<Deeptech Investors/>

Call 31/01/2025 For a sub 50m fund, leading is not a dealbreaker you're required to back companies in future rounds but being able to write bigger cheques is good --- entertain conversation with potential leads --- 500k is a good cheque size sometimes they (Alexis) write 2-300k tester pre-seed cheques to help founders get started --- Mistake with fund 1 they were not aggressive enough in saying "no" to follow on cheques if they think they can get better value elsewhere But this can adverse-signaling Reserves for a small fund: assume 15-20% of the fund reserved not as proper follow on strategy but like "emergency" capital, pay to play, or you super love your super top performer and you want to double down (or for opportunistic safes) "pocket, nor 'reserves'" 2018 -> decided to invest in their 1st fund, and backed easily fund 2s FoFs: like creating returns - Early Hummingbird and Seedcamps were small ones - Show you have good access - bit of track record and stay small and disciplined sub 30m - you just need to have 1 great deal to make the fund shine - what's unique about the fund - ability to get into rounds - what's your portfolio and value for founders? - deeptech may be more interesting now - map the dealflow: do you bring something new to them that they should matter about? - knowing a few team members is helpful LPs: Has many US and Asian FOs mostly from the US and Jerry partner in fund 1 -> If you are in the US and invest in the US they see it easier there who else? Equation, Aldea, AQVC(?) 1 LP in japan