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64 turns · 45 minDon't let the thesis override the actual person
Why did you lean more towards, uh, the emerging managers when the branded managers angle was very much on the table for you?
I think it's much tougher for s- family office or for us to go to Sequoia and ask them, uh, space on the cap table. Um, I think what we want is to be able to follow on, on the manager's, uh, portfolio companies, uh, probably at the Series A, maybe Series B, when the deal or when the company really picks up, um, and, and be able to invest, uh, still at a, a good valuation. And that's usually impossible, um, for a, a brand name. Um, that's why emerging managers make much more sense.
What's one mistake you see emerging managers make repeatedly, uh, when they're trying to build relationships, uh, with family offices? And what approach do you think is superficial and doesn't work on you anymore?
Today, you don't see a family office as just a check. I think you understand a little bit the game they're playing.
Hey, everyone, this is Prashant, and I'll be your host for the VC 10x podcast, and today we have Lara Noucovyx with us. Lara is a family office next gen allocator at AR Capital. Lara screens around 500 fund managers a year and has backed more than 80 funds. She does it with a team of three. And the managers she backs are almost all under 30, running funds under $50 million. We get into why she'd rather do that than write a check to Sequoia, why she picks talent before thesis, and the fund she passed on that's now sitting at 7x. So without wasting any time, let's dive straight in. This episode is brought to you by Podcast NX, my podcasting agency for VCs. We help VCs start and run branded podcasts that can serve as their entire content engine. Turn the conversations you're already having into a machine. One recording becomes your presence on LinkedIn, Spotify, YouTube, and email. Don't just build another VC firm. Build a firm that can stand out to LPs and one that founders can brag about having you on their cap table. Check out our services at podcastnx.com. I'll put the link in the description below. Now, enjoy the episode. Hey, Lara, so good to have you on the VC 10x podcast. How are you doing?
I'm doing very good. How are you?
Very well, thank you. It's, it's a pleasure having you on, uh, and to start things off-
Thanks for inviting me.
Uh-
Yeah
... awesome. It's, it's a pleasure, pleasure having you on, and thank you for accepting my invitation, yeah. To start things off, let's talk about how you grew up. So you grew up around investing and now play an active role in the family office. Was there a defining moment when you realized this wasn't just a family business, it is something you genuinely wanted to dedicate your career to?
No, the answer is, is no, there was not a, a single moment. It was quite gradual. Um, I didn't really notice it, uh, growing up. Um, my father, uh, started bringing me to meetings when I was 15 years old. Uh, and at that point I was, you know, meeting, uh, folks like, uh, Chase Coleman, uh, at Tiger, uh, uh, Steve Cohen, Point Seventy Two, um, uh, you know, Jim Simons at Renaissance. So I didn't really realize, uh, where I was getting into. Uh, the only
Episode notes
Lara Nuchowicz is the Principal at AR Capital, a next-gen allocator at the family office, where she manages the private markets portfolio. She started attending investment meetings with her father at fifteen, sitting across from Chase Coleman at Tiger, Steve Cohen at Point72, and Jim Simons at Renaissance.
In 2017 she deployed her first capital, and today she owns sourcing, diligence, and monitoring across a portfolio of more than 80 venture funds, with the family screening around 500 managers a year. She has also launched her own fund-of-funds platform, now on its second vehicle, and hosts an invite-only family office retreat twice a year in Spain and Switzerland. Almost every manager she backs runs a fund under $100M and is under thirty.
⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com
We cover:
→ Why there was no single moment she knew, and what actually changed in 2017
→ The family philosophy: back people, back them early, stay twenty years
→ Why venture doesn't scale, and what that forces you to do
→ Funds vs directs, and why the two are not a trade-off
→ Running 80+ funds with a three-person team
→ The invite-only family office retreat, and why there's no membership fee
→ Building a fund-of-funds that isn't a blind pool of capital
→ How mixing directs into the vehicle answers the double-fee critique