Both Sides of the Table
JULY 16, 2010
But VC is an “illiquid asset&# so funds didn’t disappear quickly - In 2000/01 the stock market quickly adjusted punishing investors in the NASDAQ and in individual public technology stocks. So as of 2008 total LP commitments were still at nearly $250 billion. So the people who invest in VC funds have two problems.
Agile VC
OCTOBER 23, 2012
The VC industry (both the GP part and the LP part) pays attention to the sector’s returns, but the broader tech ecosystem only occasionally tunes in. LPs investing in venture hold a subset of all the funds in the VC universe by design (see #4 & 5). What about fund of funds (FoF), you ask?
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Feld Thoughts
JULY 31, 2014
I know many entrepreneurs who feel that VCs have played them, gamed them, deceived them, or bullshitted them. But this doesn’t only happen to entrepreneurs. In addition to being an incredibly supportive investor in us from the beginning, this LP has become an extremely close friend. But is wasn’t always this way.
Both Sides of the Table
MAY 25, 2013
After all, I am no stranger to the publicly expressing the frustrations of dealing with the downside of this industry as I wrote about in 2006 when I was an entrepreneur. But as an LP you can’t count on that any more than VCs can. The goal of an LP is to get into the top decile. But VC is like congress. It is changing.
Both Sides of the Table
MAY 23, 2012
The movie, “The Social Network” might have had more of an impact on creating future entrepreneurs than any other event of the past 5 years. In 1998 there were around 850 VC funds and by 2000 there were 2,300. Thomson Reuters data shows that around $10 billion of LP money went into VCs per year pre bubble. The Funding Problem.
Feld Thoughts
JULY 28, 2014
Each of the SBIC funds were raised in the 2000 – 2002 time period. On paper, only one is in positive return territory as a fund, but the SBIC leverage is a substantial negative factor for the LP investors in that particular fund. The US government, however, lost most of the $2 billion it put into SBIC firms.”
The Equity Kicker
JANUARY 11, 2013
I was chatting with a friend last night about the lack of institutional investor (LP) interest in European venture capital as an asset class. There have been many difficult periods for the industry in my 13 year career as a VC, most notably after the internet and banking busts of 2000 and 2008, and I expect there will be more in the future.
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