YouSaid · the spoken record

David Clark

lines on the record: 82
first: 2024-03-25
most recent: 2024-03-25
sittings or episodes: 1
sources: podcast

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“One of the things that I've seen is that there's no single right way to do venture. There's no single right way to make decisions. There's no single right way to structure a partnership. There's no single right background for a successful VC. And actually trying to predict what the key determinants of success are, we've tried to do it and we haven't been able to do it. I would love to see the long-term data from other LPs that says that they have been able to do it. One of the things that we feel very strongly is that actually all the talk about edge and how you pick emerging managers, how do you know if you're successful or not with your strategy? It's very easy to talk about, you know, I found this fund or I've done that or I look for this. How do you go back in 10 to 15 years time and say, did that actually work or did it not? And what we've been able to do with our strategy is to look back because”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“You wouldn't invest in Brian Singerman where Founders Fund have a single GPs can go and do deals. And Reason Horowitz, single GPs. Oh, I'll definitely do that, but they.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“How can you know the process works unless you judge it by the output? How do you know that somebody's investment process is better than somebody else's investment process”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Ultimately, what do our investors care about? Our investors ultimately want to try and get the best risk adjusted returns they can from the venture industry. And we think we have a strategy that delivers that. In a way, trying to sort of understand how that strategy works under the hood, it's a bit like how do our managers find their best companies. I don't really care how they do it. There's lots of different ways to be a successful VC investor. I'm less worried about that. I'm more worried about their output than their process. You know, from our perspective, we want to continue to deliver that performance. And so we are paranoid about every time I see, I was just doing something today, there was a new white paper about why emerging managers and small funds outperform. And I'm all over that data because I want to understand what are we missing? What's wrong with our strategy? Why should we do a whole load of net new managers? What advantage will it give us?”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. I don't care how much is in Europe. I don't care how much is in the US. What I care about is, are we getting exposure to the best manager? Those top 1% companies, and that will define the best managers. And so when I look back at the VC exits over the last six or seven years, the managers that we've backed have been in 85% of the top 20 or 30 exits there. So we're consistently getting exposure and not just logo exposure, like proper exposure.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“And we've seen that. I was just chatting to a guy I know, a UK fund earlier today, and they've just recently closed and done a fantastic job and had actually raised a lot of capital from US investors. And he was thinking a lot of that is possibly those investors taking their China allocation and now moving it into Europe. I think we would have fallen.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“If I'm looking at it from a venture perspective, I think it's important as an LP to know what you know and know what you don't know. I'll tell you what I don't know. I don't know what the next great sector is going to be. I don't know where the next great company is going to come from. I don't know whether Europe is going to outperform China or India or the US. What I have a much better sense of are who are the people who do know that or have a good shot at knowing that. And this comes back to as an LP, my job is to select managers. And I want to select those managers who can consistently find those top 1% companies wherever they are, you know, geographically or wherever they are in terms of industry, sector, that's really important. And when I look at our portfolio, there's a reason only 10% of our portfolios invested in Europe.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not a macroeconomist, so I know my area. Well, neither is any veteran investor, but we still opine. Yeah, but I'll...”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“public. I think the impact that will have is that the concentration of returns in venture is going to be even smaller. There are going to be fewer companies that ultimately account for that performance. And so it's going to be even more important that you're backing managers that can identify them, win them, work them, and as you said earlier, know when to get out.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, in the short term, I do, yeah. I think it's interesting how the UK regulator can block two US companies from merging, which is an interesting one with Figma and Adobe. I think it's going to be a challenge for the big tech companies to acquire significant new product. And that goes back to the conversation we were having a second ago about their ability to iterate and continue to stay in that position. But I do think it makes it harder for the M&A market to operate at scale. And so I think for companies, it's becoming increasingly important that they view themselves as standalone businesses. And for the founders to take the view that this is not just a kind of let's get it to a couple of million dollars in revenue and then we can sell it to someone. It's about how do we build something that's actually durable and sustainable and stand alone. And those are the sort of companies that ultimately are able to.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“and ten years earlier was two thousand ten, twenty eleven. This was financial crisis when people weren't deploying checks.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, and I think I would absolutely agree with that. It's the classic thing where there's the airs where very little happen and then there's weeks where years happen. And so you do see that in venture. There are short periods of time where you need to capture the value. And if you don't do that, then you're going to struggle. For us, investing in managers who really understand the dynamics of the industry, who've been through those cycles before or have people within their firm that have been through those cycles before and understand the importance of generating liquidity when it's available, you know, from an LP's perspective, the way that you're able to do that is to make sure that you are investing consistently across every vintage. You're not trying to time the market. Because if I look at the stuff that we were seeing get liquid in 2019, 2020, 21, these are the investments that we made 10 years earlier.