Both Sides of the Table

MAY 20, 2018

I once had a potential LP back in 2010 (when fund-raising as a VC was harder for me) tell me that he thought he was a better fit to look at our next fund rather than this one. I had learned that this is a standard line every LP uses to have an “easy no” for VCs. He also has gone on to become one of my closer LP advisors.

LP 189

LP Software Review Europe Founder 189

Both Sides of the Table

DECEMBER 7, 2014

We were talking about raising money from LPs. He was lamenting how much he hated LP meetings and how little he wanted to interact with LPs going forward. As an insider I can tell you that a large portion of VCs don’t like interacting with LPs – they view it as a “necessary evil” of the business.

Software Review 341

Software Review Customer Technical Review LP 341

Both Sides of the Table

JUNE 22, 2021

I counsel first-time VCs (as well as founders) to have mid-funnel strategies to get from first LP meeting to close and to put a disproportionate amount of time into this area (I say more about this on the podcast starting at timecode 27:41). If you do everything that every other firm does, in the same ways, why should they buy you?

LP 375

LP Southern California Los Angeles Differentiation 375

Both Sides of the Table

OCTOBER 26, 2020

I called an (ex) LP to tell him about her and my goals for her. She has an amazing ethical compass with heart, compassion and drive. She’s empathetic and brings great humor to her work as well. I remember years ago trying to recruit Kara. It took me three years to persuade her to join. I promise you, he really said this out loud.)

Partner 361

Partner Management Cofounder San Francisco 361

VC Cafe

SEPTEMBER 5, 2024

Example: Emerging managers handle everything from deal sourcing to LP communications to social media in-house. Key Principles of Emerging Manager Mode Think Like a Founder, Act Like an Investor Emerging managers build their firms from the ground up, just like founders. They wear multiple hats: investor, marketer, recruiter, and more.

Management 104

Management Technical Review Venture Capital Generative AI 104

View from Seed

JANUARY 27, 2021

As a small fund, NextView has a tight-knit LP base, many of whom have been with us from our earliest days. But we also recognize that venture capital is a tough bet as an LP -with long time horizons, lack of liquidity, and uncertain outcomes. Because of this, we are always grateful to all of our LPs for their trust.

LP 411

LP Early Stage Seed Stage Venture Capital 411

Both Sides of the Table

MAY 23, 2012

Thomson Reuters data shows that around $10 billion of LP money went into VCs per year pre bubble. By 2000 the total LP commitments had mushroomed to more than $100 billion. LP contributions to VC firms shrunk from 2000 and by 2005-2008 had stabilized to around $30 billion per year. The Funding Problem.

Venture Capital 347

Venture Capital Technical Review LP Mobile 347

David Teten

MAY 16, 2017

Sapphire Ventures’ Top 10 tips for pitching an LP . Trusted Insight LP Panel. Who Invests In Investors: Homebrew LP Shares VC Performance Goals, Importance of Diversity & What They Look For In New Funds. Hunterwalk.com: Homebrew’s Second Annual LP Meeting: Why We Do Them. Mahendra Ramsinghani : How LPs conduct DD.

Private Equity 60

Private Equity Venture Capital Equity Technical Review 60

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

David Teten

APRIL 13, 2021

Thus, many LPs have outsourced their investment management processes to professional investment consultants (ICs). Here lies the two degrees of separation: the agent must get to the IC, who in turn must get to the LP. This creates opacity and long-term relationship risk, and makes it harder for the intermediary to add value.” .

Private Equity 60

Private Equity Technical Review Management LP 60

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

Feld Thoughts

MARCH 27, 2018

I was asked if any existed the other day by an LP, so following is a list of papers I am familiar with. The question of the efficacy of accelerators has regularly been asked over the past decade. A number of academic papers have appeared in the past few years exploring this.

LP 106

LP Incubator Venture Capital Technical Review 106

View from Seed

SEPTEMBER 23, 2020

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. And yet, LP’s get to “yes” in a few cases and get to “no” in most cases. In addition to thinking about the LP overall, it’s important to think about the decision-maker.

LP 309

LP Customer Early Stage Portfolio 309

David Teten

MAY 20, 2016

I’ve also made significant engineering contributions to our two other platforms, Admin (back-end portal for our data team) and Access (LP dashboard). Totem is a tool that centralizes all the data about our companies’ management, metrics, investment history, co-investors and cap table tracking.

Private Equity 113

Private Equity Equity Cap Table Venture Capital 113

Hunter Walker

AUGUST 12, 2024

But it’s not just me – as David leads with when referring to the backchannel research he did on Lisa for the interview: “the number of raving fans you have in the LP ecosystem is phenomenal!”

LP 64

LP Hiring Management 64

YoungUpstarts

OCTOBER 23, 2017

by Joe Duncan, founder of Duncan Capital LP. Founder of Duncan Capital LP , Joe Duncan is a FinTech entrepreneur, with a strong background in Cryptocurrency and Artificial Intelligence. Fintech is triggering a profound rethink for financial institutions, from retail to investment banking. We need smarter humans than we did.”.

Technical Review 154

Technical Review Artificial Inteligence Software Review IPO 154

Feld Thoughts

MARCH 24, 2017

As an LP, I’ve had the good fortune to be an investor in many funds, including some exceptional ones. This investment generates additional evidence that they are confident in their strategy while creating more alignment with their LPs. Needless to say, having investors that keep this balance in mind can be precious to founders.

