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Whatnos it with this $1 billion under management? Michael, it's just not true and the fact that you continue to report it as such is poor journalism.
2 years, 1 month ago on Chris Sacca taps CAA star Matt Mazzeo to lead new LA firm, Lowercase Stampede
@mcarney what's your email?
2 years, 1 month ago on Sacca: Betrayals at Twitter cut deeper than junior high
@mcarney Honestly, this whole thing is pretty silly at this point. i just felt the need to step in as i'm a fan of this site, but got annoyed by this story and folks going after some of the people posting the truth. If you really want the actual story, reach out to JPM or guys like Conway (he probably doesn't have firsthand knowledge, but can provide some useful background on some of these super angels).
I am an investor in JPM's Digital Growth Fund and know firsthand that Sacca had to be directed to stop leaking incorrect information to the NYT and, I believe, the WSJ about how he ran that $1 billion fund. That fund is run by Larry Unrein at JPM and Sacca was merely paid a pretty small fee plus a carry if the fund achieves certain benchmark targets. Due to JPM's and investor annoyance / outrage with Sacca's false claims (imagien your surprise if you invested in a heavily touted fund and then read in the NYT that some guy that JPM never mentioned in any of their presentations claimed credit for the whole thing), he no longer is involved with the fund (not that he ever had any role in the management of it whatsoever...per the above, neither Sacca nor lowercase are even mentioned in the Digital Growth Fund documents, I personally went back and checked) and the subsequent investments in Twitter by JPM were done without Sacca's involvement. In addition, I believe, Sacca was not compensated on the follow on round.
If you want to read what real VCs think of guys like Sacca, talk to Unrein or Ron Conway. As far as anyone can tell, Sacca has had one decent exit with Instagram and a couple of much small ones. He usually (or at least early on) made investments of $25k or so and it's a big stretch to say he's a hugely successful angel at this point. He may well become successful (and good on him if he does, I have no problem with the guy, I just don't like read false claims about funds that manage my money or that of entities for which I am a fiduciary) but in this game, liquidity events are what matter, not mark to market.
As for Mr. Carney, if you want to be a journalist, it might help if you start asking tougher questions and verifying facts. Pando is a good site and usually does a much better job reporting, but these Sacca stories lack any journalistic rigor. Someone should really step in here and impose some standards.