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Posted by Steve Lisson Austin TX at 12:35 PM
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Stephen N. Lisson, Austin TX Stephen Lisson, StephenNLisson, Stephen
N. Lisson, Austin Texas, Austin TX Thursday, January 16, 2014 Data
Packet: Net Loss The New York Times This copy is for your personal,
noncommercial use only. You can order presentation-ready copies for
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now. » March 23, 2001 Data Packet: Net Loss Free money: A year ago,
venture capitalists were outbidding each other for stakes in fledgling
companies. Now, as failures mount, venture firms are extracting new
concessions from money-seeking entrepreneurs. “We’re finding we’re
really able to insist” on new conditions to limit potential losses, said
Tom Hirschfeld, managing director at J. & W. Seligman & Co.,
which manages about $1.8 billion in venture funds. Its investments
include Inktomi Corp., ScreamingMedia Inc. and Stamps.com Inc. In four
of Seligman’s five most recent investments, which the firm did not
identify, it demanded and received a “liquidation preference” — a
priority claim on assets if a business fails, Mr. Hirschfeld said. Three
of the five companies set a minimum price on Seligman’s holdings should
the start-up go public. That’s a stark reversal from when start-ups
commanded ever-higher prices on their way to a quick initial public
offering. “There is no question that VCs are getting more aggressive,”
said Stephen Lisson, editor and publisher of InsiderVC.com, a research
firm. “Provisions such as these are among the ways firms attempt to
ensure upside for their funds.” Copyright 2014 The New York Times
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Austin Texas Sunday, December 1, 2013 Rumors of Benchmark’s Demise
Greatly Exaggerated – Steve Lisson, Stephen N. Lisson Rumors of
Benchmark’s Demise Greatly Exaggerated – Steve Lisson, Stephen N. Lisson
Steve Lisson, STEVE LISSON, AUSTIN, TX, STEPHEN N. LISSON, TRAVIS
COUNTY, TEXAS, (512), 512, LISSON STEPHEN N., STEVE N. LISSON, STEVE,
LISSON, Lisson, Steve Steve Lisson, STEVE LISSON, AUSTIN, TX, STEPHEN N.
LISSON, TRAVIS COUNTY, TEXAS, (512), 512, LISSON STEPHEN N., STEVE N.
LISSON, STEVE, LISSON, Lisson, Steve Steve Lisson, STEVE LISSON, AUSTIN,
TX, STEPHEN N. LISSON, TRAVIS COUNTY, TEXAS, LISSON STEPHEN N., STEVE
N. LISSON, STEVE, LISSON, INSIDER, VC, INSIDERVC, INSIDERVC.COM Rumors
of Benchmark’s Demise Greatly Exaggerated For weeks, rumors have been
circulating in the VC community that Benchmark Capital’s third fund,
Benchmark III, was in trouble, hit hard by losses in e-commerce
companies like 1-800-Flowers.com. Benchmark denies the rumors, and its
limited partners say they never received the rumored letter that the
fund was in trouble. An analysis of Benchmark’s portfolio appears to
back up the firm, which despite the rumors, may not just be surviving,
but thriving. Benchmark declined to discuss details, but the firm’s
holdings as of June 30 were provided by Steve Lisson, the editor of
InsiderVC.com, who tracks the performance of leading venture firms for
high-paying clients. At first glance, Benchmark III had its share of
overvalued B2C e-commerce firms like 1-800-Flowers.com (Nasdaq:FLWS) and
Living.com. 1-800-Flowers.com was the fund’s biggest investment, at
$18.9 million, and had been marked down to $8.1 million on June 30. The
stock price has declined about 30% since then. “There are many private
scenarios just like this public one, whereby even if the company can be
kept afloat long enough to enjoy some success and eventually make it to a
liquidity event, the venture investors will lose money,” Lisson said.
