This article aims to help VCs figure out how to size a venture capital fund, how many companies to include in your portfolio, and when and how to do follow-on investments. Most VCs aim to make a 3X (net) return on initial fund capital, at a ~20% net IRR. Note however, likely less than 10% of most VC funds achieve that goal.
At the Notation annual LP meeting this past fall, we gave a short talk on how we think about pre-seed investing & risk, and why we think there's a particularly interesting risk versus reward tradeoff at this stage.
How to define and position your VC brand to attract funding and dealflow.
* note: more recent updated version below:
https://www.slideshare.net/dmc500hats/branding-strategies-for-better-dealflow-and-fundraising-aka-the-helpful-vc
At the Notation annual LP meeting this past fall, we gave a short talk on how we think about pre-seed investing & risk, and why we think there's a particularly interesting risk versus reward tradeoff at this stage.
How to define and position your VC brand to attract funding and dealflow.
* note: more recent updated version below:
https://www.slideshare.net/dmc500hats/branding-strategies-for-better-dealflow-and-fundraising-aka-the-helpful-vc
We’re thrilled to announce that we’ve raised Kleiner Perkins’ 18th venture fund -- $600 million to focus on early stage investing. This marks 47 years for our firm, and with a fresh team and strategy, we’re incredibly excited for the next 47 years.
We are big advocates of transparency at Seedcamp and understand first hand just how tough the fundraising process can be. It's not just startups who go through this but funds too. In the spirit of openness, we're sharing the deck we used to go out to investors for Seedcamp Fund IV.
Read more about our plans to invest in 100 new European startups with our biggest and boldest fund yet over on our blog: http://seedcamp.com/seedcamp-fund-iv-announcement/
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
Silicon Valley Bank and Orrick supported by CB Insights released this years new York Venture Capital Almanach 2013: a useful snapshot of where the New York venture community is right now, as well as a brief summary of
where we’ve been.
Basic concepts of marketing and branding for venture capital. Emphasis on competitive differentiation (aka "How are you different/better than other VCs in your category?"). Specific focus on defining areas of "value add" that aren't BS.
The SaaS sector is undergoing a ‘reset’: on the public side, revenue multiples went down from 17x a year ago to 6x today. On the private side, funding is down 42% in Q3 with similar trends observed in the US and Europe. What does this mean for European and Israeli SaaS companies? In this presentation, we will dive deeper into:
- How should founders think about their company valuation?
- Are public markets overcorrected?
- How are the public market dynamics impacting the private funding market?
- Will we see a flurry of down round for the 120+ Cloud Unicorns created in Europe and Israel over the past few years?
- Which top 100 companies have been selected for the 2022 Accel Euroscape?
Notation Capital Fund 2 - VC Pitch Deck ExamplesPitch Decks
Notation Capital is a first-check venture fund based in Brooklyn, NY founded by Nick Chirls and Alex Lines in 2015. The company focuses on very early-stage technical teams, often pre-market or even pre-product, primarily in New York, and provide capital and support to help go-to-market and scale the company.
Here's a look at the Notation Capital pitch deck from 2014, used to raise their Notation I fund (original $6M, oversubscribed at $8M).
Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/
VC Fundraising Deck Template: Carta x Kauffman FellowsNihar Neelakanti
Carta and Kauffman Fellows present a venture capital fundraising deck template highlighting the various components a GP should include as part of their fundraising story to attract limited partners.
Irish Technology Capital-European Technology Venture Fund - John Hartnett - S...Burton Lee
Presentation by John Hartnett, Irish Technology Capital, about the new venture Fund that he is raising in Ireland and Silicon Valley, aimed at the Irish and European hitech startups marketplace. Stanford Engineering, January 4 2010. Program Director and Course Instructor Dr. Burton Lee. Homepage: http://me421.stanford.edu
Long Journey Ventures Fund 1 - VC Pitch Deck ExamplePitch Decks
Founded by former AngelList partner Lee Jacobs, Long Journey Ventures operates a unique model based around a federation of angel investors and operators.
