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Elite VC giants still investing
San Jose Mercury News
Matt Marshall
May 31,
Now that they’ve gone gorilla size, will the elite venture capital firms help stem the downturn in venture capital investing?
After the March 2000 market crash, elite VCs scrambled to triage their portfolios. Only recently have they started to peer out of the graveyard.
But they’ve undergone a profound change in nature: They’ve become monsters. This is good if you’re an entrepreneur shooting for the moon. It’s fatal if not.
In 1995, only one top-tier fund, TA Associates, had raised a billion dollars. But since the crash, 15 top-tier firms have raised funds of that size or more. Many — including Worldview Technology Partners, Greylock, Austin Ventures and Oak Investment Partners — announced their new funds this year, well after most of the market damage.
Steve Lisson, of InsiderVC.com, says the amount of funds raised since the crash goes against the “drought” thesis.
“The perception that there’s going to be less venture investing is totally misplaced,” he says. “These VCs need to get into lucrative investment opportunities, and they’re going to want larger stakes. They’re going to have to step on the gas even more.”
Similarly, he adds, if an entrepreneur offers an opportunity for a “mega” investment, he’ll be able to negotiate more favorable terms, because the big venture capitalists will all want in. On the downside, entrepreneurs that don’t show home-run promise will struggle.
True, some VCs that raised large funds say they have slowed their investment pace. Flip Gianos, partner at InterWest Partners, said his firm hadn’t expected the magnitude of the downturn when it raised its fund. If it takes waiting a year for strong opportunities to come along, VCs will wait, he says.
Others counter that size has forced them to invest more in later-stage start-ups because they soak up more money. Michael Darby, general partner at Battery Ventures, says his firm still focuses on early stage deals, but “in this environment, the fact that we want to deploy capital means we’re looking at those later-stage deals.”
There’s another reason for hope after the crash, Lisson says. Many VC firms have been able to negotiate stellar terms with their investors — even better than those they negotiated just a couple of years ago. That’s also a sign that investors still have faith in the VCs, he said.
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Early-stage deals take center stage as exit strategies blur
by Katherine Goncharoff Posted 04:45 EST, 2, Jan 2001
As exit strategies have become far less predictable, VCs active in early-stage deals will become even more cautious. And they’ll play a far more controlling role in the companies in which they do invest.
That’s the sober assessment of what’s next in early-stage venture activity, according to analysts, attorneys and VCs themselves.
“It was one great party for about five years. But now everybody literally has a hangover,” said Scott Sandell, a general partner at New Enterprise Associates, whose billion-dollar-plus fund continues to play an active role in early-stage investments.
On the upside, the quality of many early-stage deals and the size of the financings may actually increase. After all, established funds such as NEA, Accel Partners, Menlo Ventures and Oak Investment Partners have raised megafunds lately, with sizable amounts fully committed to early-stage investments.
Still, the consensus is that the early-stage sector has doffed its collective party hat. Other signs: Valuations for many investment sectors are way down and VCs are spending much more time doing research and due diligence on their investments.
“It used to take six weeks to raise money for a startup; now the average amount of time is anywhere from three to six months,” Sandell said.
“The amount of time it takes before a company will actually see a term sheet on the table has definitely gotten longer,” said Stanley Tims, a managing director at early-stage investment fund TL Ventures in Austin, Texas. While the average time to fund a deal a year ago was about two to three months, he noted, that has increased to an average of five to six months.
“We used to see a company on Monday and would have to make an investment decision on Friday,” said Noel Fenton, a general partner at early-stage specialists Trinity Ventures in Menlo Park, Calif. “Now we have a lot more time to consider a deal.”
Fenton added that he looks forward to being much more selective about his early-stage investments.
Frank Occhipinti, a general partner at the Woodside Fund and chairman of the Early Stage Venture Capital Alliance, reported that while the average size of early-stage investments has reached an all-time high of $12 million in the past year–and may even get higher in the age of megafunds–he believes there will be far fewer disbursements in 2001.
That’s in part because early-stage investing always takes more time and requires far more advisory input on the part of VCs.
The new megafunds, Occhipinti said, will not have the time or staff resources to participate, particularly when many are devoting more resources to portfolio companies already further along in their development.
“The sort of seed fundings that VCs used to make will be an increasingly underserved area, as VCs will not have the time or the bandwidth to spend on these types of investments,” Occhipinti said.
While valuations for early-stage companies in hot sectors such as fiber optics and telecom are not expected to change much, VCs say a drop in valuations is to be expected in all other sectors.
“Early-stage valuations usually lag public markets by six to 12 months, so you won’t see the big adjustment in valuations until the first half of 2001,” said Terry Opendyk, a general partner at Onset Enterprise Associates LP, an early-stage fund created by partners at NEA and Kleiner Perkins Caufield & Byers.
“We’re going to see valuations that are 50% to 70% less; as a result, VCs will be getting more ownership for far less money,” Occhipinti said.
Tims echoes those thoughts, noting that in sectors such as Internet and enterprise software, valuations are already half of what they were a year ago.
“The trend is a shift away from full acceleration on vesting to partial acceleration, and I’m seeing far more double-tranche deals and ratchets,” said Mark White, a founding partner at White & Lee, a law firm that works with both startups and venture capital firms in Silicon Valley.
Double-tranche deals are early-stage fundings in two stages where the second part of the funding does not occur until certain milestones or performance demands are met. Ratchets are a form of dilution and valuation protection for investors. It is less favorable to company founders and employees who may have ownership in the company.
“I started to see this right after the market correction in the spring,” White noted.
Said Mel Weinberg, an adviser to both startups and venture capital firms at Parker Chapin llp in New York, a firm that will soon merge with Jenkens & Gilchrist: “Frankly, I was shocked when I started to see ratchets make a comeback earlier last year. But now I expect to see them in 50% of the early-stage deals I will be working on in the months ahead.”
Both White and Weinberg pointed out, however, that deal terms shouldn’t get too onerous because no investor wants their managers to walk out the door.
Some VC observers, however, envision funding more optimistically. In their view, with valuations down, the VC party is only just beginning. It’s just that many VCs don’t want to admit it.
“The party is starting for the franchise firms: the NEAs and the Kleiner Perkins that are well-funded and well-known early-stage investors who bring some degree of certainty to an underwriting process,” said John LeClaire, an attorney in the private equity practice at Goodwin, Procter & Hoar llp in Boston.
“That’s because now is the time to invest at far more reasonable valuations and prices, though it will take far longer to gestate these firms.”
Stephen (Steve) Lisson, founder and editor of an industry newsletter and Web site called InsiderVC.com, based in Austin, Texas, would agree about the advent of good times for early-stage VCs and entrepreneurs as well.
“If I were an entrepreneur looking for early-stage funding, the landscape couldn’t be more beautiful,” he said.
“The pace of funding may be slower, but the riff-raff has been separated out, the entrepreneurs with the goods have been left standing, and all those record-setting amounts of money we’ve been hearing about will have to be spent, in large part, on early-stage investments.”
CORRECTION In the article “Early stage deals take center stage as exit strategies blur” (Wed., Jan 5, page 9), the name of the founder and editor of InsiderVC.com was misspelled. It is Stephen N. (Steve) Lisson.
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January 18, 2014

