The mistake a lot of people make is they think about venture as an asset class the way they think about public equities, where you can have a diversified portfolio and do well. In venture, if you're not in the top-performing funds, you're not making money. The data is very clear on that.
If you're a new manager, you need to own a company that's going to be worth a billion dollars, that might not make a lot of economic sense relative to the amount of time and energy you spend on it. But if you're a large fund, the goalposts shift — you need companies worth $10 billion, $50 billion, $100 billion.
4d ago
Underscored — save the words that stop you in your tracks.