Founder 75

Founder LP Technical Review Seed Stage 75

Both Sides of the Table

MARCH 24, 2014

Getting Exits / Driving LP Returns: This was always the knock on me. I’ve now been involved with many other successful foll0w-on financings. So I think it’s now fair to rate me at 9/10 on follow-on fundings. The monkey on my back. “Ok, so this guy can write a blog and source deals but can he make any money?”

Los Angeles 387

Los Angeles Intellectual Property LP Venture Capital 387

The Equity Kicker

MARCH 19, 2012

The LP Update Meeting. I’m just back from our semi-annual update to the LPs in one of our funds, and I thought I would share the experience with you all. We have around a dozen LP update meetings a year across our four funds and they are the most important moments of contact we have with our investors.

LP 97

LP Europe Portfolio Private Equity 97

Version One Ventures

JULY 24, 2019

Reporting for our investors, including writing quarterly updates and preparing LP advisory board meetings. The primary responsibility will be to help manage the day-to-day activities of the fund, including: Identifying new and interesting entrepreneurs and companies that align with our investment thesis on network effects.

Technical Review 124

Technical Review Advisory Board Due Diligence LP 124

David Teten

SEPTEMBER 26, 2016

Fabio Mercurio, Head of Quantitative Analytics, Bloomberg LP. This is a large conference focused on quant and automated investing, big data, and High Performance Computing. We expect over 400 people. Among the speakers are: Aaron Brown, Chief Risk Officer, AQR Capital Management. Lukasz Pomorski, Ph.D.,

New York 60

New York Fractional CTO CTO LP 60

Both Sides of the Table

MAY 7, 2018

I figured I was wasting my time unless the LP was leaning in on my first meeting. The hardest thing is that after you’ve had a great first meeting with a VC (or LP) you expect it’s all going to start happening! Back then I literally wouldn’t travel for any meeting unless I got an introduction first. I measured twice and cut once.

LP 215

LP San Francisco Minneapolis Minnesota 215

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

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

Hunter Walker

APRIL 27, 2014

Last week we held our first annual LP meeting, when venture funds get their investors together with updates on operations and results. I’ve written before about our fundraising process and how it very much resembles that of a startup.

LP 98

LP Cofounder Term Sheet Valuation 98

Hunter Walker

MAY 22, 2024

All three have significant experience backing venture firms from previous LP positions. And if you’re an LP who would like to learn more as we expand our efforts, we welcome you to share your info so we can chat! We continue to invest in amazing people. We would love to hear from you through our open application.

LP 80

LP Venture Capital Hiring Partner 80

Hunter Walker

SEPTEMBER 17, 2024

Having a strong POV also helps with finding… LP/GP fit. Despite talk of industry consolidation in venture (which wouldn’t be a good thing for founders or the ecosystem), there seems to be an increasing appetite for smaller funds from institutional LPs, in recognition of the fact that they outperform.

Venture Capital 87

Venture Capital LP Cap Table Portfolio 87

View from Seed

OCTOBER 29, 2014

The nature of LP investors can vary widely, but the bulk of the capital in the VC ecosystem comes from large institutions like pension funds, endowments of universities and hospitals, charitable foundations, insurance companies, very wealthy families (aka family offices), and corporations. Advisory Firms. Why Write About This Now?

LP 335

LP Private Equity Institutional Investors Venture Capital 335

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

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.

IPO 191

IPO Los Angeles South Korea Armenia 191

Both Sides of the Table

OCTOBER 12, 2014

But with the massive growth of seed funds being raised and the huge value increase of prorata rights many more LPs have stepped in to take their VC (industry term is GP) position. What would you do as an LP fund if you backed a seed-stage GP who had a position in Twitter, Pinterest, etc. Why prorata rights are being guarded by VCs.

Technical Review 336

Technical Review Later Stage Early Stage LP 336

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

Agile VC

OCTOBER 23, 2012

The VC industry (both the GP part and the LP part) pays attention to the sector’s returns, but the broader tech ecosystem only occasionally tunes in. 2) No Synthetic Alternative – If an LP can’t “buy” VC as an index, could they replicate the returns of an index some other way?

LP 176

LP Accredited Investor Carried Interest Portfolio 176

Board Effect

SEPTEMBER 24, 2024

Martin Schneider , Chief Audit Executive, META Matt Mabel , Vice President – Internal Audit, American Express Travel Related Services Company, Inc Naohiro Mouri , Executive Vice President and Chief Auditor, AIG Global Operations Paul Lee , Sr Manager Internal Audit, Medline Industries, LP Rian Boncay , Program Project Manager, Dell Inc.

Technical Review 52

Technical Review Government South Africa LLC 52

Feld Thoughts

AUGUST 13, 2018

We feel that if an LP gives us a $1 to invest, we should invest at least that $1, not $0.85 (the average fee load over a decade for a typical VC fund is 15%.) Our goal for each fund is actually to invest closer to 110%, which means if an LP gives us a $1 to invest, we are actually investing $1.10.

LP 117

LP Management Carried Interest .Net 117

Hunter Walker

FEBRUARY 21, 2023

Lisa Cawley joins us from the LP side of the table, already having experience evaluating and investing in emerging managers as well as a broad set of venture models.

Venture Capital 94

Venture Capital LP Hiring Management 94

Agile VC

OCTOBER 29, 2014

The nature of LP investors can vary widely, but the bulk of the capital in the VC ecosystem comes from large institutions like pension funds, endowments of universities and hospitals, charitable foundations, insurance companies, very wealthy families (aka family offices), and corporations. Advisory Firms.

Venture Capital 279

Venture Capital LP Private Equity Institutional Investors 279