Both Sides of the Table

MARCH 1, 2016

At the Upfront Summit in early February, we had a chance to have many off-the-record conversations with Limited Partners (LPs) who fund Venture Capital (VC) funds about their views of the market. …But LPs Have Been Putting Out More Money Than They Are Getting Back. That’s money that fuels our startup ecosystems.

Venture Capital 150

Venture Capital LP Silicon Valley Marketing 150

Both Sides of the Table

JULY 16, 2010

Consumers pulled their money out of these risky investments, but when LPs make commitments to VC funds they make 10-year, legally binding commitments. So as of 2008 total LP commitments were still at nearly $250 billion. I was at dinner with a large LP and mentioned that I had heard the industry would shrink by 50%.

LP 311

LP Technical Review Early Stage Silicon Valley 311

Both Sides of the Table

OCTOBER 26, 2020

I called an (ex) LP to tell him about her and my goals for her. The core of the investing job of course is investing dollars into startup companies and helping as a mentor, advisor and board member on the companies in which you’ve invested. She has an amazing ethical compass with heart, compassion and drive. So What Does All This Mean?

Partner 361

Partner Management Cofounder San Francisco 361

Both Sides of the Table

JUNE 22, 2021

Three Rules of Fundraising “Sales” One of the common mistakes I see startups as well as VCs make is spending too much time on top of funnel prospecting. it’s not just startups who do it. Every other conversation will be wasted time, and just like an enterprise startup, wasted time is an existential threat. Why Buy Me?

LP 375

LP Southern California Los Angeles Differentiation 375

Both Sides of the Table

MAY 20, 2018

I once had a potential LP back in 2010 (when fund-raising as a VC was harder for me) tell me that he thought he was a better fit to look at our next fund rather than this one. I had learned that this is a standard line every LP uses to have an “easy no” for VCs. He also has gone on to become one of my closer LP advisors.

LP 189

LP Software Review Europe Founder 189

Both Sides of the Table

FEBRUARY 25, 2019

This is part of a series on a Board of Directors at a Startup. High Functioning Startup Boards High-functioning boards have a tight-knit relationship between all members based on mutual trust and admiration. They are able to divide responsibilities and work to gain consensus on tough decisions that every startup inevitably faces.

LP 269

LP Startup Burn Rate Stock Options 269

Feld Thoughts

MARCH 27, 2018

Now that we are 13 years into the accelerator journey, an accelerator is a well-established construct that is part of the global startup ecosystem. I was asked if any existed the other day by an LP, so following is a list of papers I am familiar with. Accelerating Startups: The Seed Accelerator Phenomenon , Hochberg and Cohen, 3/14.

LP 106

LP Incubator Venture Capital Technical Review 106

David Teten

MAY 16, 2017

Sapphire Ventures’ Top 10 tips for pitching an LP . Katherine Barr: 5 00 Startups’ Premoney. Trusted Insight LP Panel. Who Invests In Investors: Homebrew LP Shares VC Performance Goals, Importance of Diversity & What They Look For In New Funds. Hunterwalk.com: Homebrew’s Second Annual LP Meeting: Why We Do Them.

Private Equity 60

Private Equity Venture Capital Technical Review Equity 60

Version One Ventures

JULY 24, 2019

Right now, this is a two- to three-year role where our new team member will learn about the business of venture capital and get the opportunity to work with some really interesting startups. Reporting for our investors, including writing quarterly updates and preparing LP advisory board meetings.

Technical Review 125

Technical Review Advisory Board Due Diligence LP 125

David Teten

MAY 20, 2016

I’ve also made significant engineering contributions to our two other platforms, Admin (back-end portal for our data team) and Access (LP dashboard). Prior to joining ffVC, I co-founded an early stage fashion messaging startup, and joined a TechStars NYC 2011 company as first engineering employee.

Private Equity 113

Private Equity Equity Cap Table Venture Capital 113

Feld Thoughts

MARCH 24, 2017

Foundry Group is best known for our investments in startups, but our vehicle currently investing in other venture funds, Foundry Group Next, is off to what we believe to be a great start and I wanted to share an update about it by talking about our new investment in a fund managed by Founder Collective.

Founder 75

Founder LP Technical Review Seed Stage 75

David Teten

AUGUST 15, 2013

How can a tech startup engage with a Fortune 500 company for mutual benefit? The chasm between the typical Fortune 500 company and a startup is typically too vast for a standard partnership. I worked with our intern team to look for the Fortune 500 companies making the strongest effort to reach out to the tech startup community.

