Anti-Portfolio Diligence

Bessemer famously posts its anti-portfolio — the list of companies in which it didn’t invest — and I wish more people paid attention. In talking to a major LP doing diligence on re-upping in a venture fund its second fund, I suggested that they ignore results (which are iffy at best) and look at the fund’s anti-portfolio. Who cares who they said “Yes” to. Who did they say “No” to.


  1. The link to BVP’s anti-portfolio –