VenCap International
also referred to as: vencap
30 statements across 1 episodes · 10 bullish · 4 bearish · 1 people on the record · first statement Mar 25, 2024 by David Clark · said 16 times in 4 episodes since 2024 · across every show →
Mentions by year
brought up most by David Clark (12), Harry Stebbings (4)
tap a year for its mentions
2025 3 mentions in 3 episodes 1 per episode
- Databricks at $100BN, CoreWeave’s $11B Debt Bet & Nubank’s $2.5B Profit Shocker - Ep.19 · 20VC with Harry Stebbings
- How Do All Providers Deal with Anthropic Dependency Risk & Figma IPO Breakdown: Where Does it Price? · 20VC with Harry Stebbings
- Rippling vs. Deel Lawsuit: WTF Happens Now? The Future of the Late Stage Private Market · 20VC with Harry Stebbings
- every mention in 2025, scene by scene →
Everything said about VenCap International, oldest first
Mar 25, 2024 neutral
Mar 25, 2024 bearish
Mar 25, 2024 bearish
Clark: Early-stage loss ratios will return to 60%, causing widespread startup failures
“My sense is that it's going to go back to the average. It's going to go back to that sort of 60%. So I think there's a lot of pain still to be had. So that's not just companies who are going to get see their values reduced. I think there's a lot that ultimatel…”
Mar 25, 2024 bullish
Under 3% of VenCap venture fund investments lose capital over 30 years
“What we found is less than three percent of those funds haven't, are showing a TVPI of less than one X. And this is going back Some of those funds are going back 30 years. So that's through the dot-com boom and bust. It's through the financial crisis.”
Mar 25, 2024 neutral
Mar 25, 2024 positive
Mar 25, 2024 neutral
VenCap's early, growth, and non-US funds yield nearly identical aggregate TVPI
“We looked at what's the performance of the early stage US funds from our core managers from 2005 onwards. What's the performance of the growth funds from our core managers from 2005 onwards? What's the performance of the non-US funds from 2005 onwards from our…”
Mar 25, 2024 positive
VenCap maintained a nearly three-year deployment pace for its 2019–2021 fund
“When I look at the fund that was deploying 1920, 21, we did that in a quarter under three years. So even though our managers were coming back, some of them in 18 months, we still maintain that time diversity in our portfolio.”
Mar 25, 2024 bullish
Mar 25, 2024 neutral
Mar 25, 2024 bullish
VenCap core fund managers deliver ~3.5x aggregate net multiple
“So we have a group of a dozen core managers and, you know, like, 90% of all the capital we've invested over the last decade plus has gone to those managers. And when we look at the performance of their mature funds, so let's take away the ones that were raised…”
Mar 25, 2024
David Clark: Early-Stage VC Funds Must Offer 1x Fund Return Potential
“We still feel comfortable that they're, whatever the fund size they're investing out of, that there's a, an opportunity for them to return the fund from within it, with a single investment. It, it's slightly, certainly for early stage funds. I think for later …”
Mar 25, 2024 negative
VenCap’s worst-performing fund was a 1999 vintage deployed in 15 months
“One of the mistakes we made in the late nineties was deploying our funds too quickly in, I think we had one fund that was fully invested in 15 months. And it was the worst fund we had. So it was in, you know, the 1999 vintage fund.”
Mar 25, 2024 bullish
Mar 25, 2024 neutral
Clark: LPs will wait 18-24 months for liquidity after IPOs resume
“So even if we start to see IPOs in the second half of this year, it's going to be six months before those shares become freely tradable and again, it will probably be another 12 to 18 months before those positions ultimately get fully distributed.”
Mar 25, 2024 neutral
Mar 25, 2024 neutral
Clark: A Venture Manager's First Hit Is Random, But Repeatable
“So, again, going back to some of the academic data that's out there, it does suggest that that first success is actually random, but once you've had that first success, There's a high likely or higher likelihood that you can then leverage it and start that vir…”
Mar 25, 2024 negative
VenCap Disregards VCs Who Passive-Rode Small Seed Checks to Large Returns
“So if you wrote a 50,000 dollar seed check and Turned up 15 years later and found you had a company that, you know, went public at a ten billion dollar valuation, then that's less interesting for us. If you were leading around, if you were on the board, if you…”
Mar 25, 2024 positive
Mar 25, 2024 positive
VenCap accepts higher VC fees if net performance stays top-quartile
“For us, it's about net performance. So, you know, what does that performance look like after the fees and carry have been taken off? And if it's consistently top quartile and it's consistently strong then we're relaxed about that.”
Mar 25, 2024 neutral
Mar 25, 2024 positive
Mar 25, 2024
Mar 25, 2024
Clark: Newer VC managers maintain last-round marks while established managers write down
“From newer managers, one of the things we look at are where are they holding their marks, and generally we've seen the new managers holding last round value marks, and not writing anything down, where it's the more established managers that are perhaps earlier…”
Mar 25, 2024
Mar 25, 2024
Mar 25, 2024
Clark: Reference VC managers with non-co-investing sector peers
“So I think that's probably the biggest thing that's come out of our decision review process is to be, is not just to reference people who we know work with each other, but reference people who are in that particular sector, who we would normally expect to have…”
Mar 25, 2024
Mar 25, 2024 positive
Mar 25, 2024 neutral