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January 24, 2014

InsiderVC.com pierces the VC industry’s verbal fog – Stephen Lisson, StephenNLisson, Austin Texas

Stephen Lisson, StephenNLisson, Stephen N. Lisson, Austin Texas, Austin TX, Steve Lisson, Stephen N. Lisson, Travis County, Texas, Steve Lisson, Austin, TX (512)

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Steve Lisson | Austin TX | Stephen N. Lisson | Austin Texas

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January 18, 2014

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.htmPublished by Carl Nelson Consulting, Inc, 1325 18th St NW, Washington DC 20036

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Wednesday, January 1, 2014

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What’s a VC to Do?

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What’s a VC to Do?

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What’s a VC to Do?

Shelley Pannill, Forbes ASAP, 09.10.01

Someone’s always looking for a bargain.

As thousands of new economy startups crashed and burned this past year, speculation mounted that the venture capitalists they once enriched were now cautiously sitting on pots of gold and playing golf. But the VCs we talked to say it’s only the limited partners, the investors behind the venture funds, who get to perfect their putts.

So what are these high-powered moneylenders up to now?

Damage control. VCs, like the rest of us, have lost a lot of money lately. Some 25% are expected to go out of business over the next several years. “Sometimes your widget doesn’t widge,” says Alan Salzman, founding partner at VantagePoint Venture Partners. He should know. His firm recently faced the grim task of writing severance checks after one bankrupt portfolio company’s management team had squandered its money. Then there’s the job of smoothing things out at companies that survived but were merged, downsized, or acquired. Says Philip Gianos of InterWest Partners: “I’m acting like a marriage counselor, which is a full-time job right now.”

Scouring the ocean floor. Last year, says one observer, “You felt lucky to be able to invest in a new technology startup.” This year, VCs get to play God, waiting to invest until impoverished companies are desperate for cash. “I’ve been out bargain shopping,” says Heidi Roizen of Softbank Venture Partners, sipping chardonnay on a rolling lawn at the Atherton, California, home of a fellow VC. “I can’t believe these valuations!”

Revisiting old friendships. Last year’s “shootouts” for deals have subsided. VCs are again finding synergies with competitors. “The tourists are gone,” says Accel Partners über investor Jim Breyer, alluding to the rush of cash-happy hobbyists–both individuals and companies–combing the landscape for gold in recent years.

Business as usual. Sort of. VCs are doing what they do best: investing in startups, although the pace has slowed. According to research firm Venture Economics, VC investments have fallen by nearly two-thirds, from $27.2 billion in Q2 last year to $10.6 billion in Q2 this year. Still, they’re actually spending more this year in some sectors, such as wireless, biotechnology, fiber optics, and data storage. E-commerce, of course, was the big loser, with VC investing sinking from $210 million in the first quarter of last year to $3.3 million by the fourth quarter.

But venture capitalists had better keep investing, warns Steve Lisson, who runs the popular InsiderVC.com. According to data tracker VentureOne, 27 venture capital firms have completed raising funds of more than $1 billion each since the start of the dot-com doldrums in spring 2000. Says Lisson: “They’ve got to use it or lose it.”

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Monday, December 2, 2013

Stephen N. Lisson, Steve Lisson, Austin, Travis County, Texas, Stephen Lisson, StephenNLisson, Stephen N. Lisson, Austin Texas, Austin TX

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Stephen Lisson, StephenNLisson, Stephen N. Lisson, Austin Texas, Austin TX

Financial Investors? Us?

InsiderVC.com pierces the VC industry’s verbal fog.

1 April 01 12:14, Tsafrir Bashan Stephen N. Lisson, Austin, Travis County, Texas, Steve Lisson, Austin, Travis County, Texas

Anyone carefully following the venture capital industry in Israel and overseas recognizes the routine. Managing partners talk at length and with great passion, but with very little substance. They gossip endlessly about the industry. What about the industry’s numbers? “We don’t disclose private data,” is the stock reply from industry players.

Today, for example, everyone knows that the situation is bad, but it is hard to say who exactly is in a bad position. You won’t find a fund partner talking animatedly about a company shutting down or about a down round. The most you can expect is an admission that not everything is perfect.

The absence of data is both odd and entertaining, particularly for an industry in which capital, finances, and yield are the key words. Without figures on the amount of a company’s holdings or valuations, the pompous phrase, “added value,” is all the venture capital industry has left to talk about. It is difficult to find a financial industry at any point in history that has provided so few figures. (Venture capital is a professional investment industry, regardless of how many partners talk about opening doors and assistance in recruiting executives).

Against this rather frustrating background, it is worth consulting the US web site insiderVC.com. The site provides data for companies in the industry, such as profit and loss allocations between the general partner and the investors (the carry), the exact rate of management fees, and exact investments and valuations for portfolio companies at the various financing rounds. Of course, the site also includes derivative data, such as the internal rate of return (IRR) and the realization ratio. In other words, it provides the tools needed to compare various organizations and even different funds within the same organization, information you will not get from your local venture capital management partner.

In order to gain access to all this data, you have to pay a considerable fee, but you can get a preview of the statistics and a sample of site editor Stephen Lisson’s sharp tongue free of charge. You won’t find better material on the web.

Published by Israel’s Business Arena on March 29, 2001 Stephen Lisson, StephenNLisson, Stephen N. Lisson, Austin Texas, Austin TX

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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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