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

What are common mistakes Recast Capital Co-Founder Sara Zulkosky sees emerging managers making?

12 Feb 2023 · 1 min

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In this interview segment, Sara Zulkosky, co‑founder of Recast Capital, explains the primary fundraising errors she observes among emerging managers. She emphasizes that storytelling is central: investors need a clear, compelling narrative that explains why the general partner (GP) is uniquely suited to execute the fund’s strategy. Without a convincing story, even a strong team will struggle to secure commitments. Zulkosky also stresses the importance of demonstrating relevant experience and networks that align with the fund’s focus, as investors look for evidence that the team can actually deliver. Finally, she notes that the narrative must be consistent and maintain integrity throughout the fundraising process; a disjointed or shifting story erodes confidence. These points together form the core advice for emerging managers seeking capital.

Chapters

What are kind of like some of the common mistakes that you see emerging managers making in the fundraising process? I mean, honestly, it comes back a little bit to storytelling. Yeah. You know what? People want to understand why you are the right GP to be focusing on the strategy that you're pursuing, like why you're the right person or why you're the right team. And if, if it's hard for me to understand that, Then it's very unlikely that I will commit. Right. And so what we're looking for are those strategies that are certainly differentiated, but the individuals running those firms have the relevant experience and networks in order to execute. And you can just fall down. You may be the best team ever, but if I don't— if that doesn't come out in how you're telling me about your strategy, it's going to be very difficult for us to commit. And— Well, it's also like telling a story that you have to stick to as well. Like you were saying, for a fund too, it's like you're looking at the integrity of the work.