Secondaries

“By the way, we've seen fund of funds do secondaries of their entire fund, So we go, oh my god, you're in fund two, or you're in fund four, like, you should never sell, right? Like, this is what's, and it's like, it's not about you, right? Like, you're a roundi…”

“The stat was last year, twenty-twenty-five, over two hundred and forty billion was via secondaries. 31% of venture volume was all secondaries.”

“We've obviously, we'll consider secondaries, but I would say for the most part, one of the benefits of having Sierra on the cap table is the founders get a lot of reputational benefits as a result. So we try not to sell. We don't want to create any negative si…”

“So as companies stay private longer, there's going to be more pressure on early managers to show some returns early on. That will in turn push Seed and Series A funds to consider selling a portion of their stake at B, C, D, etc.”

“So private equity, you look at private equity, total fraction of dollars in secondaries is a fraction of the asset class is about 25%. Historically venture has been about two to three. Now we're kind of like 10 to 12.”

“I think when that capital comes into the market, there's pressure on those managers to invest it quickly, so therefore, secondaries is a natural avenue for that.”

“I took some secondaries, not a massive amount of money, but, ah, I did.”

“I recommend founders take enough secondary so that they can live an account for life, right? They don't need to worry about how do they feed the family? How do they support the kids? How do they, you know, buy a house? You know, I think they should, you know, …”

“If a VC doesn't allow you to take out secondaries in your company, run for the hills. That's a predatory VC.”

“15% private equity, nine percent private credit, six percent private real assets. Within that, for the private equity and the private real assets, 50% primaries, 30% secondaries, 20% co-invest.”

“Whenever we have a company going to a Series A round or also to a later stage round, we would definitely think about selling our shares because we own really little equity as we just invest 50 to a hundred K checks.”

“Secondary is the biggest thing that we do at this point.”

“I never did secondaries because the purpose and the enthusiasm was so exciting that nothing else mattered in terms of context.”

“Really, the only way to get that recycling now is through secondary.”

“I do believe the secondaries are going to be a really robust option.”

“Because a lot of VCs, frankly, are, they're the ones who Kept telling the founders to take secondaries because they wanted to buy into these companies that they weren't able to, and now they're upset about it.”

“We approached it with a opportunistic, high selectivity strategy. So where we, let's say, have a mature venture fund where the value drivers is comes down to two or three companies that we know intimately and can form good opinions that are different from the …”

“In this market, I think we would expect that those opportunities could be a little bit easier to find, but they're not quite showing up yet.”

“In private equity, it's about two percent penetrated, and that's doubled in the last decade from one percent to two percent.”

“Right now, we really like the opportunity to invest on a secondary basis in private credit funds. The private credit market grew a ton the last five, six years, and now you're seeing small funds, some investor not re-upping, the consultant has changed, the sta…”

“When you look at the amount of dry powder and secondaries relative to the annual deal flow and you compare it to literally every other part of private equity, it's pretty extraordinary how undercapitalized it is despite all the large size funds that are being …”

“We didn't do many secondaries, for example, in our portfolio, which would have been maybe attractive because we still believe those companies have such a great kind of journey ahead of them.”

“The denominator effect is effectively when you have both a public and a private book, the public side has gone down more significantly. The private side has come down, but not at the degree or the speed that you've seen the public side go down. And what you're…”

“Launchpad is a little more spiky. I would say it's around 20, 80, so, or 30, 70. So 20% launchpad, 80% secondaries, or sometimes it goes up to 30, 70.”

“We've committed thirty billion dollars to secondaries in our history”

“Yes, there's a benefit that comes with buying an asset at a discount, but you get that discount once. And if you buy the right asset managed by the right manager, that manager and those assets can create gains year after year after year until they get realized…”

“Once the company is off the ground, the less a founder has to worry about their day-to-day life, the better. And if taking some money off the table enables their life to be easier to balance with their work, so they're not stressed about their living situation…”

“So the stress credit opportunity funds, secondaries down the line, I think that there's budding interest going to be growing interest. In those areas as we go forward, but relative impact and weight within member portfolios, traditional buyouts is where the fo…”

“If we, if you think about the world today, then, you know, doing secondaries is definitely a way to push it further out.”

“I think that secondaries are going to be a great spot for LPs, where there's going to be a lot of people that get out over their skis and are going to need liquidity, and people that have ready pools of capital, I think, are probably going to be well positione…”

“Every early stage manager, myself included, yourself included, we're going to have to get really, really good at understanding of how to sell in secondaries and when.”