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.