The Ledger
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Lacaillade: SCS halves commitment sizes for VC funds deploying within 6-12 months
“So I would size my commitments accordingly. So it's like, if you tell me you're going to put out your fund in six to 12 months, I'm just going to size you at a half bite.”
Lacaillade: Access to top VC managers will remain open over the next few years
“It's a really good time to start a program. If you want to get into badass, like, Really good managers right now, you can do it. And that probably, and that will probably be the case in the next few years.”
Lacaillade: Lower middle market buyouts will generate venture-like returns
“I'm spending like, the vast majority of my time on lower middle market buyouts. And I'm so excited about like the opportunities that I'm seeing. And actually, I'm going to generate like venture-like returns. In small cap, EBITDA positive businesses, right?”
Lacaillade: Seed fund baskets deliver 5x net vs 2.5-3.5x for franchise funds
“The basket I think can do five X of those seed funds versus what do I think? Like a franchise firm can do two and a half, three X net, maybe three and a half.”
Lacaillade: Venture portfolios have absorbed 70-80% of valuation write-down pain
“And I don't think we've taken all our pain. I think there's more to come, but I think we've taken like 70, 80% of it.”
Lacaillade: SCS's 2020-2021 co-investments will yield 2-3x instead of 4-6x
“If I look back and I did a bunch of co-investments, like in what I believe to be like great, in some cases, great companies. Right. But they're going to have to grow into their multiples. So rather than making four to six acts, we'll make two or three acts.”