如何选择风投基金

    对于有限合伙人，这些概率无一足以推导出系统性策略。对于一般合伙人，很多策略都可能起作用。我很高兴把钱投到了500Startups（仍在不断尝试之中，但效果令人振奋）、首轮资本、Atlas Venture、星火资本和A16Z等风投，覆盖了企业发展的完整曲线（诚然，更倾向于新的风投经理）。

    我不信奉大基金，因为我不知道如何才能有效地运营一只大基金。我们相信，有限的资本是件好事。因此，我喜欢较小的早期基金，平等的经济利益和团队意识将所有的合伙人凝聚在一起。我支持比尔•格利的观点，而且基准资本的表现一直令人振奋。我不是说恩颐的策略不起作用。或许也管用。

    但这不是我的策略。

    弗雷德•德斯丁是Atlas Venture风投公司的波士顿合伙人。这篇文章最初发布在他的博客上。

    译者：早稻米

    See, for the LP, none of these odds are good enough to derive a systematic strategy. And for the GP, many strategies will likely work. I'd happily put money in, say, 500Startups (an experiment to be sure, but an exciting one), First Round Capital, Atlas Venture (wink), Spark Capital and A16Z, thereby covering the entire curve style (admittedly with a bias to new managers).

    I am not a believer in big funds because I would not know how to run one effectively. We've found capital constraints to be a great friend. So I am perfectly happy with a small-ish early fund where all partners are aligned through equal economics and a desire to make it as a team. I'm in the Bill Gurley camp, and Benchmark has always been an inspiration. But I won't be the one telling you the NEA strategy won't work. It might.

    It's just not my strategy.

    Fred Destin is a Boston-based partner with Atlas Venture. This post originally appeared on his blog.