Net Asset Value
topic on 5 shows · 21 statements across 10 episodes · said 18 times in 2 episodes since 2024
Innovators & Investors 17 
Latent Space 1 
My First Million 
Capital Allocators 
20VC
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Innovators & Investors 17Latent Space 1
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21 statements about Net Asset Value, every show
Nav Burned $87 Million of Its $100 Million Raised Before Turning Profitable
“And here we are a little more than 10 years later, a hundred million bucks raised from great venture capitalists, burned eighty-seven million bucks before we turned our first dollar profit, which was because of how I grew up in business, entirely uncomfortable…”
Nav Has Reached One Million Small Business Customers Nationwide
“Now we got a million, million customers around the country in different industry verticals.”
King Personally Invested the First $500,000 to Launch Nav
“I put in the first half million bucks myself”
Nav Experiences Counter-Cyclical Demand Surges During Economic Downturns
“For us, fortunately, our business is counter-cyclical. So we do good in a good economy. We do well. We do really well in a down economy because if you're a business owner and credit is easy to access and financing is easy to access, if all of a sudden the econ…”
Taking Venture Capital Permanently Eliminates the Lifestyle Business Option
“The very first dollar in venture capital that you take, you make one permanent commitment, and that is you're going to provide liquidity. So you lose optionality in the business to just say, ah, I'm going to be a lifestyle business.”
King Predicts Nav's Next Funding Round Will Reach $200M to $300M
“And in our next round of financing would probably be, you know, that two, three hundred million dollar round where, Early investors can get some money or all of their money if they want. Early employees can finally get some liquidity that exercise and pays for…”
Nav Secured Five Term Sheets After Three Same-Day Sand Hill Road Pitches
“So at my A round, it was a pretty competitive round. I got five term sheets. I had two term sheets in hand and I had three Investment committee meetings on the same day, two hours apart on Sand Hill Road.”
Kleiner Perkins Secured 27% Equity in Nav's Series A for $2M Extra
“He said, look, I really want to have 27%. I love this deal. I want to work with you. I'll go down to 25. And I said, how about you give me an extra two million bucks and we'll give you the 27. He said, done.”
Nav Closed Its Series C Funding Round With $60 Million Banked
“I was the CEO, the founding CEO, CEO of the first eight and a half years, closed our C round, had sixty million bucks in the bank.”
Madorsky: LP secondaries return capital faster and mute the J-curve
“Limited partnership or LP secondaries tend to return capital quicker. Additionally, there's a discount involved in many of the limited partnership positions. As a result, the J-curve is even more muted because we can write it up to the NAV at acquisition.”
Evergreen funds charge lower fees and carry on NAV
“Evergreen structures are generally lower fee, one 25, one 50, maybe one 75 in certain cases, lower carry, but the management fee and carry is charged on net asset value.”
Charles: Private equity drawdowns doubled to $40B and NAV tripled in five years
“Over the last decade, while distributions have been very consistent at 40 a quarter, Drawdowns have doubled to 40, and NAV has tripled in the last five years, so the yield has just nosedived.”
Charles: Average distribution yield today would beat PE exit records by 25%
“If you just get an average yield on all of the accumulated NAV, this year would be the biggest exit year ever, and it would exceed the best year ever by about 20, 25% in dollar volume of exits.”
Lemkin: Zero overlap between top investments by cash vs NAV
“My best by cash and best by NAV are not, there's no overlap yet.”
Dawn: Single-company GP-led secondaries usually transact around NAV
“Generally on the GP side, That on a single company, it usually transacts around the GP's NAV. Typically not at a discount, but if it is, it's at a modest discount.”
Dawn: Most private equity GPs exit portfolios at a 25% NAV premium
“Most GPs exit their portfolios around 25% premium to their NAV.”
Marshall: Halting fund commitments due to NAV limits is a major mistake
“Because I think not being able to commit because you are already over your NAV is actually a really big mistake, because some of the best funds are actually invested during down years, and so you don't want to miss those years.”
Marshall: Artificially high private NAVs are causing institutions to overspend budgets
“I would say my basket of worries, number one, is that our NAVs don't really reflect what's the reality of the situation is, and I understand the reasons why the buyout and venture and all the private firms, they're being careful with the marks. But all of the …”
Griffith: Buying and selling at a discount still delivers full NAV returns
“And yeah, if you buy at a discount and sell at a discount, you get the return of NAV along the way.”
Wilkinson: Pershing Square Holdings trades at 66% of net asset value
“So it's a holding company that owns a bunch of blue chip stocks and it's trading at about 66% of the net asset value.”
Overlook's AUM capacity cap equalized its time- and capital-weighted returns
“And then about 20 years ago, I came up with this idea, let's limit the amount to, I think it was 12% of the last four years average NAV. So in big years, I bring in percentage-wise less, and in bad years, I can bring in percentage-wise more, and so you're kind…”