The Ledger
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Cambridge Associates Study: Over Half of Top Venture Funds Are Funds I-III
“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.”
30% Carried Interest Above a 3x Hurdle Has Become Standard in VC
“In fact, what you're seeing is a lot of people are now kind of going to higher carries after hurdles. So there'll be a 20 carry up to a two and a half or three X, and then it'll kick up to a 30 carry. And I fought that for a while, and it, you know, it's sort …”
Active venture capital fund entities have quadrupled from 1,000 to 4,000
“Samir over, he's running his own shop now, but when he was at First Republic, he used to track the number of funds that were out in the market. And it used to be A thousand. Like, that was always the number. Like, NVCA, National Venture Capital Association, al…”
Mid-level engineers at Microsoft are making $1 million in total compensation
“I was just on a call where somebody was talking about mid-level, not even senior engineers at Microsoft are making a million dollars.”
Douvos: The 2000 vintage venture benchmark ended slightly positive
“I think the benchmark actually is like positive, like one point of seven percent or something for the 2000 vintage.”
Crossover investors like Tiger and Addition accelerated the venture market tempo
“And at the top end of the market, we've seen some non-traditional investors, the tigers and additions and global and such come in with huge sums of money and very quick cadence. And that's also contributed to the change in tempo.”
First Round has historically stayed within 1.5 to 2x original fund sizes
“First Round has been historically a very size disciplined firm, whereas a lot of their peers have now grown to managing in each fund many, many hundreds of millions of dollars. They've still stayed pretty much only one and a half to two times their original si…”
August Capital's 2000 fund succeeded by taking Seagate private
“August Capital, a longtime manager, well-established Sandhill firm, in what's otherwise a wasteland of 2000 vintages, They put up a monster fund because at the tail end of it, but they had Seagate in there. So there's the take private with a third of their fun…”
First Round employs 75 people across platform, investing, and content
“I mean, there's 75 people working on Platform initiatives, investing, content production, et cetera.”
Average Venture Capital Partnerships Last Twice as Long as American Marriages
“It takes a lot of patience to invest in venture capital funds because the average venture partnership lasts twice as long as the average American marriage. Isn't that crazy? Average venture fund goes 10 years plus, you know, kind of three, four, five, one-year…”