At the EUVC Summit 2025, Cherry Ventures’ Christian and Elsa Deseilligny from Cambridge Associates offered a behind-the-scenes view of what it takes to stay true to your mission while building a firm that lasts. At the center of it all? The founder.
For Cherry, “Founders First” isn’t just a slogan. It’s a system.
“Putting the founder at the center—doing everything to make them thrive—that’s the foundation of how we build.”
– Elsa
That principle doesn’t stop at deal selection or portfolio support. It shapes how Cherry builds its own team, firm, and platform. Every strategic decision—from hiring to productizing services—is filtered through one lens: Will this help our founders thrive?
And when it comes to fundraising?
“Your right to win with LPs ultimately ties back to that clarity of mission.”
Christian addressed a tension many top-tier funds face: how big is too big?
He acknowledged the importance of honest, iterative conversations with LPs—but also highlighted a view shared by allocators like Cambridge Associates:
“There’s a sweet spot—where a strategy is still repeatable, but hasn’t lost its edge.”
In VC, scaling up can mean professionalization—but it can also lead to dilution of edge. The best funds find the institutional footing they need without drifting into sameness.
“You want to reach a size where you're clearly outperforming with discipline… but then stop there. That’s where true long-term relationships are built.”
The insight many LPs quietly share?
They’re often betting on managers before they peak.
“Ideally, we find the manager early. We scale with them to that sweet spot—and then, no one else can get in.”
It’s not just about performance. It’s about conviction. The best LP–GP relationships are forged when the firm still feels like a startup—when the ambition is high, but the capacity is still intimate.
Cherry’s message was clear:
If you want to build a lasting firm, don’t chase scale for the sake of it. Build around your mission. Build with intentionality. And stay small enough to stay sharp.
The founders will notice. And so will the LPs.
A Platform Built Around “Founders First”Scaling with Intention (and Limits)The Emerging Manager Advantage
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