The Hunt for Unicorn VCs: Benchmarking Startup Investor Portfolios

No metric of investment success is very instructive unless there's some estimate of or proxy for purchase price of positions.

For example, some VCs play the game of buying a bit of stock in as many hugely successful start-ups as they can, even if it's on the secondary private market at near-IPO valuations, so that they can put cool logos on their websites.

I'm a little dissapointed to see USVP on the bottom, but overall I think the analysis is pretty accurate. That is to say, it jibes with my gut feelings about things.

I like the idea of this post, but have a few qualms. For example, flipping "unexited portfolio companies" into "shots on goal" seems a little strange.

I'm wondering why there was no measurement across these metrics: 1. Total portfolio valuation 2. Portfolio value divided by number of companies