One of the fastest growth businesses we've invested in is Services as Software This is the optimal way to sell LLM-driven products. It's the easy button for buyers and they can substitute out existing spend rather than figure out how to buy the underlying technology In supply

The team The General Partnership ("TheGP") is still focused on building an incredible portfolio in fund I - BUT so much conversation in VCtwitter about fundraising - and for good reason - it's gotten way harder for everyone. I was in NYC last week speaking The Wharton School VC/PE event and learned why🧵👇

On performance and persistence in VC: - Initial fund performance seems to be a question of 'right place, right time', rather than skill — though relative performance for emerging managers is strong. - There is research pointing to persistence, based on historical returns

Landing The Plane: A Necessary Choice For Many Startups How many Founders does it take to land a plane? None, they'll just pivot to a helicopter ride-sharing service. Joking aside, there’s nothing more fun than being part of an incredibly successful Startup. The relentless

Hardware startups play on hard mode - and it looks like more investors are willing to play as well. Share of capital raised by industries building in atoms, not bits has risen consistently over the past few years. (Yes - less capital invested overall, but the industry mix has

Heard from VC LPs this week: Some 👍🏻 feedback from my talk at @jason ‘s Liquidity conference. Sharing a slide here that resonated. GPs, if hard to raise, this basic formula explains it. Complexity so often underestimated by GPs, but LPs see right through it…

i'm hiring a part time investment analyst for the summer at behind genius! application below, due June 18th: airtable.com/applvR6tfdMaRl…

Happy Father's Day! No newsletter this week as we enjoy mowed lawns, BBQ, and white sneakers

Mid-year # VC fundraising check in. Looks and feels 😬 as while overall $ might get back to 2019/2020 levels, $ heavily concentrated into handful of mega funds. #openlp

If you’re an emerging fund manager <$100M that closed a fund 1-3 in last year, can you comment with info below? Not much data so trying to add up whatever I can find!

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The European Investment Fund expects to get double the amount of defence tech fund pitches by the end of the year, EIF's head of VC investments David Dana tells me. Plus, the big fund trends he's seeing in the market right now, on Sifted sifted.eu/articles/eif-d…

Limited partners in VC funds are desperate for liquidity. Sequoia Capital just offered up more than $860 million of it, without an IPO or exit. axios.com/2024/07/15/seq…

some news. i am excited to help as many exceptional seed and series-A founders as i can as a partner Pelion Venture Partners.

Heard from a VC LP this week, two great sound bites: 1) “Growth is dead. The only new allocations are to funds that force a staple to their growth fund” 2) “We are at a unique moment. Market highs, Credit Spreads tight. And yet Endowments are still struggling for liquidity. “

Heard from VC LPs this week… #Enneagram has come up several times with LPs recently. @ Altimeter we have found it is a super useful tool in better understanding/optimizing our small team. Nice when the understanding extends to LPs & happy to hear it in the VC vernacular

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Heard from VC LPs this week: For our AGM, we asked StepStoneVC (best VC data) to analyze return distribution in VC. Fred Wilson Marc Andreessen 🇺🇸 have discussed; this is 25+ yrs of data. TLDR: Even Top 5% underperform underwriting on ~3/4 of deals. Great = $$ in big winners #powerlaw

More than 40% of LPs into venture funds under $100M are individual people, not institutions or family offices. Major reason why the liquidity crunch in emerging venture is so tough - unlikely that many individuals can support new fund investments without recycled capital