There are losses for hedge fund investors with large public portfolios at high-cost bases. An early-stage company whose public holdings fall 25% in value feels less pressure than a crossover firm when its portfolio falls from an 8X multiple-of-money to a 6X multiple-of-money. Public securities of such firms are underwater, and private holdings are... See more
Sarah Guo • when the music stops
Tokenized secondaries and PE-style stage specialization to accelerate venture capital liquidity, DPI, and capital recycling.
TRANSCRIPT
But I do think the notion of tokenized secondaries or secondaries that float, or even tokenized venture firms where LPs can trade underlying positions is important. Let me reframe venture capital the way that PE works today. I started a seed fund. I find a company two people and a dog and I help them get to a series B And I work with them for
... See more
"Venture capital spent the last decade pulling itself in two. The vast amount of capital resulted in the expansion of early investing while also keeping companies private for much longer.
It’s easy to find people talking at cross purposes because they exist at opposite ends of the market. The differences are so... See more
I loved this concept of evaluating your own potential cause of death as a venture firm. Over the last few years the number of venture firms has grown from ~900 to nearly 2,000 different firms managing $500B+ of capital. In a market correction some people predict as many as 50% of those firms could fail. One prediction I have is that as venture... See more