Seeding Next-Gen Venture Managers with Main Character Capital

Join us for an insightful episode of the Dakota Live! Podcast featuring Andrea Lo, Founding and Managing Partner at Main Character Capital. Andrea shares her unique journey across venture capital, fund operations, and blockchain innovation—and how those experiences led her to launch a GP seeding strategy focused on backing the next generation of bold, high-conviction fund managers.

In this episode, Andrea breaks down the art and science of sourcing emerging GPs, conducting institutional due diligence, and designing bespoke GP staking deals with long-term alignment in mind. She also shares how she identifies "main character" managers, what makes a differentiated fund strategy, and how LPs can access uncrowded opportunities in venture, private equity, and digital assets.

Topics Covered:

✅ The evolution of GP staking and how it applies to venture
✅ Sourcing and underwriting next-gen managers
✅ Structuring incentive-aligned partnerships between LPs and GPs
✅ Why authenticity, adaptability, and strategic storytelling matter

Whether you’re a current allocator, emerging manager, or student of the industry, Andrea’s perspective offers a masterclass in identifying and cultivating long-term investment franchises.

Andrea Lo:   / andreatlo  
Robert Morier:   / robertlmorier  

Our Website:
https://dakota.com

Guest Website:
https://www.maincharactercapital.com/

🎙️ Listen to the Podcast:
Spotify:
https://open.spotify.com/show/3NUXRMz...
Apple Podcast:
https://podcasts.apple.com/us/podcast...

Chapter Markers:
00:00 Intro
01:56 Andrea Lo intro
04:17 GP Staking versus Fund to Funds
06:15 Career path
11:14 Desirable traits of partners
13:25 Sourcing partners
20:29 High-yielding questions for partners
27:30 Crowded markets
30:27 First 90 days after an investment
37:06 Portfolio construction
41:55 Global opportunities
45:47 AI defense
49:41 AI outpacing its infrastructure
54:59 Key experiences
01:01:28 Where the strategy fits in an allocation model


Main Character Capital is a private investment firm. This podcast is intended solely for informational purposes and should not be construed as investment advice or an offer to sell, or a solicitation of an offer to buy, any securities or investment products. All opinions expressed are current as of the date of recording and are subject to change without notice. Certain information has been obtained from third-party sources believed to be reliable, but Main Character Capital makes no representations as to its accuracy or completeness. All investments involve risk, including the potential loss of principal, and there is no guarantee that past performance will be indicative of future results.