Meet The Goldman Sachs Legend Shaking Up Venture Capital

Sheila Patel says it was time for the venture capital sector to “grow up” and higher rates will help do that job. VC firms need to think differently about how they invest.
Sheila Patel has had an extraordinary career across Goldman Sachs and now the VC sector. Picture: Dominic Lorrimer

James Thomson

Meet The Goldman Sachs Legend Shaking Up Venture Capital

November 10, 2023
Sheila Patel says it was time for the venture capital sector to “grow up” and higher rates will help do that job. VC firms need to think differently about how they invest.
Read Transcript

Sheila Patel says it was time for the venture capital sector to “grow up” and higher rates will help do that job. VC firms need to think differently about how they invest.

Perhaps the most surprising thing about WeWork’s slide into bankruptcy is that it didn’t happen sooner.

But it’s fitting that a company with a business model so bizarre – this was a risky start-up built on sub-leasing expensive office space to other risky start-ups – collapsed in the same week Australian interest rates hit a 12-year-high.

There’s simply no way WeWork would have been valued at $US47 billion, as it was in early 2019, in today’s world of 5 per cent interest rates. But the fact it took so long to collapse reminds us that the excesses of the past decade are still seeping out of the system.


Australian superannuation funds who’ve increasingly increased their exposure to private assets would do well to remember that. But they should also heed the words of market veteran Sheila Patel, who will visit Australia next week for the Sohn Hearts & Minds conference at the Sydney Opera House next Friday.


She says this shakeout will take some time to play out. “You will see people really think about asset allocation in a different way because of the bar to which investments have to be held with the kind of yields we see in the market. And that doesn’t unwind itself in any quick way.”


Patel has had an extraordinary career. In 2021, she retired as the chair of Goldman Sachs $US2.7 trillion ($4.2 trillion) global asset management after 18 years with the firm. Now she is at the other end of capital markets as vice chair and general partner of B Capital, the venture capital firm set up by Facebook co-founder Eduardo Saverin. She is also co-chair at another VC firm, Antler.


The backdrop of rising yields has meant dramatic changes for start-up founders, who Patel says now must have both a good idea and a path to revenue and profitability. It’s harder to raise money, and valuations have fallen sharply. But that’s no bad thing, she argues.


“It forges a better founder to deal with adversity in this way. When you’re launching in this type of interest rate environment, you better be much more sure.”


But these changes are being felt across the entire sector, and venture capital firms also face a tougher fundraising environment as yields rise, valuations drop and institutional investors reassess their portfolios. Again, that’s no bad thing.


“It was time for the sector to grow up,” Patel says. VC firms are now “being held to a standard that everybody in other areas of private equity and other areas, other asset classes have long been familiar with, which is ‘what returns have you shown me lately?’”


But institutional investors will also have an eye on history, which shows that the very best VC returns are often made from investments made in tougher times.


Patel somehow found time to teach a class in derivatives at Columbia University when she was at Goldman Sachs, and she’s bringing a little of that thinking to the VC world. A derivatives trader, she explains, is trying to construct a portfolio that balances risk and reward.


This approach was arguably taken to its extreme by so-called crossover funds that sprayed cash around in late 2020 and 2021, essentially betting big winners would cover multiple losers. Patel’s goal is to swing the pendulum back to a thoughtful place.


“There hasn’t been much focus on that in the venture world, but it matters. It matters what sectors you choose, it matters what stages you invest in, and it certainly matters that you put together a fulsome enough portfolio.”

This article was originally posted by The Australian Financial Review here.

Licensed by Copyright Agency. You must not copy this work without permission.

Sheila Patel says it was time for the venture capital sector to “grow up” and higher rates will help do that job. VC firms need to think differently about how they invest.

Perhaps the most surprising thing about WeWork’s slide into bankruptcy is that it didn’t happen sooner.

But it’s fitting that a company with a business model so bizarre – this was a risky start-up built on sub-leasing expensive office space to other risky start-ups – collapsed in the same week Australian interest rates hit a 12-year-high.

There’s simply no way WeWork would have been valued at $US47 billion, as it was in early 2019, in today’s world of 5 per cent interest rates. But the fact it took so long to collapse reminds us that the excesses of the past decade are still seeping out of the system.


Australian superannuation funds who’ve increasingly increased their exposure to private assets would do well to remember that. But they should also heed the words of market veteran Sheila Patel, who will visit Australia next week for the Sohn Hearts & Minds conference at the Sydney Opera House next Friday.


She says this shakeout will take some time to play out. “You will see people really think about asset allocation in a different way because of the bar to which investments have to be held with the kind of yields we see in the market. And that doesn’t unwind itself in any quick way.”


Patel has had an extraordinary career. In 2021, she retired as the chair of Goldman Sachs $US2.7 trillion ($4.2 trillion) global asset management after 18 years with the firm. Now she is at the other end of capital markets as vice chair and general partner of B Capital, the venture capital firm set up by Facebook co-founder Eduardo Saverin. She is also co-chair at another VC firm, Antler.


