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In this episode of VC Mastermind, Jacob Mullins sits down with Chirag Locham, former head of venture and private tech investments at Miras, one of the most prominent family offices in the Middle East. Chirag shares a decade’s worth of experience allocating capital across early-stage VC funds, late-stage co-investments, and global tech platforms—all while building the firm’s venture strategy from the ground up. As an LP based in Dubai with a U.S. tech lens, he offers a unique perspective on how allocators in the region evaluate managers and why relationship-building, not just pitching, is the key to securing capital.

Chirag goes deep on what actually moves the needle for Middle Eastern LPs: referrals from trusted insiders, a clear edge in sourcing and allocation access, and a thoughtful reserve strategy that drives DPI, not just TVPI. He explains how most GPs fail to articulate a basic portfolio construction model—and why he asks every manager, “How exactly do you get to 3x?” He also highlights the growing appetite for late-stage directs and “private IPOs,” a response to the broken traditional IPO pipeline and the increasing sophistication of regional capital looking for exposure to blue-chip AI and deep tech assets.

Whether you're raising a Fund I or stewarding a multi-vintage platform, this episode offers a masterclass in LP relationship dynamics in the Middle East. Chirag outlines how the best GPs show up long before a fundraise, how family offices differ from sovereigns in their speed and flexibility, and why fundraising through placement agents or banks can work—but only with realism and tact. For any venture investor looking to build durable LP partnerships in the GCC, this conversation delivers essential intel you won’t find anywhere else.

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.