“Most references will not give a negative reference about someone, but you will have to understand and listen between the lines. What is a good or a bad reference? They might say, ‘I really like him as a person. He’s really nice.’ But this is a person that’s worked together with you in a team, and you’re not saying he’s great with founders or finding the best deals. Maybe he’s not that good.” – Raviv Sapir
Raviv Sapir is an early-stage investor at Vinthera, a fund of funds and venture firm with a hybrid strategy that combines VC fund investments with direct startup investments. With a background in tech and finance, an MBA from HEC Paris, and years of experience mentoring startups and supporting LPs, Raviv brings a sharp eye for high-conviction opportunities and a practical approach to venture. He previously held product roles at leading Israeli startups and served in a technological unit within the Israeli Defense Forces. His work across geographies, sectors, and investment stages gives him a uniquely holistic and global perspective on the venture ecosystem.
You can find Raviv on his socials here:
LinkedIn: https://www.linkedin.com/in/raviv-sapir/
Listen to the episode on Apple Podcasts and Spotify. You can also watch the episode on YouTube here.
OUTLINE:
[00:00] Intro
[03:31] Swimming since he was 7
[09:49] Breaking down each GP’s track record and dynamics in a partnership
[11:25] Telltale signs that a partnership will last
[12:50] An example of questionable GP dynamics
[21:45] Virtual partnerships
[25:43] GPs working out of coworking spaces
[28:30] Commonly held LP assumptions
[32:16] A big red flag GPs often say
[34:27] What does Raviv look for during reference calls?
[39:41] How does the diligence change for a Fund I/II vs Fund III/IV?
[42:26] Qualitative traits Raviv likes to see in a Fund I GP vs Fund II+ GP
[44:04] Ideal cadence of reporting and LP/GP touchpoints
[46:03] Role of the LPAC across different funds
[48:47] Diligence as a function of check size
[54:37] What’s Raviv’s favorite episode of Venture Unlocked?
[56:23] The podcasts that Raviv listens to
SELECT LINKS FROM THIS EPISODE:
- Vinthera
- Blue Future Partners
- Angular Ventures
- Better Tomorrow Ventures
- Bullpen Capital
- Kindred Ventures
- Alkemi
- Workflow
- HEC Paris
- Venture Unlocked
- Samir Kaji
- AngelList
- Carta
- LP Roundtable with Chris Douvos (Ahoy Capital), Beezer Clarkson (Sapphire Partners), Guy Perelmuter (GRIDS Capital) on opportunity funds, red flags they watch for, and the state of the market on Venture Unlocked
- 20VC
- Harry Stebbings
SELECT QUOTES FROM THIS EPISODE:
“Some of the small funds perform better but a lot of them–… they perform much worse because the variance in their performance is so big. You might have good odds of succeeding with a small fund but very high odds of performing way worse than the bigger funds.” – Raviv Sapir
“GPs are great at selling. ‘Every time is the best time to invest.’” – Raviv Sapir
“Most [references] will not give a negative reference about someone, but you will have to understand and listen between the lines. What is a good or a bad reference? They might say, ‘I really like him as a person. He’s really nice.’ But this is a person that’s worked together with you in a team, and you’re not saying he’s great with founders or finding the best deals. Maybe he’s not that good.” – Raviv Sapir
“‘Interesting’, especially in the US, is used in a negative way.” – Raviv Sapir