Growth Fund

“You could argue we're a few years late, and I think I'd take that criticism. I think that but I think that opportunity exists for, on a go-forward basis and so, like, we should go do it.”

“Where should I put my 500 grand check? You probably shouldn't put it into like, you know, marginal five billion dollar growth fund... If you're a principal that can't write like sovereign or institution size checks, you're a totally different customer and the …”

“We're officially announcing the hundred million dollar oversubscribed growth fund, and some of the tier one names, maybe all the tier one names.”

“Sometimes I think when growth funds in particular chase venture companies, right? We've talked about that delineation point. That's where I think it can get quite dangerous. It can make companies complacent. It can make companies spend too much on things that …”

“If you look at the money that we just raised, you know, almost seven billion of that is for the growth fund.”

“By the numbers, about half of what we do is follow-ons from existing venture companies. And then from a dollar standpoint, another 15% is follow-ons from existing growth stage companies. And then about a third or so is fully net new companies.”

“I think the average growth fund is about one percent.”

“We have a three hundred million dollar seed fund eight hundred million venture fund, and one and a half billion gross fund.”

“But those growth funds that are really for scaled businesses that are mature assets, like, you should be charging long-only public equity fees, which are one in 10, and if you really love your LPs, it'd be zero in 10, but, or budget-based, right? Based on the …”

“So the entire underwriting model of like a great business for growth funds is broken.”

“The seed fund, you're talking to a lot of founders. Some of them are going to be Like, very low quality just by nature. Some of them are going to be amazing, and you get in early, and that's cool, but like, if you really just want to hang out with really inter…”

“A lot of the great growth funds right now have a no zeros mandate. Like they won't invest in something if there's any risk that it goes to zero, and then they're underwriting against like a 20% IRR.”

“Because our growth fund, even, half of the dollars are allocated towards, not allocated, but half those dollars are invested in our best companies from our early stage funds.”

“This is the best time in probably five years to have a growth fund.”

“I do think fewer people will raise opportunity funds or growth funds. I think that is likely.”

“It is stress a little bit on early stage funds, but it's huge stress on growth funds, which did lots of unicorns, hundreds of unicorns. And it's going to take them a decade to figure out what to do with fallen unicorns.”

“We want to be sort of roughly fifty-fifty between early and growth. It's a challenge to manage that if we end up being sort of, 45, 55, I think we're comfortable with that. We don't want to be 30, 70.”

“We looked at what's the performance of the early stage US funds from our core managers from 2005 onwards. What's the performance of the growth funds from our core managers from 2005 onwards? What's the performance of the non-US funds from 2005 onwards from our…”

“Our best performing core manager fund in the last 15 years as a growth fund.”

“Chasing momentum, not really understanding fundamental company building, thinking spreadsheets dictate results, like, you know, not understanding the inputs versus the outputs, that these companies are built by people, not by math. At the end of the day, still…”

“I think there are, there will be enough stripes and data bricks and open AIs that some growth funds can do three X net or more, and that will get the LPs to re up and that will rearm the decacorn hunters.”

“I had over a thousand X ARR in my first fund. 500 K ARR, seven fifty million pre by one of the best growth funds.”

“Most of what I've seen from growth funds and late stage funds, or even if they have the capital, they're not actually deploying it.”

“For more branded, more established groups, I think there'll be more of a focus, particularly in the growth funds around invested capital instead of committed just because of the uncertainty of deployment and when that capital goes out the door, I think that wi…”

“Our job, we're really focused on how do we scale the company, those companies, right? And how, as part of that, having a relationship that doesn't get sort of adulted by this question of the us making another commitment decision. It's like we're in and we're n…”

“In seed and A, nothing's changed, because all of you guys, have cut and girls, have come down earlier, and so actually, you're almost seeing price inflation at the pre-seed and the seed with the migration of growth funds earlier.”

“Beyond ten million is not something that we add a lot of value to be very candid. Yes, we can provide some inputs on strategy, et cetera, because we know the company, but I think I would imagine that after that we have seen growth funds providing a lot of valu…”

“Then you will see the continued emergence and raising of opportunity select and growth funds, and to the extent that those are backing companies that they're already in and building bigger positions behind it as a life cycle partner, I think it very much can m…”

“I mean, I think there's going to be a real shakeout because I think that there are relatively few growth funds that are going to be able to hit the return objectives to kind of justify LP investment.”

“Blue Yard is always going to be a small firm, everybody's always going to be equal we're only ever going to have one strategy and one fund, and we're only ever going to have one office, and we're always going to focus on early stage, we're never going to raise…”