"Turpentine VC" | Venture Capital and Investing

Erik Torenberg

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In their own words

On Turpentine VC, host and venture capitalist Erik Torenberg delves deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Hear about insider strategies on decision-making, investment theses, and building firms for the long term—from the ground-level, VC to VC. Guests in season 1 include Ben Horowitz of a16z, Mamood Hamid and Ilya Fushman of Kleiner Perkins, and Alfred Lin of Sequoia.

As heard by us

Based on 6 episodes we listened to · September 2026

Detailed investor conversations connect venture firm structure, portfolio strategy, and talent decisions to the judgments behind capital allocation.

Turpentine VC treats venture capital as an operating business, with firm design and investment judgment examined from inside the partnership. Erik Torenberg keeps interviews focused on how investors make consequential choices, giving abstract ideas like conviction and portfolio…

Read our full review in PlayNext →

Why you'd press play

Benchmark keeps recruiting calls with partners; Felicis keeps one main fund. Your kind of stubborn?

Press play if you want

  • to test your fund-size instincts against Thrive's argument that strategy should determine the raise
  • to hear why Benchmark's partners take the founder recruiting calls themselves
Read the full recommendation in PlayNext →

Talks about

Best episodes of "Turpentine VC" | Venture Capital and Investing

Short reviews from the PlayNext desk, based on the episodes we processed.

E63: How Mamoon Hamid and Ilya Fushman Continued Kleiner Perkins’ Legacy

A focused look at how a storied venture firm makes decisions and stays relevant.

Turpentine VC presents a clear look at how Kleiner Perkins operates as a firm and as a partnership. The strongest thread runs through decision-making, the majors and minors framework, the craftsman view of venture, and the discipline that holds it together.

E81: Inside Seven Seven Six with Alexis Ohanian [Classic Interview]

A sharp look at 776 as a tech-driven venture firm.

The episode frames 776 as something closer to a tech company than a classic venture firm, and that angle gives the discussion some bite. Alexis Ohanian is strongest when he gets into the mechanics: how the firm supports founders, how it makes its accountability visible, and why…

E77: IVP's Somesh Dash on Growth Stage Investing and Strategic Discipline

A disciplined look at how a growth-stage firm wins by staying specific, selective, and useful.

E77 is a focused conversation about later-stage investing and the discipline it requires. Somesh Dash lays out how IVP approaches the pitch, why specificity matters more than broad enthusiasm, and how the firm supports teams as they scale.

a16z's Voice AI Investment Strategy

A sober look at AI voice and the investment case.

Anish Acharya and Olivia Moore keep the discussion grounded in a practical question: where AI voice is heading, and what that means for product and investment decisions.

E73: Aydin Senkut on Building Felicis Ventures

A steady look at how Felicis keeps a generalist mandate and a single-fund approach.

Aydin Senkut walks through Felicis in a way that feels measured rather than flashy. The episode follows the firm’s evolution around one main fund, a generalist mandate, and a narrative-first way of sizing up companies, then ties that back to LP reception, risk, consistency, and…

E66: Why Inception Investing Beats Traditional Seed with Ed Sim of Boldstart

A sober look at inception investing, fund sizing, and AI-era venture math.

Ed Sim presents Bold Start as an inception investor, getting involved before companies incorporate, pressure testing ideas with technical founders, helping line up early hires, and then leading or co leading rounds once the pieces are in place.

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Episodes

  1. 1

    E86: Inside Mischief VC's Evolution with Zach Perret and Lauren Farleigh

    Hidden gem

    Mischief VC’s Lauren Farleigh and Zach Perret describe how the firm grew from a $30 million Fund One to an $80 million Fund Two.

    ·46m·2 clips
  2. 2

    E71: How to Scale Talent | Andy Price, Artisanal Ventures [Cross Post]

    Hidden gem

    Turpentine VC opens with a crossover frame.

