Both Sides of the Table

MARCH 24, 2014

Getting Exits / Driving LP Returns: This was always the knock on me. And in an industry measured by a decade rather than a year it’s hard to refute so you mostly just move on in the conversation. The monkey on my back. “Ok, so this guy can write a blog and source deals but can he make any money?” ” Yup.

Los Angeles 387

Los Angeles Intellectual Property LP Venture Capital 387

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. 5/ the US power grid becomes a focus point for conversation from a major disruption due to an attack. . 8/ A proper accelerator is setup for GPs.

Balance Sheet 97

Balance Sheet Stock Private Equity Option Pool 97

Both Sides of the Table

MAY 7, 2018

Conversely if you’re raising $20 million in a C round then you probably shouldn’t be targeting an $80 million fund because they aren’t likely a good fit. I figured I was wasting my time unless the LP was leaning in on my first meeting. One first-pass qualification is “stage.” it’s probably not going to be a good fit.

LP 215

LP San Francisco Minneapolis Minnesota 215

View from Seed

SEPTEMBER 23, 2020

After building NextView for almost 10 years now, I’ve been having more conversations recently with first time managers looking for some tactical advice. At first glance, you’d think that all LPs pretty much want to buy the same thing. Every fund pitching an LP is pitching this as a baseline. Are they a principal or an agent?

LP 309

LP Customer Early Stage Portfolio 309

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

MAY 24, 2021

LPs Haven’t Yet Grokked the Long Game While the VC community realized 5ish years ago that short-termism in venture capital didn’t make sense and has capitalized on the scale advantages of letting companies go long, the LP community by and large hasn’t totally grokked this.

Venture Capital 363

Venture Capital LP Valuation Later Stage 363

Both Sides of the Table

MARCH 6, 2017

Every LP I speak with these days tells me, “We need to have coverage in Los Angeles — we know that” and it’s no coincidence that we’ve seen the explosion in emerging managers covering the Seed and A-round investment scene in LA. He truly is a gifted thinker, orator and more importantly doer. link] The Snap IPO Happened. What Next LA?

IPO 191

IPO Los Angeles South Korea Armenia 191

Both Sides of the Table

JUNE 19, 2015

An example might be a business development conversation, a first customer meeting, the first candidate in a recruiting process, the first time you talk with a journalist at TechCrunch or the first meeting to consider your business strategy. And I bring this up because it comes up with many, many portfolio conversations.

LP 150

LP Warrant Portfolio Framework 150

Hunter Walker

SEPTEMBER 9, 2024

And it’s often to the detriment of everyone involved, but especially to the detriment of founders and LPs. I’ve been a personal LP in every one of Ryan’s funds and part of what has always impressed me is his understanding of these tradeoffs in strategies and incentives.] Others won’t.

Venture Capital 91

Venture Capital LP Cofounder Early Stage 91

Version One Ventures

JANUARY 31, 2024

The first is the fund that you would ideally raise if LP capital was not a constraining factor. Given this, LPs today are focused on the depth of the investing experience of a new GP and any emerging manager should address this heads-on in their deck and LP communications. Things are much different now.

LP 72

LP Differentiation Deal Flow India 72

Feld Thoughts

MARCH 14, 2023

I had many 1:1 conversations, emails, and messages with our portfolio company CEOs, along with several open Zoom lines where people could ask questions and just commiserate and feel part of a shared community. Naveed has launched a Founder Mental Health Pledge for Investors and Startup Leaders.

Founder 168

Founder Silicon Valley LP Portfolio 168

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. I watched in June as VCs tiptoed into race conversations in a way that revealed their discomfort, fear, and unfamiliarity around doing hard work and taking risks in this area. He seemed paranoid.

LP 147

LP Technical Review Software Review Valuation 147

David Teten

DECEMBER 3, 2019

Tim Friedman, Founder, PE Stack , said, “If I could offer one piece of advice to today’s managers, it would be to take the time to understand the demands of the modern institutional LP. We are also seeing technology evaluation as an increasingly important part of LP operational due diligence.

