Persistence Holdings, LLC

https://lnkd.in/gam39XsW

The secret is out!??

In venture, power law is important, but when building a portfolio, an LP needs to also move their normal distribution curve to the right to generate real alpha--and that is accomplished by manager selection. Carta recently issued its report on VC performance since 2017. Given the number of clients they have, we believe it's a good source of data and we at Cendana Capital reviewed it carefully. We compared our Cendana 3 metrics (vintages 2017-2020) to Carta's 2017 cohort, which is the most fully baked amongst their 2017-2021 data set. Some observations jumped out, particularly in the context of moving that normal distribution curve. Our 4th quartile TVPI is 1.6x vs. 1.16x in the Carta 2017 data. Moreover, our 4th quartile is nearly the same level as the Carta median of 1.78x. Given the comprehensive amount of data Carta compiled, we think this is a clear manifestation of how manager selection can move the normal distribution curve to the right. Reports of venture's demise have been greatly exaggerated--manager selection is critical to generating alpha ?? ??

Data dump for founders working this weekend - full benchmarks for US venture on valuation, amount raised, and dilution. From: 760 primary rounds raised by companies on Carta in Q2 2024. Data is across sectors and locations. But we can give out some similar details for your specific sector (or your state, if that's better), give me a shout in the comments. Note on dilution: the figures are calculated for each deal and then the aggregate is taken (25th / 50th / 75th). So you can't just read across the valuation and the cash raised to get the dilution in the third column. From my conversations with founders, it seems like a great deal of companies are looking to fundraise this fall - hopefully this market context helps! ???????? ? $15M median val (highest in awhile) ? $3.5M median cash ???????????? ?? ? $40M median val ? $10.1M cash ???????????? ?? ? $116M val ? $22.7M cash ???????????? ?? ? $215M val ? $31M cash Share with a fundraising founder ?? If you want more data from us at Carta every week, subscribe to the Data Minute newsletter: https://lnkd.in/gNa_Dk-F #startups #founders #fundraising #venturecapital

Join us this September in beautiful Sun Valley, Idaho at the Seed to Growth Conference for three days of innovation, thought leadership, panel discussions and networking amongst thoughtful investors and up and coming entrepreneurs. To learn more: https://lnkd.in/gD_KfB_B #SeedtoGrowth2024 #SeedtoGrowth #earlystage #entrepreneurs #entrepreneur #startups #pnw #mountainwest #SunValley #Idaho #Montana #Utah #Wyoming #Colorado #Nevada #letsconnect #networking #venturecapital #venturecapitalgroups #venturecapitalinvestments #entrepreneurstartup #entrepreneurgroups #founder

Nice to see PitchBook recognize Cendana Capital as a Top Decile fund of funds ??

What non-US schools graduate most founders of US unicorns? Many founders of US unicorns got their undergraduate degree outside the US. Ilya Strebulaev, a professor at Stanford, ranked foreign universities by the number of US unicorn founders. The top 3 non-US universities that these founders attended are Tel Aviv University, Technion - Israel Institute of Technology, and The Hebrew University of Jerusalem. All three are from Israel. They are followed by University of Waterloo and Indian Institute of Technology, Delhi. Overall, 608 (27%) out of 2,321 unicorn founders with data on an undergraduate degree received it outside the US. These are US unicorns, so over a quarter of the founders of US-based VC-backed unicorns came from abroad. Thank you to Ilya Strebulaev and Stanford's Venture Capital Initiative team for spearheading this research! Check my free newsletter for more insights: https://lnkd.in/dCpgAYjt

Interesting data on which Universities produces the most CEOs

None of the top ten companies by market cap in non-US G7 countries are VC-backed. Non-US G7 includes the UK, France, Canada, Germany, Italy, and Japan. Six of the top ten companies in the US are VC-backed. The average age of the top ten in non-US G7 is 132 years. None is younger than 50 years. The average age of the top ten in the US is 78 years. Six are younger than 50 years. The numbers speak for themselves. To stimulate growth and entrepreneurship, the rest of the world should adopt the Venture Mindset. The sooner, the better. And the US should not lose it. Thank you to the Stanford University Graduate School of Business Venture Capital Initiative for support. Note: The market capitalization data is of June 8, 2024. #stanford #stanfordgsb #venturecapital #startups #innovation #technology

Will 2024 be a good year for buyouts? Where are opportunities hiding? Why is operational efficiency and organic value creation so important in today’s environment? How have LP conversations evolved in recent years? In Preqin’s recent “Buyouts in North America” primer, BayPine Managing Partner Anjan Mukherjee answers these questions and more. ? Read the full report here (subscription may be required): https://lnkd.in/eYcJ7W9n. ? #Preqin #Buyouts #PrivateEquity #ValueCreation #DigitalTransformation?