVictor Lazarte is a General Partner at Benchmark, a renowned venture capital firm focused on early-stage technology investments. With a background in entrepreneurship and investing, Victor brings deep operational expertise and a founder-first mindset to supporting high-growth startups.Before joining Benchmark, Victor co-founded Wildlife Studios, one of the world’s largest mobile gaming companies, where he helped scale the business to global success. His experience in building and leading companies gives him a unique perspective on product development, scaling operations, and long-term strategy.Victor is passionate about partnering with visionary founders to build category-defining companies. He holds a degree in engineering and is committed to fostering innovation across industries.Benchmark is a leading venture capital firm specializing in early-stage technology investments. Known for its hands-on, founder-first approach, Benchmark partners with entrepreneurs to build transformative companies across industries like software, marketplaces, and infrastructure. The firm operates with a unique equal partnership structure, ensuring deep collaboration and long-term commitment to its portfolio companies. With a track record of backing iconic startups such as Uber, Twitter, eBay, and Snap, Benchmark continues to be a trusted partner for ambitious founders looking to scale breakthrough ideas into world-class businesses.Timestamps:In this episode, we discuss:* Victor's Background and Journey (1:29)* Wildlife Studios and Its Growth (3:59)* Bootstrapping Success (6:53)* Understanding Venture Capital (9:48)* Benchmark's Unique Model (12:17)* Decision-Making in Venture Capital (17:05)* Open-Minded Yet Disagreeable (20:29)* Benchmark's Equal Partnership Model (22:20)* Dynamic of Disagreement (25:24)* Betting on the Jockey (30:38)* Adapting to Changing Environments (34:59)* Providing Value to Entrepreneurs (37:14)* The Current AI Technology Shift (39:26)* Identifying Fast-Improving AI Areas (42:04)* Final Thoughts and Takeaways (44:33)I’d love to know what you took away from this conversation with Victor. Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. 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 X. 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

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• Tomasz Tunguz on where we are in the AI S-Curve and the Evolving Investment Landscape

  Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Had a great conversation recently with Tomasz Tunguz Founder and General Partner at Theory Ventures. We dug into how AI is reshaping venture capital and everyday life, from the rapid advancements in the space to what it all means for startups and the broader market. We covered everything from the declining cost of training AI models to the open vs. closed-source debate and how enterprises are starting to adopt AI in real ways. A really insightful discussion—hope you enjoy it.About Tomasz TunguzTomasz Tunguz is the Founder of Theory Ventures, where he invests in early-stage technology companies with a focus on SaaS, data infrastructure, and machine learning. Renowned for his deep analytical insights and data-driven approach to venture capital, Tomasz helps founders navigate growth, product-market fit, and scaling challenges.Prior to founding Theory Ventures, Tomasz was a Managing Director at Redpoint Ventures, where he led investments in several high-growth software companies. He is widely recognized for his blog on SaaS metrics, startups, and venture capital, which serves as a valuable resource for entrepreneurs and investors alike.Tomasz holds a degree in Mechanical Engineering and Economics from Dartmouth College. His passion for technology, strategy, and helping companies succeed has made him a respected voice in the venture capital community.Theory Ventures is an early-stage venture capital firm focused on investing in transformative technology companies across sectors like SaaS, data infrastructure, AI, and machine learning. Founded by Tomasz Tunguz, Theory Ventures combines deep analytical expertise with a founder-first approach, providing hands-on support to help startups achieve product-market fit, scale operations, and drive long-term growth. The firm is committed to backing visionary entrepreneurs who are building the next generation of technology solutions, offering both capital and strategic guidance to turn bold ideas into successful businesses.Timestamps:In this episode, we discuss:* AI's Impact (1:18)* Cost Reduction in AI Training (2:18)* Impact of DeepSeek on Market Dynamics (5:01)* Open Source vs. Closed Source AI (10:57)* Enterprise Decision-Making in AI (13:19)* Defensibility of AI Applications (17:27)* Efficiency in Growing Companies (21:01)* The Path to AGI (25:46)* Impact of AI on Labor Market (28:58)* Excitement and Concerns About AI (30:55)* Non-Consensus Views on AI and Final Thoughts (33:29)I’d love to know what you took away from this conversation with Tomasz Tunguz.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 X. 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

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  35:35
• The Solo GP Playbook: Zal Bilimoria on Fundraising, Portfolio Strategy, and Founder Relationships

