Lessons From 21 Years of VC Fund Investing | Alan Feld, Vintage Investment Partners
Lessons From 21 Years of VC Fund Investing | Alan Feld, Vintage Investment PartnersDescription
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Feld is the Founder and Managing Partner of Vintage Investment Partners. Vintage is one of the largest fund of funds in the world, managing over $4 billion across what is mostly investments into other venture funds, plus some secondary and direct startup investments at the growth stage.
Timestamps:
00:00 Intro
03:53 What is Vintage
05:40 Why VCs adding value can waste a founder’s time
09:01 VC, where the asset chooses the investor
10:14 Fund size is the enemy of returns in VC
14:57 What people get wrong about FoFs
16:01 The value FoFs bring to LPs
17:11 Why entrepreneurs drive VC returns
17:55 Vintage’s unique FoF model
19:05 Does replacing the founders with an outside CEO work?
21:39 Starting Vintage after the Dot Com Crash in 2002
23:41 Buying secondaries at 70-80% discounts
25:13 Biggest mistakes when buying secondaries
26:18 Research around what makes the best entrepreneurs
31:09 Lessons from six downturns
34:41 Comparisons between 2002 and 2022
37:07 Advice for raising your first VC fund
41:16 The importance of differentiation
45:57 Sustainable ways to differentiate
49:05 What Vintage looks for in new fund investments
49:57 Advice for scaling a VC firm
53:47 Succession planning
57:50 What Alan’s doing post-Vintage
Vintage Investment Partners: https://www.vintage-ip.com/
Where to find Alan:
Twitter: https://twitter.com/alanf_feld
LinkedIn: https://www.linkedin.com/in/alan-feld-1744389/
Where to find Turner:
Twitter: https://twitter.com/TurnerNovak
LinkedIn: https://www.linkedin.com/in/turnernovak/
Newsletter: https://www.thespl.it/
United States