    ·54m·3 clips
  3. 3

    E63: How Mamoon Hamid and Ilya Fushman Continued Kleiner Perkins’ Legacy

    Hidden gem

    This conversation looks at how Kleiner Perkins works as a partnership.

    ·58m·3 clips
  4. 4

    E70: Martin Casado of a16z on AI Innovation and AGI

    Hidden gem

    Turpentine VC shares an interview with Martin Casado of A16Z.

    ·1h 44m·5 clips
  5. 5

    E75: Greg Castle (Anorak VC) on the Biggest AR/VR and Spatial Computing Opportunities

    Hidden gem

    Greg Castle, managing partner of Anorak Ventures, says his firm has been investing in emerging technology since 2016 and has backed Oculus, Flexport, Flock Safety, and Recru.

    ·46m·3 clips
  6. 6

    E69: Lost Tapes: Elad Gil on the Eve of the AI Boom

    Hidden gem

    Turpentine VC’s lost September 2022 conversation with Elad Gil focuses on AI before ChatGPT, Perplexity, and Claude launched, and he argues that transformers created a new opening for startups after earlier AI waves mostly benefited incumbents like Google, Netflix, Amazon, and Facebook.

    ·46m·2 clips
  7. 7

    E64: Chris Paik on the End of Software and the Future of AI Infrastructure

    Chris Paik, general partner at Pace Capital and co-founder of Thrive Capital, argues that venture rewards hunger, early outreach, and “if there’s a deck, it’s too late.” He says Pace is trying to build “closer to a temple” than an empire, with a craft-driven model that favors being first and getting conviction before the market wakes up.

    ·49m·2 clips
  8. 8

    E81: Inside Seven Seven Six with Alexis Ohanian [Classic Interview]

    Hidden gem

    Alexis Ohanian says 776 was built as “a tech company that deploys venture capital,” with software measuring founder response times, internal work, and portfolio attention.

    ·54m·3 clips
  9. 9

    E84: How Accel Captures Companies Outside Traditional VC Reach with Andrew Braccia

    Hidden gem

    Andrew Braccia describes how Accel expanded from seed and Series A into Europe, Israel, India, and growth investing, including bets on Atlassian, Qualtrics, Squarespace, and CrowdStrike.

    ·45m·3 clips
  10. 10

    E61: Rabois, Bartlett, Ryan, and Weinberg on AI, Gambling, and Healthcare

    This episode features guests Keith Urboy, Logan Bartlett, Kevin Ryan, and Zach Weinberg discussing AI investments, including insights into OpenAI's early funding and regulatory challenges, while blending in casual NBA talk about the New York Knicks.

    ·1h 16m·5 clips
  11. 11

    E79: Now at $2B Valuation: Mercor CEO On How They Started

    Mercor gets put under investor questioning.

    ·52m·2 clips
  12. 12

    E66: Why Inception Investing Beats Traditional Seed with Ed Sim of Boldstart

    Hidden gem

    Ed Sim shares journey building Bold Start Ventures from $1M inception fund to $800M+ AUM over 13 years.

    ·52m·2 clips
  13. 13

    E78: Why Benchmark is Different Than Other Firms with Sarah Tavel & Eric Vishria

    Hidden gem

    Sarah Tavel and Eric Vishria describe Benchmark as an “internet era firm founded in 1995,” then contrast it with Sequoia’s semiconductor-era roots and Andreessen’s mobile-era profile.

    ·1h 27m·5 clips
  14. 14

    E76: Thrive Capital's Bold Bets on Category-Defining Companies with Kareem Zaki

    Hidden gem

    Kareem Zaki says Thrive Capital was built around one idea: back category-defining technology companies with multi-decade tailwinds, even when that means moving across stage, geography, and sector.

    ·1h 6m·4 clips
  15. 15

    E80: Logan Bartlett on How Great VC Firms Truly Operate

    Hidden gem

    Logan Bartlett, partner at Redpoint and host of The Logan Bartlett Show, argues that venture is not a normal asset class and that private equity logic does not map cleanly onto it.

