Gurley recounts PE firm making billion dollars on DoubleClick exit but struggling because it was in $4 billion fund.
“I said to him, I want to say, congratulations, man, that's incredible. He goes, well, it's in a $4,000,000,000 fund. Wow. Wow. You know? Yeah. So, That's you have an incredible outcome.”
Gurley says Benchmark peers increased fund sizes tenfold and moved to multi-stage investing model.
“Many of the peers of Benchmark have taken their fund size up 10 x. So their their assets under management and they've entered they've declared themselves multi stage.”
Gurley says branded VC firms have increased fund size 10x from $500M to $5B over recent years.
“Today, many of the branded firms, I think, have moved from maybe 500,000,000 commitment every three or four years to 5,000,000,000. So 10x. And they're participating very actively in what we would call late stage.”