
Another school year is starting, and once again, I get to support the next generation of thought leaders at my alma mater. This year is different. It’s the third year of my first term, and I’ve been appointed Vice Chair of the Investment and Endowment Committee.
If you’ve followed my journey, you know I started in finance right after high school. That first door opened because of one of USF’s most respected benefactors. I was a kid with no degree and a lot to prove. Twenty-seven years later, I’m back, now in an official capacity, helping guide the institution that gave me my first chance.
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This past week, I finished an op-ed for American Genius. One conversation stuck with me, what it means to be on both sides of the table. That question deserved more time. So I put “pen to paper” and laid out how this perspective shapes the way I work with LPs, support founders, and choose where we invest.
Most people in venture are either managing money or raising it. I do both.
I have sat in the allocator’s seat, managing family office capital. I have also been a founder, operator, and now a general partner. I know how it feels to ask for belief. I know how to measure whether that belief is earned.
Each role sharpens the other. Here is what I’ve learned.
What LPs Expect From GPs
Discipline
Capital requires consistency. LPs need timely reports, clean data, and clear communication. Updates are not optional. Trust builds with regular contact.
Liquidity Awareness
Allocators work across asset classes. Liquidity pacing affects their entire portfolio. GPs must plan capital calls and exits with awareness of those needs.
Risk Control
LPs want to understand how you protect capital. Show how you think about failure, how you contain exposure, and how you plan for volatility.
What GPs Expect From LPs
Tolerance for Chaos
Early-stage companies are never perfect. Data is incomplete. Teams are still forming. GPs rely on pattern recognition, not polish.
Conviction
The best deals require belief before the proof is obvious. GPs need room to bet early, without waiting for co-signs or signals.
Patience With Outliers
Great companies move differently. They grow unevenly, make sharp turns, and break norms. LPs must accept this, or they miss the upside.
Why This Shapes How We Invest at 25V
We built 25V from experience. We have operated companies, missed payroll, scaled teams, exited under pressure, and served on boards. We have also managed capital, structured allocations, and made long-term investment decisions.
That background shapes how we move.
We report clearly.
We back founders with grit.
We track risk with discipline.
We act fast and follow through.
We passed on a fast-growing startup because the founder hadn’t lived through failure. From the allocator seat, I’ve learned that adversity predicts survival. Resilience does not show up on a cap table, but it does show up when the pressure hits.
Some may argue that my lack of focus will be my downfall. I disagree. Seeing across disciplines, roles, and stages is a skill. I’ve earned it by switching seats, asking better questions, and studying decisions from every angle. Focus has value. So does range. I choose range, then go deep where it counts.
Being on both sides of the table teaches you to listen first. It shows you where trust is earned and where it breaks. It makes you precise with capital and clear about what matters.
That is how we build at 25V. We work with founders who know how to take a hit, LPs who know how to hold a line, and companies that are built to last.
xoxo,
Maximillian Diez, GP
Twenty Five Ventures
P.S. Stay with me on this journey.
If nothing else, thanks for reading.