LP10X - How to build the next Sequoia? - Hunter Somerville, Partner, StepStone Group ($150BN AUM)

Hunter Somerville is a Partner at StepStone Group, an asset management firm with over $150BN+ in assets under management. Hunter focuses on venture capital and growth equity investments which includes fund investments, directs, and secondaries. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com StepStone Group - https://www.stepstonegroup.com/ Hunter Somerville on LinkedIn - https://www.linkedin.com/in/hunter-somerville-2a24117/ In this episode we talk about - - The different strategies they invest in at StepStone private equity & VC team - Key things you look for in fund managers - The different risks they are undertaking when backing a fund - Common mistakes new GPs make - How big is the opportunity in the secondary market? - His advice to GPs aspiring to build the Sequoia of tomorrow & lots more Timestamps: (00:00) Introduction (05:23) Hunter's background and career journey (06:26) StepStone's investment strategies (09:04) Key characteristics and criteria for primary fund investments (11:31) Managing DPI and liquidity in early-stage venture investments (14:09) Evaluating secondary investments and portfolio strategies (16:27) Risks associated with fund investments (20:10) Building relevance and value for venture capital funds (23:03) Common mistakes made by new General Partners (GPs) (24:45) StepStone's approach to growth stage direct investing (27:08) Comparing risk and return across different investment strategies (30:19) The secondary market opportunity and its growth (34:17) Liquidity dynamics in venture capital investments (36:10) Advice for GPs aspiring to build the next Sequoia or A16Z (37:46) Emerging trends and exciting investment areas in venture capital (40:28) Rapid fire round of questions about StepStone's investment approach For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com Subscribe to VC10X on Youtube, Spotify, Apple Podcasts.