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Across four annual @Intralinks LP surveys, the preference for managers >$1B AUM has fallen from 46% to 22%, and the >$5B bucket has fallen from 19% to 5%.
Meanwhile, LP preference for <$100M managers has tripled since last year's survey, to 18%.
Check out the latest survey:
ssctech.com/blog/alternative…
Of the top 10 funds in our ranking, five are debut funds from new firms:
- @Techstars Bullet Time Fund I
- @Lowercase Fund I
- @FirstMarkCap Fund I
- @Initialized Fund I
- @iaventures Fund I
Of the remaining five, @foundersfund and @firstround are in the ranking with a Fund II, and @foundersfund Fund III also makes the cut.
TL;DR — Almost all of the top-performing funds were emerging managers and half were new managers.
Top 5 VC firms by value/$
█████ 11.6× — @shv
█████ 11.2× — @foundersfund
████ 10.0× — @iaventures
████ 9.1× — @gigafund
███ 8.8× — @Lowercase
Median: 1.0× · top50.joinodin.com View article
In previous articles we've covered the outperformance of emerging managers:
blog.joinodin.com/p/venture-…
This analysis includes data from @ColibriInst, @Open_LP, @PitchBook, @stepstonegroup, @team8group and more.
Clearly, there's a strong argument for LPs to maintain exposure to the emerging part of the market and promising Fund I managers.
Odin retweeted
@JoinOdin's Top 50 VC firms ranking: portfolio IPOs since 2014, long-term value per dollar deployed, primary checks only, and a penalty for one-hit wonders.
Check out the full Top 50 report, which breaks down methodology, data sources, robustness checks, top firms, top funds, and top companies:
Get it here: top50.joinodin.com
"When you realise that different people have different ways of approaching problems, then they can work together — because we are all natural explorers."
💜 @OpenRouter
The biggest lie in AI is that the future belongs to one winner.
Every technology wave starts with one company promising that one walled garden is all you'll ever need. And every time, market forces and creativity break the walls down.
I cofounded OpenSea and now OpenRouter around the opposite bet: humanity will refuse to be locked in.
Intelligence was never meant to belong to one lab, one model, or one gatekeeper.
The future of AI is open, plural, and yours to choose.
Top 5 VC firms by value/$
█████ 11.6× — @shv
█████ 11.2× — @foundersfund
████ 10.0× — @iaventures
████ 9.1× — @gigafund
███ 8.8× — @Lowercase
Median: 1.0× · top50.joinodin.com View article
Check out the full Top 50 report, which breaks down methodology, data sources, robustness checks, top firms, top funds, and top companies:
Get it here: top50.joinodin.com
The Top 50 VC Firms
Ranked by the long-term value created by primary investments per dollar at risk.
The top 10:
1. @shv
2. @foundersfund
3. @iaventures
4. @gigafund
5. @Lowercase
6. @pelion_vp
7. @usv
8. @benchmark
9. @BessemerVP
10. @DFJvc
Read more: blog.joinodin.com/p/the-top-…
Odin retweeted
The top VC firms by value created per dollar at risk.
1️⃣ Sutter Hill: 11.6x (@Snowflake)
2️⃣ @foundersfund: 11.2x (@SpaceX)
3️⃣ @iaventures: 10.0x (@digitalocean)
4️⃣ Gigafund: 9.1x (@SpaceX)
5️⃣ Lowercase: 8.8x (@Uber)
The median across the 147 ranked firms: 1.0x.
Founders Fund created $95.2bn. Sutter Hill got its 11.6x on $1.33bn at risk.
Source: @JoinOdin.
Who wins in VC: the biggest funds, or the sharpest pickers?
Odin retweeted
Good neighborhood
The Top 50 VC Firms
Ranked by the long-term value created by primary investments per dollar at risk.
The top 10:
1. @shv
2. @foundersfund
3. @iaventures
4. @gigafund
5. @Lowercase
6. @pelion_vp
7. @usv
8. @benchmark
9. @BessemerVP
10. @DFJvc
Read more: blog.joinodin.com/p/the-top-…
Odin retweeted
Roger the 🐐.
Not only building a top 3 firm, but also planning succession perfectly & then swinging again on a more focused thesis @gamechangersvc
Proud to be a co-investor with @infoarbitrage & team.
The Top 50 VC Firms
Ranked by the long-term value created by primary investments per dollar at risk.
