Bets, backers and stardust
Why do we double down on mediocrity?
Update: I added the partial exits from 500 Durians to provide a more complete picture on the source of returns from that fund.
This was supposed to come out yesterday but it turned out to be more extensive than planned. But better late than never.
We have Brainjam #3. Today’s edition is additional data from the Mavcap misfire story, focusing on the bets and the backers of each fund. There are some notes as well since the data I reference is Q3-Q4 2023.
Brainjam is an experiment I’m running with founding members where I push out a lil’ something extra or filler that won’t make a regular newsletter.
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You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.
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A lot has changed since the end of 2023, but some of the early believers or limited partners (LPs) in Mavcap-related funds are still in the VC ecosystem — one family office is mentioned in a 1MDB-related trial.
As for bets, let’s say a number of portfolio companies are in some kind of trouble while a handful are enjoying the positive limelight.
Let’s break it down.