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How is the VC Asset Class Doing?

View from Seed

One of the things I pointed out in my prior post was that even though the 2007 vintage was 10 years old, the vast majority of the value was still unrealized. If we compare the 2007 vintage data today vs. what we looked at 2 years ago, it gives us a sense of how much liquidity that vintage has enjoyed in the last couple years.

LP 256
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Why the LP Outlook is Good for Venture and Startups in 2017–2020

Both Sides of the Table

Every year Upfront Ventures surveys Limited Partners (LPs) who are the main source of capital that invests in VC funds and thus the main source of capital that goes to startups to get an early-warning sense of the year ahead, leaving aside any Black Swans. Here is the entire survey, which can also be downloaded and shared.

LP 286
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How I Got the Monkey Off My Back – Today Was a Good Day

Both Sides of the Table

I become a venture capitalist in September 2007 – exactly 6.5 Getting Exits / Driving LP Returns: This was always the knock on me. years ago. I spent my first year developing proprietary deal flow and learning the business and then the Sept 2008 / Lehman Bros collapse / financial meltdown happened. The monkey on my back.

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The Changing Structure of the VC Industry

Both Sides of the Table

At the other end of the spectrum large funds have gotten even larger in the past few years which has massively increased the amount of consolidation in our industry as 66% of LP money into venture is now concentrated in late-stage or full-cycle VCs. 2007 was the watershed year. Why is this?

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Kernel column: The LP update meeting

The Equity Kicker

The LP Update Meeting. I’m just back from our semi-annual update to the LPs in one of our funds, and I thought I would share the experience with you all. We have around a dozen LP update meetings a year across our four funds and they are the most important moments of contact we have with our investors.

LP 97
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The Economics of VCs Recycling Management Fees

Feld Thoughts

From the start of Foundry Group in 2007, we have felt strongly about this. We feel that if an LP gives us a $1 to invest, we should invest at least that $1, not $0.85 (the average fee load over a decade for a typical VC fund is 15%.) We think this is another element of GP-LP alignment and have supported this from our first fund.

LP 117
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One Weird Trick to Build a Personal Brand

Both Sides of the Table

If you’re reading this you’ll now likely know that I became a VC in 2007 with what is now called Upfront Ventures. And was fortunate enough to get a reference call from an LP asking me this very question. Wondering how far we could have taken things. And in awe of those that got to a level higher than we got. Question not.

LP 150