secondary market

“But as the companies scale, the companies get valued on their potential market size and on their, you know, current traction and success. So I think it all become, you know, it all kind of becomes equalized as the company scales, but the, those early seed roun…”

“Well, I do think that the secondary markets Are really at an inflection point, and there's more and more capital flowing into the secondary markets. You know, we've seen it, of course, first for entrepreneurs. There's been a pretty robust secondary market avai…”

“So one LP will purchase another LP's position and the range of discount that we're seeing actually is anywhere from. But what's more common Is actually 40% or 50% from last round mark. And so you're talking about a pretty significant discount to last round val…”

“Today is likely one of the best ever opportunities for activity in the secondary markets”

“A college friend of mine was prototyping what was gonna be a new teenage social network, and I invested 10 K. I was like, the guy's smart. Let's see what happens. He eventually pivoted that into down to lunch, which did well for a bit and then failed, unfortun…”

“I do get data from the secondary markets, and so I can see with some of them like where they're trading versus where their last preferred round was, and it's a bloodbath. It's like down 80% for many of them.”

“I've actually had more success selling on the secondary market pre IPO than I have had actually waiting the whole time.”

“We'll certainly think about it. We almost never do it because we're not willing to do it at a low price, right? I mean, the reason these secondary funds exist is obviously to get high IRRs themselves, right? And so, generally speaking you know, if we're sellin…”

“Over the last three or four weeks, we've decided to do a little experiment. We reach out to them now. We used to ignore them. But now it's interesting because, like, you discover there are actual buyers there. There aren't, ok? There are not actual buyers ther…”

“I think there may be a certain set of companies out there that can pull off what you're talking about before. 99% of the companies out there. I think that's really difficult.”

“Like in your high flyers, so in your really well-known companies, there's a real secondary market. Try to get secondary in your smaller private company. It's almost impossible. So I found secondary to be very, very difficult. Where we've done secondary, they'v…”

“What is fundamentally happening is you get a representation of bad numbers. To kind of like relatively unsophisticated investors on the other end who are paying usually pretty steep premiums to the kind of what we would describe as the fair market price with u…”

“What I believe like emerging managers and people starting venture funds need to do is take advantage of the secondary wind of the secondary markets.”

“You know, the best example of all is maybe SpaceX today. It's a private company has had zero liquidity issues. So there is a secondary market always open.”

“We could, but we historically have not. And so, you know, for the most part, for the companies that have decided to stay private, we've been really excited to stay in them, keep backing them. And that's probably the strategy that we'll, we'll continue to have.”

“I think the problem is, you know, it's secondary markets, SPVs, they've just become, Too annoying and aggravating in the market to founders. And someone else is basically like, I don't want you marketing my stock. My, and I want to be the one who's figuring ou…”

“I think this generation of seed managers will be defined by their ability to access and navigate secondary markets effectively”

“Even in your top names, sometimes taking 20% off the table, if you can return 25% of the fund, particularly if it's a newish fund, so if it's a, you know, if it's a twenty-twenty-four fund and you can give back 25%, like, why wouldn't you do that? And you're s…”