(no subject)

It looks like Vance is a much better politician than a VC, because as a VC he's not good at all, except in raising money from his wealthy political friends.

Vance left Revolution in 2019. Shortly after, he started Narya with Greenspon. The pair raised $120 million in their first fund with backing from Thiel as well as venture capitalist Marc Andreessen and former Google CEO Eric Schmidt, according to a person familiar with the fund’s financials. That fund generated a multiple on invested capital of 1.67 and an internal rate of return of 24.35% after fees as of March 2023, according to an investor document.

Since its founding, Narya has made 14 investments, one of which is in stealth, the person said. They include Rumble, a video platform popular with the political right which went public through a special-purpose acquisition company, better known as a SPAC, while Vance was running for the Senate seat, and Hallow, a Catholic meditation and prayer app. Three others have ties to Vivek Ramaswamy, a businessman who once vied for the Republican presidential nomination and was a law school classmate of Vance’s.

Vance invested again in AppHarvest through Narya and joined the board in July 2020, according to the company’s securities filings. Other board members included Martha Stewart and investor Jeffrey Ubben. In February 2021, the company went public through a SPAC. Vance resigned from the board two months later to make his run for the Senate.

Months after Vance left the board, AppHarvest was sued by individual investors and a county retirement association in five separate lawsuits. These suits alleged that the company had misled regulators and investors and failed to disclose adverse facts about its operations, including a “lack of employee training and an inability to hire and retain employees due to attrition.” The company filed for bankruptcy in mid-2023.

https://www.wsj.com/politics/elections/vp-pick-jd-vance-short-career-venture-capitalist-b3d941e1

Return of 24% over five years is effectively a loss for VC investors. We are dealing here with another business faker.