Happens a lot these days 👇❗

"Forced compounding" in private markets can indeed help to accumulate high, long term returns (although the same can be achieved with disciplined public market investing). Given significant pricing inefficiencies in far less liquid, private secondary markets, Venture is

I set out to write a very different post : one with the thesis that venture capital holding periods were lengthening relative to private equity. But the data violates the narrative! Conor Quigley at PitchBook ran an analysis on Theory’s behalf to answer the question: How many

Consensus investing is better for building a firm ("the tide lifts all boats"), non-consensus investing is the hard path which may or may not generate alpha. LPs in VC should seek out the latter...

Hard to catch the timing, but GPs (with somewhat mature portfolios) who failed to take money off the table in 2020/21 were blamed for it after the market crashed. Is this the next 2020/21?

Very insightful, data driven analysis from Beezer Clarkson and the Sapphire team. Key take away and good news for all the seed firms struggling out there right now: "The early-stage market isn’t as consolidated as some have made it sound. There’s still room for differentiated

This weekend, martin_casado dropped a tweet that took over VC twitter. I wrote about it & what being "consensus" vs. "non-consensus" actually means in today's market.

Too few GPs leverage their LP network to support their founders.

Many venture capitalists talk about their ‘proprietary networks.’ In reality, the only proprietary thing in our industry is reputation. The best founders find ways to meet investors. Once a deal hits the market, any supposed proprietary access goes away. What truly sets VCs

Your regular reminder of how, in VC, a few funds, and a few companies, drive nearly all the returns. We looked at how the 119 funds we backed between 2010 and 2020 performed over the last 12 months. Here’s what we found 👇 /1

Smaller fund = better alignment with LPs

How to create a sense of urgency with your fundraise: 1) You don’t. This is reserved for the top 2% of funds. Very, very few firms are capable of driving LPs to 4-week close. 2) If LPs don’t have a prior relationship, they need to go through a process. They need multiple

Raising a Fund I is *hard.* This checklist from Sydecar is a helpful resource with tips for emerging managers looking to sharpen their pitch. 📝 ✔️Clarify your investment thesis ✔️Build your narrative ✔️Show your track record ✔️Tailor your pitch for different LPs ✔️Establish

Super thoughtful piece, highlighting the perspective of LPs, GPs and founders.

Institutional LPs rarely add new managers. As VC industry has grown w/ opportunity set, so have # of new funds. Ofc, hard to land a new institutional LP. This is from LP friend re: new funds they added/year, and this group is more active than the median institutional LP.