increasingly seeming like what now differentiates A and B/C tier funds is not their ability to see deals-- but their ability to reach conviction and move to win them. watching partners at c-tiers delay meetings five-six weeks, while top funds are meeting within the day.
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Sorta agree at Seed (still some dark pools of founders/companies though), Mostly agree at series A, 100% on Series B+.
weird how whenever I hear about deals in these “dark pools” it’s mostly the same n funds collaborating in a tight network to gain pricing leverage.
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Dark pools from their birth have been about a small number of firms collaborating (/colluding) off-market, so I'd say it's a perfect term. That said, I actually don't think the seed firms in these areas for *tech* are gaining pricing leverage anymore vs. competing.
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There are definitely some mafia effects where in areas firms will split deals, but because at most you can properly fit 2 institutions into most seed deals, partnership between 2 firms just ends up still pricing against others (many of which are happy to do entire round).
End of conversation
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