Andrew McCormack started his career as Peter Thiel's assistant at PayPal in 2001, giving him an unusually close apprenticeship at the center of one of the original PayPal Mafia companies before co-founding Valar Ventures with Thiel. He specializes in backing category-creating challenger banks globally, making first-mover investments in emerging fintech ecosystems like Kuda in Africa and Neo Financial in Canada, often entering markets well before they're on mainstream US VC radars.

• Emphasis on the technical mechanics of venture capital funds and ensuring proper alignment between investors and fund managers. This includes correcting misconceptions about how fees are calculated on committed capital rather than current asset value and championing fund structures like European waterfalls that prioritize returning actual cash to limited partners over generating paper gains.
• Appreciation for operational efficiency and successful fintech execution. The tweets highlight Wise, formerly Transferwise, as a prime example of a company that demonstrates incredible efficiency, suggesting a preference for startups that prioritize strong unit economics and disciplined growth.
• Deep interest in the nuance of deal terms, valuations, and corporate governance. Discussions cover specific mechanisms like how liquidation preferences are primarily utilized to create 409a discounts that benefit employee stock option programs and debates regarding the viability of certain fund sizes, such as large seed funds, in the current market climate.
• Focus on collaborative partnership structures and board dynamics. There is an expressed preference for models where two partners work on companies together to increase speed and reduce attribution conflict, alongside advice on navigating founder refresh conversations with the board.