Every member of the Long Journey team has started a company and invested personal money into startups for close to a decade. The firm has invested in seed rounds across industries: ranging from healthcare to project management software.
Long Journey has backed notable startups like Affirm, Notion, Loom, Uber, and SpaceX.
Topics Discussed:
- What is Venture Capital
- Overview of VC Funds
- VC Investment Process
- VC Investing Strategies
- Other Investors
- VC Fundraising Materials
- Resources
We’re thrilled to announce that we’ve raised Kleiner Perkins’ 18th venture fund -- $600 million to focus on early stage investing. This marks 47 years for our firm, and with a fresh team and strategy, we’re incredibly excited for the next 47 years.
We are big advocates of transparency at Seedcamp and understand first hand just how tough the fundraising process can be. It's not just startups who go through this but funds too. In the spirit of openness, we're sharing the deck we used to go out to investors for Seedcamp Fund IV.
Read more about our plans to invest in 100 new European startups with our biggest and boldest fund yet over on our blog: http://seedcamp.com/seedcamp-fund-iv-announcement/
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
Silicon Valley Bank and Orrick supported by CB Insights released this years new York Venture Capital Almanach 2013: a useful snapshot of where the New York venture community is right now, as well as a brief summary of
where we’ve been.
Basic concepts of marketing and branding for venture capital. Emphasis on competitive differentiation (aka "How are you different/better than other VCs in your category?"). Specific focus on defining areas of "value add" that aren't BS.
The SaaS sector is undergoing a ‘reset’: on the public side, revenue multiples went down from 17x a year ago to 6x today. On the private side, funding is down 42% in Q3 with similar trends observed in the US and Europe. What does this mean for European and Israeli SaaS companies? In this presentation, we will dive deeper into:
- How should founders think about their company valuation?
- Are public markets overcorrected?
- How are the public market dynamics impacting the private funding market?
- Will we see a flurry of down round for the 120+ Cloud Unicorns created in Europe and Israel over the past few years?
- Which top 100 companies have been selected for the 2022 Accel Euroscape?
Notation Capital Fund 2 - VC Pitch Deck ExamplesPitch Decks
Notation Capital is a first-check venture fund based in Brooklyn, NY founded by Nick Chirls and Alex Lines in 2015. The company focuses on very early-stage technical teams, often pre-market or even pre-product, primarily in New York, and provide capital and support to help go-to-market and scale the company.
Here's a look at the Notation Capital pitch deck from 2014, used to raise their Notation I fund (original $6M, oversubscribed at $8M).
Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/
VC Fundraising Deck Template: Carta x Kauffman FellowsNihar Neelakanti
Carta and Kauffman Fellows present a venture capital fundraising deck template highlighting the various components a GP should include as part of their fundraising story to attract limited partners.
Irish Technology Capital-European Technology Venture Fund - John Hartnett - S...Burton Lee
Presentation by John Hartnett, Irish Technology Capital, about the new venture Fund that he is raising in Ireland and Silicon Valley, aimed at the Irish and European hitech startups marketplace. Stanford Engineering, January 4 2010. Program Director and Course Instructor Dr. Burton Lee. Homepage: http://me421.stanford.edu
Long Journey Ventures Fund 1 - VC Pitch Deck ExamplePitch Decks
Founded by former AngelList partner Lee Jacobs, Long Journey Ventures operates a unique model based around a federation of angel investors and operators.
Every member of the Long Journey team has started a company and invested personal money into startups for close to a decade. The firm has invested in seed rounds across industries: ranging from healthcare to project management software.
Long Journey has backed notable startups like Affirm, Notion, Loom, Uber, and SpaceX.
Topics Discussed:
- What is Venture Capital
- Overview of VC Funds
- VC Investment Process
- VC Investing Strategies
- Other Investors
- VC Fundraising Materials
- Resources
Lecture at the Founder Institute, Paris, France
1 February 2011
http://founderinstitute.com
(cc) BY NC SA, Rodrigo SEPÚLVEDA SCHULZ
http://www.rodrigosepulveda.com
v3 of my class notes for students on how to understand how much money to raise, how much equity to give away, how VC funds work, and how to mitigate risks.