But a closer look at Benchmark III reveals a fund with several potential
winners, including Internet Data Exchange System company CoreExpress,
an intelligent optical networking play. That investment alone could
return limited partners’ money. Other potential winners include Sigma
Networks, Keen.com, Netigy and BridgeSpan. And Benchmark’s newest fund,
Benchmark IV, is already showing the markings of a winner, thanks to
investments in Loudcloud, Netscape co-founder Marc Andreessen’s latest
venture, and TellMe Networks, whose valuation no doubt went up in its
recent $125 million funding round. Lisson said the Benchmark rumors
reflect a misunderstanding of how venture funds operate. “There’s a
reason these are 10-year funds,” he said. “It’s called risk and
illiquidity. The one monster hit could happen three, four or five years
out. You can be wrong about 39 of 40 companies, and the market
uncooperative, as long as one is an Inktomi. That is the history of this
industry: one monster hit returning the entire fund. Singles and
doubles won’t get you there.” At two years of age, Benchmark III still
has plenty of time to deliver a big winner. In the meantime, the firm’s
limited partners can enjoy the returns from Benchmark II, a
three-year-old fund that has already distributed five times its partners
capital, by Lisson’s estimate. Benchmark II boasted big winners like
Handspring (Nasdaq:HAND), Critical Path (Nasdaq:CPTH), Red Hat
(Nasdaq:RHAT), and Scient (Nasdaq:SCNT). Yes, Scient. Benchmark had the
foresight to distribute shares of the Internet consultant to its limited
partners at 200-300 times the firm’s cost. Benchmark isn’t any
different from other venture firms, most of whom “drank the Kool-aid” of
seemingly easy dot-com money, hoping the stock market would hold up
long enough to vindicate those investments. But Lisson expects that some
other firms won’t hold up as well. He expects a shakeout in the
industry similar to the one that hit the industry from 1987-1991, when
venture firms formed during the 1980s averaged single-digit returns, and
roughly 20% of new entrants couldn’t return their partners’ capital.
VCs’ own fundraising declined from $4.2 billion in 1987 to $1.3 billion
in 1991. The $4 billion level of capital coming into the industry wasn’t
reached again until 1995. “This is what’s supposed to happen in a
downturn,” Lisson said. “People who shouldn’t be in the business, who
contributed to the excesses and didn’t know what they were doing, will
be forced out. It’s not like this is the first time we’ve seen too many
new entrants into the industry, or too much money chasing too few
deals.” And the ones that survive will have a chance to prove themselves
in tough times, the ultimate mark of a winner. Lisson said a few
venture firms stand out among their peers. Matrix Partners, Kleiner
Perkins Caufield & Byers and Sequoia can normally be found at the
top of the charts in each vintage year they raise a fund, he said,
proving that “something’s in the water” at those firms. And he gives Oak
high marks for consistency over a long period of time. But even top
firms have an occasional weak fund, Lisson said. “But by the time you
can make that judgment about a fund, you’ll have raised another fund and
shown some early progress,” he said. Meaning that even if Benchmark III
was a weak fund, Benchmark IV could keep the firm in its limited
partners’ good graces for some time to come. “The moral is consistent
performance over time relative to same vintage-year peers,” Lisson said.
“You’re never as good or as bad as your current press clippings might
indicate. The real test of Benchmark’s mettle will come when we can
fairly evaluate whether the firm manages through and makes money, not
just with small funds during the best times in the industry’s history,
but with larger funds in the tough times ahead as well.”
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STEVE.LISSON, STEVE LISSON, STEPHAN N. LISSON, STEPHAN LISSON, STEVE
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LISSON STEPHEN N., STEVE N. LISSON, STEVE, LISSON, INSIDER, VC,
INSIDERVC, INSIDERVC.COM, (512), STEPHEN.LISSON, FACEBOOK, LINKEDIN,
LINKED IN, TWITTER, Elite VC giants still investing San Jose Mercury
News Matt Marshall May 31, 2001 Now that they’ve gone gorilla size, will
the elite venture capital firms help stem the downturn in venture
capital investing? After the March 2000 market crash, elite VCs
scrambled to triage their portfolios. Only recently have they started to
peer out of the graveyard. But they’ve undergone a profound change in
nature: They’ve become monsters. This is good if you’re an entrepreneur
shooting for the moon. It’s fatal if not. In 1995, only one top-tier
fund, TA Associates, had raised a billion dollars. But since the crash,
15 top-tier firms have raised funds of that size or more. Many —
including Worldview Technology Partners, Greylock, Austin Ventures and
Oak Investment Partners — announced their new funds this year, well
after most of the market damage. Steve Lisson, of InsiderVC.com, says
the amount of funds raised since the crash goes against the “drought”
thesis. “The perception that there’s going to be less venture investing
is totally misplaced,” he says. “These VCs need to get into lucrative
investment opportunities, and they’re going to want larger stakes.
