Gresham Partners

“The reality is those are not venture risk the way we think of venture. We've taken the approach that it's fair to think of those as a different asset class. They're just almost equity risk is the way we think about it.”

“While we have been offered some pretty cool chances from people we trust, we've taken the tack that at this moment, we're going to keep our co-investing for the private equity book and let some of our other family office friends, I suppose, lean in and take th…”

“Those days are over in the sense of there's a lot of things telling you that there's not really going to be the next two hundred billion dollar company, or at least it's harder to get there.”

“We've taken the tact that a solo GP might be better for the game that we're playing at that stage. That tends to differentiate a lot of what we're doing. Many of the bigger firm spin-outs tend to be teams of folks, and maybe we're wrong here, but we tend to gr…”

“We're not going to fully buy into that view and we'll make the exceptions where we think they're deserved to be made, but we're not going to broadly focus on capital intensive areas. Because historically, those haven't put out the venture scale returns we want…”

“The world went very sector specialized, and I understand why, but one thing we've looked at our portfolio and said, over time, the generalists spend the best funds, and we're making a concerted effort to make sure we have enough generalists, that way we captur…”

“The most important thing to us is if there is a violent drop in equity prices, I mean, public equities, at that moment, we cannot be in a position where we're taking money out of the public book and sliding it into the private book, because that's the ultimate…”

“The things that get us most nervous is when someone tells us they're on a three to four year clip. And look, everyone says three to four. In reality, they mean two and a half. We accept that. That's just the reality of venture today. But when someone puts all …”

“We can probably figure out how well someone can source, what networks are they in, and we can probably figure out whether they have that right to win. What we've accepted is Is that their ability to pick? We probably don't have the data points to properly asse…”

“This is a wimpy answer, Ted, but we're putting part of the bet in today, but we're making sure to have at least some diversification to sectors that may not be as clearly vibrant, but frankly have much better valuations.”

“Where we think about the math, it really boils down to the VC's right to win the check they're going to invest. What we mean by that is if someone's trying to own 20% of a company at the seed stage, They better have a good argument why that founder wants their…”