In this interview with David Clark, Chief Investment Officer at VenCap International, we challenge one of the most entrenched assumptions in venture capital: that fund size is a reliable measure of success.
From emerging managers and public capital to the power law and what’s really ahead for VC, this conversation reframes how institutional investors should think about long-term performance in the asset class.
Rather than fixating on whether a fund is small, medium, or large, David explains why LPs should instead focus on the alignment between fund size, ownership strategy, and the potential to generate fund-returning outcomes. He also weighs in on the generalist vs. specialist debate, arguing that what truly matters is a manager’s consistent ability to back top 1% companies—regardless of thematic focus.
As the industry adjusts to a tougher fundraising environment and increasing market bifurcation, David offers a powerful reminder: venture capital is a 15-year game. Long-term success depends on resilience, discipline, and selecting managers with a clear edge in navigating the power-law dynamics of early-stage investing.