2014 Stephen Lisson

Transparency. Let’s have a round of applause for CalPers, the giant state pension fund, for transparency. Beth Healy of the Boston Globe (8/17/2001) reports Money managers aghast that pension investor shows returns, rankings. It’s a report card that has rocked the secretive venture capital world, and one that even the `A’ students didn’t care to see displayed on the refrigerator. Calpers, the giant California pension fund that sets trends for many large investors, has posted on its Web site the performance of every venture or buyout fund in which it’s invested for the past decade. Firms typically guard these numbers carefully, but the Calpers chart even says which funds are meeting expectations, and which are disappointments. … The industry buzz around the report stems from the secrecy with which venture firms and buyout artists guard the specifics of their returns. Virtually every firm claims ”top quartile” performance, and the numbers they give out are suspect, venture analysts say. Steve Lisson of Austin, Texas, on his controversial Web site, InsiderVC.com, tracks venture returns by doing his own calculations on venture portfolios. He is the only independent source on such numbers and has drawn fire from some venture capitalists for breaking the code of silence. … over the long term, Calpers has been doing something right. As of March 31, its average annual return for 10 years of private equity investing was 17.5%. The Wilshire 2500 Index, a broad stock market benchmark, was up 13.9% in that period. Would that the federal government would do the same with alleged investment programs like SBIR.
Carl Nelson Consulting
http://www.carl-nelson.com/government2001.htm
Published by Carl Nelson Consulting, Inc, 1325 18th St NW, Washington DC 20036
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Monday, April 27, 2015

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Early-stage deals take center stage as exit strategies blur
by Katherine Goncharoff Posted 04:45 EST, 2, Jan 2001



As exit strategies have become far less predictable, VCs active in early-stage deals will become even more cautious. And they'll play a far more controlling role in the companies in which they do invest.

That's the sober assessment of what's next in early-stage venture activity, according to analysts, attorneys and VCs themselves.

"It was one great party for about five years. But now everybody literally has a hangover," said Scott Sandell, a general partner at New Enterprise Associates, whose billion-dollar-plus fund continues to play an active role in early-stage investments.