The backdrop of rising yields has meant dramatic changes for start-up founders, who Patel says now must have both a good idea and a path to revenue and profitability. It’s harder to raise money, and valuations have fallen sharply. But that’s no bad thing, she argues.


“It forges a better founder to deal with adversity in this way. When you’re launching in this type of interest rate environment, you better be much more sure.”


But these changes are being felt across the entire sector, and venture capital firms also face a tougher fundraising environment as yields rise, valuations drop and institutional investors reassess their portfolios. Again, that’s no bad thing.


“It was time for the sector to grow up,” Patel says. VC firms are now “being held to a standard that everybody in other areas of private equity and other areas, other asset classes have long been familiar with, which is ‘what returns have you shown me lately?’”


But institutional investors will also have an eye on history, which shows that the very best VC returns are often made from investments made in tougher times.


Patel somehow found time to teach a class in derivatives at Columbia University when she was at Goldman Sachs, and she’s bringing a little of that thinking to the VC world. A derivatives trader, she explains, is trying to construct a portfolio that balances risk and reward.


This approach was arguably taken to its extreme by so-called crossover funds that sprayed cash around in late 2020 and 2021, essentially betting big winners would cover multiple losers. Patel’s goal is to swing the pendulum back to a thoughtful place.


“There hasn’t been much focus on that in the venture world, but it matters. It matters what sectors you choose, it matters what stages you invest in, and it certainly matters that you put together a fulsome enough portfolio.”

This article was originally posted by The Australian Financial Review here.

Licensed by Copyright Agency. You must not copy this work without permission.

Disclaimer: This material has been prepared by Australian Financial Review, published on Nov 10, 2023. HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.

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Ashish Swarup - Invest In Snacks, Let's Get That Bread | Aikya Investment Management

Ashish Swarup, Portfolio Manager and Investment Analyst of Aikya Investment Management joins Bryce and Ren to discuss emerging markets, and two stock deep dives.

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Surging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFPSurging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFPSurging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFPSurging interest rates have delivered new investment opportunities for Wall Street hedge fund Third Point. Picture: Getty Images/AFP
November 15, 2023

Daniel Loeb’s Wall St Hedge Fund Third Point Raises Bets On Corporate Credit Crunch

An “obsession” around balance sheet strength and debt is creating a new wave of investment bets for the influential Wall Street hedge fund run by Daniel Loeb.

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November 13, 2023

Bond Bullish On Commodity Stocks, Uranium

Mining stocks are poised to rise amid tight supply for key commodities such as copper, nickel and uranium, says Terra Capital founder Jeremy Bond.

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November 13, 2023

This Hedge Fund Manager Is Making A 100-Year Bet On Luxury

European leisure and luxury – a designer handbag, a last-minute flight to Monte Carlo, a stay in a five-star hotel – is where many choose to spend their hard-earned cash. For Sharif el Khazen, it’s where he makes it.

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Munro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki ConnollyMunro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki ConnollyMunro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki ConnollyMunro partner and portfolio manager Kieran Moore says Nvidia will be critical in the expansion of accelerated computing. Picture: NCANewswire / Nicki Connolly
November 12, 2023

How Munro Will Pick Its Next Stock Winner

Munro partner and portfolio manager Kieran Moore must select a single company to pitch to an audience of industry heavyweights at the prestigious Sohn Hearts & Minds conference in Sydney.

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Ray Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: BloombergRay Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: BloombergRay Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: BloombergRay Dalio last month. His hedge fund has been under heightened scrutiny with the release of a tell-all book. Picture: Bloomberg
November 12, 2023

The Australian At The Centre Of Dalio’s Bridgewater – Who Loves It

The culture at Ray Dalio’s massive hedge fund has been a source of intrigue, and with a new book, controversy. Atul Lele says it’s made him a better investor.

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November 8, 2023

Tom Naughton - There's Money In Mi Goreng | Prusik Investment

Tom Naughton is Managing Partner and CIO at Prusik Investment. In this episode, he chats to Equity Mates ahead of his appearance at the 2023 Sohn Hearts and Minds Conference.

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November 6, 2023

Why Chris Kourtis just bought CSL and ResMed

A true contrarian investor, Chris Kourtis can find himself sounding a lot like a bull when in the company of bears, and there’s a lot to be bearish about at the moment.

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Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.Jun Bei Liu being coached by Jonathan Pease. Picture: Renee Nowytarger.
November 5, 2023

Five Secrets To Delivering The Perfect Pitch

Australia’s best stock pickers have just eight minutes to convince the country’s top money managers they have found an investment gem that the market has overlooked.

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Picture: Solomon Lew & David ParadicePicture: Solomon Lew & David ParadicePicture: Solomon Lew & David ParadicePicture: Solomon Lew & David Paradice
November 3, 2023

Paradice and Lew on their love of medical research – and Greece

Solomon Lew, the billionaire retailer, has known David Paradice, the high-profile fund managers, for years. Beyond investing, they share a common interest in medical research – and holidaying in Greece.

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November 2, 2023

Meet the 2023 Conference Managers

Following a rigorous global search, the Conference Fund Manager Selection Committee is pleased to share ten new managers for 2023.

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