![]() First-time fund managers continue to raise new VC funds at healthy clips, and the once clear lines separating venture capital from private equity, growth equity, and other private asset classes have begun to blur. Partly as a result of this, the venture capital space has seen an influx of participants and professionals. You could compare this cult of personality to that of “ corporate raider” era of the 1980s, when Michael Milken et al catalyzed the start of the LBO and junk-bond boom. The venture capitalists backing them have also taken their spot in the limelight, with the likes of Marc Andreessen, Fred Wilson, and Bill Gurley gaining recognition far beyond the confines of Sand Hill Road. Venture-backed startups have redefined entire concepts of industry, with some of the trailblazers usurping the traditional oil and banking giants to become the most valuable companies on earth. From an IRR perspective, this was a home run, but because it only invested once, for $250,000, the $78 million of exit proceeds were not significant within the context of its entire $1.5 billion portfolio size.įrom humble beginnings, the venture capital (VC) industry has evolved into one of the most significant, and certainly best-known, asset classes within the private equity space.
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