Series A fund

“You just do not see a lot of new funds that emerge that want to do 200 to four hundred million dollar fund focused on A and start with that initially.”

“If you look at where the capital is coming from for these funds, it's predominantly from Series A funds or GPs individually investing.”

“So we think this is a more of a phase, and I think over time, as the economic cycles shift, you know, the Series A funds will retreat to focus on what they do best, which is investing at Series A, which is, you know, around the time when the company is getting…”

“In a prepared mind for a Series A fund, we certainly see those rounds getting preempted, and maybe those rounds are getting done sooner than they would have five, 10 years ago, and they're getting done at a price higher than those companies probably deserve.”

“But on the math of it, we just underwrite a series A fund to a three X and C to a five X, and you just look at what the numbers line up at, and you say, okay, so given the ownership and given the AUM, what needs to be true to return the fund one time, half a t…”

“I'd take the Series A fund. I think it's the best risk return on the market.”

“If you're raising you know, that early stage fund, the core five hundred million dollar Series A fund, charge us your, you know, two and a half and 20, and if you're good enough, two and a half and 30. We're okay with that, right?”

“Maybe you can do a couple of deals like that, but I don't think you can build a series A fund doing deals at three or four hundred million. Because it's not going to be enough ownership. These, some of these are going to fail, et cetera. But most deals, I thin…”