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Concentrated funds face adverse selection versus desired deals, Harry Stebbings argues

Concentrated funds face adverse selection versus desired deals, Harry Stebbings argues
Adverse selection in concentrated funds

Harry Stebbings questioned the claims made by concentrated fund managers about their ability to win most of the deals they want. He argued that there is adverse selection in the concentrated model regarding which deals are actually secured compared to those managers aim for, and described the common assertion that managers win 90% of desired deals as inaccurate.

Stebbings has previously addressed notable moves among venture investors, recalling that Miles Grimshaw joined Benchmark in September 2023 after completing a single deal. In another recent clarification, he stated that Valar, not Day One, sought a declaratory judgment in a reported lawsuit. These comments follow Stebbings’ ongoing scrutiny of claims and reporting within venture capital circles.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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