📶 How LPs are evaluating funds in 2024

How LP investing is different than what it was a few years ago, YC has layoffs, bridge rounds are more popular than ever, and Preqin gets acquired

July 03, 2024 • Estimated Reading Time: 7 minutes

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Good morning 👋

And happy early July 4 to all of our American readers.

This will be our last newsletter of the week, so let’s get into the biggest stories from yesterday.

TL;DR:

HEADLINES
How LPs evaluate GPs 🔎

Page Book GIF by US National Archives

  • How Limited Partner Scrutiny Has Changed Since 2021 (WSJ)

  • Y Combinator Cuts Communication, Finance Roles (The Information)

  • The startup industry’s boom in bridge rounds isn’t slowing down yet (Carta)

  • BlackRock to Buy Private Data Provider Preqin (The Information)

  • Deepfakes will cost $40 billion by 2027 as adversarial AI gains momentum (VentureBeat)

  • AI-Crypto Startup Raises $85 Million in Deal Led by Thiel’s Fund (Bloomberg)

  • Ken Griffin is hitting pause on the AI hype, saying he’s unconvinced the tech will start replacing jobs in the next 3 years (Fortune)

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FUNDS

Name

Fund Size

Fund Number

Blackhorn Ventures

$150m

III

Curie.Bio

$380m

II

Connexa Capital

$20m

I

Purple Ventures

$42.9m

I

Ironspring Ventures

$100m

II

Colosseum

$60m

I

P.S. 👉 If you’re looking to get a new VC job … 

We’ve found the best way to do that is to find the jobs before they become available. In our opinion, the best way to do that is to a) find who is raising funds and b) find who is the right person to contact at each of those funds.

STARTUPS (Together with Harmonic)
B2B pre-seed in SF 🔎

Name

Description

We use Harmonic to get thousands of data points on companies like these. 

RECS

POLL

What percentage of funds that raised at the top of the last hype cycle (2020-2021) will be able to raise a subsequent fund?

How many funds will be able to get LPs to re-up into their next fund?

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RESULTS

Here are the results from our poll question in yesterday’s piece:

If you were an LP, would you invest with a tier one fund with lots of existing crypto exposure (like USV)?

 

🟨⬜️⬜️⬜️⬜️⬜️ Yes - absolutely ✅ (2)

🟩🟩🟩🟩🟩🟩 No - not a chance ❌ (6)

🟨🟨🟨⬜️⬜️⬜️ Not sure - I don't have enough info for an opinion 🤷‍♂️ (3)

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