special purpose vehicle

“SPVs are much harder to raise now, and so your ability to protect not just your winners, But also your companies that are struggling and need to get from point A to point B to maybe someday be a winner, it's going to be much harder.”

“That they get rampant adverse selection and oftentimes pushed into fee bearing SPVs that even further dilute their end of day return.”

“Hey, these are complex financial instruments that need to be managed for 10 years. And it's not the place you actually want to be optimizing on costs at all, because it's one of those things where when it's just working in the background, you have someone, you…”

“Which is why a lot of firms try and solve the problem with SPBs. We never would do that. So we forced ourselves into finding solutions for recycling.”

“Some of the package pricing on these SPVs for Anthropic has just been the most egregious face ripping I've ever seen. I mean it's like, it's just, oh, I mean like eight percent up front.”

“Yeah, you don't need an SPV for a perp.”

“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…”