Jon McNeill served as president of Tesla, COO of Lyft, and has started and sold six companies.
Over the same period the number of new funds closed has fallen by more than 75%, meaning capital is concentrating in fewer and larger funds.
"That's all about addiction to fees," said McNeill, "it's not like they've got twenty times the amount of opportunities to fund, they don't."
It's a venture fund, but it also bears resemblance to a private equity fund, an incubator, and a sort of "private Berkshire Hathaway" as McNeill puts it.
The fund takes 100% of the company up front, as opposed to the 20% stake a VC fund would typically take.