    ·1h 2m·4 clips
  16. 16

    E82: Fundraising in Bear Markets: How Nichole Wischoff Closed $50M [How I Invest]

    Hidden gem

    Nicole Wischoff says she closed a $50 million fund in the summer of 2024 by setting a May 1 first-close target, using a hard timeline, and leaning on Zendana as anchor LP.

    ·29m·2 clips
  17. 17

    From The a16z Podcast: “Marc Andreessen on Building Netscape & the Birth of the Browser”

    Hidden gem

    Mark Andreessen and Ben Horowitz use this A16Z episode to trace the browser's origin from rural Wisconsin, where Mark grew up in a town of 1,309 people with a party phone line and no cable TV.

    ·1h 46m·5 clips
  18. 18

    E62: Wing's Chris Zeoli on AI Infrastructure Opportunities

    Hidden gem

    Chris Zioli, partner at Wing Capital, says Wing invests only in enterprise, not consumer, international, or fintech, and centers its AI thesis on data infrastructure, RAG pipelines, and vector databases like Pinecone.

    ·49m·3 clips
  19. 19

    E83: Chad Byers on Why Susa is a Purpose-Built Seed Specialist [Classic Interview]

    Hidden gem

    Chad Byers says Susa Ventures is moving from one seed-focused brand into three products: Susa for seed, KIVU Ventures for A and B rounds, and Humba Ventures for frontier-tech discovery.

    ·54m·3 clips
  20. 20

    E73: Aydin Senkut on Building Felicis Ventures

    Hidden gem

    Turpentine VC re-releases Eric Vishria’s interview with Aydin Senkut, founder and managing partner of Felicis Ventures, who is described as Google’s first product manager, an original super angel investor, and a repeat New York Times and Forbes Midas list honoree.

    ·57m·3 clips
  21. 21

    E68: How Theory Ventures Differentiates in a Crowded VC Market

    Hidden gem

    Turpentine VC Episode E68 focuses on Tom Tunguz explaining how Theory Ventures used Monte Carlo analysis on historical venture returns to build a concentrated portfolio.

    ·53m·3 clips
  22. 22

    E67: Defense Tech’s Rise with 8VC’s Alex Kolicich

    Hidden gem

    Turpentine VC features Molly O'Shea and 8VC founding partner Alex Kolesich discussing his H1 2024 report on AI, defense, and markets.

    ·54m·3 clips
  23. 23

    E74: General Catalyst CEO on Running VC Like an Enduring Company

    Turpentine VC episode featuring Hemant Taneja, CEO of General Catalyst, discussing the firm's evolution from artisanal partnership to professionally managed venture business.

    ·43m
  24. 24

    a16z's Voice AI Investment Strategy

    Hidden gem

    Turpentine VC releases an episode from The Cognitive Revolution with Nathan Labenz, joined by Anish Acharya and Olivia Moore of Andreessen Horowitz, for a close look at AI voice technology.

    ·1h·3 clips
  25. 25

    E72: Keith Rabois: On Identifying Talent [Classic Interview]

    Hidden gem

    Keith joins a throwback live conversation about talent.

    ·59m·3 clips
  26. 26

    E77: IVP's Somesh Dash on Growth Stage Investing and Strategic Discipline

    Hidden gem

    Somesh Dash joins Eric for a growth-stage conversation about IVP's discipline.