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“But I also look at if we were then saying, you know, what's the likelihood that we're going to see another kind of outcome in that multi hundred billion dollar region? You look at something like a bite dance in China, which has emerged over the last 10 years while a lot of these companies were there. Now it's admittedly a different market and more restricted than those companies haven't been able to operate to the same extent in China. You know, you look at how open AI has really begun to win that category now still very early and who knows ultimately what's going to happen there. But I still feel optimistic that it's the fundamental nature of technology is that incumbents ultimately have a half-life. And that half-life has admittedly got longer, but I do think we will still see companies come over time that will disrupt those industries and it will be based on different technology paradigms.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, fantastic. No, I probably should be. But yes. But I think what's really interesting there is I study philosophy at university. One of the things we looked at, there was a really small book called The Structure of Scientific Revolutions by a guy called Thomas Kuhn. And it's really interesting about the way that science works in paradigms. And by a paradigm, it basically means a particular way of thinking. And that paradigm exists for a certain amount of time and then new evidence, new data emerges, and the paradigm changes. And when the paradigm changes, it's hugely disruptive. And I see similar things happening in technology. We've seen it with the mainframe. We've seen it with client-server. We've seen it with the first generation of the internet. We've seen it with mobile. We're seeing it now with AI. And the one thing I would put on top of that is blockchain and crypto. If we do see blockchain and crypto really emerge as a dominant technology paradigm in conjunction with AI, then I think that's going to have a very significant impact on the incumbents that are out there.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“continued to hold that dominant position, particularly as we enter different technology paradigms. I don't know if you've had a chance to read Chris Dixon's book yet. No, I haven't.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you're right. It's clear that the incumbents today have managed to have multiple iterations of their products. The question I would have, though, is how long is that likely to continue? I remember back in the mid-90s reading the Innovator's Dilemma, Clayton Christensen. And it was a real eye-opener at the time just around how it's very difficult for those incumbents to really innovate and to disrupt their own business and cannibalize their own business models. And it's interesting, you know, look at what's happening with someone like Google today. Look at the reaction to their AI product that we've just seen over the last couple of weeks. And all those people that are now saying, you know, Google needs to really address where they're going as a business, you know, look at what Elon's done with Twitter in terms of turning that company on its head. I think there are a lot of challenges for the incumbents and there's no guarantees that they're going to be able to.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in the famous words of Yogi Bera, predictions are hard, especially those about the future. We would sort of take a step. We think all of those arrows are pointing upwards. Yes, we know the multiples that you will see on those individual companies' earnings or revenues were going to fluctuate, but ultimately the markets that they're playing in and the share of the economic pie that technology is going to capture, in our view, is only going to increase. And so that gives us confidence that whatever the multiples are at the time of exit, directionally, we're going to see exits get larger.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“fund sizes with today's exit sizes. If I look back fifteen years ago, I was having exactly the same conversations about funds. They're way too large. You're never going to get a 3x multiple. What you need to do is to compare fund sizes today with the exit sizes in 10 to 15 years because that's when those companies are ultimately going to become liquid. And if you look at how those exit sizes have increased over the last 15 years, are you saying to me that you don't think technology outcomes are going to get bigger over the next 15 years?”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“capture a significant chunk of that upside while minimizing the risk of losing capital. I don't want to not answer your question on fund size because I think this is really important. And again, one of the prevailing narratives is that you can't get a fund returner for a billion dollar fund. So we had a look at our data and we found 45 investments that have returned a billion dollars to the single fund that invested and were also fund returners. And most of those have happened in the last seven or eight years. The idea that you can't get a fund returner from a billion dollar fund is just untrue. And actually the majority of those weren't just a billion dollars. They were multiples of that. I think the most we have is a $15 billion outcome for a single fund. So you have to sort of understand the size of the outcomes that we're now talking about for these funds. Just one last point, Harry. The other thing that I think you also have to bear in mind is that you're comparing today.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“North of 3 On an aggregate portfolio level. And we've disclosed a little bit of the sort of high level performance. So happy to do that. So we have a group of a dozen core managers and 90% of all the capital we've invested over the last decade plus has gone to those managers. And when we look at the performance of their mature funds, so let's take away the ones that were raised in the last couple of years. We are seeing a net multiple back to us north of 3x around that kind of 3.5x on a blended basis, on an aggregate basis. So this isn't pie in the sky numbers. This is what those funds have delivered. And the other thing to look at there is what percentage of them have actually lost money. So go back to that 50% of funds from Pitchbook haven't returned one XDPI. What we found is less than 3% of those funds are showing a TVPI of less than 1x. Some of those funds are going back 30 years. So that's through the dot-com boom and bust. It's through the financial crisis. So what we're able to do still is to”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think for us, that's the one big thing that keeps us awake at night. It's have these funds become so big that they can't ultimately deliver that type of performance. And today we haven't seen that.