Breakfast in Venture America

I’m a winner, I’m a sinner
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))

I 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.

It was a good reminder, to paraphrase Scott Fitzgerald, that first-tier funds are different from you and me.

Related posts:

  1. First-Tier Venture Funds … Or Bust!
  2. Few New Venture Funds
  3. Pouring, Drinking, and the Allocation to Venture Capital
  4. So Many Venture Firms, So Little IRR
  5. Venture Capital and PR Agencies


  1. Darrell Styner says:

    A small correction: Breakfast in America came out in 1979.

  2. Ugh, fixed. Thanks Darrell.

  3. Rick Thomas says:

    One more error: double check that title ;-)

  4. Kevin says:

    Was spell check not enabled?

  5. That old title promised a much more entertaining post than I delivered. Fixed now.