Bill Maris

Over the course of my time at Section 32, we've had six funds.

Over the course of my time at Section 32, we've had six funds.

We've invested in companies like CrowdStrike and Cohere and Coinbase.

We've invested in companies like CrowdStrike and Cohere and Coinbase.

And all six of those funds have averaged about 400 million in size and all are performing in their top decile.

And all six of those funds have averaged about 400 million in size and all are performing in their top decile.

And to the extent there is DPI to measure, that's the only measure as far as I'm concerned in venture that counts is DPI, which takes me to lesson four.

And to the extent there is DPI to measure, that's the only measure as far as I'm concerned in venture that counts is DPI, which takes me to lesson four.

that this will be heresy to some, but small funds outperform large funds.

that this will be heresy to some, but small funds outperform large funds.

This is simply the math.

This is simply the math.

This is not an opinion I'm trying to convince you of.

This is not an opinion I'm trying to convince you of.

But there are many reasons for this.

But there are many reasons for this.

Smaller funds, you can have more focus.

Smaller funds, you can have more focus.

I mean, I've already managed a multi-billion dollar fund with hundreds of employees.

I mean, I've already managed a multi-billion dollar fund with hundreds of employees.