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.


  1. Darrell Styner says:

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

  2. Ugh, fixed. Thanks Darrell.

  3. One more error: double check that title 😉

  4. Was spell check not enabled?

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