In this episode, you will learn:The distinction between responsibilities handled by fund managers, LPs, and foundersWhy is fundraising harder for VCs than it is for founders?How can you set your VC fund apart?A comparison between the portfolios of LPs and VCsParallels between the roles and responsibilities of emerging managers and foundersWhat are the implications of fund size on fund strategy?Why is it better to keep your portfolio concentrated?What is the relationship between TVPI, graduation rate, and returns?What is the process of recycling money? Why is it important?AboutBrian Ma is a partner at Iterative Capital and 3x founder turned investor. Brian was previously founder and CEO of Divvy Homes ($2B valuation), Weave (YC S14, acquired), and Decide (Series C company, acquired by eBay). In non-existent spare time, Brian enjoys dog parks with his german shepherd mix, rides on his motorcycle, and aping into interesting crypto projects.Iterative is a YC style accelerator focused exclusively on Southeast Asia by the founders of Divvy (a16z, GIC), Weave (YCS14), and Decide (acquired by eBay) who have collectively raised $100M+ in VC. Iterative invests US $150K into early stage startups twice a year then works with them intensely for 3 months culminating in a Demo Day. Founded in 2021, Iterative's mission is to increase the GDP per capita of Southeast Asia through entrepreneurship.