1/ If you’re an emerging manager right now, you might be struggling. VCs are not immune to this crisis. Some advice:

2/ First the data — 1,200 seed fund were raised in the US over the last 11 years. That excludes nano-funds. Many are first-time portfolio managers.

According to @Samirkaji, 60-70% have the majority of their portfolio facing 6 / 12-months runway. This is going to be rough.

3/ Over-communicate with your LPs. This is not a time to sell, but to be transparent. Your investors are trying to figure this out, and unique, deep portfolio insights are valuable. They will respect you for being honest and realistic.

4/ Don’t be *that VC* who steps off the Peloton to tell founders to cut burn by 40%. Get into the arena. Delve into product, sales, GTM etc. Your founders need sparring partners to think this through. Do the work. Focus on solutions.

5/ Be equally transparent with your founders as you are with your LPs. They’re not expecting miracles from you and they understand the crisis may force you to make hard decisions. Just be a steady influence.

It’s harder for them than for you.

6/ There is a lot we don’t know. Trust is paramount, with your founders, your investors and your team. Do your best to correctly assess each situation and don’t let your own fears seep into it. Don’t sway. Don’t rush into pivots either.

7/ You may or may not make it through to fund II; these are exceptional times.

But no one can take away from you the meaningful work you with founders and the relationships that you build through this crisis.

Or the way you acted under duress.

8/ I cover this and other thoughts on how the crisis is affecting venture capital in my latest podcast with my partner and friend @HarryStebbings on the @twentyminutevc. https://thetwentyminutevc.com/freddestin3/