David Teten

JULY 25, 2017

For example, our limited partners have major ownership interests in such companies as Adidas , LafargeHolcim (largest building materials manufacturer in the world), and SuperNAP International (developer of data center facilities worldwide; used by Amazon, Intel and Microsoft).

Portfolio 60

Portfolio Technical Review Private Equity Database 60

Both Sides of the Table

FEBRUARY 6, 2019

Yes, VC / Startup Funding is up Massively If you look at how much VC firms have raised from Limited Partners (LPs) over the past 2 decades you’ll see that we’ve returned to a level that we haven’t seen since 1999. If you want the whole deck you can find it on SlideShare but I’ve written up a short summary with commentary below.

Venture Capital 292

Venture Capital IPO Mezzanine Early Stage 292

David Teten

JANUARY 19, 2021

Similar to the explosion of seed funds in the past decade, we (and some limited partners too ) believe these Flexible VCs are on the forefront of what will become a major segment of the venture ecosystem. Flexible VC creates early liquidity which can be either reinvested or distributed to LPs. Early liquidity.

Cofounder 78

Cofounder Technical Review Equity Dividend 78

K9 Ventures

JULY 19, 2012

No distributed teams, no overseas teams, and definitely no companies that rely on “outsourcing” to build their core technology. This new $40M fund is backed by several high quality institutional limited partners including university endowments, foundations, family offices and fund of funds and key individuals.

Technology 132

Technology Seed Stage San Francisco Limited Partner 132

K9 Ventures

JULY 19, 2012

No distributed teams, no overseas teams, and definitely no companies that rely on “outsourcing” to build their core technology. This new $40M fund is backed by several high quality institutional limited partners including university endowments, foundations, family offices and fund of funds and key individuals.

Technology 132

Technology Seed Stage San Francisco Limited Partner 132

This is going to be BIG.

MAY 5, 2023

I’ll also continue to work within the NYC tech community—now thriving at a level I could hardly have imagined when I first got the pitch deck for USV’s first fund as a Limited Partner at the GM pension fund. To think, I almost didn’t take that 2004 meeting because it was a NYC-based fund.

Later Stage 218

Later Stage Venture Capital Term Sheet Limited Partner 218

David Teten

DECEMBER 12, 2017

Ramanan Raghavendran, Managing Partner at Amasia , explains how they’re managing their processes: “At Amasia, our distributed presence on both sides of the Pacific mandates the use of technology to be effective, timely and coordinated. How do funds use tech to monitor and report investments?

Early Stage 60

Early Stage Technical Review Software Review Venture Capital 60

Eric Friedman

AUGUST 18, 2021

From who we hire to the way we go to market, from how we engage with our limited partners to how we engage with founders, it’s all about being very focused on quality and consistency so as to affect strategies to generate meaningful carry for ourselves and our limited partners.

Silicon Valley 88

Silicon Valley Venture Capital Cofounder Africa 88

Growthink Blog

MAY 23, 2011

Venture capital funds are usually 7 - 10 year partnerships whereby the general partners - the “VC” - manage the capital of the limited partners, usually institutions (endowments, pension funds, etc.). At the end of the period, all profits and proceeds are distributed to the various partners on a pre-determined split.

Angel Investor 112

Angel Investor Venture Capital Sweat Equity Cram Down 112

This is going to be BIG.

JUNE 15, 2020

As a former institutional investor, one of the stats we focused on was carry distribution. Very few institutional Limited Partners have reached out to their investors to even ask about VC policy, let along try to influence it. Morever, LPs should be influencing these policies.

Venture Capital 124

Venture Capital Institutional Investors Later Stage Limited Partner 124

David Teten

JULY 30, 2013

If our dev shop had shareholders expecting a profit, or if I personally took distributions from it, it would be dangerously tempting to overpay for development services. The success of the dev shop would be in constant conflict with capital efficiency within the portfolio.

Portfolio 114

Portfolio Indiana Cofounder Operations 114

David Teten

JULY 30, 2013

If our dev shop had shareholders expecting a profit, or if I personally took distributions from it, it would be dangerously tempting to overpay for development services. The success of the dev shop would be in constant conflict with capital efficiency within the portfolio.

Portfolio 114

Portfolio Indiana Cofounder Operations 114

This is going to be BIG.

JULY 8, 2013

When you''re out on the road pitching, and getting people to believe in you, you feel a deep sense of responsibility to your limited partners--and there isn''t a day when you don''t wonder why you didn''t just take some easy corporate job where no one would notice if you weren''t working productively.

Venture Capital 167

Venture Capital Early Stage Portfolio Private Equity 167

The Equity Kicker

MAY 31, 2016

Cambridge Associates is a service provider to the Limited Partners that invest in venture capital funds that’s known for the quality of its research. Their advice to LPs is to catch these distributed returns by investing in emerging managers outside of traditional US venture heartlands.

