Feld Thoughts

JUNE 5, 2018

The idea of product/market fit has been around for a long time. And, while founder/market fit is a newer concept, it turns out to be just as important. 9 Questions That Help Get You To GP/LP Fit. In it, Beezer goes through, in depth, the top questions she recommends you ask an LP to determine GP/LP fit.

LP 87

LP Portfolio Management Founder 87

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.

LP 311

LP Technical Review Early Stage Silicon Valley 311

Both Sides of the Table

JUNE 22, 2021

I counsel first-time VCs (as well as founders) to have mid-funnel strategies to get from first LP meeting to close and to put a disproportionate amount of time into this area (I say more about this on the podcast starting at timecode 27:41). that’s your target market. Why buy me? Why buy now? Why Buy Anything? Why Buy Me?

LP 375

LP Southern California Los Angeles Differentiation 375

View from Seed

AUGUST 17, 2021

A few weeks ago, we hosted a small dinner for a number of portfolio company founders, LP’s, and friends of the firm. New funds have formed, old market leaders are gone or walking dead. But the reality is that the more interesting the market, the more likely there is to be rapid and unpredictable change.

IRR 205

IRR Dilution Founder Portfolio 205

David Teten

MAY 20, 2016

Our meetup is focused on how to use technology to enhance investing in private markets, including VC, growth, buyout, and distressed. Membership in the Meetup is open exclusively to: Institutional investors in private markets (VC, growth, buyout, distressed, etc.) who use tech solutions in their day-to-day process.

Private Equity 113

Private Equity Equity Cap Table Venture Capital 113

Version One Ventures

JULY 24, 2019

Performing market research and due diligence for potential investments. Reporting for our investors, including writing quarterly updates and preparing LP advisory board meetings. Working with existing portfolio companies, including helping out with hiring, financial modeling, and research. angela@versionone.vc .

Technical Review 125

Technical Review Advisory Board Due Diligence LP 125

Feld Thoughts

MARCH 24, 2017

We also know many of the entrepreneurs in their portfolio. This means FC avoids trends and relentlessly questions entrepreneurs about how their product enables specific use cases and market opportunities. Founder friendly” is an overused term, but there is a big difference between marketing this as a concept and living it every day.

Founder 75

Founder LP Technical Review Seed Stage 75

View from Seed

AUGUST 17, 2021

A few weeks ago, we hosted a small dinner for a number of portfolio company founders, LP’s, and friends of the firm. New funds have formed, old market leaders are gone or walking dead. But the reality is that the more interesting the market, the more likely there is to be rapid and unpredictable change.

IRR 156

IRR Dilution Founder Portfolio 156

YoungUpstarts

OCTOBER 23, 2017

by Joe Duncan, founder of Duncan Capital LP. This combinatorial model works because it’s diversified, can best withstand bear markets, benefits from technological synergies, and it’s the mix of products and services clients value. Fintech is triggering a profound rethink for financial institutions, from retail to investment banking.

Technical Review 131

Technical Review Artificial Inteligence Software Review IPO 131

Both Sides of the Table

OCTOBER 12, 2014

Prorata rights are one of the most important rights of a private market technology investors and yet are seldom fully understood. A first or second-time fund has an easier time fund raising when they can show a few 4-8x’s in their portfolio than if they always average up. And sometimes they take part of their prorata right.

Technical Review 336

Technical Review Later Stage Early Stage LP 336

View from Seed

AUGUST 17, 2021

A few weeks ago, we hosted a small dinner for a number of portfolio company founders, LP’s, and friends of the firm. New funds have formed, old market leaders are gone or walking dead. But the reality is that the more interesting the market, the more likely there is to be rapid and unpredictable change.

IRR 136

IRR Dilution Founder Portfolio 136

Version One Ventures

JANUARY 31, 2024

Since then, I’ve received 200+ inbound leads (and counting). Have backed close to 20 emerging GP's over the past 5 yrs & looking to add 3-4 more to the portfolio this year. — Boris Wertz (@bwertz) January 11, 2024 While I was aware of many emerging GPs raising right now, I didn’t realize just how many were in the market.

LP 73

LP Differentiation Deal Flow India 73

View from Seed

SEPTEMBER 23, 2020

At first glance, you’d think that all LPs pretty much want to buy the same thing. Every fund pitching an LP is pitching this as a baseline. And yet, LP’s get to “yes” in a few cases and get to “no” in most cases. Some LPs are buying access to direct investment opportunities. That’s kind of a given, but it’s insufficient.

