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Another $800 Million Fund

Posted on Monday, May 12th 2008

Lightspeed Ventures announced the raising of its new $800 Million fund. “It was a robust fundraising environment,” [Chris] Schaepe [General Partner] said. “There continues to be very good appetite within the LP community for early-stage venture capital.”

Right. Early stage venture capital with a $800 Million fund. Read: Fund Envy and The Real VCs of Silicon Valley.

VentureBeat expands on the topic: “It will continue to invest in early-stage investment in the United States and Israel, but put more focus on later-stage investments in China and India. Despite their immensity, China and India have been capital starved historically, Lightspeed managing director Ravi Mhatre told me.” [Me=Reporter Chris Morrison]

That’s also a somewhat flawed statement, since I don’t see any shortage of available capital in India. The shortage is in good, fundable deals. Read: India – Cash Rich, Product Poor.

There is only one reason for raising these humongous funds: Raw greed for larger and larger Management Fees.

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“Early stage” has a politically correct sound to it which probably makes fund raising a little easier. It speaks of entrepreneurship and innovation as opposed to opportunism and asset pillage.

I wonder what size investment qualifies as early stage in these eyes? That was the question to ask!

Brazel Monday, May 12, 2008 at 12:58 PM PT

That’s right. We have a freaking scam going on, it seems, and the sitting duck Limited Partners are getting taken for a nice little ride …

Sramana Mitra Monday, May 12, 2008 at 1:56 PM PT