(finally, Slideshare does not accept Keynote formats anymore. Converted to PDF before upload, hence the white stripes).
David Weekly's Angel Investment Deck. Meant as an introduction to investing in US-based companies as an accredited investor. Covers Angel List, syndicates, syndicate funds, venture capital, common risks and pitfalls.
NOTE: Does not constitute legal or financial advice and is not a solicitation for investment.
Learning how a VC firm works behind the scenes is a good way to gain important strategic insights on becoming a more attractive investment. But understanding the ins and outs of a VC firm can be easier said than done, even for entrepreneurs who spend a lot of time speaking to investors.
Know how venture capitalists value your deal....understand how they are compensated...see what creates value and how investors assess your "risk factors."
A great slide show presentation that provides solid answers to many of these essential questions Check out mikeklein2010.wordpress.com
Chapter 7Finding the Required Rate of Return for an Invest.docxmccormicknadine86
Chapter 7
Finding the Required Rate of Return for an Investment
Associated Press
Learning Objectives
A�er studying this chapter, you should be able to:
Explain the significance of required return and its components.
Describe the rela�onship between risk and return and how to measure for both.
Iden�fy how to use required return to determine valua�on.
Processing math: 0%
Ch. 7 Introduction
Investors come in many forms. They may be individuals who invest in corporate stocks, re�rement accounts that invest in bonds, partnerships that invest in apartment
buildings, or corpora�ons that invest in produc�ve projects. One thing all these investors have in common is their desire to increase their wealth, which is done by iden�fying
projects whose value is expected to exceed their cost. If we invest $100 today in a project that produces cash flows worth $125 in today's terms, then we increase our
wealth by $25. Equa�on (7.1) is the basic formula for es�ma�ng the value of an investment, which is found by discoun�ng the expected future cash flows back to today's
equivalent value at a rate of return that is appropriate given the investment's risk. This fundamental formula for assessing value was first introduced in Chapter 2 and further
developed in Chapters 4 and 5, while Chapter 3 explored cash flows in some detail.
One part of the formula that hasn't been covered is how to es�mate the required return that is appropriate to use as the discount rate in the valua�on calcula�on. Finding
the required rate of return is the topic of this chapter (and is expanded upon in Chapter 8).
Processing math: 0%
Like children, who need to be bribed with the promise of a reward
for their good behavior, investors require a worthwhile incen�ve
before they will commit to an investment.
Beyond/SuperStock
7.1 The Building Blocks of the Required Return
In Chapter 2, we introduced the idea that investors are assumed to be ra�onal and risk averse. Because they
are (mostly!) ra�onal, investors will give up control of their money for a period of �me by inves�ng only if they
expect to increase their wealth. Therefore, investors have an almost ins�nctual return requirement as they
invest. For example, a ra�onal investor would always want to earn at least the risk-free rate of return when
inves�ng in some security or project. Otherwise, they would be se�ling for a return lower than what they
could be assured of by simply deposi�ng the funds in a savings account that is guaranteed by both the bank
and the government through the Federal Deposit Insurance Corpora�on (FDIC). The FDIC guarantees the first
$250,000 of funds depos ...
Similar to How to VC: Creating a VC fund portfolio model (20)
Dinosaurs vs Unicorns aka "Bubble My Ass, All Dinosaurs Gonna Die" (London, J...Dave McClure
my talk on corporate innovation (or the lack thereof), the death of many dinosaurs, the survival of a smart few Raptors, and how to avoid getting trampled by Unicorns.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Which Crypto to Buy Today for Short-Term in May-June 2024.pdf
How to VC: Creating a VC fund portfolio model
1. Title: Determining VC Fund Porfolio and Investment Size, Reserves and Follow-on Investing
Abstract: This article aims to help VCs figure out how to size a venture capital fund, how many companies to include in
your portfolio, and when and how to do follow-on investments. Most VCs aim to make a 3X (net) return on initial fund
capital, at a ~20% net IRR. Note however, likely less than 10-20% of most VC funds achieve that goal.
Questions and Discussion Topics
● What is a good vs. bad return for a VC fund? What is a *great* return?
