The Generalist - Generalist Capital: In Search of Epics

Hey friends,

I have some exciting news: we have raised a $12.25 million venture fund. Generalist Capital is designed to help a small group of exceptional entrepreneurs maximize the power of storytelling and create modern epics. We’ve received backing from legendary technologists, investors, and founders.

Though the fund is oversubscribed from our $10 million target, we're opening up a few spots for readers and supporters to join as Limited Partners (LPs). As a small note: only accredited investors are allowed to invest.

To understand what we’re doing and why I am so excited, jump into today’s piece.

PS - We'll be back to our regularly scheduled coverage of game changing businesses, funds, and market trends next week :)

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GENERALIST CAPITAL: IN SEARCH OF EPICS

Actionable insights

If you only have a couple of minutes to spare, here’s what investors, operators, and founders should know about Generalist Capital.

• A new fund. We have raised a $12.25 million venture fund with backing from some of the best investors and founders in the world, including Marc Andreessen and Chris Dixon. Though Generalist Capital will have a wide aperture, we will focus on crypto, fintech, and emerging markets.
• Designed to maximize narrative power. Narratives move the world. For early-stage founders, an impactful story is magnetic to talent, capital, and customers. Generalist Capital exists to help great entrepreneurs create and capitalize on narrative momentum.
• Taking a concentrated approach. We plan to invest in approximately 20 companies, predominantly at the seed stage. Twenty-five percent of our fund is allocated for mature businesses that are too exceptional to ignore. We believe a smaller portfolio will allow us to build closer relationships with founders and gives us a better chance of driving outsized returns.
• A networked approach. The Generalist is now more than 60,000 readers strong, while our private community boasts some of the sharpest founders, operators, and investors in tech. We hope to use this network to support our portfolio companies. In time, we’ll also look to offer access to great investments to readers and our private community.

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To create an epic, you need two things.

First, a hero. Someone audacious enough to take on a great task despite the risks entailed. Often, that means traversing perilous terrain, confronting enemies, scorning death itself: Gilgamesh wading through the flood, Arjuna facing off against an entire army, Odysseus slinking through the underworld.

Second, you need someone to tell the tale.

One of the reasons I first started The Generalist was because I believe that the great epics of our era will occur in the tech sector. No other field asks – and tests – so many consequential philosophical, psychological, and societal questions so frequently. What is money? What makes something valuable? Will nations exist in the cloud? Can we hack our bodies? Must we die? Every year, startups emerge to explore these questions and others, setting out on ambitious adventures.

Today, I’m pleased to introduce Generalist Capital, a $12.25 million fund in search of epics. We exist to support a small number of dauntless entrepreneurs on their most daring quests. As these extraordinary people undertake extraordinary deeds, we will be there to tell their stories. Though we have a generalist mandate (naturally), I will be spending much of my time on crypto, fintech, and emerging markets – and the places those three worlds collide.

Generalist Capital is backed by some of the great investors and entrepreneurs of our generation. Limited partners include Marc Andreessen, Chris Dixon, Kyle Samani, Tushar Jain, Fred Ehrsam, Matt Huang, Digital Currency Group, and the founders of exceptional global businesses and projects like Nubank, Polygon, Gojek, Rappi, Public, LayerZero, Decentraland, Chipper Cash, and others.
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Though the fund is oversubscribed from its $10 million target, I am opening up a few spots to readers and supporters. Members of The Generalist community will receive preference, time-stamped as of yesterday. (If you want to be a part of future funds and potential syndicates, I encourage you to jump aboard.) I will also prioritize LPs that add to the diversity of our investor base. Finally, only accredited investors are eligible, and all prospective LPs should know that investing in venture capital funds is inherently risky and illiquid.

​Follow this link to apply to join Generalist Capital.​

In today’s piece, I’ll discuss Generalist Capital’s origins, why I’m so excited, and where we’re headed. We'll cover:

• A venture journey. Generalist Capital has grown out of an increasing obsession with different venture models and the energy of working with exceptional founders.
• The power of narrative. Stories are a form of magic. They have the ability to align capital and talent around common goals. Generalist Capital is built to manifest this magic.
• A concentrated approach. We plan to invest in approximately 20 companies. This smaller portfolio size allows us to work with founders more closely and have a better chance of driving outsized returns.
• Our LP coalition. We have built an investor base with particular strength in our focus areas. The group we’ve assembled includes some of the exceptional founders and investors we’ve covered in this publication.
• Building a network. Over the past eighteen months, we have attracted a curated community of impressive founders, operators, and investors. One of my goals is to build bridges between Generalist Capital and this group, creating benefits for both.

Let’s get started.

IN A MEME
​​​​​For the pictorially inclined, here's the whole piece — all 2,900 words of it — in a single meme.

PUZZLER
​​​All guesses are welcome and clues are given to anyone that would like one. Just respond to this email for a hint.

Neil A was first to see clearly, correctly spying the ocular answer. He was joined by Jim W, Tamar L, Chelsea H, Paul W, Ankit J, Arthur R, Jeff S, Kaitlyn R, David P, Jon H, Ian B, and Terrence F. All identified the apposite response to this puzzler:

The answer? A pair of glasses. Nifty stuff and well played to all.
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One final note: earlier this week, The Generalist officially surpassed 60,000 subscribers! That’s a number that seemed unfathomable when we first started less than two years ago. I am so grateful to you all and cannot wait for the exciting learning, thinking, and playing we all have to come. Thank you so much for being here.
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​Until next time,
Mario