Keep pulling the thread on Bill Maris.
Bill Maris, the founding CEO of Google Ventures, has raised $150 million for his new venture capital fund, Section32.
Based on publicly available information, the estimated return multiple for Google Ventures between 2009 and 2018 was approximately 4.1x.
Section32 has launched six funds, all of which have an average size of approximately $400 million and are performing in the top decile for their vintage.
Bill Maris asserts that small venture capital funds outperform large funds, stating this is a mathematical certainty.
Venture funds smaller than $750 million have an average DPI return of 4.76x, compared to 2.42x for funds larger than $1 billion.
Venture funds smaller than $750 million represent 95% of all top-decile performing funds.
Bill Maris believes that if Google were to cut the price of its AI model tokens by 80%, it would put "super critical" pressure on the business models of competitors like OpenAI and Anthropic.
Bill Maris argues that large private tech companies staying private longer concentrates value creation among an elite group of investors and ultimately makes public 401k and retail investors the "bag holders" for overpriced IPOs.
Bill Maris predicts that the AI industry will experience a developmental leap equivalent to the gaming industry's evolution from the 1980s to the present day, but compressed into the next five years.
The achievement of a realistic simulation of a human cell in silico would significantly accelerate therapeutic development.
Bill Maris argues that the incentive structure in venture capital is broken, as a GP of a $5 billion fund returning 1.01x will make more money than a GP of a $500 million fund returning 3x.
Bill Maris's investment philosophy for his fund Section32 is to invest solely for financial return, as he believes any other metric is impossible to measure and will not succeed.