● Does a “concentrated” (n<20) or “diversified” (n>30-50) portfolio lead to better returns?
● What’s the “right” check size and typical % equity ownership in a company?
● Is there a standard amount to “reserve” for follow-on investments?
● When should you do (or not do) a follow-on investment?
Readings
● The Meeting that Showed Me The Truth About VCs - Tomer Dean, AudioLabs
● Venture Outcomes are Even More Skewed Than You Think - Seth Levine, Foundry Group
● No We’re Not Normal - David Coats, Correlation Ventures
● The Babe Ruth Effect in VC - Chris Dixon, A16Z
● Picking Winners is a Myth but the Power Law is Not - Clint Korver, Ulu Ventures
● 99 Problems But a Batch Ain’t One - Dave McClure, Practical Venture Capital
● Questing Conventional Wisdom of the Reserve Fund – Clint Korver, Ulu Ventures
● Three Core Principles of VC Portfolio Strategy - Alex Graham, Flywheel Visions
Sample Templates
● Venture Fund Portfolio Model
● VC Operational Budget
VC Goals: 3X and 20% (net)
How should we think about setting expectations as VC fund managers? How big a fund should you raise, and how many
companies should you invest in? What check size and valuation should you aim for, and what % equity should you aim to
own? Should you reserve capital to invest in future rounds? If so, how much? And when and how should you do follow-on
investing? These are tough questions, and the answers aren’t always obvious. Let’s try and figure out some basic rules
and fundamentals for how to make decisions on these topics.
The soundbite you often hear for VC performance targets is “3X and 20%”. This means most VC funds aim for a 3X (net)
return on initial fund capital, at a 20% net IRR or annual rate of return. While fewer than 10-20% of VC funds achieve this
goal, it’s because venture capital is such an illiquid and unpredictable asset class that the bar is set so high. Typically
investors in VC funds wait 5-10 years to get their initial investment back, and often up to 10-15 years for any substantial
returns. Since returns of 7-10% are commonly expected in more liquid investments like public stocks or index funds, VC
funds really have to outperform to be worth the risk and illiquidity. But unfortunately, most of them won’t and aren’t.
Strikeouts, Homeruns, and Unicorns
First, let’s start with looking at some data on company investments and returns. As you probably know, most companies
(and most investments) are failures. In the chart below, more than half and perhaps close to ⅔ of all venture investments
fail to return 1X the initial capital invested. Of the remaining 20-30% that generate a positive return, it appears <5-10%
achieve “homerun” returns of 10-50X+. Indeed, a homerun is what most VC funds are aiming for to “return the fund”, or
>1X overall return. But remember, VCs need to return 3X (or really 4X gross, to get 3X net). So in a typical portfolio of
20-40 companies, VCs need at least 3 or 4 companies to return 10-20X, or perhaps 1 big unicorn that returns 50-100X.
That’s pretty tough. Even if you assume you’re better than average, most VC funds have to be perceived as “top-quartile”
(top 25%) or even “top-decile” (top 10%) performers in order to be considered successful and raise future funds.
2. Concentrated or Diversified Portfolios?
Ok, so let’s start with portfolio size first: how many companies should you choose to invest in overall? Personally, my view
is most portfolios aren’t big enough and could use more diversification – hey, my first VC firm was called “500 Startups” –
what did you expect? However, there are other (successful) VCs who think more concentrated portfolios are a better way
to go. I don’t know if either answer is right for everyone, but regardless you need to decide how skilled (or lucky) you are
at picking unicorns / hitting homeruns. In the following (simplified) portfolio model, you need to guess how many company
investments are required to find at least one big outlier – and also, what exit valuation and ownership % you will have.
In the example below, we have a $20M fund size and 40 equal investments of $500K. At the time of investment, each
company is valued at $10M, so initial ownership is 5%. However, we assume (successful) companies will raise additional
capital, and after subsequent rounds and dilution, ownership at exit will be closer to 1-3%. In this model we also assume
the fund manager wasn’t lucky enough to find a unicorn, however they did get a few small, medium, and large wins of
between $100M to $750M in size. This results in a good (but not great) total return of 2.4X gross / 2.1X net, and a modest
profit of ~$5.6M for the VC fund manager(s). Not bad eh? Well if it’s just 1 partner and only takes 5-6 years… but if it was
2 or 3 partners and takes 15 years, maybe you should have been a doctor or a lawyer (or an engineer!).
