LP Spotlight: Meet Joo-Lee Lim, Managing Director at World Innovation Lab

Joo-Lee Lim is a seasoned capital allocator with nearly two decades of experience in venture capital fund investing. Currently, she serves as Managing Director at World Innovation Lab (WiL), where she leads WiL Strategic Partners, focusing on fund investments and select co-investments. Prior to joining WiL, Joo-Lee was a Vice President at GIC, Singapore’s sovereign wealth fund, where she invested in venture and growth funds as well as direct private and public market deals. A Rhodes Scholar, Joo-Lee holds a Master of Science in Economic and Social History and a Master of Science in Management Science from the University of Oxford, as well as a Bachelor of Accountancy from Nanyang Technological University Singapore. 

Michelle: As you reflect on your 17-year investing career, can you share one or two defining moments that stand out to you?

Joo-Lee: One moment that stands out is from around 2011, when I led my first venture deal. It was an enterprise software-focused fund at a time when enterprise software wasn’t yet “cool.” Mobile and consumer were still dominant, and the cloud was nascent. But the GPs of this fund spent time walking me through their thesis. Founders did reference calls where they patiently explained the businesses for an hour, even though I didn’t have a technical background. That experience helped me form my own conviction, something I believe every LP needs. We ended up investing, and the fund performed well. But more than the outcome, I remember the feeling of clicking with the strategy. That moment of clarity is something I still look for today.

Michelle: What do you look for when evaluating a venture fund manager? Any non-negotiables?

Joo-Lee: Self-awareness. I look for managers who know who they are, where they play best, and how that aligns with current market needs. That includes knowing their limits, how they can complement their strengths, whether their strategy scales with a larger fund size, for example

Team dynamics also matter a lot. As LPs, we’re investing in a blind pool of blind pools. So we focus on values, alignment, and how a team might evolve over time. If the core values are strong, there's a better chance of navigating inevitable change.

Michelle: How do you balance supporting emerging managers vs. established ones?

Joo-Lee: It comes down to portfolio construction and risk. I ask myself: what's my high-conviction baseline return for this fund here? In my experience, most funds fall in the 1.5–2.5x range. Then I look at the potential for upside—can this reasonably be a 5x or even 10x fund? I also consider platform risk and team dynamics. It’s about building a mix across experience, style, and potential.

Michelle: Have you made any contrarian bets that paid off—or at least taught you something?

Joo-Lee: Years ago, we backed a few solo GPs at a time when that model was still emerging. Amongst those that did well, the common trait? They had a clear “zone of genius”, be it in deal flow, taste or winning, and that focus and self-awareness really mattered. 

Michelle: What advice would you give to fund managers trying to raise capital in this environment?

Joo-Lee: Especially for operators-turned-investors: be clear-eyed about what it means to be a fiduciary. Venture is not a short-term game. It’s a craft. It takes multiple funds to learn, build trust, and earn carry. 

Be strategic with your time. Ask LPs directly: will you get there for this fund? How long do you typically get to know a GP before investing? Push for clarity. And stay in touch with the LPs you respect. This is a long-term game.

Michelle: What do you wish more startup founders understood about LPs?

Joo-Lee: Founders should understand GP incentives, because these shape how GPs interact with portfolio companies. If you're taking capital from a large GP, they might push for large outcomes. Also, understand who the GP’s LPs are and what their expectations might be. GPs are also answerable to their LPs and might need to provide liquidity, for instance. 

Michelle: What’s one tradition from your heritage you still practice or cherish?

Joo-Lee: Hard work. That mindset has stayed with me. I moved to the U.S. 17 years ago, and raising kids here has highlighted the difference. In Singapore, you just tried: you worked hard. Here, I noticed people saying things like “I’m not a math person.” I try to teach my kids that most good things require effort.

Michelle: If you could put a message in a fortune cookie, what would it say?

Joo-Lee: Life is a combination of good luck and having the skills; may you build skills and have good luck!

Michelle: What’s your go-to comfort food after a bad meeting?

Joo-Lee: A chocolate chip cookie.

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Disclaimer: All views expressed in this interview are those of Joo-Lee Lim at the time of publication and do not necessarily represent the opinions of any other entity with which Mrs. Lim has been, is now, or may in the future be affiliated. The purpose of this interview is to educate and inform, but it does not constitute financial advice, the offer of financial advice, or other professional advice or service.