They’re going to have to step on the gas even more.” Similarly, he adds,
if an entrepreneur offers an opportunity for a “mega” investment, he’ll
be able to negotiate more favorable terms, because the big venture
capitalists will all want in. On the downside, entrepreneurs that don’t
show home-run promise will struggle. True, some VCs that raised large
funds say they have slowed their investment pace. Flip Gianos, partner
at InterWest Partners, said his firm hadn’t expected the magnitude of
the downturn when it raised its fund. If it takes waiting a year for
strong opportunities to come along, VCs will wait, he says. Others
counter that size has forced them to invest more in later-stage
start-ups because they soak up more money. Michael Darby, general
partner at Battery Ventures, says his firm still focuses on early stage
deals, but “in this environment, the fact that we want to deploy capital
means we’re looking at those later-stage deals.” There’s another reason
for hope after the crash, Lisson says. Many VC firms have been able to
negotiate stellar terms with their investors — even better than those
they negotiated just a couple of years ago. That’s also a sign that
investors still have faith in the VCs, he said. STEVE.LISSON, STEVE
LISSON, STEPHEN LISSON, STEPHAN N. LISSON, STEPHAN LISSON, LISSON
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LINKED IN, TWITTER, TUMBLR, PINTEREST Universal, EMI Sue Napster
Investor Record labels say firm enabled infringement. Critics say the
move may deter venture capitalists. April 23, 2003|Joseph Menn | Times
Staff Writer Unable to extract their pound of flesh from bankrupt
Napster Inc., two of the five major record labels are suing the venture
capitalists who backed the defunct song-swapping service that turned
music industry economics upside down. Universal Music and EMI filed a
federal lawsuit against Hummer Winblad Venture Partners and two of the
San Francisco firm’s general partners, Hank Barry and John Hummer, in
Los Angeles on Monday. The suit claims that they contributed to the
copyright violations by Napster’s tens of millions of users. In addition
to seeking $150,000 per violation, the suit asks for punitive damages.
It also is intended to dissuade investment in any of the song-swapping
services that have risen in Napster’s place. “Businesses, as well as
those individuals or entities who control them, premised on massive
copyright infringement of works created by artists should face the legal
consequences for their actions,” the record labels said in a statement.
The suit may mark the first time an outside party has targeted a
venture firm for wrongdoing by a company in which it invested. “I don’t
know if this has ever happened before,” said Jeanne Metzger, vice
president of the National Venture Capital Assn. The trade group and
others warned that even if the labels lose the case, the fact that they
sued will deter institutional investors from taking on a high level of
risk with new companies. “It’s going to create an enormous amount of
reluctance to get involved in anything that could draw litigation from
the content industries,” said Silicon Valley intellectual property
lawyer Mark Radcliffe. Barry and Hummer didn’t respond to telephone and
e-mail messages seeking comment Tuesday. Barry served as Napster’s chief
executive for more than a year, and both men sat on Napster’s board.
The suit claims that Hummer Winblad knew Napster was enabling massive
infringement and that the firm controlled Napster’s activities with its
general partners in the chief executive and director positions and
through its $13-million investment in May 2000. The investment was made
five months after the record industry — including the two labels — sued
Napster for enabling infringement. Napster filed for bankruptcy
protection in June 2002. Lawyers not involved in the case said Hummer
Winblad has two reasonable defenses. First, Napster hadn’t yet lost the
record industry suit when the firm invested. Second, directors and
investors are rarely held liable for the acts of their companies. In
those cases in which individuals are held responsible, they typically
own 100% of the company at fault. The suit “is stretching contributory
infringement way beyond where it’s ever gone,” said Wayne State
University copyright law professor Jessica Litman. “I assume the purpose
is to enhance the already significant chill discouraging people from
investing in businesses that challenge the business models of the
entrenched market leaders in the entertainment industry.” Indeed, a
federal lawsuit filed by a music producer against Barry, Hummer Winblad
and others was dismissed after a judge found that the accusations —
similar to those in the record labels’ suit — were too vague and that
there was nothing in the copyright law to punish people who assist an
