大半夜的睡不着,无意间在Twitter上看到这样一些总结:

  1. Junior VC is only sometimes a pipeline to a career in VC. Some firms promote, most don’t.
  2. Junior VC is usually deal-sourcing and sometimes diligence, while GP is picking, board directing, and fundraising.
  3. LPs hate the first-time GPs, so you’ll probably want to join a fund if you want to get investing experience.
  4. Angel investors with multiple 100M+ exits get hired by funds as GPs.
  5. Highly successful entrepreneurs (1000M+ exit) get hired by funds as GPs.
  6. Very well-connected senior executives at growth startups get hired by funds as GPs (sometimes).
  7. The only thing harder than joining a firm is leaving one, so GPs are very selective about adding to their partnerships.
  8. If you want to be an angel investor, invest the amount of money you’d be comfortable lighting on fire.
  9. No set path to VC. The GOAT investors have been a journalist, career VC, entrepreneur, athlete, banker, a lawyer before.
  10. Prepare for long feedback loops.
  11. Most of your time will be spent helping companies that aren’t working die gracefully or saying no to ideas you don’t really like.
  12. Least meritocratic industry ever. A firm’s success is driven by its prior success. Intense network and bandwagon effects.
  13. Some of it is about taste, some of it is about intellect, but a surprising amount is about who you know.
  14. A GP, however, is only as good as their last great deal. The vast majority of GPs haven’t seen a carry check.
  15. You’ll be taxed on gains before you earn them, so make sure you’ve got some money leftover. GPs invest (a lot!!) in their funds, too.
  16. Take a long time to build a great reputation. Takes a short time to spoil it. Protect it.
  17. It takes about 6-7 years to know if you’re any good at it (that is if you have created the right conditions for luck).
  18. Every relationship becomes transactional. Everyone you know either wants investment or knows someone who does.
  19. When you’re first raising, nobody wants to invest. When you have momentum, everybody does.
  20. Lots of internal inconsistencies. You have to be very high conviction about companies you know are going out of business.
  21. Success tends to accrue to those investors with strong points of view. Just have to be more right than wrong.
  22. Feel the power law in your bones to understand the odd entropic nature of VC.
  23. If you have demonstrated an element of resource magnetism, that can make you a good candidate for VC.

简单说:

  • 大部分投资机构并没有给新入行的人上升通道,在加入一家机构时对这一点要有预期;
  • 绝大多数GP都没有见过Carry的支票,所以,对于新入行的投资经理,就更别对此做太多预期;
  • 这是一个超长周期的行业,通常需要6-7年的时间你才会知道自己是否真的适合,运气也是其中一个重要影响因素。对于反馈周期,你要有实际的预期。也是基于这一点,我并不推荐二十几岁的年轻人入行,虽然我自己是这样的情况😜;
  • 成为VC并没有标准道路,但如果你有很强的网罗资源的能力,你就是很好的候选人。言下之意也很清楚,强大的人脉/资源网络是核心竞争力;
  • 但你要想清楚,人脉是什么?以及凭什么你能有“强大”的人脉?想想,这种核心竞争力究竟是如何建立的?或许你就能明白为何会有这样一句话:投资应该是一个人职业生涯的最后一站;
  • 推理下去,保护好你的声誉,因为这需要长时间建立,却可以顷刻间毁掉。再想想,什么才能建立你的声誉?
  • 不要否认投资贪婪的一面,控制它;不要滥情天使友善的一面,控制它。