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Jarrid Tingle

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66

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2021-12-16

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2021-12-16

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1

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1. “Turmoil inside. I mean, it's always organized chaos when Starting a new endeav I think for us, we had to choose are we going to go and work for somebody else or are we going to continue to propel? What was an Andrew Syndicate into something greater? We still were recruiting, as Amri mentioned. Still wanted to go into private equity. He wanted to go to BC firms. Fit wasn't there Taking that leap to starting our own firm and going out and raising money and putting yourself out there. Very difficult. I mean, we first started raising money, we sent out a blast email, which is probably the worst way to raise money, but we fortunately were able to iterate and come back. We were fortunate in the sense that we had some good mentors that we. Over the years, who really Separate us through, got us in front of some big folks. Always come in”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

2. “From the outside it seemed so compelling at the time from the inside. I'm guessing it might have been filled with turmoil, the decision, the risk, the interplay of the financial objective with the community that you just spoke about. Jared, share a little bit more about what was going through your minds as you were launching this and the risk that you were about to take on.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

3. “To six startups, two real estate properties, and two private equity style deals. And so we really enjoyed it. Then we were getting into business school. Jerry and I are about to go into six figures of debt and kind of had to say we got to stop angel investing. There's no more money to angel invest. We started recruiting when we got to HBS. And I think really coming from a black owned private equity firm and starting to recruit for other firms, which is apparent that we didn't want to work for a firm with no person of color at the top, which was most firms. most of our Angel Syndicate, even though we weren't diversity focused to start, most of our investments were diverse founders. And so it was clear we wanted to invest our own money into our communities. So we wanted to work for diverse people and we wanted to invest in diverse founders. So essentially there was like one or two firms three years ago that were doing this at scale. So we said, hey, why don't we use our angel track record to raise a fund, not fully knowing what that meant, but June of 2018 between our first and second year business school instead of doing an internship, we launched the fund.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

4. “Yeah, so at ICV, it was December of 2015. I remember the markets were down. I kind of was frustrated that I was losing money but had no control. And so I turned to Jared and I said, hey, what if we invested $10,000 each into like startups or Angel investing, let's do what we're doing for work and private equity for ourselves? Jared quickly replied, sure, let's do it. I texted my roommate who at the time was Brandon, who's our third partner on the team. Jared texted his roommate, who was at Google at the time. And within 40 minutes, 50 minutes, we had $50,000 across our friends. And so that following Sunday, we met in Jared's living room in Harlem and essentially said, okay, cool. Like now what? How do we find deals? What do we do? What do we like? What's our framework? So we kind of started to build out like a really formal angel syndicate, even though we were all just friends. Did that over a two-year period, we invested about a quarter million dollars across the six of us.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

5. “Yeah, so Jared and I met 2010, so 11 years ago, there's a national diversity program called Management Leadership for Tomorrow, or MLT. So Jared and I were net programmed together, weren't that close, but then we actually ended up rooming our junior summer. I was intern at Bank of America. Jared was intering at Barclays, and we had a five-bedroom apartment where five of us who were all at different banks. So that's when we started to get a little closer. But really where we got most close was 2015 when we were both cubmates at a black owned private equity firm called ICB Partners. And that's where we really, you know, we're spending 12, 14 hours a day together. So we got really close there and continued our relationship as roommates at Harvard Business School. And so we've kind of known each other in a number of capacities, which has definitely helped as we manage a fund and have the ups and downs together. We've seen it personally and professionally.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Building together is a real spirit of venture generally. It's frequently said that venture capital is really all about partnership. And your partnership is a unique one. Tell us a little bit about how the two of you met and decided to work together.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

7. “But we do them on a selective basis where we think that manager has a really good chance of success, where we can be a good, if not great, long-term partner in terms of capital, in terms of idea flow, in terms of being a confidential and a trusted sounding board. But yes, also with respect to capital over the course of time. So even though we size smaller at the onset because of that lack of track record and that lack of data to inform the decision, we are entering these relationships with a very long-term view of scaling them up to full size.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

