venturecapital

CRV is shutting down its growth fund and returning $275m to LPs because they don't see many really big outcomes on the horizon. Will focus on early stage.

CRV is shutting down its growth fund and returning $275m to LPs because they don't see many really big outcomes on the horizon. Will focus on early stage.

https://archive.is/Eku28

coder / founder / investor Founding partner @FirstStarVC 

Loves: AI/ML, data, Bitcoin, climate, techbio, coffee, and pie.

Counterintuitive, honestly. Secondaries are picking and PEs are looking into late-stage VC deals that are getting repriced. It would make a lot of sense for Growth/Select VC funds to deploy opportunistically. They might not want to do the work of setting pay-to-play terms and wiping out existing cap tables...

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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Would be interesting to see how the 28 funds that raised $1B+ in 2021 are doing. A lot of LP pain from that, which will take years more to work its way out of the system.

The chasm between early stage and exit grows even larger. 

Whole industry is doomed if this is a signal.