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PitchBook Analyst Note: VC Manager Style

Q4 2020

PitchBook Analyst Note: VC Manager Style

November 20, 2020

PitchBook Analyst Note: VC Manager Style
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This note uses the PitchBook Private Manager Style as a framework for evaluating VC fund managers. Given the vast number of managers in the VC asset class, finding points of differentiation between managers can present a challenge. By looking at the industry distribution of a manager’s prior investments, we can use the Private Manager Style to determine if a firm skews more toward generalist or specialist approaches. We present case studies of a few well-known VCs, calculate a sector and industry group HHI scores for each manager, and discuss how the distribution of a manager’s investments affects these scores.