Looking Back and Looking Forward

Looking Back and Looking Forward
Over the past 20 years Amherst Fund has made a multitude of venture capital and
private equity investments in companies across many sectors and stages. Since
2003 our fund has achieved an IRR of nearly 25%, which is in the top quartile of
venture capital fund returns and is a multiple of ordinary stock market returns for
that period. We’re proud of this performance and are grateful to all of the
entrepreneurs, partners, and professional service providers who’ve contributed to
this success. Thank you!
Though Amherst Fund has largely exited its control investments, we continue to
manage our remaining investments, including non-control positions in certain
growth companies. Our strategic decision to exit our control investments means
that we are not currently considering new investments in privately held ventures.
We are taking advantage of this natural pause to consider the future, both for the
fund and for us professionally. Matt Turner, CEO, and Jonathan Martin, Managing
Director, continue in their roles managing the fund’s assets while considering the
next chapter in their professional lives. As we enter 2023, we face a noisy, even
chaotic, investment landscape. Until clarity emerges, we will conserve our capital for
the future.