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07 / Venture capital / EDBI

On the other side of the pitch.

Learning how investors think. Sometimes in a meeting. Sometimes a few kilometres into a run.

Matthias Joseph with his internship mentor, Rongyang Lim, during their 26 km run
A run with Rongyang Lim, my internship mentor.
Field notes / Beyond the office

26 kilometres,
and a lot to think about.

I joined my internship mentor, Rongyang Lim, on a 26 km run. I managed to take some time out of his busy schedule to learn more about the venture capital space.

We talked about how seasoned investors like him reason through investment decisions, and how he thinks about thesis building.

Much of that happens in the same way I come up with ideas: in the most random places—in the shower, on a run, or even while suffering through the last flight of stairs with legs still really sore after a great workout with Rongyang.

The greatest thing I got out of the run?

Regardless of where you are, keep moving forward.

Hahaha. And do your best in whatever you do.
Distance
26.22 km
Pace
6:47 /km
Time
2h 57m
Strava: Run with Rongyang, 23 July 2026. Distance 26.22 kilometres, pace 6 minutes 47 seconds per kilometre, time 2 hours 57 minutes; fastest half marathon and the route through Singapore.
The run, recordedMy fastest half marathon at the time.
Open the image for a closer look.

Rongyang is a great mentor, and I really loved his guidance. His work ethic is, for lack of a better term, ferocious. I remember him telling me that he would set a time to run and go even if it was raining cats and dogs, because “you do what you’ve made up your mind to do.”

At work, he is stern. His mentorship is brutal and straight to the point. He judges my work for what it is. One of the phrases he kept using with me was “don’t digress.” I feel like I beat around the bush too much at work, and he reinforces the importance of being results-driven. More often than not, I really appreciate people speaking to me honestly, without sugar-coating how useful my work or products actually are.

Outside of work, he is a family-oriented man: down to earth, realistic, and simply a great friend and mentor to be around. He has a great heart and an honest passion for imparting knowledge to the people he cares about.

A reflection on Gerald

My best lad during the internship.

Matthias Joseph and Gerald sitting together during the internship
Gerald and me, during my internship.

Gerald was my best lad during the internship. He serves as an associate and contributes greatly to the team. His determination to put in the effort and do his work to the best of his ability really stood out. He spoke to me like a brother and so patiently mentored me, telling me what I needed to be aware of in the landscape. That was truly the best. He is an extremely kind soul, and his work ethic is unparalleled.

I love the way he conveys information to me. I love spotting algorithms in everything, especially in how Gerald conducts himself. He always starts with praise, then clearly touches on what went wrong and how to make it better.

For example, I remember using Claude to write a post-meeting report for a company. At the end, I had left in the AI blurb: “Is there anything else you’d like me to change about this report? Just do let me know.” He said very nicely:

“The first parts are all good, but don’t let this small error in your work undermine all the good work that you did!”

Of course, it was a huge blunder on my part—a giveaway that I had thrown it into Claude to generate a meeting summary just to complete it on time. But I loved the way he corrected me.

Even after I messed up several times, he was always there to bring me along and have deep talks with me about how money moves, the incentive structures in financial institutions, the common “2 and 20” structure in VC, and LPs and GPs. That’s a 2% annual management fee and 20% carried interest on profits, though terms vary by fund. GPs manage the fund, and LPs provide the capital! I know my work :)), thanks to you, Gerald!

Although I didn’t manage to finish the red book on investment banking 😛

EDBI / Team bonding

A little team bonding.

Matthias and Gerald wearing aprons at EDBI’s team painting session
01 / The painters

Gerald and me during EDBI’s painting session.

Matthias’s painting on an easel: a bearded figure in red holding a black dog
02 / The artwork in question

I am not an artist.

Matthias and Melville giving a thumbs-up at the EDBI office, with a bottle of Meiji protein milk
Melville and me, at the EDBI office.

For venture-related conversations.

matthias@u.nus.edu

Another side of the story

From founders to classrooms.