For their biggest value drivers, USV was neither first nor the only investor to see these companies. It seems like they have recognized the upside in ideas that might’ve been a bit out there at the time for the other investors.

Sometimes one differentiates with a killer blog and by being an outsider vs. being the Nth local firm (our Brazilian friends call this the Gringo effect ).

Fred had a clear chip on his shoulder. He lost his first venture firm, Flatiron, following a poor vintage during the dotcom boom, and went through a period of self-reflection before starting USV. He notes that the first thing on his mind was to prove wrong all the people who didn’t want to keep going with them.

It is never too late to build one of the best funds in history. When they raised and deployed USV Fund I, Fred was in his early 40s, having spent almost two decades in venture, and Brad was in his late 40s.

John Buttrick in 2010, following his corporate law career, and Andy Weissman in 2011 after having founded Betaworks in 2007.

* 2023 data by Oregon Public Employees Retirement Fund