secondaries

“Every early stage manager, myself included, yourself included, we're going to have to get really, really good at understanding of how to sell in secondaries and when.”

“Once the company is off the ground, the less a founder has to worry about their day-to-day life, the better. And if taking some money off the table enables their life to be easier to balance with their work, so they're not stressed about their living situation…”

“The denominator effect is effectively when you have both a public and a private book, the public side has gone down more significantly. The private side has come down, but not at the degree or the speed that you've seen the public side go down. And what you're…”

“We didn't do many secondaries, for example, in our portfolio, which would have been maybe attractive because we still believe those companies have such a great kind of journey ahead of them.”

“I do believe the secondaries are going to be a really robust option.”

“Really, the only way to get that recycling now is through secondary.”

“I recommend founders take enough secondary so that they can live an account for life, right? They don't need to worry about how do they feed the family? How do they support the kids? How do they, you know, buy a house? You know, I think they should, you know, …”

“I took some secondaries, not a massive amount of money, but, ah, I did.”

“So private equity, you look at private equity, total fraction of dollars in secondaries is a fraction of the asset class is about 25%. Historically venture has been about two to three. Now we're kind of like 10 to 12.”

“By the way, we've seen fund of funds do secondaries of their entire fund, So we go, oh my god, you're in fund two, or you're in fund four, like, you should never sell, right? Like, this is what's, and it's like, it's not about you, right? Like, you're a roundi…”