👋🏾 Hi friends!

A day late, but hopefully not a dollar short.

Apologies for the late send folks, I’ve been locked down for the last few days in some seemingly endless meetings (I love it really).

It was during one of these meetings I got the devestating news of Steve O’Hear’s passing. It took me a while to process this as I had only started building a relationship with Steve but I could tell it would likely be one of those ones that would be incredibly meaningful.

You can read more about Steve’s life and legacy here and watch my interview with him from just a few months ago below.

R.I.P.

As you know, I’m well underway writing about all the things I’ve learned from the last couple of decades as founder, CFO and CEO, so sign up for early access to Off Balance - The Book and feel free to share with anyone else you think might enjoy it 😄. I’m setting myself the target of getting through a large portion of it whilst I’m away in Italy during August - wish me luck!

Now let’s get down to business…

𝗖𝗮𝗻 𝘆𝗼𝘂 𝗺𝗲𝗮𝘀𝘂𝗿𝗲 𝗺𝗶𝗻𝗱𝘀𝗲𝘁?

In the latest episode of Nothing Ventured, I spoke to Manish Karani, founder of Yareta, a science-backed AI tool that analyzes personal traits, values, and past experiences to forecast future success for corporations and investors.

Prior to founding Yareta, Manish spent 5 years at Coutts, working across Switzerland and Singapore. He then launched a Multi-Family Office Investment vehicle, managing investments for 28 ultra-high-net-worth families, deploying £15 million across Real Estate and Venture Capital. With over 30 investments, he achieved a 23% IRR in VC and 14% IRR in Real Estate. In 2023, Manish launched a £30 million fund focused on the plant-based sector with Sentient Ventures VC, an early-stage VC fund, but ultimately decided to return the funds to the LPs.

We talked about:

𝗧𝗵𝗲 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗛𝗮𝗿𝗱𝘀𝗵𝗶𝗽 𝗼𝗻 𝗘𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝗶𝗮𝗹 𝗦𝘂𝗰𝗰𝗲𝘀𝘀

Manish shared his insights on the concept of HAIL — Hardship, Alienation, Illness, and Loss—and how these experiences can shape resilient entrepreneurs. He noted that it's not the event itself that matters, but rather the individual's process of overcoming it. This perspective challenges traditional views on what makes a successful founder and highlights the importance of resilience and mindset in navigating the entrepreneurial journey.

𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻 𝘁𝗼 𝗥𝗲𝘁𝘂𝗿𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹

We discussed the significant shifts in the market, particularly following Liz Truss's announcement, which had a profound impact on the consumer tech space. Manish candidly explained his decision to return capital to LPs after realising that the current environment was not conducive to achieving the fund's goals. This decision reflects a broader trend among emerging managers who must weigh the viability of their funds against market realities. It's a reminder that sometimes, stepping back is the most strategic move.

𝗔𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗶𝘁𝘆 𝗶𝗻 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿-𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗥𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽𝘀

One of the most compelling parts of our discussion was the importance of authenticity in the relationships between investors and founders. Manish highlighted that true connections are built on honesty and vulnerability, which can often be lacking in the fast-paced world of venture capital. By fostering genuine relationships, both parties can better understand each other's motivations and align their goals for mutual success.

We also spoke about:

🔥 How crucible events change your perspective and change your life.

💔 Have non UK LPs fallen out of love with the UK?

😓 Investing in Hardship, Alienation, Illness and Loss.

📏 It’s not the event that you’re measuring, it’s the individual’s process for managing that event - and that can be measured.

🚀 Quantifying entrepreneurship potential.

🤨 The 27 Traits of Entrepreneurs.

Check it out on YouTube!

Else listen on Spotify or Apple

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As always, my office hours are open, if you’d like to chat about anything finance, tech or venture releated, just grab some time 😊.

I hope you found Off Balance #53 valuable. As always, I’d love to get your feedback and understand the sort of topics you would love to hear about.

Just hit reply to this mail or drop me a line at [email protected] and let me know 😊

🚀And that’s a wrap for this edition of Off Balance - I’d appreciate your feedback so just reply to this email if you’ve got something you’d like to say.

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That’s it from me so until next time…

Stay liquid :)

Aarish