Example Portfolio #1: $20M Fund, 40 Companies (a few winners, but no unicorns)
3. Ok, now let’s take a look at a portfolio that’s a little more lucky and does have 1 big unicorn. In this example, we assume
a slightly higher “unicorn win” ratio of 2%, and we have a slightly larger portfolio of 50 companies, resulting in one really
big winner that exits at $2B (and a few other winners at <$1B that are also meaningful). Note even though ownership was
only 1-2% at exit, the unicorn still “returned the fund”, and a few other medium and big winners also returned a significant
amount of the fund (but still, most investments failed and/or returned nothing). In this case, the fund resulted in a 3.7X
gross return, and a 3.2X net return – hey, look mom! I’m a top-quartile VC, maybe even top-decile? And maybe me and 1
other partner get to split $10M+ after working our butts off for 10-15 years… okay, not so bad.
Example Portfolio #2: $20M Fund, 50 Companies (a few winners, including 1 $2B unicorn)
In both of the examples above, I’ve over-simplified things – we didn’t account for any management fees or expenses, and
we didn’t reserve any capital for follow-on investing. To keep things easy, let’s assume the fund does some “recycling” of
capital – that is, we chose to re-invest some of our smaller, earlier exits… say, perhaps 20% of total. And let’s also
assume the recycled capital just about offsets the management fees and expenses (this would probably be more than
20%, but let’s keep it simple for now). This article won’t get into too much detail about recycling, however I’ll observe that
if you choose to recycle some capital, this will likely result in taking longer to make distributions to your LPs… and if you’re
lucky, you’ll generate a better return on capital. Or if you’re not lucky, then it may not.
Note that if we chose to have a more concentrated portfolio (n=20), we might have been unlucky and had zero big wins…
or we might have been lucky, and had the same or more winners, but larger ownership since we had more capital for each
company. It’s not obvious if either a more concentrated or diversified portfolio will result in better outcomes. I suggest
arguing this over beers with a few experienced VCs who have larger funds – at least that way, they might pay for the beer.
Reserves and Follow-on Investing: Double-down on Winners? Or Good Money after Bad?
So now let’s talk about reserves and follow-on investing. Most VC funds choose to “reserve” some of their capital for
follow-on investments, to be made a few years after the initial first checks have been invested. The theory here is that 1)
you may find out more about which companies are doing well (or not doing well), and may learn more about the founders
and market and business model, and 2) you may also find out if other investors are investing more capital in later rounds,
to help the company continue to survive and grow. However, it’s likely that 3) the company valuation will increase, and 4)
your ownership will be (somewhat) diluted as the company raises more capital.
Again, in theory the information you learn in #1 and #2 will offset the increase in costs and dilution in #3 and #4, at least
for some of the winning companies in your portfolio. But how will you evaluate when is the right time to make a follow-on
investment? How do you know whether the increased valuation is worth it? Should you wait for next round investors to
put money in, when there is less risk but a higher valuation? Or should you jump in earlier, when valuations are lower but
there’s still a lot of things to figure out?
4. The Relative Cost of Buying Good Equity = (Average Valuation per round) x (Success / Filter Rate to next round)
My own hack for making this decision is to look at 1) the average increase in valuation from one round to the next,
and 2) the “filter rate” of your investment selection, and/or “success rate” of the companies that make it from one round
to the next. We can think of this as the “relative cost of buying good equity” at one stage vs. another.
Let’s assume we make 10 investments at seed-stage, each @ $10M valuation. And let’s assume 4 companies do well
enough to get to a next round of investment, where they now have a $40M Series A valuation. In this scenario, valuation
increases by 4X, however only 40% of the companies make it to the next level. For simplicity, let’s presume the other 6
companies' value goes to zero (note: this may not be true, not all companies require investment to increase in value).
