The Ledger
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Pierre-Jacques: Silicon Valley's ecosystem does not exist for diverse founders
“Silicon Valley exists for other founders, but doesn't exist for the founders that we're serving.”
Being categorized as an impact fund drastically shrinks LP capital allocations
“Just from what we've seen from fundraising, once you get grouped into an impact bucket, usually their magnitude smaller than the main buckets. And so I think it changes how many dollars you get allocated.”
Top-performing venture deals frequently lack consensus conviction among firm partners
“It's really hard to get two or three people to have the same conviction on similar deals, but it doesn't mean that the deals aren't great because a lot of our winners were deals where we weren't both positives.”
Pierre-Jacques: Only one or two firms backed diverse founders at scale in 2018
“Essentially there was like one or two firms Three years ago that we're doing this at scale.”
Harlem Capital automatically exercises pro-rata rights unless a startup significantly underperforms
“We typically do pro rata for most of our companies. I mean, unless you fall off a cliff, we're going to do pro rata, and we signal that to the founders. Part of, hey, we're leading Your seed round, we're going to be supportive in your seed plus or your series …”
Partners shared positive conviction on only two of 28 Fund I deals
“Of the 28 deals we didn't fund one, I think two of them, maybe three, Jerry and I were both positives.”
Pierre-Jacques: Diverse founder density is highest in e-commerce, fintech, wellness, enterprise software
“I think from a, where we've seen density for diverse founders has been e-commerce
Fintech, wellness, enterprise software, and now we're diving into crypto as well, which I think it's undiverse, but we're hoping it does become more diverse.”
Harlem Capital's internship program placed 18 people into venture capital roles
“You know, we've had 70 interns and 18 of them now work in venture.”
Pierre-Jacques: Harlem Capital leads probably 80% of its deals
“I mean, we lead probably 80% of our deals and then help our companies fill the rest of their syndicates.”
Harlem Capital caps partners at seven deals annually to manage deployment
“Fund two, it's pretty similar, but now there's three partners, so seven deals per partner per year is kind of the max, and four of those seven deals, it can be a single partner positive for the deal to go through, and then three of the deals, you have to have …”