View from Seed
DECEMBER 4, 2019
One or two of the best companies may continue to appreciate, but most of a VC’s portfolio has probably been realized, written off, or has maxed out its value. The longer the portfolio maintains the same value without distributing back cash, the worse the fund’s ultimate IRR. LP Constraints. Clearly, 0.62
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. One industry specific example is the strange fascination among some LPs and GPs around term IRR. This is the implied rate of return of a fund based on the value (mostly unrealized) of a portfolio.
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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. In addition to thinking about the LP overall, it’s important to think about the decision-maker.
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. One industry specific example is the strange fascination among some LPs and GPs around term IRR. This is the implied rate of return of a fund based on the value (mostly unrealized) of a portfolio.
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. One industry specific example is the strange fascination among some LPs and GPs around term IRR. This is the implied rate of return of a fund based on the value (mostly unrealized) of a portfolio.
View from Seed
DECEMBER 11, 2019
But even at the Partner-level, the amount of transition in Venture Capital is much more than you perhaps would expect… especially in a business which should have a long term orientation with portfolio investment-hold periods and Partnerships lasting more than a decade. So why is there so much turnover in Venture Capital?
View from Seed
OCTOBER 29, 2014
The nature of LP investors can vary widely, but the bulk of the capital in the VC ecosystem comes from large institutions like pension funds, endowments of universities and hospitals, charitable foundations, insurance companies, very wealthy families (aka family offices), and corporations. Endowments. new buildings, etc).
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