NVCA Advocates More Confidentiality On Returns
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Friday, 20 July 2018
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In short, we divide overall performance by the number of partners, thus measuring wealth created per partner. Malven cautions that that measure of performance could be skewed if each partner at one firm has a lot more to invest than partners at another firm, but Kleiner and Matrix appear pretty evenly matched. 200 million fund that had already distributed four times its LPs’ capital by mid-2000.
65 million each to work with. 299 million fund that had returned 12 times its LPs’ capital by mid-2000, according to Lisson. 460 million fund that was 80% invested by mid-2000. 58 million each to work with. Now on to the 2000 results. Ten of Kleiner’s companies went public in 2000 (0.77 IPO per partner), compared to 4 for Matrix (0.80 IPO per partner).
1.6 billion when they came out of lock-up. 177 million, giving the edge in per-partner wealth creation to Matrix. A few caveats on those results. First, we measured performance in the IPO market only; we did not look at acquisitions, the number of which often exceeds IPOs in a given year.
Second, Kleiner has two health care partners, according to Malven. 209 million. We certainly want our top VCs to focus on the future of health care regardless of market conditions, and there’s been quite a debate going on within the venture capital industry about IT versus health care investing. The third caveat is that Kleiner IX is the newest of the funds measured, so that too could give Matrix an edge.
But don’t feel too bad for Kleiner; according to Lisson, 6-year-old Kleiner VII was the best-performing venture fund last year, still riding high on its monster hit Juniper Networks (NASDAQ:JNPR). That fund has returned more than 20 times its limited partners’ capital. 1 billion when it was acquired by Cisco (Nasdaq:CSCO) in June.
500 million or more when they came out of lock up: ONI Systems (Nasdaq:ONIS), Handspring (Nasdaq:HAND) and Corvis (Nasdaq:CORV). It’s not clear when or if the VCs sold shares in the IPOs. Cisco’s stock, for example, has declined almost 40% since the Arrowpoint deal closed. Kleiner’s biggest winners have held their value since the lock-up period expired, but both companies had holdings that declined substantially from their lock-up expiration price.
2 billion each in 1999 IPOs that came out of lock-up in 2000, giving Matrix the “Malven Metric” edge there too. But as Lisson pointed out, “This is splitting hairs amidst the pinnacle of the field. A fun, interesting and worthwhile analysis, but the distinction makes no difference to investors in these funds. The amounts of money involved are trivial when viewed in context, the venture capital segment in the alternatives portion of an entire portfolio. Nonetheless, the LPs of both Kleiner and Matrix can thank their lucky stars to be in these funds. 2 billion fund club. Lisson had this to say of Summit: “As a private equity investor, Summit can outperform some early-stage VCs, the reverse of how it’s supposed to work. Corey Ostman of Alert-IPO and Mary Evelyn Arnold of VC Buzz provided research for this article.
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Many internet marketers don’t appreciate the differences between mini sites and authority sites in terms of strategies and results. Newcomers to online marketing are often confused about which model to follow. You really need to consider a variety of factors, including the kind of business you want to build and the way Google and other search engines operate.
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The attraction of minisites is they are easy and fast to build, plus the profit realized will be much faster than with an authority site. An authority site is much more like a long term investment in stocks. You can accurately think of it in terms of investing your efforts and some capital.