He meant to convey, that person X, when acting as your VC, is not your friend.
More clearly noted here, when he writes about not confusing a VC's good behavior, as their personal trait.
... they add tremendous value to your startup (recruiting, strategy, coaching, connections, etc.) they are not doing it out of the goodness of their hearts.
... At the end of the day VC’s have to provide their limited partners with great returns or they aren’t going to be able to raise another fund.
If you succeed so do they. Great VC’s do everything they can to make you successful. But just like your bank, credit card company, mortgage holder, etc. they are not confused where their long term loyalty lies.
From my personal previous experiences with VC's, my general issue with them is how they wish to make you successful. They are concerned with the short term success, pump and dump to a certain extent. If that is your concern as well, then excellent. If not, beware that your definition of success, and theirs are going to conflict at some point, and could end up hurting both of you.
> person X, when acting as your VC, is not your friend.
I don't see it that way. if person X is my friend, that's true whether or not they're acting as a VC in a situation. VC's who I am friends may well come to the same conclusion as a VC's I don't know but our interactions are likely to be different. Friendship doesn't have to get in the way with a business relationship; conversely, difficult situations in a business in a relationship don't have to interfere with friendship.
More clearly noted here, when he writes about not confusing a VC's good behavior, as their personal trait.
... they add tremendous value to your startup (recruiting, strategy, coaching, connections, etc.) they are not doing it out of the goodness of their hearts.
... At the end of the day VC’s have to provide their limited partners with great returns or they aren’t going to be able to raise another fund. If you succeed so do they. Great VC’s do everything they can to make you successful. But just like your bank, credit card company, mortgage holder, etc. they are not confused where their long term loyalty lies.