Wall Street to VC Journey: Full Circle

As I close out Altari Ventures Fund I, I am spending time reflecting on the process of raising a fund as a solo GP and what I’ve learned so far. The last year has been intense and uniquely rewarding, with full days that tested my organizational limits. Takeaways from this period are plentiful, but one observation really stands out: getting Altari Ventures off the ground has made my Wall Street journey come full circle.?

I use what I learned on Wall Street as an early stage investor every day

The Altari investment thesis is informed by my background in banking and software investing. While I left Wall Street, I never stopped thinking about the markets and inefficiencies of financial industry processes, many of which I experienced firsthand. In fact, I see more clearly what’s possible with tech upgrades and am beyond excited about the size and growth of the enterprise fintech category! That’s why I invest in vertical platforms where the "fin" matters as much as the "tech,” along with horizontal enterprise solutions that can apply to multiple industries including financial services.?

I’m grateful that my professional "upbringing" in financial services allows me to see major opportunities where other VCs may not be willing or able to dig deep, and I continuously draw on my Wall Street deal-making skills, financial knowledge and network, to qualify potential investments and support Altari portfolio companies. But while Wall Street decision-making typically focuses on short-term upside, as a VC, I now spend more time thinking through where we are in the tech innovation super-cycle. This focus on longer-term horizons is what allows me to underwrite the emerging, but meaningful, trends that build substantial economic value and generously reward the patient investor.

Altari investors appreciate my point of view–and are the smartest LPs out there

No investment thesis is actionable without capital, which brings me to the second and critical part of my "full circle" journey. It’s been wonderful to build an LP community filled with former Wall Street colleagues and peers who also appreciate my perspective on and access to high quality fintech investment opportunities, despite not having had previous exposure to this asset class. They know in their bones, as I also do, that most markets move in cycles rather than irreversibly and permanently collapse. Uncertain current sentiment is thus not a reason to miss one of the most attractive entry points into long-term, next generation ventures. Their presence among Altari investors, along with successful entrepreneurs and experienced family offices, means that Altari LPs realize–in spite of what you may have read–that this is one of the best investing climates in recent history.

I’m lucky to be surrounded by smart LPs who ask questions like, “Where is the upside in other sectors?” “Is it truly ‘safer’ to be in a sideways-moving liquid market without an uncorrelated, diversified early stage allocation?” “Are you building in long-term, asymmetric return potential somewhere in your investment portfolio–and doing so in a disciplined way?” They trust my investor instincts and responsible stewardship of capital. I am truly honored that so many in my financial industry network chose Altari as their access point to venture capital and look forward to welcoming more former colleagues to my LP group in the future.

Ex-Wall Street founders are a big part of my portfolio

I have a number of ex-financial services–and specifically ex-Wall Street–domain experts turned founders in the Altari portfolio. Assembling and continuing to expand this community has been a significant part of my startup relationship building. You may have seen my announcements about the periodic coffees I host for Capital Markets Tech Founders (reposting one link here). Please DM me if you are a founder working in the field or want to refer a strong founder to meet me.

It is fulfilling to see my Wall Street and early stage venture experiences converge with Altari. I am super grateful for the trust and partnership of my investors and founders! One clear common characteristic that everyone in the Altari community shares, in addition to enthusiasm for new ideas, is the ability to imagine what happens when things go right. Startup execution challenges are expected, but the optimism, curiosity and passion is what makes me particularly thankful for the group Altari has brought together so far. Stay tuned for more fund updates as I continue to build Altari Ventures, and please reach out if you’d like to collaborate!