Michael Kim is the Founder and Managing Partner of Cendana
Capital, a globally renowned "fund of funds", aka the investors
behind Venture Capital funds. Cendana Capital are investors in
many of the funds of our previous guests including Blackbird VC,
Better Tomorrow Ventures and many more well-known funds in the
US, Israel, Australia and India. Prior to Cendana, Michael was
one of the original partners of Rustic Canyon Partners, a VC firm
with $1B AUM. He was born in Morgantown, West Virginia and now
lives in San Fransisco, USA.
In this episode #131 w Michael Kim, learn about:
His sunrise in Morgantown, West Virginia, in the US (a town of
just 27,000 people), his cultural influences with his mum born
and raised in Japan and Dad from Korea, with a family background
in politics.
Michael shares how he explored a career in politics and then as
he calls it had a “sea change” and went into banking, which then
led to a role in a technology M&A team in San Fransisco and
eventually Venture Capital.
We dive deep into his journey with Cendana Capital, an investment
firm referred to as a fund of funds, meaning they are a fund that
invests in other VC funds. We cover how he started, building
track record and economics, their diligence process for new VCs
they back, Investing globally, with Australia and Israel being
some examples, thought process changes especially on ownership
levels relative to fund size, seed vs pre seed funds, hall of
fame LP’s and more.
And our 7-star events are back! Yes as many of
you know — we are a special series of LIVE fireside
conversations in May and June. Tickets are quickly selling
out for event #2 with James Tynan, Partner at Squarepeg, get your
ticket today HERE!
It’s now time to explore your curiosity. Please enjoy!
(Timestamps below)
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***
02:45 - Where were you born and live now?
03:10 - What was your first job and now?
05:23 - High Flyer in Michael’s life
06:05 - Japanese and Korean influences
11:20 - Aspirations at age 18
13:56 - Sea Change from politics to banking
17:27 - Accelerating career and tech M&A role post Wharton
MBA
19:56 - Building relationships with junior analysts, not just
partners
21:37 - Working with the City of San Fransisco’s $12B pension
fund
25:27 - Founding Cendana Capital and raising first fund
32:06 - Changing landscape in VC that allowed for seed funds
35:00 - Economics of a “fund of funds”
38:40 - Conviction in backing new and solo VC fund managers
45:42 - Investing in Israel, India, Australia, UK
47:45 - Thought process changes as an LP
55:10 - Australia and New Zealand startup ecosystem
56:50 - Learning journey building Cendana Capital
59:58 - Hall of fame LP’s
01:07:20 - Rapid fire
***
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