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@pavelprata
"5/ Once you clear the committee hurdle welcome to the ILPA Due Diligence marathon. XXX questions across operational investment ESG and financial categories. Budget 47+ hours just completing paperwork. Institutional DDQ is 6x longer than family office questionnaires"
@pavelprata on X 2025-07-22 16:37:18 UTC XXX followers, XX engagements
"12/ Current portfolio shows they're still swinging big: - @Uber (public massive success) - @Snapchat (public $20B+ value) - @discord (private $15B valuation) - @stitchfix (public) - @ModernTreasury (next-gen fintech) The hits keep coming" @pavelprata on X 2025-07-24 15:17:09 UTC XXX followers, XX engagements
"11/ The numbers that prove the model: - First X funds: 7.5x returns net of fees - XX exits since 2011: $60B+ market value - @eBay still holds record for best VC investment ever - @Uber stake still worth billions I assume these returns speak louder than any theory" @pavelprata on X 2025-07-24 15:17:09 UTC XXX followers, XX engagements
"8/ This creates what I call the "Emerging Manager Paradox": Institutions want emerging managers (outperform by 200-400 bps) but require institutional track records. Solution Emerging manager programs: - @HarbourVest - Adams Street Partners - Pantheon - Greenspring Associates Your stepping stones to direct capital" @pavelprata on X 2025-07-22 16:37:19 UTC XXX followers, XXX engagements
"11/ Assuming references go well you enter the timing dance again. - Q1: Budget planning - best for initial relationship building - Q2: Decision season - committee presentations peak - Q3: Summer slowdown - use for deep due diligence - Q4: Year-end crunch - final commitment decisions Marc Stad said: "Timing isn't everything but everything depends on timing."" @pavelprata on X 2025-07-22 16:37:20 UTC XXX followers, XX engagements
"10/ 2020s: The next generational test. @bgurley stepped back. @sarahtavel became first female partner then transitioned out. Majority of current partners joined in last X years. Can the equal partnership magic survive a third generation The jury's still out" @pavelprata on X 2025-07-24 15:17:09 UTC XXX followers, XX engagements
"8/ The mobile generation delivered again: - 2011: $12M investment in @Uber $9.4B stake - 2012: Early @instagram investor - 2013: @Snapchat Series A - @X @OpenTable @Yelp @zillow Different decade. Different partners. Same magical results. The equal partnership had survived generational change" @pavelprata on X 2025-07-24 15:17:08 UTC XXX followers, XX engagements
"2/ The equal partnership model was revolutionary for a reason - it had never worked. In VC ego rules. Star partners hoard deals. Politics destroy firms. But I think @benchmark saw something different: When everyone wins equally everyone works equally hard for every company. Radical Yes. Impossible We'd find out" @pavelprata on X 2025-07-24 15:17:05 UTC XXX followers, XX engagements
"12/ After analyzing dozens of institutional fundraises here's the sobering math: - Timeline: XX months from first meeting to wire - Conversion rate: XXX% of prospects commit - Minimum fund size: $100M+ to be taken seriously - Annual costs: $2.1M+ in infrastructureIt's not for everyone. But crack this code and you've built something generational" @pavelprata on X 2025-07-22 16:37:21 UTC XXX followers, XX engagements
"16/ The bottom line for the industry: XX years ago "communist capital" was a Silicon Valley joke. Today it's responsible for some of the greatest venture returns in history. Sometimes the most radical idea is the right one. Equal partners. Equal pay. Unequal results" @pavelprata on X 2025-07-24 15:17:11 UTC XXX followers, XX engagements
"7/ Beyond operations institutions evaluate track records through quantitative lenses that would make quant funds jealous: - IRR vs benchmarks: Top quartile required - Multiples: 3x+ fund returns expected - Attribution: Skill vs market beta - Consistency: Performance across cycles Lisa Edgar (Top Tier): "Performance alone isn't enough anymore."" @pavelprata on X 2025-07-22 16:37:19 UTC XXX followers, XX engagements
"17/ Find this valuable Like and share this post to help others ❤ My Linkedin: My Substack: My Notion VC guide: Follow me for a front-row seat to the world of VC fund managers and LPs" @pavelprata on X 2025-07-24 15:17:12 UTC XXX followers, XX engagements
"4/ Your first complexity on raising $ lies in committee dynamics. You're selling to 6-12 investment committee members who meet quarterly. Your champion must: - Get you on agenda (60-day notice) - Write internal memos - Navigate office politics David Swensen: "The best opportunities often look risky to committees."" @pavelprata on X 2025-07-22 16:37:18 UTC XXX followers, XX engagements
"6/ That DDQ complexity reveals something deeper - institutions require institutional-grade operations: - Fund Admin: SS&C Citco ($150K+ annually) - Legal: Top-tier fund lawyers ($200K+ setup) - Audit: Big X firms ($100K+ annually) - Compliance: RegTech systems ($50K+ annually) $500K+ operational costs before investing dollar one" @pavelprata on X 2025-07-22 16:37:18 UTC XXX followers, XX engagements
"10/ What happens next is the reference check industrial complex in full swing. Institutions typically call 30+ references on average (vs. X for family offices): - Portfolio CEOs: Evidence of value creation - Co-investors: Deal sourcing and execution capabilities - Service providers: Operational competence verification - Former LPs: Partnership experience - Industry contacts: Reputation and character Every single conversation matters. I manage these relationships like a full-time job" @pavelprata on X 2025-07-22 16:37:20 UTC XXX followers, XX engagements
"7/ 2000s: Could they do it again with different people The ultimate test: @bgurley joined in 1999. Then @mattcohler @peterfenton @mitchlasky. Completely different partners. Same equal structure. I believe this is when they proved the model was bigger than any individual" @pavelprata on X 2025-07-24 15:17:07 UTC XXX followers, XX engagements
"13/ Find this valuable Like and share this post to help others ❤ My Linkedin: My Substack: My Notion VC guide: Follow me for a front-row seat to the world of VC fund managers and LPs" @pavelprata on X 2025-07-22 16:37:21 UTC XXX followers, XX engagements
"3/ 1996: Their first test almost broke them. Fifth partner Val Vaden didn't fit. His buyout background clashed with early-stage focus. After XX months he left. I believe this early crisis taught them something crucial: Equal partnership only works when everyone truly belongs. Lesson learned the hard way" @pavelprata on X 2025-07-24 15:17:06 UTC XXX followers, XX engagements