Startup 114

Startup Technical Support Venture Capital Balance Sheet 114

Both Sides of the Table

FEBRUARY 26, 2014

But for now … Every year we run a big VC, LP & Tech Summit in Los Angeles (this year downtown) to showcase the best of our community and invite others from around the country. Have a quick view below for what is in store at our Upfront Summit – a little bit of LA startup energy and creativity. I will tell more.

Los Angeles 290

Los Angeles LP Startup Portfolio 290

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

Feld Thoughts

MARCH 14, 2023

Since the middle of last week, there has been extreme stress on founders, startup leaders, and the extended startup community. But, once again, I saw and experienced the extreme stress and anxiety that founders, CEOs, and leaders of startup companies face almost daily. He’s announcing the first supporters tonight.

Founder 168

Founder Silicon Valley LP Portfolio 168

Eric Friedman

DECEMBER 27, 2021

Operating as a sort of fund-of-funds model there is an economy of scale program for figuring out the GP/LP structure, working out the services providers like legal, audit, and tax handling. Startups pave the way for in person only monthly, quarterly, or bi-annually and large corps have 2 day a week in offices. Bonus: Maybe I do this.

Balance Sheet 97

Balance Sheet Stock Private Equity Option Pool 97

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. We have around a dozen LP update meetings a year across our four funds and they are the most important moments of contact we have with our investors.

LP 97

LP Europe Portfolio Private Equity 97

Both Sides of the Table

OCTOBER 12, 2014

But with the massive growth of seed funds being raised and the huge value increase of prorata rights many more LPs have stepped in to take their VC (industry term is GP) position. What would you do as an LP fund if you backed a seed-stage GP who had a position in Twitter, Pinterest, etc. Why prorata rights are being guarded by VCs.

Technical Review 336

Technical Review Later Stage Early Stage LP 336

David Teten

MARCH 14, 2018

I’ve listed a few more below which require meaningful startup and ongoing costs. VC is a “get rich slow” business, because most VC Partners will not see a carry check for 5-10 years, after waiting for both liquidity events and for LPs to be paid first. For more, see the Startup Studio Playbook.

Private Equity 60

Private Equity Venture Capital Equity Cofounder 60

Hunter Walker

APRIL 27, 2014

I’ve written before about our fundraising process and how it very much resembles that of a startup. Last week we held our first annual LP meeting, when venture funds get their investors together with updates on operations and results.

LP 97

LP Cofounder Term Sheet Valuation 97

Both Sides of the Table

AUGUST 10, 2013

As I’ve said before, all startups need to realize that every other company still has to see itself naked in the mirror in the morning. In my interview I talked about the biggest stress that really comes from startups – dealing with all the other people with whom you work. They are only one aspect of the startup experience.

Startup 412

Startup San Francisco LP Bankruptcy 412

Both Sides of the Table

JULY 23, 2014

At the other end of the spectrum large funds have gotten even larger in the past few years which has massively increased the amount of consolidation in our industry as 66% of LP money into venture is now concentrated in late-stage or full-cycle VCs. The “big boom” in startup financing started around March 2009?—?more Why is this?

Technical Review 398

Technical Review Venture Capital Valuation Pre-Money Valuation 398

K9 Ventures

OCTOBER 21, 2023

As I mentioned in the meeting, I am grateful to the K9 Founders for allowing me to be along for the ride in the companies, and I am also thankful to the K9 LPs for allowing me to do what I love to do: build companies. I present my view of the startup ecosystem in each annual meeting to the LPs.

Seed Stage 80

Seed Stage LP Early Stage Founder 80

Both Sides of the Table

MAY 27, 2013

Any CEO worth his or her salt knows that her investors get an insane amount of emails and often spend 8+ hours / day in meetings (board meetings, pitches, partner meetings, LP meetings, corporate relationship meetings) so often email is done on the run on one’s iPhone or in the early morning / late evening. Startup Advice'

Advisory Board 365

Advisory Board CTO Hire Fractional CTO Los Angeles 365

This is going to be BIG.

OCTOBER 12, 2020

I took my last LP meeting the first week of March and clearly, I didn’t close anyone that I had met with at that time. When my own startup was failing, I was helping Foursquare’s seed round happen—even switched seats around at an outing to Citifield for my 30th birthday to help make the right connections happen. He seemed paranoid.

