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Ryan Caldbeck @ryan_caldbeck
, 7 tweets, 2 min read Read on Twitter
1/ I’m not sure which part of the podcast you’re referring to so let me clarify my thinking @m2jr
2/ IMO tech vc has not been scalable and repeatable. Strong firms raise larger funds, but strategy shifts (which is why funds increase 10x but you rarely see 10x as many companies that look like those in original fund). [So scalable in that case, but not repeatable- new strategy]
3/ The asset class is pretty brutal overall (I think you'res saying this too). I haven’t seen many reputable studies that wouldn’t suggest tech vc is the worst performing asset class (v. PE, publics, bonds, real estate, etc) over most time periods.
4/ BUT the exception- to your point- is that there are a few strong performers. I typically have heard that the top 10 funds represent most/all of the gains (i.e. the rest of the industry collectively is negative).
5/ Or even that the top 10 deals represent most/all of the returns in a given period.
6/ Several funds can stay in elite tier – but the funny thing is that almost every VC thinks they are in that tier. Also to stay in that tier they typically don’t raise much larger funds [repeatable- not scalable]
7/ My suggestion is that if a systematic vc fund could work- it could be scalable and repeatable. (But I definitely don’t think it works in tech- varying business models and not enough data)
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