How Much Does a VC Need to Make?

How Much Does a VC Need to Make? Musing about venture capital return assumptions December 2021. Reading Time: 10 Minutes. Author: Nicolas Rabener. SUMMARYVenture capital funds are highly sensitive to exit multiples given the skewed ratio of winners vs losersThe...

Portfolio Construction in Venture Capital

Portfolio Construction in Venture Capital Lessons from public markets May 2021. Reading Time: 10 Minutes. Author: Nicolas Rabener. SUMMARY A few winners generate most of the venture capital returns Given this asymmetrical return distribution, portfolios should be...

Venture Capital: Worth Venturing Into?

Venture Capital: Worth Venturing Into?Replicating Venture Capital Returns February 2020. Reading Time: 10 Minutes. Author: Nicolas Rabener. This research note was originally published by the CFA Institute’s Enterprising Investor blog. Here is the link. SUMMARY Venture...

Private Equity: The Emperor has No Clothes

Private Equity: The Emperor has No Clothes Replicating Private Equity with Public Equities December 2018. Reading Time: 10 Minutes. Author: Nicolas Rabener. This research note was originally published by the CFA Institute’s Enterprising Investor blog. Here is...