Shadow Portfolio

We have always admired the transparency shown by Bessemer Venture Partners in their Anti-Portfolio. Opportunities that they passed on which turned out to be fund-returners and more.

Fortunately, our anti-portfolio misses haven't been as earth-shaking, yet. But don't weep for Bessemer.

However, our Shadow Portfolio offers a list of companies we loved and pushed for investments in. For a variety of reasons, the investment committee chose to decline the recommendations. In some cases ($FB, $P), we actually recommended investments on several occasions. This led to potentially-job-endangering interactions. As you can tell, some turned out to be full impairment type exits, and some, IRR movers.

So we list ALL of them here, in part to remind us why true conviction always matters, and in part to keep in mind that any one hit from the list could have had us kite-surfing, every day.