The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 10 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Somerville: Fund managers selling into secondaries is a negative signal for LPs
“For us as a direct secondary buyer, just for our model, we're more interested in buying typically from employees or departed employees just because for us as an investor in funds, if your fund manager is selling out into a secondary, it's not a great sign for …”
Somerville: Healthy VC firms plan generational transition 10 years ahead
“Generational transition is something that is very difficult for any firm to navigate, and so it being done gradually with a good plan in place where people are thinking about it even 10 years before it's going to happen is the mark of a good firm with a health…”
Somerville: Creation of new Series A venture firms is static or declining
“And we actually had a slide at our annual meeting, and surprisingly enough, the number of A-round firms that come into existence has been rather static to slightly down.”
Somerville: Fund lifespans will extend as companies remain private longer
“Going back to companies staying private longer, that means that the life of funds will also stay in existence longer, and LPs of all different varieties have different tolerance for illiquidity and desire to stay into a fund into years. 10 to 15”
Somerville: Evaluating VC Funds Requires 5-7 Year Forward Performance Projections
“What you need to build a view on is what projected performance can look like five to seven years from the point of assessment, and that requires having an understanding of the underlying companies, understanding what's showing traction, what that could mean, w…”
Somerville: Junior VC spin-outs struggle to raise due to unclear deal attribution
“If it is more of a variety of spin out where it's someone who's junior or mid-level at a firm that Maybe has mixed attribution or has been responsible for sourcing, but not monitoring or carrying something through end to end. That can be a more challenging fun…”
Somerville: Senior VC spin-out funds raise under the radar and are highly competitive
“I think if you have someone that's been a partner or a senior member at an established brand who decides to leave and start something smaller, more focused on their own, those are generally highly competitive to get into. There's a big access premium. Most peo…”
Scott Dorsey reveals Greenspring Associates as High Alpha Capital's lead LP
“Our lead LP is a green spring and associates out of Baltimore, a terrific fund to fund investor.”