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May 4, 2006
Breakfast in Venture America
I'm a winner, I'm a sinnerI had breakfast this morning with a senior partner at a well-known first-tier venture fund. It was a fascinating conversation, ranging across why most venture investors suck at seed; to the future of the venture asset class. Most eye-opening, at least to me, was that he reinforced my recent comments here about the ease of fund-raising for first-tier funds: he has been offered 6x what he is currently thinking of raising in a new fund.
Do you want my autograph
I'm a loser, what a joker
I'm playing my jokes upon you
While there's nothing better to do
-- "Breakfast in America", Supertramp (from Breakfast in America (1979))
It was a good reminder, to paraphrase Scott Fitzgerald, that first-tier funds are different from you and me.
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Ugh, fixed. Thanks Darrell.
One more error: double check that title ;-)
Was spell check not enabled?
That old title promised a much more entertaining post than I delivered. Fixed now.
A small correction: Breakfast in America came out in 1979.