LP 309

LP Customer Early Stage Portfolio 309

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. 2) No Synthetic Alternative – If an LP can’t “buy” VC as an index, could they replicate the returns of an index some other way?

LP 176

LP Accredited Investor Carried Interest Portfolio 176

Both Sides of the Table

JUNE 19, 2015

Meeting a lot of candidates to find your head of marketing is all well and good but if 2 months later you still have no one in the role you’re still down a person. I worked with a successful portfolio company recently that had to make some big moves in the market. Opening is easier than closing.

LP 150

LP Warrant Portfolio Framework 150

Both Sides of the Table

APRIL 21, 2020

Harry was gracious enough to invite me back so this past week we recorded an episode discussing the current market environment. Nobody will be immune because in a bull market executives are paid to “innovate” so they sign software contracts and run projects. Biggest Advice I Give to Portfolio Founders? Raise when you can.

Marketing 263

Marketing Valuation Churn Rate Balance Sheet 263

This is going to be BIG.

DECEMBER 3, 2020

Having a better overall portfolio of venture capital by adding funds into the mix. By being in a pool of other fund investors, the LP meetings and co-investment calls could be an opportunity to connect with other like-minded or like-situationed investors—but again, it depends on how a fund organizes its community.

Portfolio 134

Portfolio Syndicate Syndication Deal Flow 134

Hunter Walker

MARCH 28, 2018

And why a LP should give them theirs. Sometimes there’s substance behind these statements; others are rickety content marketing or breathless trend hopping. Your portfolio page. Your portfolio page is your thesis. And hope to continue adding amazing companies to our portfolio page.

Portfolio 102

Portfolio LP Differentiation Founder 102

Eric Friedman

DECEMBER 27, 2021

With the advent of programs like CartaX and what I call streaming venture funds , the liquidity in private markets is going to get the foundation to grow significantly in 2021. There is also a network effect of portfolio companies with early GPs. As of this writing BTC is at $48K and this ended up happening in early Jan 2021.

Balance Sheet 97

Balance Sheet Stock Private Equity Option Pool 97

Both Sides of the Table

JULY 23, 2014

15 years ago we were at the peak of Internet hype with the launch of many over-capitalized businesses with a market size & opportunity was limited. The VC market has right-sized (returned back to mid 90′s levels & less competition). But markets value high growth over short-term profitability. Where are we today?

Technical Review 398

Technical Review Venture Capital Valuation Pre-Money Valuation 398

The Equity Kicker

MARCH 19, 2012

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. These meetings are the equivalent of board meetings for our portfolio companies. Market update. Portfolio update. My latest column for The Kernel.

LP 97

LP Europe Portfolio Private Equity 97

Both Sides of the Table

MAY 27, 2013

In this period (less than 2 years) he has brought on incredibly talented senior execs is sales, marketing, product management, client services, finance, vp engineering and more. VCs crave the ability to help portfolio companies. You may have an opinion on your market-entry strategy for Europe. One key board member knows Marissa.

Advisory Board 365

Advisory Board CTO Hire Fractional CTO Los Angeles 365

Babbling VC

OCTOBER 3, 2011

Fortunately, for those of us in the market long enough, it's actually good news. For those of you not in the know, they are one of the largest limited partners ( LP's : investors in venture capital funds) in Europe and are basically in almost all the funds throughout the market. This for me is a no-brainer.

LP 82

LP Europe Germany Venture Capital 82

David Teten

SEPTEMBER 23, 2017

The extreme example of this are algorithmic investors in the public markets, who design algorithms which trade on the designer’s behalf, as opposed to making trading decisions directly. High-frequency trading, algorithmic by its nature, is estimated to account for at least 50% of US equity markets trading volume. . 1) Market fund.

Private Equity 60

Private Equity Venture Capital Equity Technical Review 60

Hunter Walker

APRIL 27, 2014

Last week we held our first annual LP meeting, when venture funds get their investors together with updates on operations and results. There are several Homebrew investments going to market for their Series A this year. In bull markets we’re told to expect a seed failure rate of ~40% and closer to 50% in typical markets.

LP 97

LP Cofounder Term Sheet Valuation 97

Both Sides of the Table

JANUARY 5, 2010

Being tenacious without the mental flexibility to pivot based on market feedback is a disaster. If your idea is so amazing that it warrants my hard-earned angel money or the money of my LP investors from our fund then why should I take a risk on you if you won’t take a risk on yourself? Why should I be? I finally called bullshit.

