1 00:00:00,120 --> 00:00:00,920 Speaker 1: Earners. What's up? 2 00:00:01,320 --> 00:00:03,880 Speaker 2: You ever wonder what's around the next corner? What happens 3 00:00:03,920 --> 00:00:07,160 Speaker 2: if you push just a little further. With Nissan SUVs, 4 00:00:07,200 --> 00:00:10,959 Speaker 2: you're equipped to take your adventure to unimagined levels. Imagine 5 00:00:11,000 --> 00:00:15,000 Speaker 2: the possibilities with a Nissan Rogue, Nissan Pathlinder, or Nissan Armada. 6 00:00:15,520 --> 00:00:18,920 Speaker 2: Go ahead, find your next big adventure, and while you're 7 00:00:18,960 --> 00:00:22,560 Speaker 2: out there exploring the unknown, the class exclusive Google built 8 00:00:22,600 --> 00:00:25,680 Speaker 2: in becomes your ultimate copilot. No need to funnel with 9 00:00:25,720 --> 00:00:28,960 Speaker 2: your phone. With Google Assistant, Google Maps, and a Google 10 00:00:29,000 --> 00:00:32,040 Speaker 2: play Store integrated into the twelve point three inch HD 11 00:00:32,200 --> 00:00:35,479 Speaker 2: touchscreen infotainment system of the twenty twenty four Nissan Rogue, 12 00:00:35,720 --> 00:00:40,599 Speaker 2: your journey becomes seamless. Ask for directions, stream your adventure playlist, 13 00:00:40,920 --> 00:00:44,199 Speaker 2: or send messages hands free, all while keeping your focus 14 00:00:44,240 --> 00:00:45,440 Speaker 2: on the adventure ahead. 15 00:00:46,120 --> 00:00:47,480 Speaker 1: This just isn't any drive. 16 00:00:47,800 --> 00:00:50,560 Speaker 2: It's a journey powered by innovation, where the road less 17 00:00:50,600 --> 00:00:55,080 Speaker 2: travel isn't just seeing its experience. The twenty twenty four 18 00:00:55,160 --> 00:00:59,960 Speaker 2: Nissan Line aren't just SUVs. They're your gateway to adventure equipment, 19 00:01:00,080 --> 00:01:02,440 Speaker 2: but the tools you need to explore every corner of 20 00:01:02,480 --> 00:01:06,160 Speaker 2: the world around you. Nissan dare to do with others, 21 00:01:06,240 --> 00:01:10,199 Speaker 2: don't visit your local Nissan dealer or NISSANUSA dot com 22 00:01:10,240 --> 00:01:12,640 Speaker 2: to find out more and take the first step into 23 00:01:12,680 --> 00:01:13,640 Speaker 2: your next adventure. 24 00:01:13,720 --> 00:01:16,920 Speaker 3: Today, you say you raised thirty million, what's the processes 25 00:01:16,920 --> 00:01:19,040 Speaker 3: of raising money? Like, how do you who is in 26 00:01:19,080 --> 00:01:22,080 Speaker 3: your circle of investors? And how do you network and 27 00:01:22,240 --> 00:01:24,640 Speaker 3: promote your fund to actually get money into it. 28 00:01:24,959 --> 00:01:31,440 Speaker 4: Yeah, so it started out with that woman who it 29 00:01:31,440 --> 00:01:34,720 Speaker 4: started out with that woman who didn't have a lot 30 00:01:34,760 --> 00:01:38,839 Speaker 4: of network and so was she worked at a big 31 00:01:38,880 --> 00:01:41,319 Speaker 4: company and then she had some money from that, so 32 00:01:41,319 --> 00:01:43,840 Speaker 4: she put in like an angel investor. But then she introduced 33 00:01:43,880 --> 00:01:45,640 Speaker 4: me to her friend who happened to just be in 34 00:01:45,640 --> 00:01:48,080 Speaker 4: a network. That friend happened to be like a tech 35 00:01:48,080 --> 00:01:53,240 Speaker 4: person from Facebook who knew a man named Lars Resmussen 36 00:01:53,320 --> 00:01:57,640 Speaker 4: who co founded with his brother Google Maps. So that 37 00:01:57,720 --> 00:02:02,160 Speaker 4: third investor in twenty fifteen or the