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If you're a #LifeSciences VC or #founder, read this first before #JPMorgan2023.
This 2011 paper by Santé has fresh relevance as the biotech bubble has burst, and old norms return.
Big funds (>$300M) will underperform B I G.
Key take aways. 👇 (1/9) 🧵
sante.com/wp-content/upl…
This 2011 paper by Santé has fresh relevance as the biotech bubble has burst, and old norms return.
Big funds (>$300M) will underperform B I G.
Key take aways. 👇 (1/9) 🧵
sante.com/wp-content/upl…
No VC as of 2011 "larger than $750M ha[d] ever returned more than 2.0x to its LP investors.
Fewer than a dozen funds larger than $300M" had.
With #biotech IPOs now a memory (like the period analyzed in the 2011 paper), VCs won't be able to engineer quick $$$ returns.👇🧵
Fewer than a dozen funds larger than $300M" had.
With #biotech IPOs now a memory (like the period analyzed in the 2011 paper), VCs won't be able to engineer quick $$$ returns.👇🧵
The "inescapable conclusion" from the 2011 data was that larger venture funds generally *under*perform smaller funds...
"despite the presumed advantages of track record and brand name that allowed them to raise such large pools of capital in the first place."
How can that be?🧵
"despite the presumed advantages of track record and brand name that allowed them to raise such large pools of capital in the first place."
How can that be?🧵
