About Kleiner Perkins first fund (episode 1)

As I mentioned in my previous post about returns of venture capital, I was lucky enough to see the performances of Kleiner Perkins first fund (launched in 1972). Here is the slide I discovered in mid-December.

I was extremely surprised to find such data. They are usually difficult, not to say impossible to get. I asked the author where he got them. He thought he had read them from a book by a Kleiner Perkins partner. I contacted him and he replied: “Not possible that it came from me. I don’t have such information. Not sure I have ever seen the returns for KPCB 1. I don’t know where the information could have come from.” Too bad.

I also try to “measure the bars” and rebuild what it could have meant in terms of numbers. Here are my measures.

A couple of comments (if we admit all this is true):
– Genentech and Tandem were two home runs (out of 17 deals).
– Even if these two had not worked, the fund value would be $17.8M, i.e. a 2.8x multiple. This would have been a decent return compared to even the best VC funds…

But is this true? You will have to wait for episode 2!

One thought on “About Kleiner Perkins first fund (episode 1)

  1. Pingback: Start-Up: the book » Blog Archive » What Have VCs Really Done for Innovation?

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