On the upside, the quality of many early-stage deals and the size of the financings may actually increase. After all, established funds such as NEA, Accel Partners, Menlo Ventures and Oak Investment Partners have raised megafunds lately, with sizable amounts fully committed to early-stage investments.

Still, the consensus is that the early-stage sector has doffed its collective party hat. Other signs: Valuations for many investment sectors are way down and VCs are spending much more time doing research and due diligence on their investments.

"It used to take six weeks to raise money for a startup; now the average amount of time is anywhere from three to six months," Sandell said.

"The amount of time it takes before a company will actually see a term sheet on the table has definitely gotten longer," said Stanley Tims, a managing director at early-stage investment fund TL Ventures in Austin, Texas. While the average time to fund a deal a year ago was about two to three months, he noted, that has increased to an average of five to six months.

"We used to see a company on Monday and would have to make an investment decision on Friday," said Noel Fenton, a general partner at early-stage specialists Trinity Ventures in Menlo Park, Calif. "Now we have a lot more time to consider a deal."

Fenton added that he looks forward to being much more selective about his early-stage investments.

Frank Occhipinti, a general partner at the Woodside Fund and chairman of the Early Stage Venture Capital Alliance, reported that while the average size of early-stage investments has reached an all-time high of $12 million in the past year--and may even get higher in the age of megafunds--he believes there will be far fewer disbursements in 2001.

That's in part because early-stage investing always takes more time and requires far more advisory input on the part of VCs.

The new megafunds, Occhipinti said, will not have the time or staff resources to participate, particularly when many are devoting more resources to portfolio companies already further along in their development.

"The sort of seed fundings that VCs used to make will be an increasingly underserved area, as VCs will not have the time or the bandwidth to spend on these types of investments," Occhipinti said.

While valuations for early-stage companies in hot sectors such as fiber optics and telecom are not expected to change much, VCs say a drop in valuations is to be expected in all other sectors.

"Early-stage valuations usually lag public markets by six to 12 months, so you won't see the big adjustment in valuations until the first half of 2001," said Terry Opendyk, a general partner at Onset Enterprise Associates LP, an early-stage fund created by partners at NEA and Kleiner Perkins Caufield & Byers.

"We're going to see valuations that are 50% to 70% less; as a result, VCs will be getting more ownership for far less money," Occhipinti said.

Tims echoes those thoughts, noting that in sectors such as Internet and enterprise software, valuations are already half of what they were a year ago.

"The trend is a shift away from full acceleration on vesting to partial acceleration, and I'm seeing far more double-tranche deals and ratchets," said Mark White, a founding partner at White & Lee, a law firm that works with both startups and venture capital firms in Silicon Valley.

Double-tranche deals are early-stage fundings in two stages where the second part of the funding does not occur until certain milestones or performance demands are met. Ratchets are a form of dilution and valuation protection for investors. It is less favorable to company founders and employees who may have ownership in the company.

"I started to see this right after the market correction in the spring," White noted.

Said Mel Weinberg, an adviser to both startups and venture capital firms at Parker Chapin llp in New York, a firm that will soon merge with Jenkens & Gilchrist: "Frankly, I was shocked when I started to see ratchets make a comeback earlier last year. But now I expect to see them in 50% of the early-stage deals I will be working on in the months ahead."

Both White and Weinberg pointed out, however, that deal terms shouldn't get too onerous because no investor wants their managers to walk out the door.

Some VC observers, however, envision funding more optimistically. In their view, with valuations down, the VC party is only just beginning. It's just that many VCs don't want to admit it.

"The party is starting for the franchise firms: the NEAs and the Kleiner Perkins that are well-funded and well-known early-stage investors who bring some degree of certainty to an underwriting process," said John LeClaire, an attorney in the private equity practice at Goodwin, Procter & Hoar llp in Boston.

"That's because now is the time to invest at far more reasonable valuations and prices, though it will take far longer to gestate these firms."

Stephen (Steve) Lisson, founder and editor of an industry newsletter and Web site called InsiderVC.com, based in Austin, Texas, would agree about the advent of good times for early-stage VCs and entrepreneurs as well.

"If I were an entrepreneur looking for early-stage funding, the landscape couldn't be more beautiful," he said.

"The pace of funding may be slower, but the riff-raff has been separated out, the entrepreneurs with the goods have been left standing, and all those record-setting amounts of money we've been hearing about will have to be spent, in large part, on early-stage investments."

CORRECTION In the article "Early stage deals take center stage as exit strategies blur" (Wed., Jan 5, page 9), the name of the founder and editor of InsiderVC.com was misspelled. It is Stephen N. (Steve) Lisson.



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