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CEO Talk (5/9) - Performance Dispersion and Diversification Play a Major Role

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January 3rd, 2023





Bill Kelly, the President and CEO of CAIA, sat down with Stableton’s CEO Andreas Bezner to discuss various topics driving private markets today. This 2:50-minute video is the fifth in a series of excerpts from that 26-minute conversation. Bill Kelly starts by pointing out that the performance gap between the median and the top quartile funds in the venture capital space is a whopping 2000 basis points, requiring investors to seek profesisonal assistance in navigating this challenge. Andreas Bezner, our CEO, reminds the audience that venture capital investing is subject to the power law, i.e. the idea that a small number of investments will generate the majority of returns. He continues to explain that three to four investments cannot possibly be representative of VC performance characteristics due to the enormous dispersion. Andreas suggests either accessing a diversified product or building a portfolio oneself with products that feature low investment minimums. He also observes the market moving away from concentrated blind pool funds to diversified thematic porfolios, and eventually even to thematic private market indices.

Here's the video of the complete conversation between Andreas and Bill. 26 well-invested minutes into private market insights:

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