venture capital fund

“Hambridge Associates did a study, and they looked at post-two thousand venture funds. The cohort of top 10 funds in each vintage year, typically more than half were funds with a Roman numeral lower than Roman numeral three.”

“So, like I said, those funds will continue to do well, but some of the venture funds that we've seen grow quite large end up doing much better for their partners than they do for their investors.”

“Well, all of a sudden, to raise a dollar of capital, somebody might pay a dollar 25, because not only are they putting the dollar into this current fund, they're also buying the access right to the next fund. It actually would allow benchmark to raise more cap…”

“And so that I think is one of the promises of tokens is this idea that funds or various types of assets can raise capital and the capital is locked up, yet the investor can achieve some degree of liquidity through a secondary market transaction and not through…”

“I mean, the typical model when we started this in 2012 said most funds start being productive around year eight. I don't know if we look at the data today if that's going to be true, if it's not really year 10 or 11 because of these companies staying private l…”

“I and my team have a strong sense that that between fund seven and fund eight is where a lot of funds go through succession.”

“The real story in Brazil is with a young generation, with entrepreneurs, go talk to some venture capital funds and see all of the energy and great new businesses and innovative ideas that are being created here in Brazil.”

“You know, we invest in funds. They last 10 years, allegedly, but really they last 15 years, and they're not liquid, so we better make the right decision a priori.”

“Attrition happens very slowly in our business. So I'm not sure it's that much different from what it is today. I mean, obviously we're going through a very significant correction here. And I think there will be a lot more companies that disappear than farms or…”

“LPs were just as complicit in all of this as anybody else because fed the beast, invested in the funds, and LPs have a habit of if they find something that's working, you want to put more money in it, but if Putting more money in it means the funds get larger …”

“We're hearing from our fellow LPs that they are stuck on and committing this year, potentially next year, because of exactly this. They did so much because they felt they had to preserve relationships, and they were looking to make money for whatever instituti…”

“And if you're raising five billion, just multiply all those figures. You basically need one of five generational companies within that portfolio to meet the return bar.”

“We are in a venture capital fund that's a 22 vintage that bought a lot of things in 23 and 24. It's about 60% invested, and we just got a bid for two times NAV. We're not going to take it.”

“If you actually look at the historical data, there's been very few funds in history that have achieved three X plus that were over a billion dollars”

“We have not generally done any venture capital funds who have gotten larger and merged into growth equity funds, and they're obviously the well-known hedge funds that have launched Big growth equity private equity funds. We've done neither. It has been much mo…”