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Dan Kimerling, Founder and Managing Partner of Deciens Capital, joins Jacob Mullins to share how he built one of the most concentrated and contrarian venture strategies in fintech. After founding and selling Standard Treasury to Silicon Valley Bank, Dan set out to lead early-stage financings in financial services — and has stayed relentlessly focused on that thesis for nearly a decade. With just under $300M AUM and a freshly closed $93M Fund III, Deciens has emerged as one of the most disciplined and differentiated managers in venture.

In this conversation, Dan breaks down why Deciens insists on leading nearly every deal, the importance of deep concentration in portfolio construction, and why “being in the room where it happens” matters for both entrepreneurs and LPs. He shares how Deciens has achieved single-digit loss ratios across its first two funds by rejecting industry orthodoxies — such as chasing external validation through markups — and instead focusing on sustainable, capital-efficient growth.

Dan also opens up about the realities of raising capital in today’s market, including the 6,000+ LP leads it took to secure his investors across funds. He explains his framework for true differentiation, how he navigates the broken equilibrium around liquidity and exits, and why venture needs fewer “undifferentiated VCs” and more courageous capitalists. This episode is essential listening for any GP fundraising today or rethinking how to build a lasting, differentiated franchise.

If you are a VC Managing Partner and interested in gaining access to our private podcasts please Apply for Membership. If you are already a Member please click here and make sure you are signed in.