Interview, Fireside Chat
Rob Go: The Ultimate Guide to Raising a Venture Fund | E1029
- NextView targets a 2028 sixth fund launch to operate as a seed-focused firm blending partner stability with founder support, aiming to sustain 30 core investments annually with ideal check sizes of $1–3 million.
- The firm projects reserving approximately 50% of fund capital for follow-on investments to support portfolio companies through Series A, while maintaining a "lines not dots" strategy of quarterly personal updates to LPs and raising with existing partners 18 to 24 months before a target first close.
- NextView anticipates that multi-stage funds will shift toward later rounds, increasing seed funding difficulties, while pre-seed pricing remains low for unproven founders despite high seed valuations, creating opportunities in non-AI focused or lesser-known founder companies.
- The firm plans a "barbell" structure where the seed fund exits at Series A and an opportunity fund enters at Series B or C, with LP capital allocation targeted at a 2:1 ratio from seed to opportunity funds.
- NextView expects Q1 and late Q4 to be optimal fundraising windows due to endowment allocation cycles and spare stipends, while Q3 is projected as the least favorable period.
- The firm intends to deploy a "no reserves" model to secure upfront ownership and will rank portfolio companies quarterly for follow-on decisions, insulating capital allocation from external pressure or specific financing timelines.
- NextView plans to invest in "AI native" enterprise software companies with strong metrics that avoid pretenses of AI integration, targeting "non-consensus" investments as the market corrects.
- The firm anticipates that future fundraising will depend on empowered "individual champions" within LP organizations rather than institutional brand stability, noting that endowments and foundations may be less reliable during market downturns.
- NextView intends to avoid equity or carry concessions for anchor LPs to prevent governance precedents, utilizing an intentionally incomplete preliminary data room to filter serious investors before sharing full details.
- The partnership maintains equal carry, salary, ownership, and governance among three partners to ensure long-term alignment, with a first close strategy based on friends and trust-based investors rather than a single large anchor.
- The firm views "one size fits all" venture rules as outdated, planning to offer unique investment products and vectors, and expects LPs to prefer funds prioritizing the seed identity over the opportunity fund.
- Investors who pass on the current fund may return in future cycles if relationships are maintained through consistent communication, and the firm expects to close the minimum viable first close using a bottom-up approach.