Reid Weaver Dennis

1926 - 2024

Reid Weaver Dennis
May 16, 1926 - March 14, 2024
Reid Weaver Dennis passed away peacefully on March 14, 2024. A pioneering venture capitalist, he will be remembered for his brilliance, optimism, remarkable generosity, and unwavering support of people's passions.
Reid was born in San Francisco on May 16th, 1926, to Helen and Archibald Dennis. He lost his father at a young age and his grandfather became central to his life. They shared a fascination with trains and cars and really, any machine that moved. Through his mother he found delight in Yosemite and Lake Tahoe.
Reid thrived at The Thacher School and enlisted in the navy immediately after graduation. He served as a LORAN operator and upon return was accepted at Stanford University. His grandfather urged him to get a technical skill, as he was convinced that there would be "no room for businessmen" after FDR. Fortuitously, he majored in electrical engineering but, because he saw that "all the engineers are working for businessmen" he stayed on to get an MBA. He co-authored a paper while working on his MBA on the challenges of funding startups.
Reid made two great moves in those early days. First, he courted and married Peggy Evans, a wonderful partner for the adventures that lay ahead. Second, soon after graduation, he invested virtually all his savings in privately held Ampex. In the next several years, that stake grew more than 50 times in value. He kept his day job, managing funds for Fireman's Fund and then American Express, while making venture investments on the side with a small group of like-minded people.
In 1974 he founded Institutional Venture Associates, backed by funds from American Express, the Ford Foundation, and others. That first fund was a huge success. He then founded Institutional Venture Partners in 1980. These funds were also remarkably successful, and IVP is still going strong. He was an eternal optimist, noting that "optimists have more fun - and they make more money!" He was enthralled by the entrepreneurial mind, and he loved helping great ideas blossom into businesses.
He was an adventurer with a twinkle in his eye, loving flying, driving, and boating. He logged about 9,000 hours in Cessna piston aircraft, Cessna jets and Grumman amphibians. In 1972, he flew a small twin Cessna prop plane to Kuwait to meet with investors. This was before GPS, so you flew the pipeline as a navigation aid, with an axe on board. In an emergency, you could land on the service road and chop a hole in the pipeline. The ARAMCO staff WOULD come out and find you.
In 1997, they flew their Grumman Albatross with a crew to document Linda Finch's global circumnavigation in a Lockheed Electra, duplicating Amelia Earhart's ill-fated flight, never faster than 150 mph or higher than +/- 5,000 feet. Its progress (and successful completion) was followed by children in classrooms for educational purposes.
He and Peggy built a cutting-edge solar home in Sun Valley in the 1980s. They also shared a passion for opera and were long time supporters of the San Francisco Opera. Reid served on the Opera board for 37 years, 14 crucial years as chairman – the years of rebuilding after the Loma Prieta earthquake.
Reid is survived by his wife of 76 years, Margaret (Peggy) Dennis and their four children, Reid Jr., Suki, Harry, and Don. He was an adoring grandfather and great grandfather and took great joy in watching his 11 grandchildren and 17 great grandchildren develop. We have all benefited by his wonderful presence.
Peggy prefers no flowers. Please consider gifts to the San Francisco Opera or Doctors Without Borders. A celebration of life will take place toward the end of this year.