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Ron Conway

52% return

3 May, 2005

A letter sent from SV Angel to Angel II, LP investors states that the fund has returned 52% after the Google IPO. It says this is in the second-highest quartile of 1999-vintage VC funds. Letter:

We cannot over emphasize our desire to have returned 100% or more of the fund; yet we are thankful for the returns we have produced considering this is a 1999 vintage fund… We predict that the balance of returns will be very low (approximately $5 million) since the remaining companies in the portfolio that are doing well have had subsequent financings whereby we have suffered significant dilution in ownership and loss of liquidity preferences.