Technical Review 78

Technical Review Software Review Analytics Private Equity 78

Both Sides of the Table

FEBRUARY 25, 2019

We do lunch where everybody has a casual conversation followed by 6 hours of content and discussion. We then do a cocktail party so that everybody can have informal conversations (including LP to LP) and then we do a dinner in a private room at a restaurant. kind of like a board for a VC firm). Follow the whole series.

LP 269

LP Startup Burn Rate Stock Options 269

Both Sides of the Table

FEBRUARY 3, 2015

I was an early fan and heavy user of Quora back in the day and used to get huge benefit out of the conversations I had there. Many people knew that I knew him due to our Twitter conversations but also because I had him speak at every one of our conferences. But Jason took Quora usage to 11. Question not.

LP 150

LP Israel Technical Review Deal Flow 150

Both Sides of the Table

FEBRUARY 20, 2019

And by the D rounds you have often taken some amount of strategic money or potentially LP money and at times these groups ask for board observer seats and not full board seats. was originally published in Both Sides of the Table on Medium, where people are continuing the conversation by highlighting and responding to this story.

Venture Capital 236

Venture Capital Startup Angel Investor Silicon Valley 236

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.

Portfolio 103

Portfolio Cap Table LP Valuation 103

Both Sides of the Table

FEBRUARY 18, 2017

So it was a timely conversation at this year’s Upfront Summit because the week of the Summit, Sequoia had announced that it was transitioning leadership from Jim Goetz to Roelof Botha (and US operations to Alfred Lin). He did what every LP did, looked at returns, talked to portfolio companies, talked with our competitors and so forth.

Leadership 161

Leadership LP Venture Capital Silicon Valley 161

Hunter Walker

MAY 7, 2015

Last week Homebrew held its second annual LP meeting, coinciding with our second anniversary as a fund. 1) Gets All Three Sides of Our Triangle Together: It’s our chance to bring our LPs, advisors and founders together with us. 2) Makes Us Smarter: We learn from the questions and conversations with our LPs.

LP 48

LP Advisory Board Harvest Seed Stage 48

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. Why is this?

Technical Review 398

Technical Review Venture Capital Valuation Pre-Money Valuation 398

View from Seed

OCTOBER 11, 2022

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. These reflections, conversations, side projects, and time with my newly expanded family gave me clarity.

North America 156

North America San Francisco Cap Table Cofounder 156

Both Sides of the Table

SEPTEMBER 14, 2016

And we felt terrible not being able to let every LP in but we were forced to make some hard compromises yet we opened up our fund to Sapphire even though they were a first time LP. We have many LPs who come from industry and this is truly a value-add in a LP/VC relationship 3. Read the responses to this story on Medium.

LP 150

LP Entrepreneur United States Venture Capital 150

Both Sides of the Table

SEPTEMBER 29, 2013

If you track the venture capital industry it would be hard to miss the conversation going on this week over AngelList “Syndicates.” I had a chance to discuss AngelList Syndicates with Naval at Michael Kim’s Cendana LP/VC conference on a panel with Naval, Roger Ehrenberg (IA Ventures) and Mike Brown, Jr.

Syndicate 356

Syndicate Syndication Cofounder Early Stage 356

Both Sides of the Table

JANUARY 5, 2010

Through comment conversations with many of you I tried to emphasize that it isn’t enough to just have one attribute. If your idea is so amazing that it warrants my hard-earned angel money or the money of my LP investors from our fund then why should I take a risk on you if you won’t take a risk on yourself? You need the whole package.

Entrepreneur 293

Entrepreneur CTO Hire South America Salary 293

Hunter Walker

SEPTEMBER 29, 2022

Most of this discussion is about ‘playing offense’ — working towards being a good steward of LP capital and the risk/reward associated with VC. Conversely, if you’re not a good picker, it’s difficult to overcome that, even if you had perfect timing on secondary sales. Much of success in venture is knowing what (and when) to buy.

Venture Capital 126

Venture Capital Cap Table LP Equity 126

Haystack

JUNE 1, 2018

” Depending on your point of view, it is the perfect trigger for a conversation about the state of the Bay Area’s investment market. A well-networked LP recently remarked to me they’ve estimated over 150+ of the 500+ known seed funds are currently “in market” right now.

