The Ledger
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Wertz: VC portfolio construction can be learned, but founder taste cannot
“So you know, kind of that, that certainly can always be fixed over time and kind of managers can learn proper portfolio construction. What can't be fixed is your taste for entrepreneurs and for unique opportunities that can become these outlier opportunities.”
Version One remains bullish on crypto because traditional banks cannot effectively compete
“We're still very bullish on crypto, right? I mean, crypto has gone through lots of ups and downs and lots of cycles, but the ultimately ultimate idea of rebuilding the financial system on a global scale in an open source environment. Is still a very attractive…”
Undisciplined emerging managers hurt returns with undersized checks and over-concentration
“Especially emerging managers sometimes are not as disciplined around portfolio construction. They suddenly end up with tons of really small investments where they put in a small check. But even if that company does super well, it doesn't really drive any fund …”
Version One Ventures' crypto portfolio includes early investments in Coinbase and Uniswap
“So we're invested in Coinbase which obviously is a public centralized exchange and crypto platform. We were investors in Uniswap, which is the decentralized version of an exchange in the crypto space kind of multi-billion dollar outcome.”
Wertz's LP portfolio includes 10x–20x crypto funds and multiple 6x–8x funds
“I mean, definitely the crypto funds are more in the 10 to 20 X axis, right? And they have done well, but there's a bunch of funds in the portfolio that are at least on paper six to eight X funds, right? And obviously funds that were more raised in the kind of …”
Version One's 2012 vintage fund has returned over 1x after 12 years
“In our fund one, which was raised in 2012 we invested in 20 companies We still have four of those companies in the portfolio. So kind of close, close to 20% in the portfolio. We've paid back the fund more than once, right?”
Version One Ventures was the first pre-seed investor in billion-dollar startup Jobber
“We have a company called Java, which is a vertical fast for home services business that is valid at about a billion dollars. We were the first investor in the pre-seed round.”