Feld Thoughts

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My First Experience As A Venture Capitalist

Feld Thoughts

When people ask me how they can become a VC, I point them to my partner Seth Levine’s excellent blog posts How to become a venture capitalist and How to get a job in venture capital (revisited). The post My First Experience As A Venture Capitalist appeared first on Feld Thoughts. An accidental one.

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Diversity, Equity, Inclusion Solutions (DEIS) Practicum

Feld Thoughts

The agenda ( full agenda here ) includes the following discussions: DEIS in Corporate Governance & Board DEIS in Human Resources & Talent Acquisition DEIS in Procurement DEIS in Edge Technology Product Development & Corporate Innovation DEIS in Go To Market DEIS in Venture Capital & Investment DEIS in Impact.

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Why VCs Should Recycle Their Management Fees

Feld Thoughts

The advantage, for all the investors (the VCs and their LPs), is that $100m gets put to work as invested capital, rather than just $85m. Our view as a firm is that a successful VC fund has a net return of at least 3x to the LPs. So – my $85m needs to generate $350m to get a net 3x return.

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The Economics of VCs Recycling Management Fees

Feld Thoughts

The entire post is worth reading, but I especially liked their section on Recycling which includes a handy chart showing that recycling means that you only need to generate a 3.65x gross multiple to achieve a 3.00x net multiple to your LPs, vs. a 4.10x gross multiple if you don’t recycle. That’s worth remembering.

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Unicorpse

Feld Thoughts

I get uncomfortable when the net burn rate for a company goes above $500k / month. In fast growing companies with a balance sheet > $25m I can stomach a $1m / month net burn. But when I see $2m / month net burn rates, I vomit. I’m encountering an increasing number of companies with burn rates in the stratosphere.