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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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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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Originally posted on American Tracers:
Originally posted on stevelissoninaustintx:
