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All Things VC - November 23' Edition

Tweets, nuggets & more

Articles & Posts

Ed Zimmerman - FOR LPs/GPs in VC: DPI Analysis of Some Seed VC Funds in Our Portfolio Now in “Carry”

Gokul Rajaram on young VC investors being disenchanted with venture

Saanya Ojha on deal velocity and tough the market environment

Samir Kaji on unwinding of the peak times in VC will take time to sort through

Reflections on Completing Five Years in Venture Capital

How Family Offices Are Taking the Reins and Skipping the VC with Dave Sachse

- The Big Reset in Seed to Series A Graduation Rates is Real and Permanent

Letters to a Young Investor: Reid Hoffman

The Generalist's newest series, “Letters to a Young Investor” featuring the remarkable . In this inaugural edition, Reid shares stories about investing in and , missing out on investing in (despite being impressed by the formidable and ), and developing a good “theory of the game” for venture investing.

Nihal Mehta - Top 10 tips on how GPs can fundraise effectively in this market

Pushkar Singh - Power Law in Venture Capital

Saanya Ojha on deal velocity

Sisi Song - Founders are putting off pitching VCs

SiftedEU - ‘EU’s AI act could kill our company’

Akash Bajwa - risk curve asymmetry at seed is profoundly different to that of growth investors

Nathan Beckord - Should Founders Receive a Monthly Salary?

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Akhil Paul writes on

TechCrunch - For VCs and founders, building in public is about filling the top of the funnel

Michael Jackson - Europe needs an overhaul. Root and branch.

Chris Harvey on disclaimers & legal review

Tough VC choices

Samir Kaji - The ZIRP period skewed people’s expectations on venture

What graduate majors have a higher likelihood of “producing” a unicorn?

The venture capital industry is bleeding out from excess and misappropriation. ​

What percent of startups make it from Priced Seed to Series A?

Investing in small VC funds vs. large VC funds. ​

A GP’s View on VC Fund Performance (When It’s “Early”)

Do established managers outperform emerging managers?

Driving High Performance Corporate Venture Investment Committees

Brace yourself for a surge in acquisitions.

Evaluating the Risks in Secondary Investments

What does it take to IPO in 2023?

Finding from crunching through 20,000+ founders and pitch decks.

Is there’s a ‘reasonable case to make’ that the job of VC ‘doesn’t exist’ in a world of AI-powered two-person startups

Founder splits

The VC industry needs to rip up the playbook and start again

News & Reports

State of European Angels 2023

State of Private Markets: Q3 2023

PitchBook - US VC Valuations Report

PitchBook Analyst Note: The Seed Blip

PitchBook - Germany Market Snapshot

PitchBook - PitchBook Private Capital Indexes

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PitchBook - Europe VC funds jump ahead of US counterparts over 12 months

European VC Valuations Report

PitchBook - US investors favor UK for overseas VC deals

Ilya Strebulaev on Alumni Networks in Venture Capital Financing

Sapphire Ventures - Outperformance: The Power of Power Laws – Which Investments Generate the Greatest Venture Returns: Enterprise or Consumer?

finpeers - Filling the gap between Venture Capital and Private Equity

A Data Driven Guide to Fundraising as an Open Source Founder

UK VC Investment

Venture Capital is an asset class that follows the power law in almost every sense.

Going Your Own Way — Defying Pattern Recognition of Venture Capital Managers

What's the difference between Rule 506(b) and the Marketing Rule?

Compensation trends report - The European tech industry in 2024

Report on non-allocation to VCs

Will AI support startup valuations

2024 is going to be far worse for startup shutdowns

Melinda French Gates: ‘It’s time to change the face of power in venture capital’

Unicorns - fewer than 1% of them are generating $1 billion in both revenue and cash ​