entity that assists others in breaking the law. “Courts have
consistently held that liability for contributory infringement requires
substantial participation in a specific act of direct infringement,”
U.S. District Judge Marilyn Hall Patel wrote in that case. But the two
record labels may have evidence of specific actions by the venture
firm’s principals. And Hummer Winblad could be hurt by the fact that
Napster lost most of its court battles. The plaintiffs have “a
reasonable shot at the officer. I think the director is a little
tougher, and the shareholder theory is really tough,” said Radcliffe,
who represents technology and entertainment firms. Barry and Hummer
anticipated that they might be sued and tried to negotiate protection
from legal consequences when German media firm Bertelsmann was planning
to buy Napster early last year. Those talks foundered, and Bertelsmann
itself has been sued for its investment in Napster. The venture capital
trade association complained that with such actions against investors,
“the ability of entrenched industries to deter investment in
next-generation technologies has profoundly anti-competitive and
anti-innovative implications.” But not everyone agreed that the labels’
suit will change how Silicon Valley firms invest. As the suit notes,
other venture firms had deep concerns about Napster’s legality and
didn’t invest. “Top firms don’t take their cue from Hummer,” said Steve
Lisson, publisher of InsiderVC.com. Los Angeles Times Articles Copyright
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How to rate a venture capital firm
By Lawrence Aragon
April 16, 2001
Red Herring explains how it came up with its list of top venture capital firms
for the 2001 version of the Red Herring 100: Kleiner Perkins Caufield and
Byers, Accel Partners, Matrix Partners, Sequoia Capital Partners, and runner-
ups Oak Investment Partners, Mayfield, Greylock, Menlo Ventures, North
Bridge Venture Partners, and Benchmark Capital.
Venture capital is like baseball without the stats. There are great arguments
about who’s the best — and worst — VC around. But unlike baseball fans, those
who follow venture capital have scant data on which to base their opinions.
Until now.
As part of our annual Red Herring 100, we set out to determine the top ten VC
firms using the best metrics we could come up with. To our knowledge, this is
the first time anyone has come up with a list based on more than a single
metric, such as the internal rate of return (IRR).
Before we get into each of the ten factors we examined, allow us a brief
explanation as to why we didn’t include the most common metric: IRR. IRR is
a number determined by each VC firm, and although it’s bandied about
frequently, it can be easily tweaked to make a firm look like it’s doing better
than it actually is. It isn’t uncommon for a VC that isn’t performing very well to
inflate its IRR by counting its own “carry,” the money it makes from
investments, into its IRR.
The only real way to know how a VC firm is performing is to look at its
disbursements to its limited partners (LPs). This is the actual stock or money
that VCs get from a liquidity event — that is, a portfolio company’s IPO or its
sale to another company. The only problem is, VCs don’t want to share this
information.
Enter Steve Lisson, editor of InsiderVC.com, a venture capital research firm.
Mr. Lisson has been able to infiltrate the closemouthed community of LPs and
get its members to share disbursement figures. We asked Mr. Lisson to come
up with a list of the best ten VCs in the country, based on disbursements to LPs
and how consistently they have returned the big bucks to LPs.
Here, then, are the top ten venture capital firms: Kleiner Perkins Caufield &
Byers, Accel Partners, Matrix Partners, Sequoia Capital Partners, Oak
Investment Partners, Mayfield, Greylock, Menlo Ventures, North Bridge
Venture Partners, and Benchmark Capital. The top four firms (the first four
listed) made it into the Red Herring 100. Now, on to our criteria: underneath
the chart just below we review in depth the ten factors we rated the companies
on.
1. Kleiner Perkins Caufield &
Byers 10 10 10 6 10 9 10 5 10 109.09
2.Accel Partners 9 9 8.58 10 9 9 5 10 108.77
3. Matrix Partners 9 10 10 9 5 10 10 10 4 6 8.36
4. Sequoia Capital Partners 6 10 9.5 8 10 7.5 10 5.5 2 4 7.14
(tied) Oak Investment
Partners 8 10 6.5 10 2 5 10 7 2 107.14
(tied) Mayfield 7 10 9.5 7 10 8 10 6 0 4 7.14
7. Greylock 6 10 10 9 4 9 10 7 6 0 7.00
8. Menlo Ventures 8 10 5.5 8 3 10 6.5 7.5 2 2 6.41
9. North Bridge Venture
Partners 7 3.5 10 7 6 9 8 9.5 0 2 6.27
10. Benchmark Capital 7 3 6.5 7 3 8 1 4 10 2 5.32
Average7.7 8.55 8.6 7.9 6.3 8.45 8.45 6.65 4.6 5 7.26
1 The disbursement category is weighted twice that of other categories. Data from Steve Lisson,
editor of InsiderVC.com.
