“It’s a mathematical reality that the highest performing GPs in this part of the market often also have the highest kill rates, which means some things are incredible and other things are super wonky and you have to be cool with that. You can’t be doing a six across the board.” — Caroline Toch Docal

Caroline Toch Docal backs early stage fund managers as the lead of BCV’s Emerging Manager Program. She believes in investing in funds as early as the first close, which is a rare focus in the LP landscape. She’s a lifelong early stage enthusiast from her time at Venture for America to Techstars to Chief to Dorm Room Fund to now Bain Capital Ventures, where she runs the emerging manager program there which has seen quite the evolution since 2017.

You can find Caroline on her socials here:

LinkedIn: https://www.linkedin.com/in/carolinetoch/

X / Twitter: https://x.com/carolinetoch

OUTLINE:

[00:00 ] Intro

[01:33 ] BCV Emerge

[02:30 ] The 13-year summer camp experience

[07:46 ] From VC to LP

[09:50 ] Compare/contrast early stage investing to emerging GP investing

[12:51 ] Behind the scenes of Caroline chose to become an LP

[14:36 ] Caroline's first investment

[16:24 ] What is a GP-friendly diligence process?

[21:27 ] How Caroline pre-qualifies an investment?

[24:50 ] Understanding if a GP REALLY believes VC is their life's work

[26:25 ] Examples of long-term language

[31:05 ] The 3 Acts of BCV's Emerging Manager program

[36:44 ] What the hell is BGH?

[38:03 ] Stand up comedy

[39:20 ] Dogs vs cats

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For podcast show notes: https://cupofzhou.com/superclusters

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