Get Lucky
I lunch with T, who is in town to attend Hg Capital's AGM and to meet with some venture funds and tech guys, which is where his interests are since he is a "recycled entrepreneur", as he once liked to say. Since 2000, his tech portfolio, which includes Benchmark, Index, Apax, BlueRun, Correlation and Industry Ventures, is 30% net IRR based, in part, on several early exits. We agree : the timing of cashflows has a mighty effect on performance - obvious, but nice to see it confirmed in real numbers (the median vc industry performance over this period 3%).
Sonnet and Madeleine make it home in one piece. Back to work and school tomorrow.
