Classic albums often have a catchy single or two. These tracks generate the buzz, but oftentimes the B side of the album is where much of its character is further revealed. This analogy is an appropriate characterization of how fund terms are evaluated in the venture capital universe. Our prior piece addressed the “catchy singles,” like management fees, carried interest, and recycling, which receive a fair amount of airtime from Limited Partners and General Partners alike, while this piece will...
As a firm that focuses on three distinct types of venture investment, we spend considerable time and energy contemplating how these categories are intertwined and what factors drive their success. In the course of this reflection, we have noticed a common theme integral to our fund, direct and secondary efforts: the importance of deep relationships with our venture managers. As is the case with any successful relationship, alignment around a common goal is critical. In this case, our focus is...
Success in the venture capital industry today is about both identification of and access to top performing venture capital firms. In the past, access was the critical piece, leading to some even referring to this segment of the market as an “access class” as opposed to an asset class. Today, we believe that a well-constructed venture program is like a good recipe that requires many ingredients, the core components of which are access and identification with a meaningful touch of allocation to...
The robots are coming. If you believe the doomsdayers, robots and the related technologies of AI and automation will soon make millions of human workers obsolete. As investors in all types of innovation, we believe in the uplifting force of technology. Over the past few centuries, technology in many guises – from the printing press, to word processing software, to ATMs and robots – has created far more jobs than it eliminated. As companies adopt automation, they become more productive and...
In recent years and in various venues, we’ve observed an attempt by some to dismantle values traditionally perceived as central to the advancement of American society. It concerns us that principles like innovation, the American entrepreneurial spirit and capitalism have been called into question. Through this post, we will explore the importance of these principles and the possible ramifications of a loss of faith in their power to positively impact all Americans. For more than a century, the...
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