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The new math: Why seed investors are selling their winners earlier
Charles Hudson had just closed his fifth fund several months ago – $66 million for Precursor Ventures – when one of his limited partners asked him to run
Harvard, of course, is the poster child here, with federal investigations into its admissions practices, threats to research funding tied to compliance issues, and ongoing scrutiny of its substantial endowment amid calls for universities to increase their annual spending requirements or face taxation. Navigating these demands requires the kind of portfolio management sophistication that seed investors haven’t traditionally needed, which Hudson views with some ambivalence. The approach works for deploying large amounts of capital efficiently, but it misses the “weird and wonderful” companies that have defined Hudson’s best returns and kept Precursor in the game.
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