Snapshot · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
In recent Founder Collective funds, the GP (David Frankel and partners) are the single largest LP — more than any external investor — ensuring deep alignment with entrepreneurs.
Where this was said
At 25:12 · chapter starts 25:06
With Benchmark, A16Z, and even the most disciplined growth funds raising billions, Harry asks directly: is Founder Collective really not tempted? Frankel admits the tension is real and recurring. But the answer always comes back to the same fact: the GP is the largest LP. No external investor has more skin in the game than the partners themselves. When you're aligned that way, the calculus on fund size becomes entirely about return multiples, not management fees. Frankel also notes that the firm has been deeply disciplined about DPI — how much real cash comes back to investors — and that growing the fund size makes that discipline structurally harder. He also reflects honestly on what they've left on the table: had they followed on in Uber, Coupang, or Suno at Series A, the absolute dollar returns would be higher, though he doubts the fund multiple would be better.
Pro rata rights sound like a founder-friendly perk, but Frankel calls it 'the original sin.' It's a call option against the entrepreneur — not for them. Founder Collective has always had to work to earn the right to put in more money, and they've never led a follow-on round in their entire history.
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