First Close Partners strives to make VC more inclusive. We back venture funds owned by underrepresented managers (“URMs”), esp to help them to a “first close.”
NYC & SF Bay
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😳 thanks @ychernova & to our partners: @thebetsyz @tgr @reginabenjamin @joshk @EdGrapeNutZimm @pjparson @bibicheri @tyahma @MorganCheatham @batmelon (more coming)
First Close Partners backs diverse VCs. The group already invested in two dozen funds & plans to back 60 this year. "We’ve seen instances of our money being dramatically multiplied by other LPs" @EdGrapeNutZimm @close_first
venturecapital.cmail20.com/t…
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First Close Partners retweeted
I am thrilled to announce Renegade II, a $128M fund to invest in 20 category-defining startups! I’m honored to work alongside @Roseanne Wincek supporting founders who are driven to make their mark. Learn more: renegadepartners.com/blog/in…
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1/ 🧵New @PitchBook data reveals that the journey from a first to a sophomore fund has never been more daunting. Historically (2006-2018), 63% of first-time managers were able to raise a second fund, but the current environment suggests a much tougher road ahead. Let’s dig in on emerging #fundraising ⬇️
ALT First-time VC managers that raised a second VC fund as a share of all first-time VC managers
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First Close Partners retweeted
Check out @LowensteinLLP's @VentureCrushFG Africa Global on 3 April in NYC (also by zoom) How Does Africa Create More #AngelInvestors? #VentureCapital
linkedin.com/posts/lowenstei…
ALT How Does Africa Create More Angel Investors?
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First Close Partners retweeted
Congratulations to @close_first on receiving the #DEI Impact Award from @nvca and @VCForward.
Our Co-Founding Partner @tgr is proud to be a part of the founding investment committee and a part of the community that is creating a more equitable ecosystem in VC.
Thrilled to announce @close_first as the 2024 #DEI Impact Award winner! 🎉Their industry leadership and support of our programs embody the spirit of the award & we're proud to honor their efforts in driving positive change🚀
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Please join our @VentureCrush 3/21 @ 5-8PM ET (Live) 5:30-7PM ET (Zoom)
Venture Capital (Deals and Current Market), AI, & Inclusive Investing w/ @jgoldfein, @NasirQadree & @EdGrapeNutZimm
Live performance by @mglaspy(NYC)
Register: bit.ly/VC032124
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First Close Partners retweeted
We so appreciate this recognition🙏 & your support🔦
We also appreciate the extraordinary underrepresented VC managers /funds that have opened the door for our LP commitments &, of course, our own LPs in our 1st & 2nd funds. #Diversity « Underrepresented / Overperforming »
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Thrilled to announce @close_first as the 2024 #DEI Impact Award winner! 🎉Their industry leadership and support of our programs embody the spirit of the award & we're proud to honor their efforts in driving positive change🚀
🥁 It’s time for a drum roll… announcing @close_first as the recipient of NVCA’s 2024 #DEI Impact Award!
This award, chosen with @VCForward, recognizes an organization who has made a significant impact toward advancing a more #diverse #VC ecosystem.
bit.ly/2024_VCAwards
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So I need some help with questions for @JethaAfsane
(#AltaSemperCapital)
@MarlonCNichols (of @MaCVentureCap @CornellMBA @KauffmanFellow) for tomorrow's
@VentureCrush
1/24 @ 1:30-6PM ET (NYC) OR 2-3:30PM ET (Zoom) W/
Register: my.lowenstein.com/18/4828/la…
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First Close Partners retweeted
What questions do we have for @MarlonCNichols & @AfsaneJetha ?
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Thank you Ed for such a powerful and personal discussion. Thank you also for your support of @January_VC and other emerging managers. We all benefit from your leadership in the venture capital world.
🔗Links to full episode below
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Ed is a convener, a mentor, an advocate, and a champion for diversity. Listen in to hear:
🔓How he broke into venture
💵What he’s learned by investing in 400+ funds
🌱What FCP looks for in fund managers
❤️ The personal motivation behind his work
bit.ly/3S8NOx8
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I’m honored to welcome @EdGrapeNutZimm to Beyond the Cap Table! Ed is a longtime venture lawyer at @LowensteinLLP, he's a prolific angel investor, and he and @thebetsyz are founders of @close_first, a fund of funds that invests in underrepresented GPs.
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Please join @VentureCrush on Wed, 1/24 @ 1:30-6PM ET (NYC) OR 2-3:30PM ET (Zoom)
W/ @hanstung (@GGVCapital) @JethaAfsane (#AltaSemperCapital) @MarlonCNichols (@MaCVentureCap @CornellMBA @KauffmanFellows) & @EdGrapeNutZimm
Register: bit.ly/VC12424
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For those of you that can't get enough of all things venture - huge shout out to @EdGrapeNutZimm's deep dive 🧵 into @close_first data set on over 700 VC funds and their respective mgmt fees 👇✨ 🙏
Here's our chart comparing our @close_first VC Management Fee data to some of @cartainc's (this is not a critique of Carta or its data; we believe more data will be helpful & we know how darn opaque VC is as an asset class). You can see management fees really cluster @ 2% & 2.5%
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Great questions @MoniqueWoodard. Our @close_first 750 VC fund data set had funds w/ a 1% fee that we seriously considered & came closer to doing. The lower fund management fee often reflected a mix of Fund-of-Fund & Direct VC investing or a 'proof of concept. (Continued)
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First Close Partners retweeted
I wonder if there were other factors consistent across funds who charged lower than average fees that led you to not commit (e.g . less experienced GPs trying to solve for track record by giving a haircut on fees).
We (FCP) didn't commit to any of the 15 (of 706) funds (2.12%) in our data set charging 1% or less. But we don't believe the low fee was material to our investment decision & we have committed to low fee/no fee funds.
We understand the current LP trend is reflected by the below
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First Close Partners retweeted
If you'd like our🧵on VC manager DPI based on funds in carry in our pre-@close_first portfolio, see👇. Also, we'll post analysis on carry% from our proprietary 750 VC fund data set soon...but you folks aren't interested in VC fund carry, are you?😄
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THREAD FOR LPs/GPs in VC:
1) I've been talking to VC fund managers (GPs)& the limited partners ("LPs") who invest in them (I'm an LP in numerous VC funds) about expectation for early DPI from seed&pre-seed funds. (DP ="Distributed to Paid In Capital" - i.e., cash $ back to LPs)
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