twenty sixteen that 38 00:02:02,600 --> 00:02:05,520 Speaker 4: and he's a very early investor in Canva. So he's 39 00:02:05,600 --> 00:02:09,480 Speaker 4: just very very successful and he sees things early. But 40 00:02:09,720 --> 00:02:13,200 Speaker 4: that was kind of like the first like like that 41 00:02:13,280 --> 00:02:15,000 Speaker 4: I could see, Oh, I'm going to be talking to 42 00:02:15,040 --> 00:02:18,520 Speaker 4: people who have a lot of money and you know, 43 00:02:18,880 --> 00:02:23,480 Speaker 4: connection here, so I just spent you know, every day, 44 00:02:23,639 --> 00:02:26,760 Speaker 4: every waking hour, reaching out to people, working with people. 45 00:02:26,840 --> 00:02:31,679 Speaker 4: Then like maybe mid twenty sixteen, Stuart Butterfield reached out 46 00:02:31,960 --> 00:02:33,840 Speaker 4: the founder of Slack. He just saw what I was 47 00:02:33,880 --> 00:02:36,600 Speaker 4: doing and he wanted to be part of it. I 48 00:02:36,680 --> 00:02:39,680 Speaker 4: reached out to Mark and Dreson because he he said 49 00:02:39,720 --> 00:02:42,400 Speaker 4: that something I wrote was interesting, and I use that 50 00:02:42,440 --> 00:02:44,359 Speaker 4: as an opportunity to ask him to invest and he 51 00:02:44,440 --> 00:02:46,560 Speaker 4: ended up investing in three of my funds, like the 52 00:02:46,600 --> 00:02:50,520 Speaker 4: smaller funds, which was has been really cool. He has 53 00:02:50,560 --> 00:02:53,320 Speaker 4: also blocked me on Twitter, so that tells you my life. Like, 54 00:02:54,880 --> 00:02:57,000 Speaker 4: I have no idea to ask him. I don't know 55 00:02:57,040 --> 00:03:01,120 Speaker 4: I should ask what Chris? I should ask Chris any? Yeah, 56 00:03:01,160 --> 00:03:03,359 Speaker 4: you should ask Chris. I know y'all are friendly with him, 57 00:03:03,680 --> 00:03:06,519 Speaker 4: but Marcus he blocks everybody. He blocks everybody. But I 58 00:03:06,600 --> 00:03:09,000 Speaker 4: must have said something one day that upset him, because 59 00:03:09,000 --> 00:03:11,560 Speaker 4: I will call like, I will call people out, like 60 00:03:11,600 --> 00:03:14,600 Speaker 4: I call out Peter Till, I'll call out people who 61 00:03:14,680 --> 00:03:17,280 Speaker 4: are like friendly. I'll call out and reason I've called 62 00:03:17,360 --> 00:03:19,040 Speaker 4: them out before. I've had conversations with. 63 00:03:19,000 --> 00:03:20,720 Speaker 1: Chris about what did you call them all for? 64 00:03:21,280 --> 00:03:25,200 Speaker 4: And when George Floyd was murdered and Dreason Horowitz, which 65 00:03:25,200 --> 00:03:28,639 Speaker 4: is a multi billion dollar fund, announced their cultural. 66 00:03:28,160 --> 00:03:29,400 Speaker 3: Fund Culture Leadership. 67 00:03:29,720 --> 00:03:32,720 Speaker 4: Yeah, and then they also, I mean they also announced 68 00:03:32,760 --> 00:03:36,680 Speaker 4: this like one or two million dollar fund, and I 69 00:03:36,880 --> 00:03:38,520 Speaker 4: just it hurts me to say that word because it's 70 00:03:38,560 --> 00:03:42,160 Speaker 4: not to me a fund that invests in black people. 