Three Levers to Longevity in VC

1. Allowing Space for Honest Self-Criticism

Feld credits the act of being brutally honest with himself and his firm as the primary lever for Vintage’s success: “There is no better medicine in venture than analyzing your own firm as you would analyze your portfolio companies. You may be very surprised by what you find when you look in the mirror. The venture funds that survive the bad days aren’t the ones that drank the Kool-Aid of overconfidence and hype, but the ones that took the preventative medicine.”

2. Promoting Diversity Internally and Externally

“We have become a much better firm because of our diversity,” says Feld. “Diversity and inclusion is not just the right thing to do; it’s the smart thing to do.”

3. Navigating the Web of the Venture Capital Ecosystem

As a fund of funds, secondary fund, and direct venture capital fund, Vintage simultaneously has its fingerprints on multiple angles of the industry. Endearingly described by Feld as a grandfather that invests in the child and the grandchildren, Vintage has evolved into a key node for multiple different venture capital-related ecosystems.

  • One hundred percent of rebates from companies or funds go to Vintage’s LPs and not to the management company.
  • No one on the Vintage investment team personally invests in any private tech companies or funds:“We simply are not prepared to put ourselves even remotely in a potential conflict of interest with our LPs or the VCs in whom we invest.”

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