Greenspring Associates

“Our lead LP is a green spring and associates out of Baltimore, a terrific fund to fund investor.”

“As for their fund investing, they've backed the likes of Excel, Founders Fund, Thrive, Lightspeed, Foundry Group, and many more incredible managers.”

“Generational transition is something that is very difficult for any firm to navigate, and so it being done gradually with a good plan in place where people are thinking about it even 10 years before it's going to happen is the mark of a good firm with a health…”

“And we actually had a slide at our annual meeting, and surprisingly enough, the number of A-round firms that come into existence has been rather static to slightly down.”

“On the direct side, their portfolio includes the likes of Sonos, App Annie, DocuSign, and Alibaba, just to name a few.”

“Going back to companies staying private longer, that means that the life of funds will also stay in existence longer, and LPs of all different varieties have different tolerance for illiquidity and desire to stay into a fund into years. 10 to 15”

“What you need to build a view on is what projected performance can look like five to seven years from the point of assessment, and that requires having an understanding of the underlying companies, understanding what's showing traction, what that could mean, w…”

“If it is more of a variety of spin out where it's someone who's junior or mid-level at a firm that Maybe has mixed attribution or has been responsible for sourcing, but not monitoring or carrying something through end to end. That can be a more challenging fun…”

“For us as a direct secondary buyer, just for our model, we're more interested in buying typically from employees or departed employees just because for us as an investor in funds, if your fund manager is selling out into a secondary, it's not a great sign for …”

“I think if you have someone that's been a partner or a senior member at an established brand who decides to leave and start something smaller, more focused on their own, those are generally highly competitive to get into. There's a big access premium. Most peo…”