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All Things VC - July 23' Edition
Summary
Valuations & Performance
). Fundraising, M&A & Exits:
).
). VC Sector:
), UK government to push Pension plans towards startup investing (
). EU focus:
).
‘All Things VC’ focuses on topics relevant to GPs & LPs in the venture capital world on a strategic level i.e. valuations, market dynamics, fundraising, D&I, portfolio construction & more.
Individual areas (ClimateTech, SaaS, HealthTech, etc.) and their dynamics are not covered.
Tweets
Samir Kaji
Why institutional investors back bigger VC funds
Issue with VC benchmarks
On what VC performance for vintage years 2016-21 could look like
VC industry being immature w.r.t PE industry
Meghan Reynolds
Entry price matters - VC strategy being built around buying cheap option bets w/ massive upside
Access to top GPs no longer an issue for LPs
Kima Ventures - opening up their VC performance
Talent dynamics is changing at the VC firms
Rick Zullo on exciting dynamic for emerging managers
The ability to bring premier talent into growing firms in a way that was not structurally possible the last couple of years. This would enable managers to bring in diverse perspectives and capabilities to build the iconic firms of tomorrow.
Jenny Fielding - on senior talent leaving because they are not being able to do deals
Jason Shuman - VC is a tough business
Frank Rotman - on misinformation on VC performance
Sar Haribhakti - Margot Robbie talking like a seed stage startup pitching VCs
News & Articles
Sifted EU - Rise of Alumni fund in EU
Top lines from the article:
EU Alumni funds include:
- , which backs alumni from the
- , which backs alumni of
- , which backs alumni of
- , which backs alumni or staff-founded companies from the incubator.
- , which backs alumni from , and
VC vs FoF: Unveiling difference in portfolio construction
Venture Capital Journal: Women LPs step up to narrow the funding gap for female GPs
The persistent funding gap for women in VCs continues to permeate throughout the industry and LPs are figuring out different ways to overcome the disparity.
Financial Times - European tech investors need to up their ambitions
Snippets from the article
In Europe there is a gradual understanding that the order of magnitude for everything is lacking a zero
When it comes to institutional investment, Europe remains mostly a region of risk-averse rentiers.
It is absurd that foreign investors are more active backers of Europe’s technological future than the region’s own fund managers.
Startup Verband - Increased startup formation in Germany
Compared to the 2nd half of 2022, startup founding activity in Germany increased by 16% in the first six months of 2023 to almost 1,300 new startups.
A guide to size in venture funds
Snippets from the blog
What’s simple? Funds with outlier performance are likelier to be small and early-stage funds of few GPs, and we often prefer to partner with such funds at Nomads.
What’s hard? In a power-law environment, there are no checklists, and there are always exceptions. And oftentimes, exceptions yield more than the rules. Hence, it’s crucial not to see the fund size as a magic number, but as the determinant of some key variables of the portfolio strategy, like the number of companies and entry valuation-ownership. And, it’s crucial to define what’s small afresh with every new opportunity.
PitchBook - Emerging managers' fundraising slump is a blow to smaller VC ecosystems
Snippets from the article
Emerging managers are also known to partner with larger, experienced firms to help scout out startups. Ultimately, if emerging managers' challenges continue, there is a risk the VC ecosystem will shrink, limiting innovation and dealmaking
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