Drop in median secondary price from last priced round

Failure Museum

Podcasts & Videos

Ed Sim talks on 20VC podcast

20VC: The Three Types of Seed Round Today, Why Seed Has Never Been More Competitive, Why Pricing Has Never Been Higher, Why Boards at Pre-Seed Can Be Helpful & How Too Much Cash Too Soon Can Harm Companies with Ed Sim, Founder @ Boldstart
Listen to this episode from The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch on Spotify. Ed Sim is one of the best seed round investors in venture as the Founder and Managing Partner @ Boldstart, Ed focuses specifically on developer, infra and SaaS at pre-seed and seed round. Over the last decade, Ed has backed some of the best including Snyk, BigID, Kustomer, Front and Superhuman. In Today's Episode on Seed Rounds We Discuss: The Three Types of Seed Round: What are the three different types of seed round today? Has seed ever been this competitive? Will seed be unimpacted by the macro decline we are seeing? Why are growth and multi-stage funds being more active than ever in seed? 2. Too Much Cash Will Kill You! Why does Ed believe that too much capital can kill companies at the seed round? Why does Ed believe that the best founders are not always optimising for the highest price? What are the single biggest negatives of taking a high price at the seed round? What advice does Ed have for founders who have large offers from multi-stage funds at seed? 3. Is Growth Dead? Why does Ed disagree and suggest that growth is not dead? What do multi-stage and growth funds now what to see that they did not before? How will the growth market evolve over the next 12-18 months? 4. IPOs, AI and M&A: What will cause the IPO windows to crack open again? Why does Ed believe that many investing in AI are simply giving money to Nvidia? Does Ed agree that 95% of the cash going into AI from venture today will go to zero? Will we see more or less M&A in the next 12 months? How did Ed evaluate the Loom acquisition by Atlassian?
Topics covered
What's happening in the "seed" market
Why I believe it's the beginning of a new era of "Inception Investing"
Why it's already happening
Why every firm is racing to be first

David Weisburd’s discussion with of on role LP consultants play in the ecosystem, and how endowments access emerging managers

(01:06) What is Albourne and How do LP consultants work? (02:41) Learnings from the dot com bubble (05:45) Are companies now making the same mistakes present in the early 2000s? (14:46) How the market adjusted with YouTube and WhatsApp (17:31) How top endowments are investing (19:01) Do access constrained funds still exist? (22:22) Why being a hybrid manager is unique (23:13) Finding greenshoots in bear markets (24:38) Main investing mistakes family offices make (26:45) How to understand the market before making a venture investment (33:56) How to engage an LP consultant (37:48) Why fund of funds have grown in number and popularity

Jamie Rhode on how to drive the most meaningful returns in early-stage venture as a LP

* Why Jamie believes that 90% of investment returns come from asset allocation strategy. * Why smaller funds often drive the best returns. * Why illiquidity and duration are so critical to producing outsized returns, with Verdis finding that the last 20% of the hold period of a fund producing 46% of the returns. * Why Verdis believes in the strength of the YC network. * The perfect fund size and portfolio construction. * Why former operators may not make the best fund managers in Jamie’s view.

High Net Purpose: Allen Taylor, Endeavor "The Entrepreneur's Investor"
Listen to this episode from High Net Purpose on Spotify. Welcome to the hotseat where Joe McCarthy sit's with Allen Taylor, Endeavor Catalyst's Managing Partner. Allen Taylor leads Endeavor's co-investment fund, that has been recognized as one of the most active global venture investors in emerging markets. Step into the world of high-impact entrepreneurship as they explore the extraordinary journey of Endeavor, a global non-profit organization dedicated to nurturing entrepreneurial ecosystems in emerging markets. Venture into the dynamic landscape of entrepreneurship, risk, and community building, as Allen shares his unwavering passion for asset allocation and venture capital across diverse and vibrant regions. In this conversation, Allen and Joe discuss the following topics: Entrepreneurship and community building.Risk and opportunities.Undercapitalized markets.Non-profit organization, Endeavour's model and impact.How Reid Hoffman challenged the model and approach.The rigorous process of becoming an Endeavor entrepreneur.How to identify successful entrepreneurs.Economic development in emerging markets.Unique venture capital fund structure with a non-profit organisation.Venture capital in emerging markets.The meaning of impact investing.The vision for Endeavor's future. Follow us on:YouTube: @HighNetPurposeInstagram: @highnetpurposeTwitter: @HighNetPurposeLinkedIn: high-net-purpose Connect with Endeavor:Instagram: @endeavor_globalTwitter: @endeavor_globalLinkedIn: Endeavor Hosted on Acast. See acast.com/privacy for more information.
Entrepreneurship and community building.
Risk and opportunities.
Undercapitalized markets.
Non-profit organization, Endeavour's model and impact.
How Reid Hoffman challenged the model and approach.
Economic development in emerging markets.
Venture capital in emerging markets.

