Jay Hoag
Founding General Partner, TCV. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorfounderexecutivetcv.com ↗
In 1995, Hoag co-founded TCV, pioneering the crossover investment model that deploys growth capital across both private venture-backed startups and public technology companies. Over a 40-year investing career, he has guided landmark investments in market leaders such as Netflix, Spotify, Airbnb, Peloton, and Zillow.
1shows
1appearances
21statements
1resolved
0supported
0contradicted
0%fully supported
1said about them ↓ Everything Jay Hoag said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Jay Hoag: Venture capital faces unreckoned pain from 2020 and 2021 investments
“I think there was a, there still might be a lot of pain to be felt from some of the investments made during that period of time. And there hasn't really, hasn't been a day of reckoning. And a lot of investors have jumped on the AI bandwagon”
Jay Hoag: VCs neglecting consumer internet creates a massive contrarian opportunity
“Think about technology investors, huge focus on SAS, huge focus on all things AI. And huge de-emphasis of consumer based internet businesses. And so I think that's actually a pretty interesting opportunity where one can be contrarian and we continue to see int…”
Jay Hoag: Every great tech company enters a 'desert of disillusionment'
“Every area and every great company goes through a desert of disillusionment in investors' minds where, where it was great.
And then all of a sudden there's people casting dispersions on the sustainability of it.”
Jay Hoag: The vast majority of top companies benefit from going public
“The vast majority of the best companies will benefit by being public over the long run.”
Jay Hoag: Many private tech valuations exceed the scale for rational acquisition
“At some level, I think some of the values now are beyond the scale where they can get, get acquired rationally.”
Jay Hoag: TCV holds top companies like Netflix long after their IPO
“We will hold, you know, our private investments as they go public, the best ones for a long period of time. That's an economically driven decision. You know, we may take one times our money out, but the best companies over time, like Netflix, Spotify, et ceter…”
Jay Hoag: Building a great tech franchise with work-life balance is impossible
“You can't be a founder of what will be a great technology franchise and do it part time and have a great, you know, great work life balances often gets bantied about. It's impossible.”
Jay Hoag: Paying up for top-tier tech companies produces long-term wins
“So I have a firm believer in the best quality technology companies. One may at different points in time have to be aggressive on valuation and pay more. But it will be a long-term win. So that's where the aggressiveness comes in. As opposed to thinking, well, …”
Jay Hoag: Netflix received zero outside equity bids during its 2001 restructuring
“He went and canvassed the marketplace to see what the price of Netflix was, and there was no bid. No, no equity provider. Zero. So I know we did a kind of a restructuring financing in 2001 in order to get them through to the other side of profitability and fre…”
Jay Hoag: Selling GP stakes is mostly just front-loading long-term economics
“The alternative, too, is sometimes people sell a piece of the GP, but that's mostly my casual analysis of it. Front-loading economics that you would otherwise get.”
Jay Hoag: Tech regulation and tariffs are a historically new focus
“Particularly as technology has gotten so big over, you know, now the 30 years of TCV and the 43 years of my career the focus on macro, which is not something I spent a lot of time focusing on really is different. So regulation of tech how do tariffs impact, yo…”
Jay Hoag: Tech growth investing competition has decreased since 2021
“So yes, competition's increased, but I'd say in the last three years, it's actually four years decreased.”
Jay Hoag: TCV requires unanimous approval from a three-person investment committee
“And then we actually have a three per, three person sort of final investment committee that has to be unanimous on investment.”
Jay Hoag: Saved Netflix's CEO with the Heimlich maneuver in 2002
“I think it was in 2002 I had, I ended up having to do the Heimlich maneuver. So if value add is you save the life of a CEO he had a piece of meat that couldn't get the slides. There's two of us in the conference room.”
Jay Hoag: Microsoft spent over a decade in a 'desert of disillusionment'
“Microsoft from investor lens sort of wandered in that desert for more than a decade.”
Jay Hoag: Historically, even mediocre years saw 50 to 60 tech IPOs
“Even in mediocre years historically, there were 50 or 60 US-based tech IPOs”
Jay Hoag: Roughly half of TCV's portfolio companies are profitable at investment
“Ends up about half our businesses were profitable at the time we invest, half are not, but, you know comp the compound effect of top line growth and you know, very high incremental operating margins means, you know, ultimately earnings are growing a lot faster…”
Jay Hoag: TCV uses AI to ingest and score 11 million companies
“And so we have a data intelligence group that and I'll stumble on some of the metrics that is the front end of our sourcing effort. And there's actually, you know, AI applied here where we have massive number of data sources tracking Employee growth app downlo…”
Jay Hoag: TCV uses a European waterfall structure returning LP capital first
“We have a European waterfall structure. So once we return all the limited partner capital, then we start getting our carried interest. And once we do that, we're, you know, and we're distributing stock, we can choose to obtain the Spotify or Netflix shares you…”
The other half of the tape: Jay Hoag's own voice is left out of every number here. Other people bring the name up 1 time in 1 episode across the shows. every mention, with the transcript →
Who brings them up most Henry Ellenbogen 1
Every mention by year
tap a year for its mentions
Invest Like the Best 1
One line per show, most statements first. The link opens Jay's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| INVEST LIKE THE BESTLEDGER | Founding General Partner, TCV | 1 | 21 | 0% 0/1 | full record on Invest Like the Best → |