Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If you’re a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for! If you want more Acquired, you can follow our public LP Show feed in the podcast player of your choice (including Spotify!): http://pod.link/acquiredlp Sponsors: Thank you to our presenting sponsor for all of Season 11, Fundrise! If you’re considering raising a growth round of capital in the next year, you should definitely explore raising some of it with the Fundrise Innovation Fund. Just email notvc@fundrise.com, and tell them Ben & David sent you. And if you’re an individual looking for exposure to private growth-stage technology companies, you can invest in the Innovation Fund here: https://bit.ly/acquiredfundriseinnovation Thank you as well to Pilot and NZS Capital! https://bit.ly/acquiredpilot22 https://bit.ly/acquirednzsmarginofsafety You can register for the next NZS Talkback here: https://us02web.zoom.us/meeting/register/tZErdOmtrjgrHNB5Z4J4zGp8vejLlznkmC9v Links: Benchmark’s website circa 1997 https://web.archive.org/web/19970222220811/http://www.benchmark.com/ Benchmark’s website circa 2000 https://web.archive.org/web/20020926024038/http://www.benchmark.com/ Benchmark’s website today http://www.benchmark.com Episode sources: https://docs.google.com/document/d/1tvF9-2gtJfKyLA1xjOLxV9uC6DLe0BnRFPa0J-1N_B8/edit?usp=sharing Carve Outs: Bill Gurley’s Runnin’ Down a Dream talk https://youtu.be/xmYekD6-PZ8 Smartless Podcast https://www.smartless.com Mitch Lasky on Invest like the Best https://www.joincolossus.com/episodes/99764091/lasky-the-business-of-gaming?tab=transcript Ursula Le Guin’s Earthsea Cycle https://www.amazon.com/Earthsea-Cycle-Set-Books-1/dp/B07PBZX7HT Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.