TVPI and MOIC are fake venture performance numbers
Larry Aschebrook · Larry Aschebrook, Founder & MP @GSquared: How We Lost Money on Uber and Made Millions on Lyft · 20VC with Harry Stebbings · Jun 16, 2025 · at 1:44:47
Larry Aschebrook, Founder and Managing Partner of G Squared, advises endowment CIOs on venture capital fund evaluation metrics.
0:00 / 0:08exact quote · 8.5s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“I mean, my belief is that TVPI and MOIC are not the stats that people should be focused on, and they are. I don't, I think they're fake numbers.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Larry Aschebrook
Kleiner Perkins sold G Squared terrible early cleantech deals
“And there were some dogs in there, some cleantech shit that Kleiner Perkins sold me that was just a flaming bag of turds on your front porch.”
G Squared lost 20% on Uber and made 3x on Lyft
“We lost I think we made, we lost like 20 cents on the dollar, and Lyft we made like a three X.”
Silicon Valley exhibits sheep-like herd mentality in secondary trading
“One of the issues with Silicon Valley, one of the benefits of being in Chicago is we isolate ourselves a bit from the herd mentality. And it's like, sometimes it's like sheep. They just jump one on after another and they buy more stock and things that you see …”
Anne Wojcicki was a visionary founder but not a great public CEO
“You got Ann Wojciechowski, who's a fantastic founder, in my opinion to not maybe a great public CEO, but awesome founder and visionary of what she wanted to build and the ability to go do it.”