James Sedgwick-Heath
Investment Principal, venture allocator and writer
Summary
Work
Education
Projects
Writing
Reserves Are A Scam
October 1, 2025Critiques the common VC practice of reserving capital for follow-ons, arguing upfront ownership often produces better outcomes and reserves can dilute conviction and returns.
Why Specialists Will Win the Next Decade of Venture
March 1, 2025Argues specialists outperform generalist VC funds, presenting data that specialist funds increase the probability of top-quartile outcomes and recommending LPs allocate to specialists.
Small Funds, Big Wins
March 1, 2025Makes the case that smaller VC funds can deliver superior returns due to ownership dynamics and lower return hurdles, while noting selection/access risks for LPs.
The VC Fund Trap
January 1, 2025Essay arguing that mid-sized VC funds face a 'trap' between small, ownership-optimised funds and elite firms with top-tier access; discusses fund size dynamics, incentives, and risks for 2025–2030.
A VC’s Guide For Family Offices Investing in Venture Capital
Guide aimed at family offices on why and how to allocate to venture capital, covering allocation strategy, fund vs direct investing, and portfolio construction considerations.