Why an LP of GPs is Uniquely Valuable | Lisa Cawley | Superclusters | S3E5

Lisa Cawley of Screendoor breaks down why being an LP of GPs offers unique strategic value. From backing emerging VC managers to embedding experienced GP advisors into the investment process, this episode explores how firm-building and fund selection intersect.
Why an LP of GPs is Uniquely Valuable | Lisa Cawley | Superclusters | S3E5
In this enlightening episode of Superclusters, David Zhou interviews Lisa Cawley, Managing Director at Screendoor—an innovative LP platform that backs emerging venture capital managers. 

Why an LP of GPs is Uniquely Valuable explores how Screendoor is redefining the limited partner–general partner dynamic by partnering with emerging managers and seasoned GPs (“GP advisors”) to build high-conviction venture platforms.

1. The LP-of-GPs model
Lisa explains that Screendoor invests in “firm‑builders by firm‑builders”: a team of seasoned allocators collaborates closely with experienced GPs to back first‑time and early‑stage funds. This structure embeds practical industry insight into all investment decisions  .

2. Cultural cornerstone: a mindset of “yes”
The team fosters a “culture of yes”—prioritizing openness, ingenuity, and breaking free from conventional templates. They actively explore unconventional, high‑potential opportunities instead of confining themselves to standard fund archetypes  .

3. Rigorous GP selection
Screendoor screens GPs rigorously across both quantitative and qualitative dimensions:

  • They assess data-backed indicators of market inflection and opportunity.
  • They probe personal narratives, resilience, leadership, and integrity.
  • Multiple touchpoints—including in-person meetings and network introductions—enable deeper engagement with prospective managers  .

4. Dual-track diligence
Their diligence process is uniquely layered: LP professionals contribute structured analysis, while GP advisors add real-world, cycle-tested perspective. This combination uncovers both hard data and soft factors that determine fund‑building success  .

5. Firm‑building vs fund‑raising
Lisa highlights the distinction between raising a fund and actually building a firm. Screendoor supports early-stage teams through firm‑level infrastructure—operations, compliance, team dynamics—to ensure sustainable growth beyond the first fund  .

6. Ecosystem benefits
Managers benefit from Screendoor’s structure and community: ongoing dialogue with GP advisors, candid feedback during due diligence, and support scaling their operations. For allocators, Screendoor offers a turnkey entry point to the high‑alpha world of emerging managers  .

7. Foundational values
Throughout, Lisa underscores values of generosity, emotional EQ, intellectual rigor, and partnership. Screendoor aims to build enduring firms—not just raise capital—and hopes their LPs will remain involved in follow‑on rounds as managers mature ().

🔗 Watch the full episode: https://www.youtube.com/watch?v=u_cyw1XIJqc
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Screendoor
Screendoor
USA, United States
Screendoor is a venture capital fund of funds platform for the next generation of venture capital firms. Uniquely founded by accomplished GPs alongside institutional LPs with over a decade of experience, we invest anchor LP capital in new fund managers and provide them with curated mentorship from our iconic GP Advisors. Since inception, Screendoor has evaluated over 90% of new funds launched, giving the firm unmatched visibility into the early-stage VC landscape. Screendoor is both a signal and a partner, helping new GPs get in business and scale smarter to become an enduring firm. For LPs, Screendoor offers investors differentiated exposure, early visibility into rising firms and the notoriously opaque VC ecosystem, and a refined pipeline of transparent, direct relationships. We serve as an extension of LP teams to identify and access alpha before it becomes consensus so that institutions can build stronger, more effective venture portfolios with greater precision and purpose. Backed by long-term, patient capital, Screendoor is reshaping how the next generation of VCs get their start—and how great firms are built.
private equityfund of funds

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