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Unbelievable

Fund: GrandBanks Capital

Posted by Anonymous on 2007-09-28

PUBLIC:

I have been working with folks in the VC world for 20 years now and Charlie Lax is (by far) the most ego-centric (read insecure) guy I've ever met.

A few years ago I went in with another guy on our team to pitch a new venture. I was coming off a $200m win and my colleague a $2 billion IPO so we had some credability. It was a meeting I'll truly never forget. I surely don't expect a term sheet, but some basic consideration is warrented (i.e. life is short, be nice to folks).

Lax was off the charts rude. It was really unbelievable considering he actually liked our concept. And we bent over backwards to not be adversarial but he kept crossing the line. We kept our mouths shut and to this day recall it as the low spot of pitching VBC's (we've since raised $30m from tier one VC's). Note: one of the associates called up later to apologize.

I also have a friend who made Charlie a lot of money in late 90's who said he wouldn't go near him again. And this was a winner! He ult raised $20m from two of the better known namess in town.

Its not a good sign when a VC can't recycle his winners.

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