To be fair, Acel, DST and others are really small investors, compared to Fidelity, Barclay's, BOA and the likes. Plus, Accel's and DST's business model is to score and more or less get out at the IPO.
DST = (Not sure about AUM, but they have about $1B in Facebook which is a relatively large amount, but they only invested $200m which is a very small amount compared with large mutual funds.)
Compared that to large asset managers and you can see they are very small:
Go to page 23, Accel would be ranked around 480 on the list with just $6B under management. (the numbers listed on that table are in millions, top asset managers have multi trillion dollars under management.)
Also it is worth noting that the companies he mentions like Fidelity are experts at valuing publicly traded companies where Accel etc. are experts at finding small, rapid growth companies.
Accel Parters = $6B Assets Under Management (AUM)
DST = (Not sure about AUM, but they have about $1B in Facebook which is a relatively large amount, but they only invested $200m which is a very small amount compared with large mutual funds.)
Compared that to large asset managers and you can see they are very small:
Go to page 23, Accel would be ranked around 480 on the list with just $6B under management. (the numbers listed on that table are in millions, top asset managers have multi trillion dollars under management.)
http://www.towerswatson.com/assets/pdf/2942/PI500-Analysis.p...
Also it is worth noting that the companies he mentions like Fidelity are experts at valuing publicly traded companies where Accel etc. are experts at finding small, rapid growth companies.