00:14:34 · Sebastian Johnson, Carlos Trenchs Sainz de la Maza
[00:14:34] S0: So [00:14:34] S1: I think that if our strategy is to to to have, no, continue having this collaborative approach, not to participate in this in this good companies, You need to have a fund size, no, that that that fits with with this strategy. And the second thing is, if you have a fund size, of this order, your fundraising process is, I will say, faster, than if you want to raise a figure fund. And second, our model also is similar to an angel ticket. As we invest in proceeds and we take, let's say, 1% ownership of a of a company, and we don't have enough money, not to do a lot of follow ons, we are able, not that, probably put a little bit more of money at seed stage, but not in series a. If we are doing this, when the company is growing so fast, no, probably in Series A plus or Series B, I can raise my hand no, and try to liquidate part of my owners, no, to sell through secondaries. So it's similar this strategy than a Business Angel, than a traditional venture capital that needs to be until the company is sold, no, or until the company is. So I think that having this this model also helps to have DPI's, no, earlier than traditional funds. So for me, it's it's the sum of these three things is merging this in this in this strategy.
00:16:02 · Sebastian Johnson
[00:16:02] S0: And you spent a lot of your career out there kind of judging or allocating capital to emerging managers. How much did that influence the strategy on the other side? Right now, you've got this fund. You spent a lot of time allocating capital to emerging managers. The strategy that you've spoken about, how much did that come from being sort of like an LP looking at it the other side and yeah, thinking what would be compelling from from that perspective.
00:16:28 · Carlos Trenchs Sainz de la Maza
[00:16:28] S1: Yeah, totally. So I had I was lucky, you know, to to map around 400 presidency funds in in Europe, know, and to talk with so smart people, you know, building building different funds. And we finally choose, no, with our first fund, 23 managers and with the second, we probably choose 20 more or less. So we realise different things. Try to back people that have a certain characteristics, no? And these were the winners, no, of the of the of our portfolio, no? And we try to replicate this, no? And for me, the winner is if you are able, no, to have, proprietary deal flow. So you you you need to have something, no, that makes you unique. No? There is people that are creating funds and they have, I would say, content related thing, no, and and it's well known and they have access. No? Or they are really, really specialists in certain technology or thing that people realise that, okay, I want to have him or her because he is or she is a specialist. Especially in proceed, you need to differentiate yourself. No? And and you need to build where you are unique and you are the best doing that. So we realize that we are generalists. We don't have a large pocket. No? But where we can be the best is the best investor, in in in South Europe in Brazil. And try to connect them. So try to be focused on that. And and I think that by doing this, if everyone, every year, no, there is a two, three unicorns that are emerging from this ecosystem, no? And Masia is there, you are doing a great job, no? Because you are realizing that.
00:18:11 · Sebastian Johnson, Carlos Trenchs Sainz de la Maza
[00:18:11] S0: Amazing. Well, let's finish it, Bazan. That's an amazing note to end on. But a massive congratulations to you and the team. I'm very, very happy for you, and I cannot wait to come to Barcelona and check out the new space. [00:18:22] S1: Fantastic. And also, my partner Pepe, you know, and and and me, and we are building a team and all the the ecosystem. We also are really great followers of of you and and and the way that you are expanding the voice, no, and and try to create a unique European, no, momentum. So, very happy to to join. And also, if you are building something in London in this space, we will also... We'll help you. [00:18:48] S0: Okay. Definitely. Thank you very much. Thank you very much. Cheers, Carlos.