E28 Inside DCM’s Record IPO Streak with Kyle Lui, Partner at DCM

In this episode, Erasmus Elsner is talking to Kyle Lui, Partner at DCM, about the recent IPO roll that DCM has been on. The Menlo Park-based firm has generated a 61x return on investments that have gone public in the past two years. Kuaishou is the standout, with its market cap to entry valuation at 2,000x.  

00:00​​ Intro 

00:50 Who is Kyle Lui 

01:33 Intro to DCM  

03:30 DCM IX and the A-Fund  

05:36 Differentiation through US-Asia angle 

07:45 DCM's Japan strategy 

08:48 DCM's recent roll 

10:00 Biggest winner Kuaishou 

11:07 All three sides of the table 

14:01 Choicepass 

15:36 First 5 years at DCM 

18:52 Docsend investment 

21:47 Lime investment 

23:57 Him’s and Hers investment 

26:05 D2C unit economics 

28:13 Keeping up with what Kyle is up to 

29:33 Kyle's investment focus areas