Podcast Summary: How I Invest with David Weisburd
Episode E159: How a 24-Year-Old VC Landed Cendana Capital as a Limited Partner w/ Paige Doherty
Release Date: April 29, 2025

Introduction

In Episode 159 of How I Invest with David Weisburd, host David Weisburd delves into the inspiring journey of Paige Doherty, the founding partner of Behind Genius—a prominent pre-seed and seed venture firm. At just 25 years old, Paige has successfully attracted high-profile limited partners (LPs) like Sandana Capital. This episode explores her strategies, investment philosophies, and the unique approaches that set her apart in the competitive venture capital landscape.

Guest Background and Early Success

David Sachs [00:55]: "You're extremely passionate about venture capital, specifically not about investing, but VC specifically."

Paige Doherty introduces herself as a Gen Z investor and author who established Behind Genius. By the age of 22, she had raised her first fund, followed by a second at 25, securing notable LPs such as Sandana Capital and David Sachs. Her early success is attributed to a blend of strong branding, exceptional perseverance, and disciplined execution.

Key Strategies for Attracting Top LPs

Paige Doherty [00:07]: "Three things that really differentiate Behind Genius and myself as a GP."

Paige outlines the three pillars that enabled her firm to attract top-tier LPs:

1. Strong Branding Capability:

   • [00:10]: Paige emphasizes her commitment to educating the next generation of venture investors. She authored a children’s book on venture capital and launched Seed to Harvest, a widely shared venture podcast. Her focus on video-first storytelling has been pivotal in building a compelling brand identity.

2. Exceptional Grit in Fundraising:

   • [00:20]: Raising a $5 million first fund required reaching out to approximately 1,700 investors, ultimately securing commitments from 120 LPs. This relentless effort showcased her determination and resilience.

3. Disciplined Execution:

   • [00:35]: With an engineering background, Paige applies a first-principles approach to investing. She collaborates with experts like Eric Wu to construct a balanced portfolio, focusing on high-conviction investments without getting bogged down by check sizing.

Investment Philosophy and Portfolio Construction

Paige elaborates on her investment methodology, emphasizing a structured and disciplined approach to portfolio construction. By maintaining a balance of 25 to 30 similarly sized bets, she ensures that each investment is made with binary conviction in the company's potential. This strategy mitigates risk while allowing for substantial upside from high-potential startups.

Paige Doherty [03:45]: "We strive to invest early with high conviction."

Her collaboration with Sandana Capital was instrumental, as she leveraged strong references and networking to eventually anchor her second fund. The integration of experienced backers lent credibility to her venture firm, facilitating further growth and trust within the investment community.

Raising Funds and the Role of Branding

David Sachs [04:18]: "Nearly every venture firm would love to have Sandana on their cap table. What do you think got Sandana Capital to ultimately make the decision to invest?"

Paige attributes the successful fundraising efforts to creating "narrative gravity" through genuine connections and strategic events. Hosting a 40-person event on short notice showcased her ability to foster a strong community and demonstrate the value Behind Genius brings beyond mere capital—highlighting content and community as foundational pillars.

Paige Doherty [05:25]: "Building an enduring venture firm brand is about content and community because then we're not the only ones telling our story."

This emphasis on storytelling and community building not only attracts LPs but also enhances the firm's visibility among potential portfolio companies and co-investors.

Leveraging Media and Branding for Growth

Paige discusses the critical role of media in scaling her presence and attracting quality deal flow. By adopting a "build in public" mentality, she shares insights, successes, and lessons learned openly, pre-selling potential investors and partners on her firm’s capabilities and values.

Paige Doherty [06:11]: "Leveraging media allows you to scale your presence as a GP and increase the quantity and quality of opportunities coming inbound."

Her content strategy is tailored towards emerging managers and other GPs, fostering a collaborative and supportive network that connects LPs, portfolio founders, and the broader venture community.

Investment Thesis and AI Focus

A significant portion of the discussion revolves around Behind Genius’s investment thesis, particularly their focus on technical storytellers and applying AI to traditionally overlooked industries.

Paige Doherty [20:20]: "We see private infrastructure, particularly AI-driven solutions in antiquated industries, as a major growth area."