8. “So that balancing of potential in absence of track record is a super big challenge. One of the ways that we think about it is sizing those initial relationships smaller because you do have less data to go on. You don't have the track record. You don't have the experiential curve with the manager or seeing the manager and how they've handled situations before. You just don't have as much data to evaluate as you would with a manager that has been there, done that for quite some time through a number of different cycles. We tend to size that at about half the size of where we would size an initial relationship all things equal. That said, one of the things that we do look for is the ability to grow with the manager and to scale that relationship. We're looking to partner with managers over the long term where we do, in fact, do early stage manager relationships. And this is a prime example of one.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

9. “Accessibility has opened up because the geographic boundaries have been relaxed through technology and through resourcefulness as inspired through the pandemic. But once you have that access, it really is a question of what do you understand? How can you communicate? How can you support? And those are some of the areas where we see them focused and where we see others focused as well, but particularly where we see them focused. It's on that connection. It's the understanding where the founder has been and where the founder wants to go, what the resources the founder needs, and how you can understand that person's perspective, how you can understand that person's market, how you can understand how that firm is delivering value into that market. Geography is a part of that. Historically, it was a super large part of that. But as geographic boundaries open up through technology and through access.”

   2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

10. “So I think this kind of gets to the heart of how people interact and the opening up of those avenues for interactions that we've seen that have really been accelerated during the pandemic. It used to be geographically centered, as you noted, and particularly with venture and particularly in California.”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

11. “For a long time part of the thesis of Silicon Valley had to do with the entire ecosystem of talent that all comes together in a particular geographic community. And I'm really curious as these guys talk about the untapped potential in the types of entrepreneurs they want to back, how do you think about the challenge that some of these diverse-owned companies or diverse entrepreneurs haven't had that ecosystem of talent around them and they certainly don't compare to what exists today in Silicon Valley?”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

12. “investments to support through subsequent rounds and which not to, and really that self aware understanding of where they're adding value and what they're delivering to the entrepreneurs and the broader communities in which they're involved”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

13. “Discipline is key. They've got a lot of things going for them. They are easy to root for, and we think they will win. But maintaining that focus, maintaining that ability and that self-awareness that they have on where they're fitting into the ecosystem, what value they're driving for entrepreneurs, how they're fitting into an ever more crowded space, where we met them a few years ago, in the last year or two, so many others have come into their space. And it's a much more competitive game as so many different aspects of venture have become so much more competitive in the past year and a half or two years. But maintaining that discipline really gets to the heart of what you're talking about. Yes, we are rooting for them. And yes, we expect that they'll win. But what we're going to be looking for is how they're hiring, how they're delivering value to their entrepreneurs, how they're maintaining capital focus, how they're focusing on which...”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

14. “Kind of curious as you go down the road into what becomes a fun tour, a fun three, they are so easy to want to root for. How do you go about rooting hard for them with that necessity to have that sharp lens of evaluation when it comes time for fun two or fund three?”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

15. “Great question. For us, selecting any manager largely comes down to drive in differentiation. And we didn't approach them as a diverse manager per se. We approached them as a manager that was going to make a lot of money and had a good objective, a good strategy, a good philosophy. And yes, we were persuaded and impressed and compelled by the additional objectives that they were solving for and the additional contributions that they were making. But first and foremost, what impressed us about them is their desire and their ability and their drive and their potential to really drive value with inventure.”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source

16. “On today's manager meeting, Jason Klein sits down with Jared Tingle and Henri Pierre Jacques. Jason is the chief investment officer at Memorial Sloan Kettering Cancer Center and a past guest on capital allocators. Jared and Henri are co-founders and managing partners of Harlem Capital, a venture capital firm seeking to change the face of entrepreneurship by investing in a thousand diverse founders over the next 20 years and creating a community to support diversity across the industry. Before they get going, Jason and I discussed the attributes that attracted him to Harlem, monitoring and evaluating a first time fund manager, and sizing the position in his portfolio. Jason, great to see”

    2021-12-16 · Capital Allocators · Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) · IDENTIFIED FROM THE TRANSCRIPT · source