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There is an interview with Andy Rachleff (former VC at Benchmark and CEO of Wealthfront), where he notes that the problem with Kleiner is that the old partners
by hendzen 7y ago
There is an interview with Andy Rachleff (former VC at Benchmark and CEO of Wealthfront), where he notes that the problem with Kleiner is that the old partners never retired. They just stayed on and did very little actual work but since they owned huge stakes in the partnership they collected much of the carry. Over time new firms (like Benchmark) formed that basically pushed out partners who started coasting. If you are an ambitious young VC which kind of firm would you work for?
- winningcontinue 7y agoA top heavy old partner institutional firm is not a bad thing. The they're usually hands off once you invest and take their money. The problem is they're too conservative with their capital, and only invest in trends that have passed by decades ago to pursue the next big thing. As an entrepeneur in the dining and technology space knows how and where I want to grow my company, I'd rather see my angel investment funders come from the old cohort than the younger firms seeking radical changes.
- mathattack 7y agoIn the case of Kleiner, the article puns it on a wrong bet (green energy) rather than being too conservative.