How Benchmark Thinks About Venture in 2023

Special LP roundtable: What LPs are thinking about in Venture with Beezer Clarkson, Chris Douvos, and Guy Perelmuter

Raja Doddala, Head of VC at Churchill ($47 Billion AUM) on How LP’s Should Diligence GP’s

Raja Doddala, Head of VC at Churchill ($47 Billion AUM) on How LP’s Should Diligence GP’s | E19
Raja Doddala, Head of VC at Churchill Asset Management, sits down with David Weisburd to discuss how Churchill diligences managers, and the importance of integrity in a GP. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans. The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co -- X / Twitter: @rdoddala (Raja) @dweisburd (David) -- LINKS: Churchill: https://www.churchillam.com/ -- SPONSOR: Bidav Insurance Group The Limited Partner Podcast is proudly sponsored by Bidav Insurace Group. Today's episode is sponsored by Bidav Insurance Group. Bidav Insurance Group is run by my close friend, Amit Bidav, who insures me both personally and at the corporate level. Most people are not aware of the inherent conflicts in insurance, where insurance agents are incentivized to send their clients to the most expensive option. Amit has always been an incredible partner to me and 10X Capital, driving down our fees considerably while providing a premium solution. I am proud to personally endorse Amit and I ask that you consider using Bidav Insurance Group for your next insurance need, whether it be D&O, cyber, or even personal, car, and home insurance. You could email Amit at amit@luxstr.com. -- Questions or topics you want us to discuss on The Limited Partner podcast? Email us at david@10xcapital.com -- TIMESTAMPS (00:00) Episode Preview (01:53) Churchill background (03:08) Pulling the curtain back on the IC process (05:24) The quantitative and qualitative nature of Venture (07:00) The importance of integrity in a manager (10:33) The correlation between price sensitivity and DPI (13:22) Right companies. Right time. (14:17) Episode Sponsor: Bidav Insurance Group (15:15) How Venture fits in a portfolio (17:57) Smaller fund historically have better returns (18:53) Raja’s ideal fund (19:57) Khosla’s bet on OpenAI (20:55) Why Vinod Khosla is a great VC (21:52) Why Keith Rabois is a great VC (22:39) Operator vs Non-Operator (23:08) Specialist vs Generalist (26:02) Opportunity funds and staples (26:56) Doubling down on outliers through co-investments (29:23) How Churchill supports their GPs (37:22) “We’re open for business”

How 2023 Has Reshaped the Landscape for VC Firms with Winter Mead of Coolwater Capital

How 2023 Has Reshaped the Landscape for VC Firms with Winter Mead of Coolwater Capital
This week on Swimming with Allocators, Earnest and Alexa welcome Winter Mead, Founder of Coolwater Capital. During this conversation, Winter shares his journey from working in tech startups to becoming a venture capitalist. He discusses the challenges faced by emerging managers and the importance of training for aspiring fund managers, the changing landscape of venture capital investments, and the difficulties faced by limited partners (LPs) in assessing talent. Winter also emphasizes the importance of transparency, accountability, and accurate pricing in building a successful venture capital firm, the need for better management and increased specialization, and more. Highlights from this week’s conversation include: The journey in institutional investments (2:04) Perspectives on Venture Captial (3:50) Becoming a coach for emerging managers (5:50) The Manager Accelerator Program (9:18) Functions of a VC Firm (12:42) Insider Insight: Tim Flannery on the need for Electronic Subscription Documents (13:27) Finding investors (16:45) The Evolution of Venture Capital (19:37) Supporting Emerging Managers (22:24) The rise of fund formation (24:38) Shift in market dynamics (26:36) The selection process for managers (33:00) Trends and shifts in the industry (35:19) The mismanagement of portfolio construction and reserves (40:43) The need for increased specialization in fund formation (41:35) The potential rise of specialized venture funds (42:36) Final thoughts and takeaways (45:45) Coolwater Capital focuses on emerging managers and technology investments. The firm has worked with over 240 emerging managers in the last four years by focusing on a model to build, launch and scale emerging fund managers. Passthrough turns investor onboarding into a solved problem – it seamlessly manages subscription document distribution, execution, and compliance in minutes. As a leader in fund workflow automation for investors, fund managers, and other fintechs, Passthrough provides an integrated platform solution that makes the subscription document process turnkey for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a full service KYC/AML product that streamlines collecting information from investors and screening them against sanctions lists so fund managers can remain compliant. Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. Follow along and subscribe at swimmingwithallocators.com.

EUVC - Key Insights on The State of the Secondaries Market & How To Win

EUVC #248: Ben Topor on Growth & Secondaries Investing & The Beauty of Flexible Mandates

