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Why VCs Should Recycle Their Management Fees

Feld Thoughts

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. If I’ve only put $85m to work, I have to generate $100m to get to a point where I’ve returned capital, which puts me in a position to get carry.

The Resetting of the Startup Industry

Both Sides of the Table

The startup industry may be “resetting,” which doesn’t mean a “crash” but rather just a resetting of valuations, timescales, winners/losers, capital sources and the relative emphasis of growth rates vs. burn rates.

Lightspeed is growing our Consumer Investing team

Lightspeed Venture Partners

We announced $1.2bn of committed capital in our latest fund family last month and four of us have been listed on the CB Insights/NY Times list of top 100 Venture Capitalists. In Venture Capital as in rugby, a well functioning team is so much more than the sum of its parts.

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2012 Recap and Final Close at $19M

Version One Ventures

Announcing Version One’s final close In addition to wrapping up 2012, I’m happy to announce the final close of the Version One Ventures fund with $19 million in committed capital. News BDC e-commerce marketplaces seed Series A round Software as a service venture capitalWhile crunching the data and reflecting on the past year, it’s clear that 2012 was busy. Version One Ventures made eleven investments, including three angel investments that rolled over into the fund.

Unshackle the Middle Class

Marc Andreessen

If you bought Facebook stock at its IPO, to realize a similar multiple that Microsoft’s public shareholders have earned, Facebook’s market cap would need to reach nearly $50 trillion, roughly the size of the total market capitalization of all publicly-traded companies in the world. If you are an accredited investor, you can become a limited partner in one of over 400 venture capital firms that invest in such companies.

Institutional Venture Partners Raises $1 Billion Fund

Inc Startups

The firm raised the $1 billion fund, IVP XIV, over four months and now manages $4 billion in committed capital. The late-stage VC firm that backed Zynga, Twitter, and Dropbox raises its largest fund to date.

IPO 5

SEC Gives VC and Smaller Private Fund Managers Limited Relief from Investment Adviser Registration

VC Deal Lawyer

Investment managers of private funds (”Private Fund Managers”) such as venture capital, private equity, real estate and hedge funds (i.e., What is a “venture capital fund” (according to the SEC)? [Guest Post] By Keith S. Marlowe, Esq. Background.

Max Niederhofer Joins Copenhagen's Sunstone Capital

ArcticStartup

Sunstone Capital has now added Max Niederhofer as a partner in its Copenhagen office, after leaving his position as Vice President in Accel Partners'' London office. At Sunstone, we are building Europe’s premier, early-stage, West Coast-style venture capital firm. Today they manage around €700 million in committed capital, and raised their last €85 million fund in December of 2011.

Recycling: The challenge and the opportunity for a Seed stage VC

Information Arbitrage

When Limited Partners (LPs) invest in a venture fund, they agree to pay an annual Management Fee on committed capital, usually on a declining scale over a 10 year period. In total, these fees amount to around 20% of an investors’ commitment, which implies that LPs only get to put 80% of their investment dollars to work because of management fees. We ended up Fund I being around 116% invested, meaning that we invested $58M against $50M of committed capital.

How do you get a check from this firm? The Process page.

This is going to be BIG.

Are you a fund with committed capital? Some firms prefer to lead. Others never do. At some firms, principals can lead deals. At others, only partners can. At some firms, everyone is called a partner. Who can lead a deal then? ¯_(ツ)_/¯ Sometimes, it depends on the size of the deal. Above a certain amount, more partners need to get involved. Some funds aren't funds at all. They're family offices. Some "venture firms" don't have money and never did. They might be brokers or advisors.

How to deal with bad PR « Lightspeed Venture Partners Blog

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0 Home About Lightspeed Team jump to navigation How to deal with bad PR March 5, 2011 Posted by jeremyliew in PR.

Today is a good day to market to cheating spouses « Lightspeed.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management.

SEM 5

Common mistakes of first time (technical) founders « Lightspeed.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Royalty Based Financing As A New Tool for Start-Up Financing?

Recent Buzzes - VC Experts, Inc.

Felder of Foley & Lardner LLP With the market still in flux, raising capital for companies -- whether equity or debt -- remains a challenge. One innovative vehicle for raising capital that is generating attention in the market lately is royalty-based financing. The company does not gain a source of committed capital from the investor that will help the company grow. By Beth J.

Enterprise Infrastructure – What we are working on at Lightspeed.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

If Google can't get local merchants to self serve, you probably.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

SQL 6

Pivoting « Lightspeed Venture Partners Blog

Lightspeed

Once you’ve decided to make the change, run with it right away, and with commitment. Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

The Lightspeed Summer Fellowship Program Explained « Lightspeed.

Lightspeed

Home About Lightspeed Team jump to navigation The Lightspeed Summer Fellowship Program Explained April 12, 2011 Posted by John Vrionis in 2011 , blogging , start-up , startup , startups , Summer Program , Venture Capital. The reasons we don’t require an obligation from the entrepreneurs we accept are simple: First, we don’t have expectations that the teams we accept will be ready for venture capital during or after completing the program.

