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These increasing capital flows into venture capital seem like a not-so-positive signal for the asset class, and a really negative one for those later stage rounds - and a really, really negative one for deals in Greater China. number comes before that of the prior one. Now let’s see whether later stage rounds made up a significant portion of those deals.
Think3 authlic.dat series#
So the later stage rounds are receiving massive amounts of capital, to the point where the average deal sizes have more than doubled (or tripled in the case of the Series D and later) since 2013. Let’s see how average deal sizes have moved in venture capital over this same time period. Perhaps investors are becoming less patient waiting for those initial public offerings. All credit to Preqin in pulling together this chart/report. There’s a lot of capital swirling around and it’s not just dry powder, it’s already invested, waiting to one day be reunited with its investors on the trading floor of a stock exchange as the opening bell rings.ĭidn’t even bother attempting to draw this one. Focusing further on venture, the amount actually invested into deals globally has increased every year since 2013, from $58 billion to $182 billion in 2017 - and that’s excluding add-on acquisitions, grants, mergers, secondary purchases, and venture debt. Think3 has raised a large amount of capital to invest into startups, but it’s ultimately a small fraction of the total raised to invest in venture or software-focused private equity. You did not hear it hear first, but venture capital does have a liquidity problem. These elder, mid-to-late 2000s-era venture funds realize the need to at least return their investors’ capital back, which the median fund from those vintage years has not yet achieved.
Think3 authlic.dat update#
These are the investments that venture funds’ limited partners inquire about during annual meetings and periodic portfolio update calls (if they’re doing their job), the ones that were made earlier on in the commitment period (or in prior funds), the ones whose continued presence in the portfolio is negatively impacting the fund manager’s ability to work on new (more exciting) investments. What the founders of Think3 may not have included in their criteria, but for which they’ll be adversely selecting, are the oldest startups in venture capital funds’ portfolios. Related to limited partner pressure, Think3 is also working with venture capital funds to “review their portfolios and determine which companies fit the criteria”.
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However, what also makes Think3 unique compared to other venture funds (or private equity for that matter) is that they intend to “run them forever” and “not look to ‘flip’ the companies but instead plan for a longer term horizon on how to make the company successful.” This seems to indicate it’s a permanent capital vehicle, which does in fact give them the flexibility to not be pressured by limited partners to generate cash distributions. The formulas used to turn around more established companies may break down at the quantum level. Rolling up gross margin-profitable businesses and streamlining operations is an interesting strategy for private equity, but those types of businesses don’t have nearly as much product/market risk as startups. It feels like turnaround investing in a venture wrapper. They replace the startup’s founding team post-investment and then invest into that team’s next project - all while not even requiring those founders to sell equity in the next project. Their approach is unique in several ways.
Think3 authlic.dat software#
Recently an Austin-based fund named Think3 launched to target venture-backed software startups whose growth has slowed.