eVa's unicorn. Editor’s note: Fred Destin moved to London to join Accel Partners in September 2014 after 10 years at Atlas Venture in Boston.
When you look at the returns of a typical VC fund, they may appear somewhat evenly distributed. For instance, 25 percent of the portfolio may be worth zero, 25 percent may return one times the cash invested, 25 percent may yield a reasonable three times multiple, and what happens to the remaining 25 percent will determine whether you’re a top-tier venture capitalist. Since fund returns are usually discussed in these terms, an important point may be missed: the profiles of the most successful funds are incredibly skewed by the best outcomes, with the top two or three deals making all the difference.
Suzhou chine (via FNEGE)