Interesting reoccurring theme in conversations with LP friends: they’re in many of the seed/early stage funds seeing $1B+ exits but very few own enough that any one of them returns over half of the fund- let alone multiples on the fund. Ownership % to fund size matters.
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This is a great point and we're certainly entering a new chapter of startup investing. Will be interesting to keep an eye on this list to see how repeatable a concentration of these companies across funds and vintages at the seed stage plays outhttps://www.cbinsights.com/research/best-venture-capital-unicorn-spotters-2/ …
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Great point. The idea of relying on one co to payback fund creates a cultute of FOMO imh. Everyone wants to invest in hot startups also causing crazy overvaluations. Perhaps spreading investment in more startups will lower valuations at every stage
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