71 00:03:43,840 --> 00:03:46,040 Speaker 4: I know what it's like to put together a million dollars, 72 00:03:46,160 --> 00:03:48,440 Speaker 4: So I'm not saying it's nothing. But when you have 73 00:03:48,640 --> 00:03:52,520 Speaker 4: multiple billions under management, and your response to a black 74 00:03:52,560 --> 00:03:56,119 Speaker 4: man being murdered on TV is to say, here's this 75 00:03:57,120 --> 00:04:01,600 Speaker 4: penny less than a penny, I was offended. As someone 76 00:04:01,600 --> 00:04:04,480 Speaker 4: who had invested at that point in maybe one hundred 77 00:04:04,480 --> 00:04:07,680 Speaker 4: and forty companies led by underrepresented founders. I still am 78 00:04:07,680 --> 00:04:10,560 Speaker 4: offended by it. And in fact, I mean I know 79 00:04:10,640 --> 00:04:12,400 Speaker 4: the people who are all part of it. It's not 80 00:04:12,440 --> 00:04:14,440 Speaker 4: like I'm over here just like mad at them and 81 00:04:14,520 --> 00:04:17,960 Speaker 4: yelling at them. I've talked to all of them. I 82 00:04:18,000 --> 00:04:20,359 Speaker 4: appreciate the work that Chris is doing. I appreciate the 83 00:04:20,360 --> 00:04:25,279 Speaker 4: work that Nate did. You black men in these organizations. 84 00:04:25,360 --> 00:04:28,960 Speaker 4: I just think that the organizations are it's really interesting 85 00:04:29,000 --> 00:04:31,200 Speaker 4: to me that they're run by white people, white men, 86 00:04:32,200 --> 00:04:35,440 Speaker 4: and they especially Ben Horwitz wants to be so close 87 00:04:35,480 --> 00:04:37,680 Speaker 4: to the culture. And if he's your friend, I'm not 88 00:04:37,680 --> 00:04:39,520 Speaker 4: trying to offend you, but he wants to be so 89 00:04:39,640 --> 00:04:43,240 Speaker 4: close to the culture. But tell me, besides, like two 90 00:04:43,240 --> 00:04:45,080 Speaker 4: founders that I can think of right now, how many 91 00:04:45,080 --> 00:04:46,760 Speaker 4: times do they put more than ten million dollars in 92 00:04:46,800 --> 00:04:50,120 Speaker 4: to a black founder's company when they are those two 93 00:04:50,560 --> 00:04:54,560 Speaker 4: invest in. It's their business, it's their money. But just 94 00:04:54,600 --> 00:04:57,480 Speaker 4: like it's their business to not do that, it's my 95 00:04:57,600 --> 00:05:01,640 Speaker 4: business to talk about it and to say wow to. 96 00:05:01,800 --> 00:05:06,039 Speaker 1: The overall goal for backstage capital, you said you raised 97 00:05:06,080 --> 00:05:09,560 Speaker 1: thirty million should be valued at one hundred million? Is 98 00:05:09,600 --> 00:05:11,800 Speaker 1: there a number? Should it? Are you looking to be 99 00:05:11,839 --> 00:05:14,080 Speaker 1: a billion dollar fund? Like? What is the goal? Right? 100 00:05:14,120 --> 00:05:17,279 Speaker 1: Because obviously as you have more capital you can deploy. Yeah, 101 00:05:17,400 --> 00:05:20,400 Speaker 1: it won't be a thousand new millionaires, It'll be yeah million. 102 00:05:20,600 --> 00:05:22,680 Speaker 4: Well, the thousand new millionaires comes from me teaching people 103 00:05:22,720 --> 00:05:25,120 Speaker 4: how to fish. That's straight up. It's not about how 104 00:05:25,160 --> 00:05:28,640 Speaker 4: many people can invest in. But I think I think 105 00:05:28,800 --> 00:05:32,400 Speaker 4: for everyone involved, our founders, for the LPs who've already 106 00:05:32,400 --> 00:05:35,880 Speaker 4: invested in, the ones who could invest based on the 107 00:05:35,920 --> 00:05:37,640 Speaker 4: deal flow that we have, the people we get to 108 00:05:37,680 --> 00:05:40,400 Speaker 4: see the access we have. I just told you I 109 00:05:40,480 --> 00:05:43,120 Speaker 4: invested in open Ai. Nobody else got to invest in 110 00:05:43,120 --> 00:05:49,000 Speaker 4: open Ai, you know, directly through them, right, unless you 111 00:05:49,040 --> 00:05:53,880 Speaker 4: had like one hundred million dollars fifty million dollars this year. Yeah, 112 00:05:54,000 --> 00:05:56,360 Speaker 4: just yeah, I mean, you know, obviously wish it was sooner. 