1/ Why Benchmark will "only" raise $425M for the next fund is the same reason why Bill Gurley uses the words "rewarding life" instead of "maximize wealth" in the title of the talk he gave at the University of Texas. Everything starts with what makes the general partners happy.
2/ Peter Fenton: "We love the day-to-day work with the entrepreneurs, which prevents us from scaling. We don’t have an ability to offload any part of our relationship in the way we practice it, to anyone other than ourselves. So there are no associates..."
3/ Matt Cohler: "Benchmark is a small, focused partnership which has always functioned like a guild. We believe VC is a high-touch, highly personal sub-scale service business. Our ambition and aspiration is to help you scale your business, not to use your business to scale ours."
4/ "We’re more of a jazz band than a marching band. When you restrict yourself in size, there’s nowhere to hide. The core premise of the Benchmark model has always been optimizing for the depth of the relationship with the specific companies we’re working with." Peter Fenton
You can follow @trengriffin.
Tip: mention @threader_app on a Twitter thread with the keyword “compile” to get a link to it.
Enjoy Threader? Sign up.
Since you’re here...
... we’re asking visitors like you to make a contribution to support this independent project. In these uncertain times, access to information is vital. Threader gets 1,000,000+ visits a month and our iOS Twitter client was featured as an App of the Day by Apple. Your financial support will help two developers to keep working on this app. Everyone’s contribution, big or small, is so valuable. Support Threader by becoming premium or by donating on PayPal. Thank you.