Akkina: MITIMCo almost never sells fund stakes on secondary markets
Ryan Akkina · Ryan Akkina: How MIT Builds Their Venture Fund Portfolio & How MIT Approach Direct Investing | E1109 · 20VC with Harry Stebbings · Jan 29, 2024 · at 28:53
Ryan Akkina of MITIMCo (MIT's endowment management company) discusses LP portfolio liquidity and whether MIT sells its venture capital fund positions to secondary market buyers.
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“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 selling a package of something to someone smart, and they think they're gonna make a 20% plus IRR, that means that's what we should probably just hold these things, right? So luckily, we've never been in a dire enough liquidity situation where we had to do that, right? I think we would only do that if we were really forced to.”
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