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0 pointsjeffreyrogers11y ago0 comments

Found it: http://www.kauffman.org/~/media/kauffman_org/research%20repo...

The title is "We Have Met The Enemy...And He Is Us": Lessons from 20 years of the Kauffman Foundation’s Investments in Venture Capital Funds.

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foobarqux11y ago

That's a great paper but most people are interested in the performance of the top 10 firms, not the average of the top 100. If I invest only in Sequoia/KPCB/AZ/Accel how well am I doing?

akg_6711y ago

You should be able to get return information from State Pension Funds that invest in private equity/venture capital.

For example, the Washington State Investment Board Private Equity IRR report can be access at http://www.sib.wa.gov/financial/invrep_ir.asp. From December 2013 IRR Report [PDF] at http://www.sib.wa.gov/financial/pdfs/quarterly/ir123113.pdf,

    U.S. Venture Partners VIII, L.P.     6/4/2001     3.23%
    New Enterprise Associates 10, L.P.     10/17/2000     3.16%
    Menlo Ventures X, L.P.     1/6/2006    0.66%

foobarqux11y ago

That's great, thanks. Unfortunately it doesn't have much post 2001 data on many big name VC funds like Sequoia/Accel/KPCB.

Reuters couldn't get these via Calpers after suing.

http://www.reuters.com/article/2013/12/20/us-funds-californi...

chetanahuja11y ago

Like this ?

"Only four of thirty venture capital funds with committed capital of more than $400 million delivered returns better than those available from a publicly traded small cap common stock index"

foobarqux11y ago

That's helpful but the argument will always be that you just need to pick one of those four or that Kauffman are bad pickers of funds and therefore exclude many of the best from their allocation.

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foobarqux11y ago

That's a great paper but most people are interested in the performance of the top 10 firms, not the average of the top 100. If I invest only in Sequoia/KPCB/AZ/Accel how well am I doing?

akg_6711y ago

You should be able to get return information from State Pension Funds that invest in private equity/venture capital.

    U.S. Venture Partners VIII, L.P.     6/4/2001     3.23%
    New Enterprise Associates 10, L.P.     10/17/2000     3.16%
    Menlo Ventures X, L.P.     1/6/2006    0.66%

foobarqux11y ago

That's great, thanks. Unfortunately it doesn't have much post 2001 data on many big name VC funds like Sequoia/Accel/KPCB.

Reuters couldn't get these via Calpers after suing.

http://www.reuters.com/article/2013/12/20/us-funds-californi...

chetanahuja11y ago

Like this ?

"Only four of thirty venture capital funds with committed capital of more than $400 million delivered returns better than those available from a publicly traded small cap common stock index"

foobarqux11y ago

That's helpful but the argument will always be that you just need to pick one of those four or that Kauffman are bad pickers of funds and therefore exclude many of the best from their allocation.

1 more reply

j / k navigate · click thread line to collapse