    ·56m·3 clips
  27. 27

    E60: How Lightspeed Invests in AI and Beyond with Arif Janmohamed

    Oct 15, 2024·33m
  28. 28

    E59: Mike Maples Jr. on Disruptive Investing

    Oct 10, 2024·55m
  29. 29

    E58: Roger Ehrenberg on Mastering Seed Investing

    Oct 1, 2024·42m
  30. 30

    E57: a16z's Anish Acharya on Consumer AI

    Sep 26, 2024·43m
  31. 31

    E56: Upfront Ventures' Mark Suster on Fund Management and the Exit Landscape

    Sep 17, 2024·59m
  32. 32

    E55: Keith Rabois, Logan Bartlett, Kevin Ryan, and Zach Weinberg Dissect the Current Funding Climate

    Sep 10, 2024·1h 24m
  33. 33

    E54: Trae Stephens on Founders Fund

    Sep 3, 2024·52m
  34. 34

    E53: Tomasz Tunguz on the Evolution of the Data Ecosystem

    Aug 27, 2024·43m
  35. 35

    E52: Charting the Course of Biotech with Laura Deming, GP of Longevity Fund, and Will Eden of Sylvan Consulting

    Aug 20, 2024·1h 23m
  36. 36

    E51: Seth Bannon on Deep Tech, Biotech, and VC Strategies

    Aug 13, 2024·53m
  37. 37

    E50: The Future of Crypto with Diogo Mónica of Haun Ventures

    Aug 6, 2024·49m
  38. 38

    E49: Long Journey's Strategy for Chasing "Magically Weird" Companies

    Jul 30, 2024·46m
  39. 39

    E48: Building Notable Capital (fka GGV Capital): Insights from Glenn Solomon

    Jul 24, 2024·40m
  40. 40

    E47: Index Ventures' Mike Volpi on AI, Open Source, and Evolution of VC

    Jul 16, 2024·1h 2m
  41. 41

    E46: Vinny Pujji on Leveraging 3rd Order Analysis to Pick Winners for Left Lane Capital

    Jul 11, 2024·53m
  42. 42

    E45: Sequoia Capital's Roelof Botha and Jacob Helberg on AI and National Security

    Jun 25, 2024·52m
  43. 43

    E44: How Benchmark Invests in AI with Eric Vishria and Quilter Founder Sergiy Nesterenko

    Jun 18, 2024·53m
  44. 44

    E43: Benedict Evans on Automation Crypto, VR, and Predicting the Future of Tech

    Jun 11, 2024·1h 16m
  45. 45

    E42: Naval Ravikant and Balaji Srinivasan on Why History Points to Crypto

    Jun 4, 2024·1h 8m
  46. 46

    E41: Do VCs Add Value? With Parker Conrad and Parker Thompson

    May 28, 2024·1h 10m
  47. 47

    E40: Venture, AI, and the Defense Industry with Joe Lonsdale of 8VC, Josh Wolfe of Lux Capital, and Matt Steckman of Anduril

    May 21, 2024·30m
  48. 48

    E39: Navigating the AI Supercycle with Will Summerlin of Autopilot

    May 14, 2024·47m
  49. 49

    E38: Turpentine Fund Brainstorm with Alex Edelson of Slipstream

    May 7, 2024·45m
  50. 50

    E37: The Vinod Khosla Interview

    Apr 30, 2024·57m
  51. 51

    E36: Joe Lonsdale on His Plan to Revitalize America's Declining Sectors

    Apr 23, 2024·55m
  52. 52

    E35: How Jason Lemkin Built SaaStr

    Apr 16, 2024·1h 13m
  53. 53

    E34: Marc Andreessen on His Intellectual Journey

    Apr 9, 2024·1h 51m
  54. 54

    E33: Consumer Social, Marketplaces, and Becoming a Better Investor with James Currier