113 00:05:56,400 --> 00:05:59,880 Speaker 4: But it's the thing though. It's like when Troy invested 114 00:05:59,880 --> 00:06:06,560 Speaker 4: in Uber and Lyft. But anyway, I think for everybody involved, 115 00:06:07,600 --> 00:06:10,719 Speaker 4: we should be at least the three hundred and fifty 116 00:06:11,120 --> 00:06:15,440 Speaker 4: five hundred million dollar fund under management within the next 117 00:06:16,120 --> 00:06:19,760 Speaker 4: five years. That's what we should be because we can 118 00:06:19,800 --> 00:06:23,200 Speaker 4: deploy it, We have the access, we have the skills 119 00:06:23,240 --> 00:06:26,240 Speaker 4: to deploy that you don't all. You don't always have 120 00:06:26,320 --> 00:06:29,640 Speaker 4: to have so much money, Like Robert Smith has billions 121 00:06:29,720 --> 00:06:33,880 Speaker 4: under management, your friend, right, because he's a private equity investor, 122 00:06:33,960 --> 00:06:36,240 Speaker 4: so he's making investments that are so much bigger than 123 00:06:36,279 --> 00:06:38,080 Speaker 4: the kind we're making. So we don't have to be 124 00:06:38,160 --> 00:06:42,160 Speaker 4: a billion dollar fund to be super successful. But I 125 00:06:42,200 --> 00:06:46,160 Speaker 4: think that a three hundred four hundred million dollar assets 126 00:06:46,240 --> 00:06:49,520 Speaker 4: under management is something that's exactly where we should be 127 00:06:49,560 --> 00:06:50,040 Speaker 4: in the pocket. 128 00:06:50,160 --> 00:06:52,239 Speaker 3: So what's should track record for your fund? 129 00:06:53,360 --> 00:06:55,920 Speaker 4: The track record is that we're about well, it's called 130 00:06:55,920 --> 00:06:59,600 Speaker 4: TVPI total value paid in. That means that for every 131 00:06:59,640 --> 00:07:02,359 Speaker 4: dollar that you've put in, what is that dollar worth 132 00:07:02,400 --> 00:07:06,039 Speaker 4: on paper? Essentially, So we're somewhere around one point four 133 00:07:06,120 --> 00:07:09,480 Speaker 4: one point five x hovering across two hundred companies, which 134 00:07:09,520 --> 00:07:13,440 Speaker 4: is pretty hard to track. But across that so we 135 00:07:13,480 --> 00:07:15,640 Speaker 4: haven't had any major exits. We have like three exits 136 00:07:15,680 --> 00:07:19,160 Speaker 4: that have been small or aqua hires. We invest at 137 00:07:19,200 --> 00:07:23,000 Speaker 4: the earliest stages, but if you look at the enterprise 138 00:07:23,080 --> 00:07:28,360 Speaker 4: value of our portfolio, it's in the billions, which is incredible. Hundreds, 139 00:07:28,360 --> 00:07:32,320 Speaker 4: if not thousands of jobs created directly from our investment 140 00:07:32,920 --> 00:07:36,200 Speaker 4: and revenue is in you know, the hundreds of millions. 141 00:07:36,560 --> 00:07:39,360 Speaker 3: So what will be your pitch for investors to invest 142 00:07:39,360 --> 00:07:41,679 Speaker 3: in your fund? Like, what's the main thing. 143 00:07:41,560 --> 00:07:45,280 Speaker 4: That you would I certainly cannot pitch to investors. I 144 00:07:45,280 --> 00:07:49,080 Speaker 4: can tell you hypothetically because I'm not allowed by the 145 00:07:49,080 --> 00:07:49,680 Speaker 4: SEC to. 146 00:07:52,120 --> 00:07:54,560 Speaker 3: What makes your fun attractive? In your opinion? 