Recasting the scene

With the unshakeable belief that having more perspectives leads to better returns, alumna Courtney McCrea ’96 MBA is creating pathways for more partners in VC.
Written by:
LeeAnn Shelton
5 minute read

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A group of nine women gathers around an outdoor dining table on a cozy wooden patio. Four women are seated with plates of food, while five stand behind them, smiling warmly. The setting suggests a casual, intimate gathering, with a backdrop of rustic architecture and greenery.
ReCast Capital founder Courtney McCrae (front row, second from left) with close friends from the Class of 1996.

For ten years, VC-industry leader Courtney McCrea ’96 MBA was a managing director at a boutique venture capital fund of funds in the Bay Area. And over that time, she noticed an interesting trend.

“Some of our best-performing investments came from emerging managers,” McCrea says. It turns out that scrappy, hungry managers often had more than just ambition propelling their success. “Venture capital is highly competitive, and having a diversity of thought within a team can open doors to opportunities others might overlook. When you bring to the table different life experiences, networks and perspectives, that can resonate with a broader array of entrepreneurs.”

That insight led McCrea and cofounder Sara Zulkosky to found Recast Capital, a platform that supports and invests in emerging managers in VC. We recently sat down with McCrea to learn about Recast’s mission and her own career journey.

You founded Recast Capital in 2020 based on your observation that having more voices instead of fewer represents a significant business opportunity. How has that taken shape since?

We’re really proud of the educational initiatives we’ve launched. It began with our Recast Enablement Program, a tuition-free educational program focused on building community among emerging managers. We connect them with seasoned venture professionals and with each other as they build their firms and raise funds. We’ve learned a lot from it, too, and one thing we noticed was that women and people of color in the program still faced significant fundraising delays — often two to three times longer than their peers.

That led to the creation of the Recast Accelerate Program, supported by Pivotal Ventures, a Melinda French Gates company, as our inaugural sponsor. This program welcomes U.S.-based emerging funds with at least one general partner who identifies as female or non-binary, and for whom 75% of their companies funded are also based in the U.S. These participants receive executive coaching, Zoom sessions and an in-person kickoff event. Additionally, we provide $100,000 to each of these funds over three years to help cover expenses as they grow. We have supported 61 funds so far through this program, and the impact has been incredible.

What has been most encouraging to see as these educational programs have grown?

VC can be a lonely business, so we focus on building a trusted, collaborative community. Because emerging managers often face similar challenges, we facilitate honest, off-the-record conversations during our programs, creating spaces where managers can connect, share insights and support each other.

We also bring in general partners and limited partners to share their experiences — what worked, what didn’t and what they wish they had known when they started. One plus one equals three in this community — it’s about building relationships that elevate everyone.

Thinking back over your own career, has your own personal leadership style evolved? 

Early in my career, I focused on emulating those ahead of me, adapting to fit the culture of the firm and institution. But over time, as I gained confidence in my abilities and the value of my authentic self, I shifted my approach.

It’s exhausting to try to be someone else — you’ll never be as effective as the person you’re trying to imitate. That said, your style won’t always align with everyone, and that’s okay. What’s critical is finding organizations that value who you are and how you communicate. Being in an environment that doesn’t appreciate your authenticity can be incredibly challenging.

How do you measure success today?

My definition of success has absolutely evolved over time. Early in my career, it was all about external validation — earning the next title or salary increase. Now, success feels much broader.

Professionally, long-term success means generating superior returns and honoring the trust our investors place in us. If someone entrusts me with their capital, I’m committed to delivering on my promises and doing it well.

In the near term, success is reflected in the impact of our educational programs. Hearing from the 134 funds we’ve worked with about how we’ve helped them stay in business, advance their goals or improve their presentations — it’s incredibly rewarding. Their feedback keeps us going.
An unexpected marker of success has been the community itself. Emerging managers now introduce LPs to us and speak highly of our work in the ecosystem. That kind of organic support wasn’t something we anticipated, but it’s deeply fulfilling.

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