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Because it's a power low industry, and if you're able to consistently compound at that top quartile inventure, then you're going to massively outperform the Nasdaq, you're going to massively outperform the S&P.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“It's hard to do a 5x net full stop. So we had a look at the pitchbook data around DPI. So there was about 1,200 funds that were raised from 2,000 to 2014-15, I forget the exact date. And we looked at what the DPI statistics were for those funds. More than 50% hadn't returned 1x capital. And so these are funds that are more than, that are 10 years old now, at least 10 years old now, hadn't returned 1x capital. There was just 6.6% that had generated 3x net DPI and just 2.6% that had generated 5x DPI. When you're talking about the incidence of 5x funds, let's put that into context, that it's one in 50 funds that's capable of generating a 5x fund. According to the data on”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“And when we look at who were the investors in those companies, it tends to be the same names time and time and time again. And so for us, we'd much rather spend our time trying to access those very best names than trying to find that needle in a haystack, that one in a five hundred new emerging managers that might potentially do that. And if it means we miss out on one of those managers, then we're fine with that because we've got enough in our roster that continue to find those key companies and drive that outperformance.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“It comes down to understanding how venture works and going back to the first principles of the industry. And that's one of the things that we've always tried to do is to really go deep on understanding what is it that makes a great fund, what is it that really drives out performance in the venture industry. And the thing that we constantly come back to is that venture is a Paolo industry. And it's 1% of the exits that ultimately generate the bulk of the returns created by the entire industry globally. So we're looking at around 30 companies a year that generate more than half of the total exit value for the VC industry.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think you can miss. One of the things that we've learned is that you don't have to do every great manager out there. You just have to make sure all the managers you do are great.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“We've made all the mistakes in the book. I remember in the early 90s, in the late 90s rather, we massively expanded our roster of managers. We did a lot of first-time funds. And this was all in 98, 99, when things were looking unbelievable. We were backing managers in a fund too where their first fund was showing 100% IRR and a 5x TVPI a couple of years later. Those funds were looking very different. And so I think it's really sort of understanding what it is that you want to see in a manager. That's what you have to do in order to be able to do this job successfully and be ruthless about sticking to that particular focus.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“I can see why you would have that perspective in the sense that there are just so many funds and managers out there today. You are constantly bombarded by people who are trying to raise money and want to pitch you. And it's simply impossible if you were trying to meet with everyone to be able to work through those and to select successfully. And so I think from an LP, one of the things we've learned is that being an LP is all about understanding what you're good at and understanding what you're not good at and making sure that you are focused. So for us actually, the last five or six years have been very simple because our view was that it's been impossible to actually distinguish good managers from average managers because everyone looked good. Everyone had companies that were getting written up. Everyone could talk about some interesting deals that they'd done. Everything looked great. But I think one of the advantages of having been in this industry for so long is that we've seen cycles happen before.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Like for me, I'm curious about things, and I like to sort of really dig into the detail, and it was probably after sort of four or five years when we were starting to see the first kind of dot com companies begin to emerge. I remember we got a stock distribution of Netscape, and it was my job to figure out what we were going to do with stock distributions. So I remember phoning up the CFO of Netscape at the time as a six-month public company and having a conversation with them and thinking, shit, this is really interesting. I never thought that I'd be doing something like this, but actually having that kind of not quite a front row seat as an LP, but maybe a second row seat into new technology, new developments that are changing society, I struggle to think of a more interesting career in a more interesting way. So I've spent the last 30 years.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, funnily enough, I didn't grow up thinking actually my life's ambition is to become an LP in VC funds. I grew up in a small village in Northumberland. I'm pretty sure that nobody in that village had ever heard of venture capital. And I hadn't heard of venture capital, but I sort of finished university. I actually was keen to kind of go on and do a PhD, but kind of life intervened at that time and I had to end up getting some real work. And I was just looking for pretty much anything. My girlfriend at the time, my wife now, was living in Oxford. I was still living with my parents up in Northumberland. When I came down to see her, we were looking for, I was looking for a job. I saw an advert in the Oxford Times, numerous graduates required for global finance firm. And I thought, well, it doesn't sound very interesting, but if I don't apply for it, she's going to see it and she'll kill me. That was 1992. And I was fortunate enough that my first boss was willing to.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, it's a pleasure, Harry. I've been listening to your podcast for a long time and really impressed by what you've built here and the guests and so honored to be part of it.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the prevailing narratives is that you can't get a fund returner for a billion dollar fund. So we had a look at our data and we found 45 investments that have returned a billion dollars to the single fund that invested and were also fund returners. What you need to do is to compare fund sizes today with the exit sizes in 10 to 15 years because that's when those companies are ultimately going to become liquid.”
2024-03-25 · The Twenty Minute VC · 20VC: Lessons from 32 Years of Fund Investing | Why Exits Will Be Larger & Funds Sizes Bigger | Top Reasons to Turn Down Potential Fund Investments | Fees, Carry, Deployment Pace; What Do LPs Inspect When Fund Investing with David Clark, CIO @ Vencap · IDENTIFIED FROM THE TRANSCRIPT · source