Dario Predicts the End of Cancer, Will AI Replace VCs & the SPV Fee Trap
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Lerer Hippeau managing partner Ben Lerer predicts that venture funds under $500M will raise less money this year than in any other year this past decade. LPs are piling into megafund platforms, while family offices skip commitments for SPVs. For everyone in between, he says, “the middle is cooked.”
On a new TWiST VC roundtable, Lerer joins Jason Calacanis, Jenny Fielding (Everywhere Ventures) and D.A. Wallach (Time BioVentures) to discuss Beezer Clarkson’s data, showing that family offices now put 34% of their VC commitments into SPVs.
OpenAI and Anthropic obviously skew those numbers a bit, but nonetheless, family offices increasingly want to “play venture capitalist” in hot late-stage deals.
What about LPs who sit in five or more platform funds? Don’t they now own all the same companies?
Plus D.A. warns about “freelance investment bankers” collecting SPV fees, Jason shares his 2% one-time SPV fee and his fights to protect pro rata, Jenny flags LPs asking managers for allocations in companies their funds don’t own, and lots more insights from our panel of insiders and experts.
Guests