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We Believe...
Venture is a game of portfolio construction, not unicorn hunting.
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Market dynamics and opacity necessitate high-quality relationships. Access to the best shots on goal originates from those relationships.
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Emerging fund managers have the highest returns of any manager tier but are hardest for LPs to source and utilize.
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& That
A well constructed venture portfolio functions as a very long-duration call option on future GDP.
They have growth rates ~50% higher than total private sector.
Their employment growth is ~8x higher than the average private co.
VC backed companies employ 11% private sector workforce.
Today their revenue = 21% U.S. GDP
VC investment has been 0.1-0.2% of GDP for 50 years.
1970s
Today
Venture Capital as a Percentage of US GDP
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