Her firm invests in companies like Humda AI and Miniva, which leverage AI to revolutionize areas such as climate defense, agriculture, and manufacturing. By identifying foundational technologies and AI agents, Behind Genius positions itself at the forefront of transformative innovations.

Evolving Sourcing Strategies

Paige highlights the evolution of her sourcing strategies from outbound efforts to a more network-driven approach. Initially, she scoured platforms like TikTok for viral startups, later transitioning to building deep relationships with co-investors and leveraging community-driven sourcing.

Paige Doherty [23:16]: "Our opportunities now come from great co-investors we've built deep relationships with, alongside continued outbound sourcing."

This hybrid approach ensures a steady pipeline of high-quality deals while maintaining strong industry connections.

Building a Brand on Twitter

The conversation delves into effective strategies for venture capitalists to build their brand on Twitter, a platform Paige actively utilizes.

Paige Doherty [26:29]: "Find accounts you enjoy, mimic successful formats, and adapt them to your voice."

She advises new VCs to engage authentically, blend substance with humor, and understand that virality is unpredictable but attainable with consistent effort. Her own experience of occasionally viral tweets illustrates the "power law" distribution of success on social media, where a few posts achieve significant reach while most garner modest engagement.

Paige Doherty [28:17]: "Being a great tweeter is similar to venture investing—continue to invest with a long-term perspective and occasionally, one of those investments will go exceptionally well."

Value Add to Portfolio Companies

Despite not having extensive startup experience, Paige emphasizes her ability to add value through community building, capital introductions, and creative support.

Paige Doherty [17:42]: "We built an incredible community of co-investors and LPs who love to angel invest in our companies."

She shares success stories where her introductions have led to substantial funding for portfolio companies. Additionally, her expertise in storytelling and branding helps founders articulate their visions effectively, further enhancing their fundraising capabilities.

Managing LP Relations and Institutional Practices

Paige underscores the importance of professionalizing back-office operations early on to build credibility with LPs.

Paige Doherty [30:26]: "Invest in your back office, tax team, and legal team to operate at an institutional level."

By partnering with reputable service providers like Carta and RSM, Behind Genius ensures efficient fund management and transparent reporting. Regular monthly newsletters and detailed investment memos keep LPs informed and engaged, fostering trust and long-term relationships.

Paige Doherty [32:31]: "Sending a monthly newsletter has been a forcing function to maintain high operational standards and keep LPs updated."

Advice for Aspiring Female GPs

Addressing the gender disparity in venture capital, Paige offers actionable advice for women aspiring to become general partners (GPs).

Paige Doherty [13:55]: "The proliferation of microfunds and solo GP funds is the fastest way to gain more diverse seats at the table."

She encourages women to share their journeys openly and leverage cold emailing as an effective outreach strategy. Paige highlights the success of women who have secured responses through persistent and genuine outreach efforts.

Future Plans and Closing Remarks

Looking ahead, Behind Genius plans to amplify its visual storytelling efforts across multiple platforms, recognizing video as the "default language for modern work."

Paige Doherty [34:27]: "We're doubling down on our visual storytelling with high-production YouTube content and podcasts."

This strategic shift aims to enhance the firm's brand presence and engage a broader audience, ensuring continued growth and visibility in the venture capital ecosystem.

Conclusion

Paige Doherty's journey showcases the impact of strategic branding, disciplined execution, and community building in venture capital. Her innovative approaches to fundraising, media utilization, and LP relations offer valuable insights for emerging investors. By fostering a supportive network and maintaining a strong investment thesis, Paige has established Behind Genius as a formidable player in the venture capital landscape, inspiring the next generation of venture investors.

Notable Quotes:

• Paige Doherty [00:07]: "We have a strong branding capability... exceptional grit for our first fund... disciplined execution."
• Paige Doherty [06:11]: "Leveraging media allows you to scale your presence as a GP and increase the quantity and quality of opportunities coming inbound."
• Paige Doherty [28:17]: "Being a great tweeter is similar to venture investing—continue to invest with a long-term perspective and occasionally, one of those investments will go exceptionally well."
• Paige Doherty [34:27]: "We're doubling down on our visual storytelling with high-production YouTube content and podcasts."

This episode serves as a comprehensive guide for aspiring venture capitalists, illustrating how innovative branding, strategic networking, and a disciplined investment approach can lead to remarkable success in the venture capital industry.