Meet Jessie Jia Guo, Investment Partner at Next Legacy

Jessie Jia Guo is an Investment Partner at Next Legacy, a mission-driven fund-of-funds that backs early-stage technology venture funds and companies. With over $3.5 billion in AUM, $2.8 billion in charitable distributions and a deep commitment to supporting early-stage U.S. technology funds, the platform blends institutional rigor with values-based investing. In this conversation, Jessie shares her philosophy on manager selection, portfolio construction, and relationship-building in a competitive market.

Michelle: Can you start by introducing Next Legacy and what makes it unique as a capital allocator?

Jessie: Next Legacy is a mission-driven venture fund of funds. We’ve been around for 25 years and invest on behalf of a community of hundreds of philanthropists, athletes and change makers. Our flagship fund investors are philanthropists who direct all distributions from our funds to charitable causes. That’s led to over $2.8 billion in charitable contributions from our fund proceeds to date.

We have a very community-driven approach. In addition to the philanthropists, we also serve a powerful community of athletes. We help them gain access to the venture asset class and support them as they think about their post-sports careers. They in turn help support our underlying portfolio companies. Our community of philanthropists, athletes, GPs and founders reflects our belief in relationships and long-term impact.

Structurally, we’re also different. We don’t charge any carry in our flagship fund, and our GP commitment goes to charitable causes. We’re designed to maximize both returns and impact.

Michelle: What types of fund managers do you typically back?

Jessie: We focus on early-stage U.S. technology venture funds across sectors like enterprise, consumer, and deep tech. We back both emerging and established managers.

We have two fund portfolios. Our flagship portfolio includes about two dozen core relationships with established firms, with typical check sizes between $10 million and $20 million. We also make some discovery investments, where we back newer areas or micro-VCs with $5 million checks. Our emerging manager portfolio invests in 12 to 15 relationships, with check sizes in the $1 to $5 million range.

Michelle: What are your non-negotiables when evaluating a fund manager?

Jessie: We have a robust process to evaluate a fund manger's team, strategy, track record, and more, but the first thing that comes to mind is the team. We look for clarity of purpose. We want to understand why the team is building this fund, what’s driving them, and what makes them uniquely suited to win in their space. Managers with strong internal motivation and personal connection to their thesis tend to stand out.

We also place a lot of weight on character. We like to work with great investors who are also great people. We’re not transactional. We want to build authentic, long-term relationships.

Domain expertise is another key factor. We’re less focused on whether a manager has found “white space” and more interested in whether they’ve earned the right to win in their chosen area. That’s often based on lived experience or deep professional immersion.

Finally, we look at team culture, sourcing edge, and founder support. Are they aligned in mission and values? Do they have unique access? Can they actually help founders grow?

Michelle: What trends or gaps are you seeing in the venture ecosystem?

Jessie: It’s a very competitive market. In the last two years, we’ve evaluated over 500 funds. In most sectors, you’ll find multiple high-quality funds already operating. So for us, it’s less about identifying untouched white space, and more about finding the best domain experts in each area.

We also want to see more internal innovation within venture firms themselves. A lot of managers are talking about AI in their portfolios, but I want to see how they’re actually using AI to improve their own processes, such as investment workflows, diligence, or decision-making. There’s a real opportunity there.

Another area where I think we can improve as an industry is talent development. We need more firms that are intentional about grooming the next generation, offering longer-tenure mentorship and building clear internal pathways. That’s still relatively rare.

And of course, we continue to care deeply about diversity. It’s something we always ask about and prioritize in our evaluation process.

Michelle: What advice would you give to fund managers raising in today’s environment?

Jessie: Let’s start with transparency. Be proactive in explaining why you’re raising this fund, what your thesis is, and how you operate, but also ask your LPs questions. What are they looking for? Where are they in their cycle? What matters most to them?

It’s surprising how many GPs don’t ask these questions. But it’s essential. Transparency is a two-way street, and it helps both sides prioritize and focus.

Second, build the relationship early. Many of our strongest partnerships were built over time through off-cycle conversations where we got to know the manager as a person. We followed their journey, watched their growth, and built conviction. So when the fundraise came, we were ready to commit early in the fundraising process and help them with introducing and closing other LPs.

Finally, be willing to make trade-offs. This is a tough fundraising environment. Not every LP will be the right fit. You have to ruthlessly prioritize where you spend your time. It’s okay to cut your target list to focus on aligned, high-trust relationships. Don’t let FOMO distract you from where you can effectively spend your time and resources.

Michelle: Given Next Legacy’s unique mission, could you tell us about a cause or philanthropic area you personally care deeply about?

Jessie: Yes, this work is very personal to me. Both of my parents are people with disabilities, and that shaped my view of inclusion and equity from a young age. I care deeply about the disability community and support organizations that are working to improve accessibility.

I also support Alzheimer’s research and organizations like Venture Forward that are pushing for more diversity and inclusion in venture capital.

Michelle: Let’s end on something fun and personal. What’s one cultural tradition from your heritage that you still cherish today?

Jessie: I’m originally from Shanxi Province in northern China, which is known for its noodles. One tradition we continue is making longevity noodles for birthdays. It’s a single, unbroken noodle that fills an entire bowl. The idea is to eat without breaking it for good luck and a long life.

My parents used to make it for me growing up, and now they make a kid-friendly version for my own children when they visit. It’s a fun tradition and a meaningful way to stay connected to our roots.