[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.

[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.