Vested

“Eventually competition will come It'll erode our purchase discounts.”

“Series F plus, those are the companies that are more likely to have proper secondary markets that OpenAI, Stripe, and SpaceX, and they will do tenders for their employees, and so it really is few and far between that those deals make their way into our portfol…”

“We are sitting on top of job website data, think of LinkedIn, and we are paying attention to the employees of the companies that we like, and as soon as we see they update their bio in some relevant way, specifically by putting an end date Next to their tenure…”

“For idiosyncratic VC backed startups, they're never particularly accurate, but they also have a lot of signal in the trend. They're always consistently inaccurate for the same company, and so if they go up, that means something.”

“Specifically, we can get exposure to the common stock that they're buying usually at the independently produced company board approved fair market value of that company's common stock, which tends to incorporate a Discount for lack of marketability because com…”

“What we saw was the commonality between all of them. I just described a very crowded market was that they were all focused on senior people that were leaving really late stage private companies. And so if you need twelve million dollars and you just left Strip…”

“The capital use case that was the dominant capital use case that came inbound from our user base was, do you have 50 grand? I need to not lose my equity.”