Gradient Ventures

“Maximum concentration (22 companies, 15% ownership) has a median TVPI of 0.9x and a 90th percentile of 5.5x, below the less-concentrated lead strategy at the same percentile.”

“At $30M, high-concentration strategies shrink the portfolio to 9-13 companies. Top quartile falls to 1.4-1.5x and top decile to 3.5x, below what more diversified strategies produce. Half of simulated maximum-concentration funds lose LP money.”