We thank Benno Schmidt, interim CEO of the Kauffman Foundation, and our Investment Committee, for their support of our detailed analysis and publication of the
Foundation’s historic venture capital port
folio and investing experience.
Quantitative Director, Bill Weeks, contributed exceptional analytic work and key insightsabout the performance of our portfolio.We also thank our colleagues and readers Paul Kedrosky, Robert Litan, Mary McLean,Brent Merfen, and Dane Stangler for their valuable input.We also are grateful for the more than thirty venture capitalists and institutionalinvestors that we interviewed, who shared their candid views and perspectives on thesetopics.
A NOTE ON CONFIDENTIALITY
Despite the strong brand recognition of many of the partnerships in which we’ve
invested, we are prevented from providing specifics in this paper due to confidentialityprovisions to which we agreed at the time of our investment. Similarly, the data andanalyses we present in this paper are mostly our own because detailed informationabout VC fund performance and structures is nearly impossible to obtain given theconfidentiality terms in the typical limited partner agreement.