Big Funds

“And the more junior, the principal at that big fund moves on. They start their own fund, they move to another fund, happens all the time, right? So the person who invested doesn't have mandate. They can't sit around with a partnership and say, look, let's just…”

“Almost everything about a big fund is good for the entrepreneur.”

“Most of that is going into the big funds, the brand names. You even see in real estate where the mid-sized funds can't raise capital. So you have a big gap and a weird inefficiency in the lower end because a lot of institutional capital now can't reach it.”

“Historically speaking, when big funds try to index the seed market, there are two problems. One is someone wakes up and does the math and they're like, this doesn't make any sense, right? Like even if you have the million dollar check at seed, if you're trying…”

“I think it's like a really, I think like the big funds are actually super well positioned and all, there's going to be a lot of these like emerging ish funds who try to compete who I just think it kind of like wiped out.”

“What's happening in infrastructure and properties, the big funds, rather than doing that, they're internalizing, as you pointed out, and that is creating pressure on the industry. And that will force change.”