I would argue that traditional VC economics don't apply to these larger funds > $1B. They are morphing into PE-like funds. And agree it's a different sport. Here in APAC we are fortunately enough to be off the radar for majority of these funds. When they do go to APAC they rely on US based connections that only skim the surface of the local startup ecosystems.
our industry had changed/is changing
Great post. We wrote a piece on a similar theme on how the indexing of VC is gathering pace.
The private markets are becoming more like the public markets.
https://signalrankupdate.substack.com/p/indexing-vc-gathers-pace
I would argue that traditional VC economics don't apply to these larger funds > $1B. They are morphing into PE-like funds. And agree it's a different sport. Here in APAC we are fortunately enough to be off the radar for majority of these funds. When they do go to APAC they rely on US based connections that only skim the surface of the local startup ecosystems.