Taking Your Pro Rata as Angel Investing Strategy - DShen's Blogs

Dshen

In the world of the so-called lean startup and capital efficiency, everyone talks about finding a startup that only requires one round of financing, then gets to breakeven and profitability without requiring more rounds of financing. If you invest only in the first round as an angel investing strategy, then you must try for the lowest pre-valuation and hope for capital efficiency so that an exit can happen without further rounds of funding. The Web and the World of Business.

How VCs Make Money….Hopefully

ithacaVC

First, VCs get capital commitments from limited partners (i.e., That means that it has capital commitments from investors of $100mm. Capital is called when needed for investment, fund expenses or management fee. And, VC1 does not reinvest capital returned (with very few limited exceptions) – VCs are not hedge funds! All capital returned from investment gets paid out. Importantly, GP1 will have also committed investment capital to VC1.

How to estimate Lifetime Value; Sample cohort analysis.

Lightspeed

For a great post describing how to measure the lifetime value of your customers have a read of this blog post from the Venture Capital from Lightspeed Venture Partners. [.] Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. Home About Lightspeed Team jump to navigation How to estimate Lifetime Value; Sample cohort analysis July 19, 2010 Posted by jeremyliew in Ecommerce , ltv , subscription.

Interview with Mike Brown Jr. of AOL Ventures

The Startup Lawyer

We’re a small fund with $30M of committed capital, so we focus on Seed and Series A opportunities. I get it, but that’s not a logical investment thesis for us to deploy capital against. Venture Capital AOL Ventures corporate VC startupI had the chance to chat with Mike Brown Jr., Founder and Partner at AOL Ventures , a few weeks ago.

The Expanding Birthrate Of Web Startups

A VC : Venture Capital and Technology

I like to think of the venture capital business like parenting. When I invest in a company, I am committing to the care and feeding of the company until cash flow breakeven (the startup equivalent of adulthood). We invested about a half a million of seed capital into a company last year and it is already profitable and there is a good chance that company isn't going to need any more capital from us. I see the capital calls.

The TTD Investment and the IA Ventures Model

Information Arbitrage

Gearing up for Global Expansion - The Series B As the Company was rapidly expanding its global footprint, we as a Board decided it made sense to put more capital on the balance sheet to both support growth as well as secure a substantially larger credit line for financing receivables and a slice of term debt. or just over 10% of our Fund I committed capital. In each fund we have 24-28 investments, with 6-8 garnering the lion’s share of the capital over multiple rounds.

IPO 0

How can you improve LTV and CAC? « Lightspeed Venture Partners Blog

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0 Home About Lightspeed Team jump to navigation How can you improve LTV and CAC? June 15, 2010 Posted by jeremyliew in CAC , ltv.

Big day for Living Social – $10 for a $20 Amazon gift certificate.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Internet/Media: 5 things that will define 2011 « Lightspeed.

Lightspeed

The resulting web traffic represents top-of-the-funnel users who are interested in learning more about the products/services, but not ready to commit just yet. Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management.

VC Returns through 12/31/06

Will Price

Today, the NVCA released venture capital returns performance data through year-end 2006. The key question is whether the current structural reality - i.e. # of funds, amount of committed capital - of the venture industry will support like returns over the next 10-20 years.

2011 Consumer Internet Predictions « Lightspeed Venture Partners Blog

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Via Venture Partners Raises A New Fund Of EUR 134 Million Targeting Nordic ICT

ArcticStartup

In addition to the VC's original fund founded in 2006, this makes Via Venture Partners one of the largest VCs in the Nordic region with a total of EUR 268 million of committed capital. Via Venture Partners has announced (PDF) raising of a new fund.

Startup CEO New Years Resolutions « Lightspeed Venture Partners Blog

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

How To Change The World - Startups and angels: Along the way to.

Tim Keane

 Get others committed to your enterprise on the team with you.   Reduce donor risk and raise effectiveness of committed capital.  Get others committed to your enterprise on the team with you.   Reduce donor risk and raise effectiveness of committed capital. Angel Capital Association website. Startups and angels: Along the way to success. By Tim Keane, Angel Investor, Golden Angels Investors, LLC. Archives. Profile.

Oncos Therapeutics Raises € 4M From HealthCap To Develop Cancer Treatments

ArcticStartup

HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe with committed capital exceeding € 800 million.

Lessons from leaders in virtual goods « Lightspeed Venture.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Notes from my keynote at Engage Expo Virtual Goods conference today

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Awesome stats on social game purchasing « Lightspeed Venture.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Congrats to Living Social for launching 25 new cities today.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. Home About Lightspeed Team jump to navigation Congrats to Living Social for launching 25 new cities today! July 13, 2010 Posted by jeremyliew in living social , local.

10% of ecommerce sites convert at better than 8%

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

Best practices in MMOG metrics « Lightspeed Venture Partners Blog

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. gaming Internet mmorpg myspace Search social games social gaming social media social networks start-up startup startups user generated content VC Venture Capital viral viral marketing virtual goods virtual worlds web 2.0

$2.5bn market size estimated for virtual goods in the US by 2013.

Lightspeed

Lightspeed is a leading global venture capital firm with over $2 billion of committed capital under management. Home About Lightspeed Team jump to navigation $2.5bn market size estimated for virtual goods in the US by 2013 August 30, 2009 Posted by jeremyliew in virtual goods.