I recently spoke to a hedge fund manager who specialized in only investing in new fund managers. Taking the opportunity to learn what he looks for in people, he shared the following key characteristics:
- Track record: the person's record at the previous firm and who he/she trained under
- Personality: whether they think differently about the world
- Fund size: whether they operate a small fund (which signals both the stage and hunger/ambition) or a larger fund
It's interesting to compare and contrast with characteristics for VC funds.