The top 10:
1. @shv
2. @foundersfund
3. @iaventures
4. @gigafund
5. @Lowercase
6. @pelion_vp
7. @usv
8. @benchmark
9. @BessemerVP
10. @DFJvc
Read more: blog.joinodin.com/p/the-top-…
Odin retweeted
The @JoinOdin Top 50 uses a fairly contrarian methodology, in that it does not simply reward AUM.
What matters is a firms exposure to the value created by generational companies, relative to managed capital.
So, the list features a number of firms who aren’t ranked as frequently as they likely deserve. For example:
#15 Founder Collective — @fcollective
#17 Granite Ventures — @GraniteVentures
#22 Romulus Capital — @RomulusCap
#24 Gemini Israel — @GeminiVC
#27 Amplify Partners — @AmplifyPartners
#30 Highway 12 Ventures — @hwy12
#33 Red Swan — @redswanventures
#37 Section 32 — @S32_VC
#38 Flybridge — @flybridge
#41 Altos Ventures — @altosvc
#42 JVP — @JVPVC
#44 Celesta Capital — @CelestaCapital
#46 Madrona — @MadronaVentures
#47 Cathay Innovation — @Cathayinnov
#48 Revel Partners — @RevelPartners
Check out the full report: top50.joinodin.com
If there was an "on-base percentage" for venture capital, what would it look like?
It might involve looking at a firm's exposure to the world's most consequential tech companies.
Not just an arbitrary mark at an exit, where they may or may not have taken liquidity, but the subsequent compounding of those investments over time; using public markets as a sorting mechanism for quality.
For this ranking, we started with venture's greatest success stories, and worked backwards to find out who invested, when, and what fraction of their managed funds the investment represented.
The resulting list reflects the long-term performance of each firm's most successful portfolio companies, relative to capital deployed.
Other interesting features:
• Two firms in the top 10 were founded by the Draper dynasty (@shv and @DFJvc).
• Luke Nosek is a co-founder of two of the firms in the top 10 (@foundersfund and @gigafund).
• Founders Fund created more value than the bottom 22 firms put together, at $95.2B, primarily thanks to @SpaceX and @PalantirTech.
• If you rank by value alone, the top five firms are: Founders Fund ($95.2B), @sequoia ($82.6B), @Accel ($56.0B), @BessemerVP ($48.4B), @NEA ($33.0B).
• Seven out of the ten best performing funds were technically emerging managers, and four were debut funds.
(@iaventures I, @FirstMarkCap I, @Techstars Bullet Time I, @Lowercase I, Founders Fund II, @firstround II, Founders Fund III)
The top 10 firms are:
1 — Sutter Hill Ventures, founded by Paul M. Wythes and Bill Draper (William H. Draper III), in 1964
2 — Founders Fund, founded by Peter Thiel (@peterthiel), Ken Howery (@KenHowery), and Luke Nosek (@LukeNosek), in 2005
3 — IA Ventures, founded by Roger Ehrenberg (@infoarbitrage), in 2010
4 — Gigafund, founded by Luke Nosek (@LukeNosek) and Stephen Oskoui (@oskoui), in 2017
5 — Lowercase Capital, founded by Chris Sacca (@sacca), in 2010
6 — Pelion Venture Partners, founded by Jim Dreyfous (as Utah Ventures / UV Partners), in 1986
7 — Union Square Ventures, founded by Fred Wilson (@fredwilson) and Brad Burnham (@BradUSV), in 2003
8 — Benchmark, founded by Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey, and Val Vaden, in 1995
9 — Bessemer Venture Partners, founded by Henry Phipps Jr. (as Bessemer Securities; VC arm formalized later), in 1911
10 — Draper Fisher Jurvetson, founded by Tim Draper (@TimDraper), in 1985
Read the write-up here:
blog.joinodin.com/p/the-top-…
Read more about the methodology and get the full report here:
top50.joinodin.com/
Odin retweeted
this is a way better analysis than looking purely at dollars returned
The Top 50 VC Firms
Ranked by the long-term value created by primary investments per dollar at risk.
The top 10:
1. @shv
2. @foundersfund
3. @iaventures
4. @gigafund
5. @Lowercase
6. @pelion_vp
7. @usv
8. @benchmark
9. @BessemerVP
10. @DFJvc
Read more: blog.joinodin.com/p/the-top-…
Odin retweeted
If there was an "on-base percentage" for venture capital, what would it look like?