  Follow me @SamirKaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We recently had the pleasure of hosting Zal Bilimoria, Co-Founder of Refactor Capital. Zal has had a fascinating career from building products at Microsoft, Google, Netflix, and LinkedIn to making the leap into being a VC. His story is one of relentless curiosity and a deep passion for technology, something that started early in his life while working in his family’s computer business.In our discussion, Zal walked us through his transition from product management to venture, his time at Andreessen Horowitz, and what ultimately led him to launch Refactor Capital. As a solo GP, he’s taken a unique approach to investing, navigating the challenges of fundraising while staying laser-focused on backing founders tackling complex, high-impact problems. We covered everything from the evolution of his investing philosophy to the importance of founder relationships and how he thinks about the future of life sciences and technology.About Zal BilimoriaZal Bilimoria is the Founding Partner of Refactor Capital, a venture firm investing at the intersection of life sciences, technology, and sustainability. With a background in both software and healthcare, Zal brings a unique domain expertise and lens to investing. Before launching Refactor, originally with his partner David Lee, he was a partner at Andreessen Horowitz, where he focused on emerging technologies.This was a fun conversation—if you're interested in what it takes to build a venture firm from scratch, how product thinking translates into investing, or where the future of innovation is headed, this episode is a must-listen.Timestamps:Topics in this conversation include:* Zal's Early Life and Background (2:00)* Career in Product Management (3:06)* Starting Refactor Capital (6:03)* Challenges of Starting a New Firm (9:36)* Portfolio Construction Strategies (13:12)* Solo GP Model (18:06)* Advice on Hiring Associates (20:12)* Fund Size Philosophy (24:32)* Investment Entry Points (28:34)* Return Model Considerations (32:04)* Understanding Ownership Thresholds (36:31)* Market Influence on Investments (38:44)* Navigating Investor Relationships (41:08)* Quick Decision-Making with LPs (43:25)* Parting Thoughts and Future Outlook (46:32)I’d love to know what you took away from this conversation with Zal Bilimoria.Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. 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 X. 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

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  47:27
• The Evolution of building a legacy firm at Venrock with Brian Ascher

  Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today I had the pleasure of speaking with Brian Ascher, a veteran venture capitalist at Venrock, a firm with a storied history dating back to 1969 as part of the Rockefeller family office. Brian, with nearly 30 years in the industry, shared his journey from product management at Intuit to becoming a key partner at Venrock. We dove into the firm's evolution, investment strategies, and decision-making processes, highlighting how Venrock maintains its edge as it evolves.About Brian Ascher:Brian Ascher is a Partner at Venrock where he focuses on early-stage investments in enterprise software, SaaS, and consumer internet companies. With a deep passion for partnering with visionary founders, Brian is known for helping businesses scale through strategic growth, operational insights, and innovation.Since joining Venrock in 1998, Brian has played a pivotal role in numerous successful investments, including Vocera, 6sense, Personal Capital, and Inrix. His expertise spans go-to-market strategies, product positioning, and building high-performing teams.Topics in this conversation include:* Brian’s Career Journey (1:34)* The Evolution of Venture Capital (6:25)* Venrock’s Decision-Making Model (10:09)* Balancing Investment Decisions and Team Dynamics (14:42)* Empowered Accountability in Deal Decisions (20:44)* Cultural Norms in Venture Capital (22:38)* Investment Strategy and Risk Management (25:12)* Portfolio Construction and Returns (30:22)* Opportunity Funds vs. Core Funds (33:01)* Adapting to AI's Impact on Investment (36:15)* Advice for Aspiring VCs (41:28)* Final Thoughts and Takeaways (43:48)I’d love to know what you took away from this conversation with Brian Ascher.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 X. 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

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  44:25
• Evolving Venture Liquidity Solutions with Gaurav Mathur of Pinegrove Capital Partners

  Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.In this episode, I have the pleasure of conversing with Gaurav Mathur, Partner at Pinegrove Capital Partners. Together, we dive into the evolving venture capital landscape, focusing on liquidity solutions and the rise of secondary markets. Gaurav shares insights from his extensive experience, discussing the growth in assets under management, the trend of companies staying private longer, and the changing dynamics for limited partners. We explore mechanisms for generating liquidity, such as continuation funds, strip sales, and secondary tenders, emphasizing the importance of alignment between general partners and limited partners.About Gaurav Mathur and Pinegrove:Gaurav Mathur is a Partner at Pinegrove Capital Partners. Gaurav Mathur is a seasoned finance professional with extensive experience in investment banking and venture capital. In 2023, he co-founded Pinegrove with Brian Laibow through the backing of a $500 million commitment from Sequoia Heritage and Brookfield.THE ORGPrior to founding Pinegrove, Gaurav spent 18 years at Goldman Sachs as a Managing Director in the Investment Banking Division, leading the US Equity Private Markets. He began his career at PwC in the Dispute Analysis & Investigations Group. Gaurav holds a Bachelor of Science degree in Business/Commerce from the University of Virginia.Pinegrove Capital Partners is a venture investment platform that offers tailored solutions for fund managers, founders, and limited partners within the venture capital ecosystem. Their expertise includes fund of funds, venture debt funds, venture secondaries, and co-investments.With combined assets under management exceeding $10 billion, Pinegrove is supported by sponsors such as Sequoia Heritage and Brookfield Asset Management. In May 2024, an affiliate of Pinegrove, backed by these sponsors, entered into a definitive agreement to acquire SVB Capital, the investment platform business of SVB Financial Group. This transaction was completed in September 2024. Topics in this conversation include:* Growth of AUM in Venture Capital (3:53)* Data-Driven Insights on Liquidity (6:11)* Private Markets Growth Forecast (11:03)* Mechanisms for Generating Liquidity (17:00)* Alignment in Continuation Structures (21:28)* Sizing Continuation Funds (29:44)* Exploring Strip Sales (31:36)* NAV Lending as a Liquidity Tool (34:00)* Growth of Liquidity Solutions (37:35)* Technology's Role in Liquidity (41:14)* Final Thoughts and Takeaways (45:55)I’d love to know what you took away from this conversation with Gaurav Mathur. 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 X. 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

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  47:01

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