from Canva, courtesy of Peter Walker
This was an interesting graph and LinkedIn article that was highlighted to me by Dave McClure, founder of 500 startups and now Practical VC. The data itself was from Carta, of 1,7000 US ventures funds using Carta Fund Admin.
I wanted take this graph and analyse it through my lens as an investor, both from my experience and augmented with AI.
Never Sell Any of Your Positions - Ever
One of the hypothesis I have as an venture investor is to never sell. Ever. Hold for as long as you can.
Peter Walker, the person who wrote the article, mentioned this.
Common wisdom across venture is that managers that receive some early distributions (maybe a portfolio company gets acquired after Series A) would do better to recycle that capital into their winners rather than return it to LPs. I...don't know if I agree.
Now, I don’t know about this.
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