1/ Back in Feb. 2018 we launched an experiment called Angel Track, with the goal of lowering the barrier to entry in angel investing. Thanks to @JoshConstine for telling the story of what we’ve been building today in @TechCrunch. techcrunch.com/2019/06/29/inv…
@JoshConstine@TechCrunch@eladgil@janamal@KatieS@jess@npilosof@Alfred_Lin@annimaniac 4/ Even after the sessions wrap, Angel Track members have found ways to share investment opportunities with each other and look at companies together. (We are inspired and have a ton of ideas on how to catalyze and support this growing community for the long term)
@JoshConstine@TechCrunch@eladgil@janamal@KatieS@jess@npilosof@Alfred_Lin@annimaniac 6/ I love that founders are getting a better product because these angels are collaborating and thinking about investments collectively. And I couldn't be more proud that the 3-month program has become entry point to a diverse community of active angels, not a one-off experience.
The team @theGP is still focused on building an incredible portfolio in fund I - BUT so much conversation in VCtwitter about fundraising - and for good reason - it's gotten way harder for everyone. I was in NYC last week speaking @Wharton VC/PE event and learned why🧵👇
1/ Across private funds there are about 14,000 folks in market right now seeking over $3T. LPs have appetite for less than $1T. Result - lots of disappointed GPs😭
2/ LPs count on private portfolios to "self-fund" and this is not happening with the pace and scale of fundraising. Average annual distribution in private portfolios was 25% of NAV - this year it is 11.3%. 🫗
2/ I love discovering how someone works by asking how they prepared for the interview and going deep on the details to understand not just what they did but why they believe it is an important step in the preparation process.
3/ Understanding how someone makes high stakes decisions in the face of uncertainty is critical for start ups.