Good morning 👋
Long weekend = quick one today.
Founders Fund return data is out, and it’s ridiculous. There’s a reason that every LP wants in on their latest growth, and we break down some of that data in today’s piece.
Let’s get into it.
Today’s highlights
Data on FF returns
Creating leverage for AI-first teams
How VCs actually add value
TOP
Founders Fund returns
Founders Fund’s growth fund is the most in-demand fund I can remember over the past decade.
Every LP wants in, every GP wants to emulate what they’ve built, and the returns from the tweet above show why.
There are probably <5 funds in history who have been able to achieve 5x DPI four consecutive times; Founders Fund is one of them.
COMMUNITY
The OS for private investors 🕹
Good venture investors need to have:
Good background knowledge and an understanding of how venture dynamics work
A source of good deal flow so that you see founders first
An elite investor network that you can share notes, deals, and other information with
Mental frameworks to understand company building, scale, and what makes a good vs. great investment
Connections to other high-quality people that become future co-workers or portfolio company employees
That’s why we built this.
2,500 other investors from places like Bessemer, Insight, Accel, and Founders Fund already use it, and we think you should too.
TWEET
HEADLINES
Ribbit joins a16z in downsizing its fundraising ambitions (VCJ)
VC investment in European startups passed $52B in 2024, continuing long-term growth trend (TechCrunch)
How the Rippling-Deel legal battle could play out (Pitchbook)
StubHub punches ticket for an IPO (Pitchbook)
MEME
LINKS
↕ Take on Accountability: Lessons from Naval about embracing accountability and taking business risks under your own name
📽️ Startup Pitch Deck Slides: Over 9,000 funded pitch slides from startups at your disposal
🧭 Navigating Investor Meetings: Founder Playlist offers expert advice on making your way through the fundraising process
😖 AI Agent Problems: CB Insights interviewed 40+ customers of AI agent products and identified 3 primary pain points
CLIPS
MARKET MAPS
Recreating the modern investment firm: The companies helping modern investment firms act like tech companies
Growing revenue-per-employee: The companies powering the next era of efficient scaling
Condensing the finance department: The companies building more efficient finance departments by creating more leverage for CFOs
Thanks for reading this far and giving us a little bit of your attention this week.
Feel free to unsubscribe whenever this stops becoming valuable to you.
- Clay
(Founder @ Confluence.VC | GP @ Outlaw)