2 Operating experience counts VP level and above.
Disbursements.
Mr. Lisson gave a score of 10 to just one VC firm: Kleiner Perkins Caufield &
Byers. Benchmark Capital, which has had some monster hits in the past couple
of years, scored a 7, because it has only been around for six years.
Longevity.
In the venture business, age counts for a lot. It means a firm has been battle-
tested and has done well enough to get its LPs to continue investing. We took
each firm’s number of years in business and divided that figure in half to come
up with a score (with a maximum score of 10). Six firms earned a 10. Two firms
came up short: Benchmark and North Bridge Venture Partners, with scores of
3 and 3.5, respectively.
Pressure to invest.
A general partner is better off if there isn’t pressure to put a lot of money to
work. We divided the amount of a firm’s current fund size by its number of
general partners, then assigned a value to the resulting figure. After talking to
several VCs, we determined that $90 million per partner was reasonable to
assign a score of 10. We gave a 9 to anyone managing $110 million, an 8 to
those managing $130 million, and so on.
VC experience.
This should be self-explanatory as to why it’s important. We gave general
partners with 15 years or more of experience a score of 10. Those with 12 to 14
years received a 9, and so forth. Oak Investment Partners came out on top in
this category, with an average of 17 years for its partners. Even though Kleiner
has at least three partners with more than 20 years of experience, its score got
knocked down to a 7 because it recently added some technology executives to
its partnership.
Operating experience.
With so many portfolio companies in trouble these days, every VC firm needs
partners who’ve been in the real world to advise troubled companies. We gave
each firm a point for any general partner with operating experience, plus a
bonus point for any partner who qualified as a “star.” General partners who fell
into the star category include Kleiner’s Ray Lane, former president and chief
operating officer (some say the de facto CEO) of Oracle, and Mayfield’s Janice
Roberts, who ran Palm when it was a division of 3Com.
Board seats.
Six boards is the maximum number you can sit on and still actually contribute
valuable time and energy, we’re told by veteran VCs. Menlo Ventures and
Matrix Partners were the only firms whose partners sat on an average of six or
fewer boards, giving them perfect 10s. We gave firms whose partners held an
average of seven to eight board seats a score of 9, and so on. Oak fared the
worst: its six general partners sit on an average of 12 boards each.
IPOs/Sales.
This is one of those categories that VCs like to brag about, but it can often be
misleading. Two firms may be in the same IPO, but one may own 15 percent of
a company while another owns 1 percent. The only real way to know how well a
VC did in an IPO is through disbursement figures. Still, we felt we should give
VCs some credit for liquidity events. We gave a firm one point for every $1
billion in value, with a maximum of 10 points for $10 billion. IPO figures were
based on the close on the first day of trading. Sale prices were based on the
value on the day the deal closed. A lot of moonshot IPOs have fallen back to
earth, so this category is squishy at best.
Lack of portfolio problems.
Matrix was the only firm on our list that had no failed or troubled companies.
We gave each firm 1 point for every failed company and half a point for every
company that had laid off employees in the past year. We then subtracted that
total from 10. Benchmark fared the worst in this category with a score of 4.
Blame it on those Internet bets like Living.com, MVP.com, and Send.com.
RH 100 factor (2000 and 2001).
VCs deserve credit for portfolio companies that show great promise. Because
the staff of Red Herring spent weeks vetting all of the companies that made the
Red Herring 100 list, we used the private portion of the list (50 companies) in
2000 and 2001 as a basis for determining potential hits. For every portfolio
company on the Red Herring 100, we gave a firm 2 points, with a maximum of
10. Kleiner and Accel Partners were the only firms to receive 10s for both years.
Kleiner had the most companies on this year’s list: Zaplet, Epoch, Synaptics,
SmartPipes, Asera, and Bowstreet.
As much time as we spent thinking about how to create a top ten VC list, and
then double- and triple-checking the data, we’d be nave if we didn’t expect
some VCs to take issue with our numbers or our methodology. So, don’t feel
shy about expressing your opinion.
Write to laragon@redherring.com.
Note: In the “Top 10 VC Firms” on page 185 of issue 97, Menlo Ventures
should have been ranked No. 8 and North Bridge Ventures should have been
No. 9. In addition, we did not make it clear that three firms tied for 4th place:
Sequoia Capital Partners, Oak Investment Partners, and Mayfield. The data
is correct here.
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