Venture Unlocked: The playbook for venture capital managers cover image

Tomasz Tunguz of Theory Ventures on strategically raising a fund in a downturn, Why Firms Need a Business Model, and different views on portfolio construction

Venture Unlocked: The playbook for venture capital managers

CHAPTER

How to Win High Multiple Funds Without Paying a Premium

The idea is we went with focus. And the reason we're called theories, because we really like to be thesis driven. So we'll spend a lot of time researching a particular space. And our goal is with that depth to understand the domain better sooner. If we can do that, we can be half a step ahead. The other part is with a relatively small fund, the share of total venture capital exit dollars that we need to capture in order to generate a high multiple fund is small. There's a certain number of venture exit dollars each year. But if you had a 50 billion dollar fund that doesn't exist, but would probably need something like 30 to 50% of all venture

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