LP 116

LP Global Social Media Portfolio 116

Austin Startup

AUGUST 10, 2017

They helped us establish 2 GP entities, 2 LP entities, and 1 Cayman entity (for international investors) in ~2 months. Announcing Multicoin Capital was originally published in Austin Startups on Medium, where people are continuing the conversation by highlighting and responding to this story.

Technical Review 48

Technical Review Cofounder Technical Cofounder Austin 48

Both Sides of the Table

FEBRUARY 4, 2016

” There are a lot of data points that one can observer to get a sense of the venture capital markets – both LP fundings into venture and VC financings of startups. note: to follow realtime conversations & engage with me on Facebook you can follow me here: https://www.facebook.com/msuster ]. State of the Market.

LP 150

LP Valuation Burn Rate Pre-Money Valuation 150

David Teten

JANUARY 19, 2021

Yes, via conversion rights at a valuation cap. Yes, via conversion rights at a valuation cap. As a result, unfounded hockey-stick graphs and unicorn promises give way to financial fluency, realistic expectations, frank conversations about what a business can credibly achieve, and transparency. . Flexible VC: Compensation-based.

Cofounder 78

Cofounder Technical Review Equity Dividend 78

Hunter Walker

JANUARY 5, 2014

Stage 1 : Either Satya or I are meeting the founders, usually solo, giving them an overview of Homebrew and learning about their startup through direct conversations, using the product (whatever stage it’s at) and doing some background on their industry (if it’s an area new to us). Satya and I use a simple three stage system.

Software Review 105

Software Review Balance Sheet Cofounder Technical Review 105

Agile VC

DECEMBER 6, 2012

If Acme Ventures III, LP invests in Startup X then typically Acme Ventures IV, LP would not. 1) LP Bases Change Over Time – Most healthy VC firms tend to have stable relationships with the limited partners investing with them. Or public policy changes may force GPs or LPs to end longstanding relationships.

LP 178

LP Balance Sheet Differentiation Limited Partner 178

Feld Thoughts

JULY 9, 2011

On my run today I was thinking about GP – LP interactions. The interaction was I had with one of my LPs over the last 24 hours. I didn’t know the person, but knew a few people who did, and quickly sent emails getting addition info for my LP. I tried to come up with a rationale for blowing off an LP.

LP 120

LP Email Conversion Entrepreneur 120

The Equity Kicker

NOVEMBER 26, 2013

LPs, the investors in VC funds, have a difficult job to do, largely because they have to work with poor quality data and only a small fraction of VCs deliver the returns that make them worth investing in. Discipline also helps to keeps a venture fund’s loss ratio low which is important as they are ultimately stewards of LP investment funding.”

LP 154

LP Venture Capital Portfolio Reputation 154

Both Sides of the Table

MAY 27, 2016

I was asked again in an LP meeting later in the week and then again at a founder breakfast gathering we hosted yesterday. How I Invest was originally published in Both Sides of the Table on Medium, where people are continuing the conversation by highlighting and responding to this story. Read the responses to this story on Medium.

Early Stage 254

Early Stage Non-Compete LP Later Stage 254

conversionxl.com

FEBRUARY 4, 2014

Extra Lucrative Conversion Advice. Conversion Optimization Services. Conversion Research. We’ve organized everything to best simulate a visitor’s experience on a landing page from first click to final conversion. Why You Should Focus On Clicks Before Conversions. Conversion rates for our top Adwords are way up.

Analytics 98

Analytics Software Review Conversion Video 98

Both Sides of the Table

FEBRUARY 6, 2019

If you get into the best deals it has never been a better time to be a VC or LP, and the best have developed strategies to capture more value Given that the best deals are pushing out their exit dates it means that many firms aren’t seeing as quick of liquidity as they might have 20 years ago.

Venture Capital 292

Venture Capital IPO Mezzanine Early Stage 292

Both Sides of the Table

NOVEMBER 15, 2014

I went to see several LP funds in Boston. At least twice I had conversations that went like this, “Yes. I figured if we couldn’t fund every company locally we should at least embrace them as a community and show that we’re willing to mentor them whether they raise their money in town or not. It’s true.

Community 369

Community Silicon Valley Chicago Boston 369