Why You Should Be Wrong and Alone | Chris Douvos | Superclusters

Why You Should Be Wrong and Alone | Chris Douvos | Superclusters | S1E1
Chris Douvos founded Ahoy Capital in 2018 to build an intentionally right-sized firm that could pursue investment excellence while prizing a spirit of partnership with all of its constituencies. A pioneering investor in the micro-VC movement, Chris has been a fixture in venture capital for nearly two decades. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates, and The Investment Fund for Foundations.  He learned the craft of illiquid investing at Princeton University’s endowment. Chris earned his B.A. with Distinction from Yale College in 1994 and an M.B.A. from Yale School of Management in 2001. You can find Chris on his socials here: Twitter: https://twitter.com/cdouvos LinkedIn: https://www.linkedin.com/in/chrisdouvos/ And huge thanks to this episode's sponsor, Alchemist Accelerator: https://alchemistaccelerator.com/superclusters OUTLINE: [00:00] Intro [03:01] What Chris learned from the founder of Greylock and the Chief Investment Officer at Yale's Endowment. [06:25] How a timber pitch and losing the nose game earned a Chris a front-row seat to venture capital. [10:35] How 2001 is similar to 2023. [12:44] What legislation makes California special? [13:11] Do firms need to have geographical presence? [16:44] How did Chris first start to build his deal flow? [23:17] What needs to go in a good cold email [24:53] Breaking down how Chris constructed his first opinion on great venture capital firms [30:04] How did Josh Kopelman build 'ecosystem as a service' in 2004 [33:28] How did Chris end up backing Data Collective [37:52] What are the 4 leading indicators of fund manager outperformance? [48:46] Which firm of Chris' recent portfolio is willing to be wrong and alone? [51:32] Chris' Peter Dolan impression [56:09] Thank you to Alchemist Accelerator for sponsoring [58:45] Legal disclaimer Follow David Zhou for more Superclusters content: For podcast show notes: https://cupofzhou.com/superclusters Follow David Zhou's blog: https://cupofzhou.com Follow Superclusters on Twitter: https://twitter.com/SuperclustersLP Follow Superclusters on TikTok: https://www.tiktok.com/@super.clusters Follow Superclusters on Instagram: https://instagram.com/super.clusters #superclusters #superclusterslp #gp #vc #lp #startups #entrepreneurship #venturecapital #podcast #investing #finance #financialservices _________________________________ Closing soundtrack - A Small Miracle · Roman Kostiuk

Reverse Engineering Venture Capital - Marcos Fernandez, Founding Partner, Fiat Ventures

Reverse Engineering Venture Capital - Marcos Fernandez, Founding Partner, Fiat Ventures
In this episode, host Richard Kerby talks with Marcos Fernandez, Founding Partner at Fiat Ventures. At Fiat Ventures they've reverse-engineered venture capital by leveraging Fiat Growth, where they help early-stage startups achieve their growth targets. Topics Discussed: - How they have reverse-engineered venture capital at Fiat Ventures? - How do deals get done at Fiat Ventures? - The value Fiat Ventures provides to portfolio companies - Successful examples of pivoting and adapting within Fiat portfolio - Fiat Ventures' investment strategy and portfolio diversification - Investing in Web3 projects, the intersection of finance and other industries - Continuous learning in the venture industry Key Takeaways and Lessons: - Fiat Ventures started by co-advising and working with early-stage companies, creating an ecosystem for them to invest in the best companies. - Fiat Ventures provides hands-on support to portfolio companies, helping them achieve milestones they otherwise wouldn't have reached. - Pivoting and adapting to changing circumstances is crucial for success, and finding unique approaches can make a company stand out in competitive markets. - Deal flow and maintaining communication with founders are key aspects of the venture capital investment process. - Fiat Ventures aims to build a diversified portfolio in the fintech industry and actively tracks its exposure to avoid overexposure in any particular category. - The fintech industry is evolving, and there are opportunities in healthcare, prop tech, and commercial real estate. - Investing in financial solutions and services that align with expertise and can be derisked is important for success. - Continuous learning and adapting processes contribute to growth and success in the venture industry. Links: Fiat Ventures - https://www.fiat.vc/ Follow Marcos on Linkedin - https://www.linkedin.com/in/marcosfernandez0401/ Follow Marcos on X - https://twitter.com/Marcosf0401 Hosted by Richard Kerby, Co-founder & General Partner at Equal Ventures Equal Venture Website - https://equal.vc Follow Richard on Linkedin - https://www.linkedin.com/in/richardkerby/ Follow Richard on Twitter - https://twitter.com/kerby Listen to the full episode for more insights and stories! You can find the episode on your favorite podcast platform & on YouTube. We hope you enjoy listening to this episode and gain insights that can help you in your venture capital journey. Do hit subscribe to stay updated on new episodes!
Topics Discussed:
- How they have reverse-engineered venture capital at Fiat Ventures?
- How do deals get done at Fiat Ventures?
- The value Fiat Ventures provides to portfolio companies
- Successful examples of pivoting and adapting within Fiat portfolio
- Fiat Ventures' investment strategy and portfolio diversification
- Investing in Web3 projects, the intersection of finance and other industries
- Continuous learning in the venture industry
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