venture

“Some of our local peers here in superannuation who have to compete for members have decided to go down a road of setting a fee budget for the whole fund, and then reporting those fees as a competitive advantage in their marketing, and we think that risks cutti…”

“My historical view has always been, you do as much venture as you can get good access to.”

“As a limited partner, I mean, it's not always a blind pool, but the majority of time it's a blind pool, and you're saying, here's money for the next 15 years, and that's just one fund cycle. And the other thing as an LP is that you invest with the belief that …”

“If you study venture, and you say, oh, well, blogging became super important, and then tweeting, and then podcasting, the LP voice isn't there.”

“We are about 24 to 25% in the ground invested in net asset value and private equity, including venture, which puts us about in the middle of the larger endowments.”

“That said, probably the biggest bang for the buck is in alternatives. It's probably in illiquid asset classes. It's in people who think differently about venture or private equity and Even probably real estate on some level.”

“The number of firms that have failed in generational transition outnumbers by orders of magnitude the numbers of firms that have had successful generational transitions.”

“This is a business of outliers. Nothing that is an outlier is normal. So if you try to bring normalcy or strings attached or boxes into venture, you're not going to succeed, or at best, you're going to be mediocre. So if you want outliers, you need to have an …”

“Because in venture, it's missing the upside, not protecting the downside that's going to lead to not have a successful fund. The most important thing is being in those right companies and owning enough of them.”

“And I include private equity and venture as part of just variations of the market.”

“There are no good investments in venture. It's either investments where you said no, you should have said yes, or it's investments where you said yes, but you should have put in a lot more money. There's just no good venture investments.”

“Venture is 0.3% penetrated. So in that market, our estimation, we've done some analysis, 50 to a hundred billion, just In what we're doing.”

“If the IPO market starts to open and the M&A market gets going, I think you're going to see a huge wave of interest in venture, and especially in those funds that I think were very smart and didn't go crazy when things were at a peak and are now taking advanta…”

“It's going to be very difficult for private equity, broadly defined venture and buyout and related stuff to be the single defining alpha creating strategy for institutional investors the way that it's been over the last 3540 years.”