Signature Scholars – Venture Capital: An Asset Class Matures

July 8th, 2017

Letter from the CIO

Given Signature’s culture of curiosity and the inquisitive clients we are fortunate to serve, I wanted to change things up a bit with this quarterly letter. First, I did not author it. That distinction belongs to Randy Castleman. Randy is a long-tenured venture capital investor and has been working with Signature for the past year as a consultant. We like to think of him as the first in a line of Signature Scholars – individuals who are current practitioners of their craft, from whose knowledge and insight we and our clients may benefit. In this capacity, he has been helping us identify, source and allocate to venture capital funds on your behalf inside our Opportunity funds.

Although not all of you access our Opportunity funds, the information contained within this asset class overview is well worth knowing.

Those of you who know me have heard me speak highly of venture capital in the past, not because it is “cheap,” honestly no asset classes are “cheap” today, but rather because you never know when innovation will occur. We do know, however, that its occurrence will not be tied to economic growth in the same way bond yields or equity prices are. So, I thought it helpful if Randy spent a few pages walking you through the venture capital asset class and how it has changed over time.

As always, we remain grateful for your ongoing support and confidence in us. We will continue to work to deserve it. If you have any questions or concerns, please let us know.

Signature Scholar: Randy Castleman
Randy is an experienced venture investor and advisor to institutional investors on asset allocation, manager evaluation, selection, and monitoring for venture capital funds, and direct investments. He co-founded Court Square Ventures where he was involved in all aspects of the firm’s operations, including fund conception and fundraising, deal sourcing and selection, portfolio development, investment liquidity, and relationships with LPs. Randy has a BA from Princeton, an MBA from UVA’s Darden School and is a Visiting Scholar at the Wyss Institute at Harvard University. He is founder and chair of the Charlottesville Police Foundation.

For the full article, please click on the link above.