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Eric Davison Profile picture
Eric Davison
@ejdav
Principal at Hambro Perks, an early-stage VC
Sep 22, 2019 • 14 tweets • 7 min read
The recent @twentyminutevc podcast by @HarryStebbings interviewing @semil got me thinking about portfolio construction in venture capital, so I thought it might be helpful to illustrate a fictional European seed stage VC portfolio and the outcomes needed for it to succeed...
/1 Let's assume our little European seed stage fund has raised $75M. For simplicity, we'll ignore fee drag/recycling. Most VCs are targeting a 3x net return to LPs, i.e. you give me $1 and I will give you back $3. (After fees, the fund would need to return ~4x gross, i.e. $300M)
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