Insights

5 articles

Thinking on venture structure, capital markets and investment discipline.

Investment Approach5 min read

The Follow-On Problem

Funds keep reserves to back their winners a second time. We rarely follow on, and the reasons come down to what a reserve is for.

02Investment ApproachWhat We Say Yes ToWe have passed on companies with traction, key clients and strong teams. A yes needs five conditions to hold at once, and the no is everything else.4 min read03Investment ApproachOur Take on Private CreditVenture is where we started, and nothing in our model says it is where we have to stay.3 min read04Investment ApproachBacking Fewer, Backing BetterMost venture portfolios are built around one big win. That assumption shapes everything that follows.4 min read05Investment ApproachWhat a Blind Pool Asks You to TrustThe fund model is so dominant in venture that few people ask whether it is the right structure for the investor, as opposed to the manager.4 min read