LP 136

LP Technical Review Software Review Valuation 136

Hunter Walker

AUGUST 8, 2023

Obvious caveats to my POV here, most specifically: exposure is limited to largely the US/SiliconValley ecosystem, driven by our own portfolio, my friends and co-investors, the funds I’m a LP in, and our institutional LP relationships. Valuations.

Portfolio 98

Portfolio Cap Table LP Valuation 98

View from Seed

AUGUST 17, 2021

It’s conventional wisdom to say that it doesn’t, and that startups should keep their head down and execute. One of my side-project ideas is to try to create a new strategy course at a business school focused on startup competition. I can tell a story looking backwards why our LP base was carefully constructed.

IRR 205

IRR Dilution Founder Portfolio 205

Both Sides of the Table

FEBRUARY 18, 2017

Yves didn’t want to step down — he is still as active as any partner on our team — but he wanted me to take responsibility for: Strategy, recruiting, team development, LP relations, financial planning, etc. Lindel is no stranger to thorny venture capital issues — he was arguably amongst the most successful LPs of his generation.

Leadership 161

Leadership LP Venture Capital Silicon Valley 161

View from Seed

AUGUST 17, 2021

It’s conventional wisdom to say that it doesn’t, and that startups should keep their head down and execute. One of my side-project ideas is to try to create a new strategy course at a business school focused on startup competition. I can tell a story looking backwards why our LP base was carefully constructed.

IRR 156

IRR Dilution Founder Portfolio 156

Feld Thoughts

JULY 17, 2023

I was deeply involved with the Startup Visa movement back in 2010. Legal immigration, especially for high-skilled immigrants, has been important to me for over a decade.

United States 83

United States LP India Campaign 83

Both Sides of the Table

JUNE 19, 2015

I’ve met many VCs who take fund raising meetings with lots of LPs but struggle to get traction and I believe often the problem is that first meetings are easy but the 28 steps to get each LP to closure take an insane amount of focus, effort, follow through and discipline. Opening is easier than closing.

LP 150

LP Warrant Portfolio Framework 150

Both Sides of the Table

MAY 6, 2015

If you’re a tech or media startup considering whether LA is now a mature market I think the data will assuage any concerns. Most importantly – this should encourage LP funds to back more local firms and I would hope to see more indigenous funds to develop. The report on the LA Tech Market can be found on this link.

LP 150

LP Los Angeles Marketing Partner 150

Both Sides of the Table

JANUARY 5, 2010

A caller dialed in to ask us questions about his startup. He was from South America but living in Switzerland and had launched a startup while holding down a day job at a consulting firm (McKinsey if memory serves). I was recently on TWiST with Jason Calacanis. He wanted to raise angel money. I told him to quit his job first.

Entrepreneur 293

Entrepreneur CTO Hire South America Salary 293

VC Cafe

JULY 4, 2022

Another impact of the meltdown of the public markets is on performance, in LP and VC books which resulted in 68% of funds estimated to have marked down companies in their portfolio. Narrative violation: VC investment in EMEA startups reached an all-time high in the first half of 2022. billion in June 2021. Source: The Economist.

Venture Capital 167

Venture Capital Valuation Private Equity LP 167

Feld Thoughts

FEBRUARY 7, 2019

And this is critical as a mentor because startups are extremely hard. And never forget that startups are hard. Jay Batson has been the founder of four companies, including two venture-backed startups, with some big success and disappointing failure. Remember That Startups Are Hard appeared first on Feld Thoughts.

Boston 118

Boston LP Startup Equity 118

View from Seed

AUGUST 17, 2021

It’s conventional wisdom to say that it doesn’t, and that startups should keep their head down and execute. One of my side-project ideas is to try to create a new strategy course at a business school focused on startup competition. I can tell a story looking backwards why our LP base was carefully constructed.

IRR 136

IRR Dilution Founder Portfolio 136

View from Seed

OCTOBER 11, 2022

And I’ve been fortunate enough to witness their startups scale from ideas to $1B+ businesses (and even an IPO in the case of Poshmark). I made over a dozen angel investments and a few investments in VC funds as an LP, expanding my focus to new geographies, sectors, and stages.

North America 156

North America San Francisco Cap Table Cofounder 156