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continuously amazed by the failure of hedge's forays into venture. They have better data, late stage relationships, and warchests to invest across the lifecycle. Is VC culture this difficult to export? If I was a young, ambitious, smart person in venture I'd be running to one.
the insane part is the data these funds have are make and break for enterprise founders. What would you rather: expensive capital with a platform team, or cheap capital that also comes along with a hundred person research team with data on all your customers.
working on doing a hedge / venture hybrid with the earth defence fund
the intersection is interesting. But in terms of structural tailwinds, I don't understand why every hedge isn't making a significant bet on venture rn. like securities aren't going to hit your return targets, it's existential and you stand to be really fucking good at it.
If you set aside the fact that high quality decision making gets orders of magnitude harder to achieve when you look across all publics and privates, the org structure/culture challenge is probably the primary reason IMO
*ignoring culture for a second* it seems there is an absolute flood of soon-to-be-GP talent on the market in the last year that could easily import whatever proprietary knowledge is needed. This combined w/ a 100m slush venture fund out of a 50b+ total fund size is 
Venture is the only asset class where the asset chooses the investor. In short, it’s a reputation market and the best founders are willing to take worse terms from better investors.
This seems to be rapidly changing — seeing top decile founders start to really consider cost of capital over platform or brand
just to be clear, I’m not suggesting you try to make good hedge folks into vcs I’m suggesting you pull off a 100m out of a tens of billion dollar fund, bring in external talent and leadership, and run it side by side
Interesting. Adding 1) incentives misalignment 2) skills gap? VCs are salespeople 1st, HF analysts are not. (Tho this should be eliminated by hiring seasoned VC talent.) 3) HF would effectively be the VC’s LP. Perhaps not the easiest LP; VC talent may prefer more traditional LP.
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