Venture Capital 60

Venture Capital Early Stage Dilution Later Stage 60

This is going to be BIG.

SEPTEMBER 19, 2018

Who wouldn’t accept an invite to “A networking breakfast where 7 midstage startups will be able to give short demos to the CEO/COO/Head of Business Development/etc for Big Interesting Company X that has huge reach/distribution/userbase, etc.” Maybe make it sector focused and bring in a bunch of such contacts.

Startup 196

Startup Cofounder Angel Groups Limited Partner 196

Rob Go

JULY 17, 2014

On #2, we have been fortunate to collaborate with a wide group of exceptional entrepreneurs, coinvestors, and limited partners. Just like any other startup, the question we are focused on post series A is whether we are doing the right things to allow us to win in a competitive market with a power-law outcome distribution.

Seed Stage 69

Seed Stage Early Stage Due Diligence Liquidity Event 69

David Teten

AUGUST 18, 2017

We don’t normally distribute literature at these events, but we do prepare FAQs beforehand (not for distribution) to make sure that we’re all aligned on our talking points. We currently participate in events as speakers and plan to continue hosting periodic events to build awareness around our fund and portfolio companies.

Due Diligence 60

Due Diligence Marketing Social Media Reputation 60

K9 Ventures

APRIL 28, 2010

No distributed teams, and no outsourced product development. I would like to take a moment to thank K9′s Limited Partners for their support of this first fund. Capital Efficient : Companies that need a Seed round, probably a Series A, but potentially may not need a Series B or Series C.

Seed Stage 61

Seed Stage San Francisco IP Portfolio 61

abovethecrowd.com

APRIL 20, 2016

All Unicorn participants — founders, company employees, venture investors and their limited partners (LPs) — are seeing their fortunes put at risk from the very nature of the Unicorn phenomenon itself. LIMITED PARTNERS (LPS). They are the real capital that make the system work.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

finance.fortune.cnn.com

AUGUST 21, 2012

Now Fortune has obtained more granular data, including returns for dotcom-era funds managed by such firms as Accel Partners, Benchmark Capital, General Catalyst Partners and Lightspeed Venture Partners. Through 12/31/11, less than 66% of the fund-of-funds called capital had been returned to limited partners.

Naming 49

Naming Term Sheet Private Equity Equity 49

This is going to be BIG.

JULY 30, 2015

Distributions can actually be drawn out over an extended period of time, but for the purposes of this exercise, I just kept the fund to 11 years. Do seed investors have Limited Partners with different return expectations than Series A and beyond investors? It's what you'd expect. That's if you're not following on.

Venture Capital 60

Venture Capital Pre-Money Valuation IRR Valuation 60

Austin Startup

MARCH 7, 2021

San Antonio has Geekdom with USAA and Port San Antonio with the Air Force Cyber Command; Houston has The Ion with Rice University, Microsoft and NASA and The Cannon distributed across the city; Dallas has Pegasus Park with UT Southwestern and Lyda Hill Philanthropies; and Austin has Capital Factory with the Army Futures Command.

Texas 90

Texas San Antonio Houston Dallas 90

Professor VC

DECEMBER 8, 2015

I was a Limited Partner in Angel Investors II (Ron Conway's angel fund) that was an investor in Confinity. Luckily, Google was one of the 150 and did ultimately return the fund assuming the LP was smart enough to hold the stock after distribution. At the IPO, Musk held a 14.2% stake vs Thiel's 5.6% (Sequoia Capital had 10.7%).

Merger 28

Merger LP IPO Redemption 28

Both Sides of the Table

FEBRUARY 6, 2017

While the M&A story has been widely reported perhaps far fewer people know that Limited Partners (LPs), the people who fund VC firms, have finally been able to restock their coffers in the past 4 years with significantly more money coming to them in distributions than capital calls to fund VC firm investments.

Venture Capital 150

Venture Capital Saudi Arabia Kuwait Burn Rate 150

Steve Blank

OCTOBER 29, 2009

Ampex’s first customer was Bing Crosby who wanted to record his radio programs for rebroadcast (and had exclusive distribution rights.) million of it by the time they dissolved their partnership in 1968 – they returned $90 million to their limited partners – a 54% compound growth rate.

Silicon Valley 130

Silicon Valley SBIC San Francisco RSS 130

Hunter Walker

MARCH 17, 2025

One of the folks, Lisa Cawley (Screendoors Managing Director), recently published a blog post called Work with your LPAC, not for your LPAC , which got me thinking about Homebrews LPAC (Limited Partner Advisory Committee).

IRR 83

IRR LP Institutional Investors Portfolio 83