It might involve looking at a firm's exposure to the world's most consequential tech companies.
Not just an arbitrary mark at an exit, where they may or may not have taken liquidity, but the subsequent compounding of those investments over time; using public markets as a sorting mechanism for quality.
For this ranking, we started with venture's greatest success stories, and worked backwards to find out who invested, when, and what fraction of their managed funds the investment represented.
The resulting list reflects the long-term performance of each firm's most successful portfolio companies, relative to capital deployed.
Other interesting features:
• Two firms in the top 10 were founded by the Draper dynasty (@shv and @DFJvc).
• Luke Nosek is a co-founder of two of the firms in the top 10 (@foundersfund and @gigafund).
• Founders Fund created more value than the bottom 22 firms put together, at $95.2B, primarily thanks to @SpaceX and @PalantirTech.
• If you rank by value alone, the top five firms are: Founders Fund ($95.2B), @sequoia ($82.6B), @Accel ($56.0B), @BessemerVP ($48.4B), @NEA ($33.0B).
• Seven out of the ten best performing funds were technically emerging managers, and four were debut funds.
(@iaventures I, @FirstMarkCap I, @Techstars Bullet Time I, @Lowercase I, Founders Fund II, @firstround II, Founders Fund III)
The top 10 firms are:
1 — Sutter Hill Ventures, founded by Paul M. Wythes and Bill Draper (William H. Draper III), in 1964
2 — Founders Fund, founded by Peter Thiel (@peterthiel), Ken Howery (@KenHowery), and Luke Nosek (@LukeNosek), in 2005
3 — IA Ventures, founded by Roger Ehrenberg (@infoarbitrage), in 2010
4 — Gigafund, founded by Luke Nosek (@LukeNosek) and Stephen Oskoui (@oskoui), in 2017
5 — Lowercase Capital, founded by Chris Sacca (@sacca), in 2010
6 — Pelion Venture Partners, founded by Jim Dreyfous (as Utah Ventures / UV Partners), in 1986
7 — Union Square Ventures, founded by Fred Wilson (@fredwilson) and Brad Burnham (@BradUSV), in 2003
8 — Benchmark, founded by Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey, and Val Vaden, in 1995
9 — Bessemer Venture Partners, founded by Henry Phipps Jr. (as Bessemer Securities; VC arm formalized later), in 1911
10 — Draper Fisher Jurvetson, founded by Tim Draper (@TimDraper), in 1985
Read the write-up here:
blog.joinodin.com/p/the-top-…
Read more about the methodology and get the full report here:
top50.joinodin.com/
Odin retweeted
Very proud of what we built at @iaventures.
Very early conviction, Deep founder alignment. Long time horizon. Generational returns.
My partners @beyroutey and @bradgillespie continue to do the work at IA Ventures.
My partners @ssokol94 @mattgjfield and @ethanehrenberg and I are applying similar principles to investing at the intersection of live experiences and AI at @gamechangersvc.
Just you watch…
The Top 50 VC Firms
Ranked by the long-term value created by primary investments per dollar at risk.
The top 10:
1. @shv
2. @foundersfund
3. @iaventures
4. @gigafund
5. @Lowercase
6. @pelion_vp
7. @usv
8. @benchmark
9. @BessemerVP
10. @DFJvc
Read more: blog.joinodin.com/p/the-top-…
The Top 50 VC Firms
Ranked by the long-term value created by primary investments per dollar at risk.
The top 10:
1. @shv
2. @foundersfund
3. @iaventures
4. @gigafund
5. @Lowercase
6. @pelion_vp
7. @usv
8. @benchmark
9. @BessemerVP
10. @DFJvc
Read more: blog.joinodin.com/p/the-top-…
#2 — Founders Fund (@foundersfund): 11.2x
Founded 2005 · San Francisco
Early, concentrated bets on founders it trusts; heavy in hard tech and defence.
Partners include @peterthiel, @traestephens and @zebulgar.
Key investments: @SpaceX, @PalantirTech, @Airbnb.
#1 — Sutter Hill Ventures: 11.6x
Founded 1964 · Palo Alto
Builds companies from scratch — partners recruit founders and often serve as founding CEO.
MD @laserlikemike was Snowflake’s founding CEO.
Key investments: @snowflakedb, @AsteraLabs, @PureStorage.