Then overall portfolio value has gone up by (4X x 40%) or ~1.6X. As an interim way to evaluate portfolio progress, we
would assess things are moving in a positive direction. However, in the next round there will be some dilution as new
capital comes in, and we might expect to own 20-30% less equity than previously. That would still be a win, since even
70% of 1.6 is still >1. In this scenario, we might feel like rather than investing more follow-on capital, we should have just
written a bigger check in the seed round. Follow-on capital is more expensive than earlier-stage capital.
However, if we adjust the portfolio dynamics slightly, and assume only 2 of the 10 companies make it to the next level,
then we might assess the portfolio only increased in value by (2X x 40%) or 0.8X, and with additional dilution now our
overall portfolio value has gone down. In this scenario, we might feel like we should have waited to invest more money
until the Series A, rather than at seed – our invested capital would have been worth more. In this scenario, a dollar of
follow-on capital is worth more than a dollar invested in an earlier round.
Ok, so now you can see that it depends on the relative increase in cost of equity, and the success rate of your portfolio
companies to figure out whether it makes sense to invest more or less dollars at any given round. While it may seem like
waiting to invest in later rounds is less risky, you may have to pay substantially more for equity when the valuation has
gone up, and indeed you may not get the chance to invest at all if the round is oversubscribed and you weren’t a previous
round investor. Conversely, if you put money in at earlier / riskier stages and too many companies fail, or not enough
companies get to the next round at an increased valuation, then you may have invested too much money before finding
out which companies are going to be winners.
However, reality is quite a bit more complicated than the simplified examples above. Assuming you have a finite amount
of capital to invest, there will always be trade-off scenarios to consider:
● Should I invest more capital in fewer companies to increase ownership? or less capital in more companies to
increase diversification?
● Should I invest more in earlier rounds when valuations or lower? Or in later rounds when success is more likely?
● Should I reserve more capital for winners? Or should I help companies that need capital to survive / make it to
the next round? What if I don’t follow-on, and the new round washes out early investors that didn’t participate?
● Should I invest pre-emptively in companies that seem to be winning, but before other investors have increased
valuations? Or should I wait to invest after other investors have put in more capital, but perhaps I may get
squeezed out of the subsequent round, or have my pro-rata rights cut back?
● Rather than invest follow-on capital from my existing fund, should I raise an SPV outside the fund from my LPs (or
perhaps new LPs)? Or should I raise an opportunity fund to exclusively invest in later rounds of my winners?
Here are a few suggestions I might offer:
● Play offense not defense: if possible, follow-on pre-emptively in the companies you think are winning, before other
investors double-down and increase valuations. Founders will generally appreciate your willingness to bet on
them early, before it’s obvious to everyone else.
● Don’t follow-on just because companies need the money: need is not a sign of market acceptance or progress.
Look for evidence the company is learning how to make a better product, getting more / happy customers and
retaining them, increasing revenue or reducing costs (relative to competitors).
● Don’t follow-on or just because other investors put more money in: altho it’s a good sign others are willing to
invest, evaluate the increased cost of equity and the relative progress of the company from the prior round.
5. Again it’s not easy to come up with simple one-size-fits-all answers to each of these scenarios. It may also depend on
whether you’re in a competitive financial ecosystem with many other VC funds, or in a more capital-starved geography or
industry vertical where investors have more time and leverage relative to entrepreneurs. It may depend on whether you
have investor advantages due to your experience or branding or relationships with your entrepreneurs, and if you can
depend on those advantages to get into competitive rounds or companies at lower cost. And it may depend on if you
have fiduciary obligations to your portfolio companies and/or your LPs that drive some decisions which may not always
relate to investment returns or valuations. Hey, nobody ever said this would be simple or easy!
I hope this has been a useful article to explore how to think about portfolio size and valuations, and reserves and follow-on
investing. If not, then I hope you find a few other friendly VCs running bigger funds who will help pay for those beers.
Good luck and now go make some good investments! (or at least make a lot of them… some of them might work out ;)
Dave McClure, Practical Venture Capital