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The VC Apocalypse: Careful with Your Time

TheFunded.com Advice

Posted by Doe on 2009-03-08

Tags: Pitching Economy Crisis

PUBLIC:

Fellow entrepreneurs, most VCs are unable to complete capital calls and, therefore, are unable to make new investments. This includes everyone from name brand funds to small funds, and it does not matter if they recently closed a new fund or not. If you are pitching a venture fund, there are two critical pieces of information that you need to know before wasting time with meetings, diligence, and faux terms:

- First, has the fund made an investment in a company that was not already in the portfolio in 2009, and, if so, which company?

- Second, has the fund completed a successful capital call in 2009?

Is the answer is 'no' to either of these questions or the fund is uncomfortable discussing these matters, then don't bother pitching them and move on. Why? Between the dismal exit history, defecting LPs, worthless secondary markets, and massive position devaluations, venture firms are facing an apocalypse right now. The whole concept of 'venture capital' as an asset class is being re-evaluated by accountants worldwide, and the outcome of that work does not look good for venture capitalists.

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