    Apr 2, 2024·1h 1m
  55. 55

    E32: Scott Belsky’s Angel Investing Lessons and Requests For Startups

    Mar 26, 2024·48m
  56. 56

    E31: Slow's Will Quist on VC's Job to Fund the Creation of New Data Sets

    Mar 19, 2024·55m
  57. 57

    E30: How Kirsten Green Built Forerunner Ventures

    Mar 12, 2024·1h 17m
  58. 58

    E29: Mike Maples on Building Successful Startups and Venture Funds

    Mar 5, 2024·1h 16m
  59. 59

    E28: Andreessen Horowitz GP Chris Dixon on Crypto, AI, and Web3

    Feb 27, 2024·1h 21m
  60. 60

    E27: Compound’s Michael Dempsey on Thesis-Driven vs Founder-Driven Investing

    Feb 20, 2024·58m
  61. 61

    E26: Insights from IVP: Inside One of Silicon Valley’s Best Growth Firms

    Feb 13, 2024·56m
  62. 62

    E25: Frank Rotman of QED on Navigating FinTech and Crypto Investments

    Feb 6, 2024·1h 10m
  63. 63

    E24: Building a Multi-Billion-Dollar Asset Management Firm with CoVenture's Ali Hamed

    Jan 30, 2024·58m
  64. 64

    E23: Tomasz Tunguz on the Theory Behind Theory Ventures

    Jan 23, 2024·52m
  65. 65

    E22: Phin Barnes on Unbundling VC

    Jan 16, 2024·1h 21m
  66. 66

    E21: Reddit Founder Alexis Ohanian on Reinventing Venture with Seven Seven Six

    Jan 9, 2024·56m
  67. 67

    E20: Katherine Boyle on Building a16z’s American Dynamism Practice

    Jan 2, 2024·1h 17m
  68. 68

    E19: Union Square Venture’s Rebecca Kaden on How the Firm Develops Their Theses

    Dec 26, 2023·53m
  69. 69

    E18: Sam Lessin on What's Going to Happen to VC in 2024

    Dec 19, 2023·57m
  70. 70

    E17: Elad Gil on AI, Crypto, and What’s Next

    Dec 12, 2023·56m
  71. 71

    E16: Lessons From Co-Founding First Round, Idea Lab, and B Capital with Howard Morgan

    Dec 6, 2023·54m
  72. 72

    E15: Redpoint's Logan Bartlett on Carving Out a Spot in Venture

    Nov 28, 2023·1h 1m
  73. 73

    E14: A Deep Dive into Thrive Capital's Investment Strategy

    Nov 15, 2023·1h 4m
  74. 74

    E13: How Benchmark Thinks About Venture in 2023

    Nov 7, 2023·1h 27m
  75. 75

    E12: An Inside Look Into Sequoia's Strategy & Operations, with Alfred Lin

    Oct 31, 2023·58m
  76. 76

    E11: Ann Miura-Ko Breaks Down How to Build A Venture Firm in 2023

    Oct 24, 2023·46m
  77. 77

    E10: No Process, High Conviction — The Iconoclastic Founders Fund DNA

    Oct 17, 2023·50m
  78. 78

    E9: Sam Lessin and Seth Rosenberg Debate: Will AI Favor Incumbents or Start-Ups?

    Oct 3, 2023·44m
  79. 79

    E8: How Roger Ehrenberg Nets 10x Fund Returns

    Sep 26, 2023·41m
  80. 80

    E7: How Floodgate Differentiated Again From Thousands of Seed Firms

    Sep 19, 2023·54m
  81. 81

    E6: Chad Byers on Why Susa is Returning to Concentrated, Company-Building Seed Investing

    Sep 12, 2023·53m
  82. 82

    E5: General Catalyst CEO on the Case for Operational Rigor in VC, with Hemant Taneja

    Sep 5, 2023·42m
  83. 83

    E4: Sam Lessin on Why the Seed & “Factory System” Era of Venture is Dead

    Aug 29, 2023·1h 6m
  84. 84

    E3: Aydin Senkut on Why the Generalist Approach to VC Generates More Hits

    Aug 22, 2023·56m
  85. 85

    E2: Kleiner Perkins Makes the Case for Craftsman VC, with Mamoon Hamid and Ilya Fushman

    Aug 15, 2023·58m
  86. 86

    E1: Ben Horowitz on What Traditional VC Gets Wrong

    Aug 8, 2023·42m
  87. 87

    Introducing: Turpentine VC

    Aug 5, 2023·2m