Feld Thoughts

MAY 28, 2014

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. That means that if an LP invests $1 in the fund, they get back $3 over time.

Management 150

Management .Net LP Venture Capital 150

Agile VC

DECEMBER 6, 2012

If Acme Ventures III, LP invests in Startup X then typically Acme Ventures IV, LP would not. If Acme Ventures has a new supply of capital with fund IV, wouldn’t they want to reserve some of that for companies in Fund III? Why is this? Wouldn’t they want a piece of the winners in the prior fund to be in the new fund?

LP 178

LP Balance Sheet Differentiation Limited Partner 178

The Startup Lawyer

JANUARY 6, 2011

We’re a small fund with $30M of committed capital, so we focus on Seed and Series A opportunities. Assuming a Corporate VC is operating a traditional fund vehicle and not just investing off of the balance sheet (probably the first real difference), I would say the most recognizable difference is in the single vs. multiple LP structure.

Early Stage 58

Early Stage LP Later Stage Balance Sheet 58