Odin

“84% adoption: 39 of 56 GPs already use SPVs, with 8 more planning to”

“Odin's new directory spans four decades, from the 1980s through 2026, built to counter an industry running mostly on anecdote.”

“The piece ties venture's short-form bias to the spiral of silence, where people suppress non-consensus opinions when they expect disagreement.”

“ZIRP-era fund convergence and its disappointing returns made the case... did this thesis come from visiting a factory or analyzing proprietary data, or just absorbing other investors' takes secondhand?”

“When VC inflows expand, incremental capital primarily funds incumbents. When markets contract, emerging managers bear disproportionate pain.”

“AI-based opportunity screening matched human analyst quality at 537 times the speed, making automated deal flow viable for scaled platform funds pursuing a smart beta index strategy rather than outlier hunting.”

“Dan Gray at Odin wrote a structural critique of how venture capital's fee economics have decoupled from LP returns.”

“Of the 10 companies that raised more than $3B in private markets, only Robinhood shows a slight positive return vs. the S&P 500. A portfolio built on the thesis that large private raises signal quality would be at -120.5% today.”

“The same company held private for 14 years through multiple rounds absorbing ~$1B in VC capital generates $250M in fees, with no improved exit outcome.”

“The newsletter references a longread titled 'The disappearance of the ten-year fund' by Dan Gray of Odin”