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SaaS multiple compression, downturn outlook & advice for new VCs with Jason Lemkin of SaaStr | E1461
This Week in Startups
The Perception of LPs of SaaS Funds
The top LPs had average 90% IRR last year. That's after paying fees to VCs. After paying them 20 to 30% of the gains, the top endowments across their cohort of managers had 90%. It's insane. And if you read some of these endowment reports, these very conservative endowments, they kind of thought it was going to last. As did many of us, right? And they got used to it. And so LPs are digging out of way too much commitment to existing managers and a radically different position for their portfolio. I think this is probably the worst time to get institutional money, institutional money in my career from LPs right
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