Feld Thoughts

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GP/LP Fit

Feld Thoughts

Recently, Beezer Clarkson at Saphirre Ventures wrote a post titled Raising A Fund? 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. Why venture and how long have you been investing in it?

LP 87
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Academic Research on Accelerators

Feld Thoughts

I was asked if any existed the other day by an LP, so following is a list of papers I am familiar with. Accelerators and Crowd-Funding: Complementarity, Competition, or Convergence in the Earliest Stages of Financing New Ventures? Accelerators and the Regional Supply of Venture Capital Investment , Fehder and Hochberg, 9/14.

LP 106
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Why The SBIC Doesn’t Work For Venture Capital Anymore

Feld Thoughts

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. And, in the other two, I don’t expect to ever see any of my capital back because of the SBIC leverage.

SBIC 142
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When VCs Don’t B t You

Feld Thoughts

In addition to being an incredibly supportive investor in us from the beginning, this LP has become an extremely close friend. As I was walking home after dinner, I thought about the person who had introduced us to this LP. The wonderful dinner last night with the LP Fred introduced me to reminded me of this.

LP 155
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The Economics of VCs Recycling Management Fees

Feld Thoughts

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%.) Our goal for each fund is actually to invest closer to 110%, which means if an LP gives us a $1 to invest, we are actually investing $1.10.

LP 117
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What Is Your Next Career?

Feld Thoughts

” as part of a discussion with an LP. Upon reflection, the LP was clearly asking me indirectly about my long term commitment to venture capital and, without asking “how much longer are you going to do this VC thing?” I was recently asked the question “What is your next career?”

LP 78
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An Interview with Notation Capital about Starting VC Funds

Feld Thoughts

Their podcast series is called Origins and is unique among podcasts as they go deep into the formation history of venture funds, especially from an LP perspective. Dinner was about them and as they learned, if you trek out to Boulder, dinner is on me.

LP 70