Diary of an Emerging Manager - Part 4: T FOR TEAM (OR TROUBLE)
XoXo, Venture Whisperer (The VC Gossip Girl)
Editor’s Note – Andreas Munk Holm, co-founder of eu.vc
Today’s entry hits a nerve I’ve been hearing a lot about from LPs lately: the team. More than one seasoned LP has told me outright—teams are sometimes a necessary evil. Truth is, there’s often one standout, the "lead singer," who could probably carry the whole show. But instead, what’s on offer is a band. Sometimes because of ambition to build a franchise, other times because the solo path doesn’t vibe with the stage of life (jet lag in boutique hotels vs. a steady Four Seasons rhythm).
Teams often dilute AUM per talent point. That’s the uncomfortable math LPs sometimes quietly run in their heads.
But there’s a caveat worth noting. Sometimes, magic happens. A team forms around purpose, edge, and founder empathy—but with limited LP access and an AUM that’s barely sustainable. And yet, those are often the teams that end up outperforming. Why? Because the edge is real, the conviction is deep, and the intent is pure. And Gandalf-level magic then occurs when these teams stay together and build for decades as a disciplined unit.
In today’s log, you’ll get a raw look at what it means to try and form an outperforming team—from mismatched expectations to surprising exits (yes, including one via fortune teller). It’s honest, it’s a little wild, and it’s a reminder that team building in VC can be as unpredictable as essential.
Hope you enjoy it.
Last episode was all about the digits and dollar signs—this time, let's talk about the real stars of the show: the people. Because what's a business without its charismatic cast, right? Initially, it seemed like we had all the ingredients to kick off our fundraising extravaganza. However, we soon realized our dream team of four was more like a group of solo artists—offbeat and out of sync, both on the project and a personal level.
Despite being absolute pros who we adore, the team vibe was more 'meh' than 'yeah!'—think late replies, mismatched expectations, deadlines whooshing by, and Zoom calls that were more "rain check" than "check-in."
Having watched this drama unfold more times than I've rewatched "The Office," my business partner and I decided it was time for "the talk." Turns out, it was a mix of bad timing and personal drama. And when the real workload came into view, they decided launching their own fund was not on their playlist after all.
Funny enough, this felt eerily similar to those university startup programs—where young hopefuls band together, buzz over an idea for a hot minute (three weeks, tops), and then poof! Turns out, some things don’t change, even a decade later. Team 1.0 disbanded, no hard feelings.
So, what's next? Enter Team 2.0.
(As the picture above shows: our VC was ready to rule the sector)
We kept the assets since we'd done the lion's share of the work. And with no lingering dreams of their own fund from the others, we didn't have to start from scratch. This time, everything was brought under our established brand's umbrella.
The big lesson? Surround yourself with motivated people and document everything. Armed with this wisdom, we were ready to welcome one more into the fold. We found a gem within our network, a brilliant spark who was totally in tune with our vision. We collaborated beautifully for three months, until—plot twist—compliance issues at her job (which should have been sorted out)!
So as every normal person she went to her…..fortune teller. And would you believe it? Her fortune-teller advised her to stick with her current gig and ditch the fund. She listened.
Talk about a "WTF" moment, right? But, life's a stage, and she might even become the head of her department—so, Hogwarts' tuition fees really paid off!
Though it was a bummer, we respected her decision and moved on. What's next? Team 3.0? Nope.
As we built our team, we also assembled a rock-solid advisory board—a must-have, I’d say. When we shared our saga, one sage advisor posed a game-changing question: "Why add another member?" With our diverse, complementary skills and history of building a global company together, he wondered why we were so hung up on expanding the team. "You've got this!"
After some deep meditation on his advice, we realized we'd come this far largely on our own. Yes, raising a fund is a beast of its own, but we recognized that our quest for extra team members was more about seeking validation than filling gaps.
It was a daunting but enlightening realization.
Could I be a solo GP then? Absolutely not for me, though it might work for a few gifted folks.
We learned a lot through these team trials.
Loving and respecting someone professionally doesn’t always translate into a cohesive team—a tough pill to swallow.
Motivation is key. For us, the fund isn’t just a project; it's the climax of our careers in innovation. We're not just setting up a fund; we're building a legacy. We need people who see it the same way.
And the biggest revelation? We’ve got this. Maybe when you're staring down a complex path, it's easy to doubt your readiness. But here’s to all the solo GPs out there—you deserve a gold medal!
So that's our journey so far on the team topic. I'll circle back to this time to time as our LPs have loads of questions—after all, they're betting on the team. Speaking of LPs… Next time, I'll spill the beans on how we landed our first big commitment. Stay tuned!
XoXo, Venture Whisperer (The VC Gossip Girl)
Upper East Side Ventures