147 00:07:55,640 --> 00:07:57,840 Speaker 4: We were you know, the thesis that I had ten 148 00:07:57,920 --> 00:08:01,160 Speaker 4: years ago or twelve years ago played out. I said, 149 00:08:01,200 --> 00:08:03,240 Speaker 4: you can either be you know, we've done so much 150 00:08:03,280 --> 00:08:05,560 Speaker 4: or so little. You can either be crashed by the 151 00:08:05,560 --> 00:08:08,920 Speaker 4: way that's coming or you can write it. It's everything 152 00:08:08,920 --> 00:08:10,520 Speaker 4: I've said has happened. It's a video of me in 153 00:08:10,560 --> 00:08:14,560 Speaker 4: twenty seventeen talking about what happened in twenty twenty two 154 00:08:14,560 --> 00:08:17,720 Speaker 4: and twenty twenty one. Like it's just it keeps happening. 155 00:08:18,240 --> 00:08:20,680 Speaker 4: So it's been proven out. On top of that, there 156 00:08:20,680 --> 00:08:25,480 Speaker 4: are multiple funds that have been created after us and 157 00:08:25,520 --> 00:08:28,880 Speaker 4: with our mandate in our blueprint that are have gone 158 00:08:28,920 --> 00:08:32,040 Speaker 4: on to do well and who look to us for guidance. 159 00:08:32,440 --> 00:08:35,320 Speaker 4: So we actually have all of the touch points. We 160 00:08:35,400 --> 00:08:39,920 Speaker 4: have all of the deal flow and the network and 161 00:08:40,000 --> 00:08:45,720 Speaker 4: the infrastructure that we've built manually essentially, so everything that 162 00:08:45,760 --> 00:08:49,679 Speaker 4: they're looking for for those to find the companies, they 163 00:08:49,679 --> 00:08:51,240 Speaker 4: don't have to do a thing, you know, come find 164 00:08:51,240 --> 00:08:54,120 Speaker 4: the companies through us. Then we nurture the companies. They 165 00:08:54,120 --> 00:08:56,480 Speaker 4: don't have to do that either, and then we are 166 00:08:56,520 --> 00:09:00,360 Speaker 4: able to the way we've already done, source the companyanies 167 00:09:00,440 --> 00:09:03,720 Speaker 4: that then go on to have high enterprise value. 168 00:09:03,800 --> 00:09:07,440 Speaker 5: An illegal alien from Guatemala charged with raping a child 169 00:09:07,440 --> 00:09:11,240 Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador 170 00:09:11,480 --> 00:09:15,640 Speaker 5: accused of murdering a Texas man of Venezuelan charged with 171 00:09:15,679 --> 00:09:19,600 Speaker 5: filming and selling child pornography in Michigan. These are just 172 00:09:19,679 --> 00:09:23,439 Speaker 5: some of the heinous migrant criminals caught because of President 173 00:09:23,480 --> 00:09:27,080 Speaker 5: Donald J. Trump's leadership. I'm Christy nom the United States 174 00:09:27,080 --> 00:09:31,880 Speaker 5: Secretary of Homeland Security. Under President Trump, attempted illegal border 175 00:09:31,920 --> 00:09:35,480 Speaker 5: crossings are at the lowest levels ever recorded, and over 176 00:09:35,520 --> 00:09:38,720 Speaker 5: one hundred thousand illegal aliens have been arrested. If you 177 00:09:38,800 --> 00:09:42,680 Speaker 5: are here illegally, your next you will be fine nearly 178 00:09:42,760 --> 00:09:46,760 Speaker 5: one thousand dollars a day, imprisoned and deported, you will 179 00:09:46,800 --> 00:09:50,440 Speaker 5: never return. But if you register using our CBP home 180 00:09:50,480 --> 00:09:53,880 Speaker 5: app and leave now, you could be allowed to return legally. 181 00:09:54,240 --> 00:09:59,000 Speaker 5: Do what's right. Leave now. Under President Trump, America's laws, 182 00:09:59,160 --> 00:10:01,600 Speaker 5: border and families will be protected. 183 00:10:01,720 --> 00:10:03,840 Speaker 1: Sponsored by the United States Department of Homeland Security.