IVP recently announced the closing of its 18th fund, raising $1.6 billion in capital commitments. Eric Liaw, a longtime general partner, shared insights in a conversation. Despite current market challenges, IVP maintained consistency in its fundraising strategy, avoiding excessive capital deployment.
Succession at IVP and the prominence of founder Reid Dennis and earlier investors were discussed. Liaw also talked about Klarna, a portfolio company facing public scrutiny over board disagreements. Here are edited excerpts from the conversation. Listen to the full podcast here.
Congrats on the new fund! Was fundraising more challenging this time?
Liaw: It’s been choppy, but consistency was key for us.
Did you take funds from Saudi Arabia?
Liaw: We don’t disclose our LP base, but we do not have funding from that region.
You moved from the Bay Area to London. Why?
Liaw: Expansion to Europe was a natural progression, given our successful investments in the region.
Thoughts on the Klarna situation?
Liaw: We’re excited about their business performance and look forward to their future plans.
Any interest in BeReal for Series C funding?
Liaw: We’ve researched them in the past but are not current investors.
How is IVP navigating the current valuation reset?
Liaw: Companies with promise will always attract competition, and valuations can feel high, but belief in the potential drives our investment decisions.
Regarding succession at IVP:
Liaw: Our culture fosters upward mobility, providing opportunities for younger partners to grow within the organization.
Do advisors still receive carry?
Liaw: While I can’t discuss economics, we value their contributions and advice at IVP.
