View from Seed

MAY 29, 2019

Historically, seed rounds were syndicated among several different firms. Today, we are seeing less syndication of seed rounds and sharper elbows among many of the funds in the market. Instead of broadly syndicated rounds, we are seeing much more competition for fewer slots. Why Is Seed Investing Becoming More Sharp Elbowed?

Syndication 267

Syndication Syndicate Cofounder Cap Table 267

Hunter Walker

APRIL 4, 2014

Part of our presentation will be portfolio financials, which, because we’re relatively new, aren’t exceptionally volatile (LP speak: most of our investments are still carried at original value since no additional fundraising has occurred). First fund is like a seed round – it’s based on pitch and reputation.

San Francisco 115

San Francisco Private Equity LP Syndication 115

David Teten

JULY 12, 2017

GPs strategically invite trusted [Limited Partners and others] to co-invest, often based on the LP’s ability to add value or when the amount of capital required to complete an attractive transaction is larger than they are able to invest alone.”. Market Insight. Alpha pursues a similar model.

Syndication 60

Syndication Syndicate Institutional Investors LP 60

This is going to be BIG.

DECEMBER 3, 2020

By being in a pool of other fund investors, the LP meetings and co-investment calls could be an opportunity to connect with other like-minded or like-situationed investors—but again, it depends on how a fund organizes its community. b) Reputation for adding value. Access to other investors. So is everyone else.

Portfolio 103

Portfolio Syndication Syndicate Deal Flow 103

Hunter Walker

NOVEMBER 30, 2022

Reputation Effect. Relationship Cost of SPVs/Direct Co-Investment and LP Credibility. Highly qualitative but a firm’s brand can be tarnished by their cheerleading and then awkward distancing from a deadicorn. This is less of a problem when the entire vertical falls apart (think of the last generation of scooter startups).

Vertical 48

Vertical LP Syndication Syndicate 48

Both Sides of the Table

OCTOBER 18, 2015

I spoke last week at the annual Cendana VC/LP conference. And what many people don’t realize is that most syndicates get what is known as “deal-by-deal” carry. [note: I now publish and respond to comments on my public Facebook page. If you’d like to follow me there my FB profile is here ].

IPO 150

IPO Venture Capital LP SEC 150