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

Why did Courtney Leimkuhler decide to have a $35 million first fund?

15 Jul 2023 · 1 min

Watch on YouTube

0:57

In this interview excerpt, Courtney Leimkuhler explains the reasoning behind launching a $35 million first fund. She frames fund size as a strategic decision, noting that many limited partners (LPs view size as part of the investment thesis). The firm feels most comfortable investing at the seed and Series A stages, distinguishing its focus from other emerging managers who may target pre‑seed deals. Leimkuhler also outlines the fund’s portfolio construction: a diversified set of investments across three thematic pillars—career, care, and consumer—chosen because they are expected to disproportionately benefit women. The discussion emphasizes intentionality in fund sizing, stage focus, thematic diversification, and a gender‑impact lens.

In terms of the sizing of the fund, like why a $35 million first fund? I'm always curious about like portfolio construction or like how did that number fall out? Yeah.
Yeah, that's such a great question. And so many LPs ask that question as well, just on this notion that, you know, fund size is strategy. Yeah. So I think a few things, you know, I think we find that we as investors are really comfortable at the seed and Series A. That's sort of the right stage for us probably versus where I think some other emerging managers play, which is a little bit more pre-seed sometimes. That just didn't feel as naturally our wheelhouse or where we could add as much value. So we started there. We knew we wanted a pretty diversified portfolio, not just, you know, we have 3 themes: career, care, and consumer. And we're investing in things that we think, you know, disproportionately benefit women across those 3 thematics.
And so we wanted diversity across that.