Paige Finn DohertyFounding Partner, Behind Genius · Founding Partner at Behind Genius Ventures

the three different jobs of the managing partner

20 Feb 2024 · 1 min

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In this interview segment, the managing partner of Precursor discusses how his role is divided among three distinct functions: (1) investing – sourcing, evaluating, and executing deals; (2) fundraising and investor relations – managing relationships with limited partners (LPs) and securing capital; and (3) operating the venture fund as a small professional services firm, which includes overseeing internal operations, finance, and time‑management initiatives. He reflects on his early naïve belief that a managing partner’s work was primarily investing, and explains how he now allocates significant effort to the other two areas. He also outlines Precursor’s current team composition that supports these functions: a three‑person investment team (soon to be four), a full‑time controller, a part‑time CFO, and four staff members dedicated to time‑management projects. The discussion highlights the importance of structured time‑management strategies for balancing these responsibilities and the positive impact they have on the fund’s performance.

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I would love to hear about any specific time management strategies that you've focused on applying in your business, maybe some that you tested and didn't work, and how the ones that you've decided to keep have positively impacted you and the fund.
It's probably the thing I spend the most time on, Paige. I think what I would say is when I started Precursor, I think I had the same naive assumption that every new manager has, which is the job is mostly investing. And I tell people like, there's 3 different jobs. There's the investing job, there's the fundraising and investor relations with your LPs job, and then there's the job of running a venture fund, which is a, you know, a small professional services firm. Mm-hmm. So right now at Precursor, we have 3 people on the investment team, soon to be 4. I have a full-time controller, part-time CFO, and I have 4 people who work directly for me on various time management projects.