Entrepreneur 293

Entrepreneur CTO Hire South America Salary 293

Version One Ventures

JULY 31, 2018

Since 2012, we have made over 40 investments and have been busy building our fund, expanding and deepening our network, and most gratifyingly, working with our portfolio companies in their pursuit to transform their industries and the world. Performing market research and due diligence for potential investments.

Hiring 166

Hiring San Francisco Advisory Board Due Diligence 166

Austin Startup

AUGUST 10, 2017

We offer investors venture economics with public market liquidity. As entrepreneurs, Tushar and I immediately knew that when product-market fit hits you in the head, you jump on it. We monitor the market and adjust our holdings as new information emerges and market conditions change. And thus Multicoin Capital was born.

Technical Review 48

Technical Review Cofounder Technical Cofounder Austin 48

VC Cafe

JULY 4, 2022

billion in 2,251 deals during the second quarter through June 15, versus about $70 billion in 3,369 deals in the first quarter • Declining valuations: In the secondary market for private equity, 55% of the equity offered for sale in May was offered at a discount to the companies’ valuations per share, compared with 47% in March and 35% in January.

Venture Capital 167

Venture Capital Valuation Private Equity LP 167

Both Sides of the Table

MARCH 11, 2014

Last week displayed the best of LA last week for a gala event of all of Upfront’s portfolio companies + the CEOs of many of LA’s top technology companies + 75 VC firms from LA, SF, NY & Boston + 25 LP Funds + the Chairman of Yahoo! We know the perceptions you have of our market from our past.

Los Angeles 318

Los Angeles Silicon Valley LP Warrant 318

Both Sides of the Table

FEBRUARY 6, 2019

Yes, VC / Startup Funding is up Massively If you look at how much VC firms have raised from Limited Partners (LPs) over the past 2 decades you’ll see that we’ve returned to a level that we haven’t seen since 1999. Companies are raising billions of dollars in the private markets and the valuations are enormous PRIOR to the IPO.

Venture Capital 292

Venture Capital IPO Mezzanine Early Stage 292

Haystack

JUNE 1, 2018

” Depending on your point of view, it is the perfect trigger for a conversation about the state of the Bay Area’s investment market. A well-networked LP recently remarked to me they’ve estimated over 150+ of the 500+ known seed funds are currently “in market” right now.

LP 116

LP Global Social Media Portfolio 116

Both Sides of the Table

AUGUST 24, 2015

If you didn’t notice that the stock markets in the US dropped nearly 4% today (after falling last Thursday and Friday) then you were probably completely off-the-grid and on vacation. And by this I assume he meant that “market prognosticator twitter” was vomitous. It was a nerve racking morning. Neither do I.

Stock 150

Stock Finance Marketing Valuation 150

Both Sides of the Table

FEBRUARY 4, 2016

” There are a lot of data points that one can observer to get a sense of the venture capital markets – both LP fundings into venture and VC financings of startups. Of course sentiment can swing wildly with new information but I set out to take the pulse of the market as we enter 2016. State of the Market.

LP 150

LP Valuation Burn Rate Pre-Money Valuation 150

This is going to be BIG.

MARCH 14, 2019

If you’re not actually modeling this out with a spreadsheet, I don’t know how you can look an LP in the face and say this. A Time and Attention Model How much time will you be spending on each portfolio company? The Backtesting Model In the public markets world, when you start a new fund, you backtest it. Taking board seats?

LP 97

LP Due Diligence Portfolio Distribution 97

Version One Ventures

OCTOBER 17, 2018

It’s an exciting time to be launching a new fund as our focus on network effects and broad geography are driving opportunities in both existing and emerging markets. and Canada, offering portfolio companies strong networks and resources on both sides of the border. And last but not least, we thank our investors, the LPs.

Silicon Valley 127

Silicon Valley North America San Francisco LP 127

Both Sides of the Table

MAY 27, 2016

I was speaking recently to the team at NuOrder , an LA-based company we’re an investor in about “realism in startups” — an impromptu talk I have given to any of our portfolio companies who ask. I was asked again in an LP meeting later in the week and then again at a founder breakfast gathering we hosted yesterday. Early stage.

Early Stage 254

Early Stage Non-Compete LP Later Stage 254