Discover and read the best of Twitter Threads about #earlystage
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[THREAD] In chapter 4, we discuss how to solve for #HumanCapital challenges in #VC. So if we haven’t found a strong argument why we shouldn't try & build a fund from scratch as there appears no structural barrier to entry that cannot be overcome — how do we therefore do this? 
1.) Where to look first?
The churn in top tier performance is drastically increasing as the VC market matures & #Alpha is dispersed due to the inherent inefficiencies. Only the best funds plan for succession.
The churn in top tier performance is drastically increasing as the VC market matures & #Alpha is dispersed due to the inherent inefficiencies. Only the best funds plan for succession.
2.) Ultimately, VCs firms are small partnerships. Behavioural challenges in #InvestmentPartnerships include:
•Economic Allocation
•Shared Decision Making
•Diffused Responsibility
•Personal Risk Minimisation
•Go-along-to-get-along Interaction
•Economic Allocation
•Shared Decision Making
•Diffused Responsibility
•Personal Risk Minimisation
•Go-along-to-get-along Interaction
[THREAD] As a systematic public market investor, #VentureCapital was an asset class that felt opaque to me based on only my limited exposure of #AngelInvesting & my friends in the industry. In this article, I set the context for Unpacking Alpha in Venture Capital.
1.) It is a challenging asset class to digest & I am sure a majority of large institutional pools of capital would struggle to list more than a handful of brand name VC firms or investors.
2.) That said, top decile returns in VC are extremely impressive so I decided to take a deeper look with a view to create an ecology map & building an institutional footprint from first principles.
