Limited Partner and direct invest Guy Perelmuter (Grids Capital) on deep tech, bull and bear views on the market, and adding value as an LP

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week, we have friend-of-the-pod Guy Perelmuter, founder of GRIDS Capital, a firm based in Sao Paulo, Brazil that invests in deep tech focused venture funds and startups.  GRIDS, whose tagline is “Science is our Business. Business is our Science” has invested in funds such as Lux Capital and Root Ventures as well as directs into Desktop Metal, Recursion Pharmaceuticals, Instrumental, Matterport, Esper, and Momentus Space.About Guy Perelmuter:Guy began his career in Banking as Chief Risk Officer at Banco Pactual (acquired by UBS), one of the largest banks in Latin America. He went to Vinci Partners, an investing platform for alternative investments in 2009 as Chief Risk Officer. He and his partner, Isabelle, Co-Founded GRIDS Capital in 2016.Guy made a memorable appearance on Venture Unlocked with the LP round table discussion and he is the author of the acclaimed book "Present Future: Business, Science and the Deep Tech Revolution.” Guy got a BS in Computer Engineering and an MS in AI from Pontifícia Universidade Católica do Rio de Janeiro.A word from our sponsor:Why does signing up for Robinhood take 2 minutes but investing in private funds takes hours? Meet Passthrough. The subscription document process is a nightmare. Investors receive 100-200 question questionnaires, answer the wrong questions, miss ones they're supposed to answer, and spend hours on revisions.How can you effectively manage your raise when you don't know where your investors stand?Passthrough takes any subscription document and builds a custom workflow so that your investors only see the questions that matter to them, shrinking the time to completion to minutes instead of hours. 80% of investors don't even require revisions. Plus, you can see where your investors are and coordinate them, your law firm, and fund admin to close capital quicker.At Allocate, we have used Passthrough for our various funds, which has significantly increased the efficiency of our closings while providing our investors with a delightful user experience.Go to passthrough.com/samir to learn more about how to simplify fund closing.In this episode we discuss:02:25 Guy’s path into investing in Deep Tech08:39 What is Deep Tech and why other investors have historically avoided investing in it12:12 Risk mitigation strategies Guy uses to help decide to invest into early Deep Tech startups17:53 What makes a fund manager a good Deep Tech investor?20:30 How GRIDS thinks about competitive moats and winning deals24:46 What’s more important in a fund manager, track record or technical chops?30:00 How Guy is focusing on growing as an LP and how he adds value to his GPs36:56 Why today’s market is “extraordinary” and his case for both a bull and bear view44:10 How new investors in the venture capital market can mitigate risk and capture upside in today’s market50:37 The best career advice he’s ever receivedI’d love to know what you took away from this conversation with Guy. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided byAgent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com