LPs

I was an angel investor + operator/founder before becoming a full-time VC. This trend is not new. Over the past 30 years, many angel investors have gone on to become full-time VCs.

I wonder if we’ll start seeing the same with LP investing in VCs. Over the past 10 years I’ve become an LP to 60+ VC funds. I have a barbell strategy: pre-seed/seed, sub $20M to sub $100M, emerging managers (mostly) focused on software startups to early-to-late-stage VC platforms. Because I’m “in it” I get to work with and see awesome GPs at work. So I cut my measly check.

But I have no interest in doing this at scale and professionally (…………..yet, hah 👺 ). I’m sure there are many tech operators, VCs, and founders who’ve invested in as many, if not more, VC funds. I wonder when they’ll all come out of the woodwork and start becoming the next generation VC LPs with next gen products.