The Outlier is the Thesis, by Vertices Capital
By Vertices Capital
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Episodes: 49
Description
Research notes on venture capital, for the people who allocate to it.
"The Outlier is the Thesis, by Vertices Capital" is a podcast about how venture capital really works: conviction and consensus, the power law, fund construction, and the decisions that shape returns. Each episode distills one idea into a clear, analytical note, with careful reasoning about risk, valuation, and strategy in early-stage investing.
Written and produced for general partners, limited partners, and family offices who want to think more rigorously about the asset class, whether the question is how to underwrite an outlier, how fund size shapes returns, or how an LP should prepare for the next fundraise.
verticescapital.substack.com
verticescapital.substack.com
| Episode | Date |
|---|---|
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49. Before the next fundraise: a research agenda for LPs in venture capital
|
Oct 28, 2026 |
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48. The other side of venture capital
|
Oct 15, 2026 |
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47. USV’s $900M set of new funds, and the new math of early-stage venture
|
Oct 08, 2026 |
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46. "Sourcing with Discipline" (ep. 17 of the series "101 VC Core Principles")
|
Sep 22, 2026 |
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45. "Mapping talent before the deal" (ep. 16 of the series "101 VC Core Principles")
|
Sep 02, 2026 |
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44. "The data behind the decision" (ep. 15 of the series "101 VC Core Principles")
|
Aug 16, 2026 |
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43. The limits of capital engineering in VC (about General Catalyst's Hemant Taneja's essay)
|
Aug 02, 2026 |
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42. The Multi-Stage Test
|
Jul 21, 2026 |
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41. "The Coverage Question" (ep. 14 of the series "101 VC Core Principles")
|
Jul 11, 2026 |
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40. "Patience and Proxies" (ep. 13 of the series "101 VC Core Principles")
|
Jul 01, 2026 |
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39. "Stability and Compounding" (ep. 12 of the series "101 VC Core Principles")
|
Jun 21, 2026 |
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38. "How the Firm Runs" (ep. 11 of the series "101 VC Core Principles")
|
Jun 13, 2026 |
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37. Benchmark’s "great unfreezing": when Benchmark says Yes to scale
|
Jun 04, 2026 |
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36. "The Outlier Firm" (ep. 10 of the series "101 VC Core Principles")
|
May 18, 2026 |
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35. "Building for Outliers" (ep. 9 of the series "101 VC Core Principles")
|
May 09, 2026 |
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34. "The Discipline of Conviction" (ep. 8 of the series "101 VC Core Principles")
|
Apr 30, 2026 |
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33. "The Psychology of the Bet" (ep. 7 of the series "101 VC Core Principles")
|
Apr 22, 2026 |
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32. Three structural mistakes Family Offices make in Venture Capital.
|
Apr 14, 2026 |
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31. "The Price of Agreement" (ep. 6 of the series "101 VC Core Principles")
|
Mar 29, 2026 |
|
30. What pension funds could learn from Yale?
|
Mar 19, 2026 |
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29. The "Architect’s Guide to First-Time VC Fund Raising"
|
Mar 09, 2026 |
|
28. "The Partner Vote" (ep. 5 of the series "101 VC Core Principles")
|
Mar 05, 2026 |
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27. The architecture of micro VC entry sizes
|
Feb 25, 2026 |
|
26. "Ownership and Conviction" (ep. 4 of the series "101 VC Core Principles")
|
Feb 15, 2026 |
|
25. "The Power Law Math" (ep. 3 of the series "101 VC Core Principles")
|
Feb 03, 2026 |
|
24. "The Anatomy of a Venture Bet" (ep. 2 of the series "101 VC Core Principles")
|
Jan 20, 2026 |
|
23. "The Outlier Business" (ep. 1 of the series "101 VC Core Principles")
|
Jan 06, 2026 |
|
22. Announcing our new white paper: "101 Venture Capital Core Principles for New LPs Willing to Understand How Venture Capital Really Works."
|
Dec 31, 2025 |
|
21. Should LPs such as family offices, focus on the VC fund's thesis or on the GP managing the fund?
|
Dec 21, 2025 |
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20. LPAC role in conflict resolution
|
Dec 13, 2025 |
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19. For Family Offices new to being LPs in VC, they should realize that a strong focus should be on underwriting the GPs (general partners).
|
Dec 03, 2025 |
|
18. In VC, fund size and stage shape the nature of returns and risk exposure.
|
Nov 20, 2025 |
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17. GP-led continuation funds have become one of the most sought-after options in VC for GPs. For family offices new to venture capital, they can be tempting, so here's what to consider.
|
Nov 14, 2025 |
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16. Family offices evaluating venture capital as LPs have to understand how quantitative dynamics is crucial to making informed allocations.
|
Oct 29, 2025 |
|
15. For family office LPs, a clear assessment of both unsystematic and systematic risks is essential when building a venture capital portfolio.
|
Oct 16, 2025 |
|
14. LPs must be understanding a Venture Capital firm's long-term viability by looking past returns, and focusing on organizational behavior.
|
Oct 07, 2025 |
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13. How should family offices envision a 'great GP' in venture capital?
|
Sep 29, 2025 |
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12. Being a new GP in Venture Capital is tougher than ever in 2025. What role can Family Offices play?
|
Sep 16, 2025 |
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11. Why we believe the best GPs in VC might be the worst fundraisers.
|
Sep 07, 2025 |
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10. The "direct deal" dream in Venture Capital is deceptively alluring for family offices.
|
Aug 30, 2025 |
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9. Startup valuation is not a single truth, but it is a lens.
|
Aug 20, 2025 |
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8. Private banking plays a vital role in the "Wheel of Wealth", but..
|
Aug 05, 2025 |
|
7. As an LP in Venture Capital, consistently committing capital across all vintages is key.
|
Jul 23, 2025 |
|
6. We need to challenge the "old purist" venture capital mindset..
|
Jul 08, 2025 |
|
5. If a large, prospective LP asks you to also be a member of the fund’s investment committee..
|
Jun 20, 2025 |
|
4. The "minimum viable fund size" is the smallest capital to execute a GP's fund strategy.
|
Jun 10, 2025 |
|
3. As an LP, mastering "ex-ante" decisions when investing in VC is critical.
|
May 28, 2025 |
|
2. Venture capital is for everyone.
|
May 16, 2025 |
|
1. Vertices Capital - Who we are
|
May 06, 2025 |