This seed-stage VC founder sold his entire 1st fund at a 4x profit. Will others follow?
, many startups are in no rush to pursue an exit. “More seed investors or ‘super angel’ investors have legacy assets, and it takes a long time for these assets to play out,” says Jared Barlow, a managing partner at Kline Hill, the buyer of Romulus’ fund.
“If you are an LP, and one of your managers hands you back four times the cash you put in, the first thing you’ll do is say, ‘How much can I give you to turn into 4x again?’” says Ed Zimmerman, a partner and chair of the tech group at law firm Lowenstein Sandler. “But if you’re an LP and one of those companies turns into Uber, how do you feel that you only got 4x?”
Whether more seed funds will follow in the footsteps of Romulus and Seedcamp is tougher to say. Secondary investors like Justin Fishner-Wolfson at 137 Ventures and and Joel Yarmon at Pipeline Capital Partners say selling an entire fund isn't typical."The desire to sell an entire portfolio would suggest there’s something extraordinary happening," Yarmon says. Others say such transactions have happened off and on for years but have historically been kept under wraps.
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