Larry Aschebrook
Founder & Managing Partner, G Squared. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorfounder@LarryVCg2 ↗LinkedIn ↗gsquared.com ↗
Larry Aschebrook is the founder and Managing Partner of G Squared, a growth-stage venture capital firm founded in 2011. The firm specializes in direct secondary market investments and has backed companies including SpaceX, Palantir, and Uber.
1shows
1appearances
54statements
5resolved
3supported
0contradicted
60%fully supported
1said about them ↓ Everything Larry Aschebrook said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Kleiner Perkins sold G Squared terrible early cleantech deals
“And there were some dogs in there, some cleantech shit that Kleiner Perkins sold me that was just a flaming bag of turds on your front porch.”
G Squared lost 20% on Uber and made 3x on Lyft
“We lost I think we made, we lost like 20 cents on the dollar, and Lyft we made like a three X.”
Silicon Valley exhibits sheep-like herd mentality in secondary trading
“One of the issues with Silicon Valley, one of the benefits of being in Chicago is we isolate ourselves a bit from the herd mentality. And it's like, sometimes it's like sheep. They just jump one on after another and they buy more stock and things that you see …”
Anne Wojcicki was a visionary founder but not a great public CEO
“You got Ann Wojciechowski, who's a fantastic founder, in my opinion to not maybe a great public CEO, but awesome founder and visionary of what she wanted to build and the ability to go do it.”
TVPI and MOIC are fake venture performance numbers
“I mean, my belief is that TVPI and MOIC are not the stats that people should be focused on, and they are. I don't, I think they're fake numbers.”
G Squared outsourced early investment committee memos to analysts in India
“My early investment committee memos and the early vintages were outsourced to, you know, a group of really smart analysts in India, that you could pay a fraction of what you could pay talent in the US.”
G Squared concentrates 80% to 90% of its risk in 10 companies
“And still to this day, which some people are not comfortable with, 80, hopefully 90% of our risk are in 10 companies.”
G Squared agreed to a $150M Spotify deal with a $125M fund
“Before we left the meeting, they were like, do you think you could buy a hundred and fifty million dollars worth of stock? And I said, sure. And I didn't have the money, because we were in the process of raising the fund, and I think we had like closed on a hu…”
Growth VCs miss 2.5x net targets if entry valuation is off
“Because at our stage, unlike yours, which it doesn't, you know, from your seat, in a lot of ways I envy your seat, because if you pay 50 pre or a hundred pre, if it's a good business, you're still gonna make a five X. A 10 pre, 50 pre, does it really matter fo…”
VCs should dollar-cost average out of positions post-IPO
“Dollar cost average out just like your dollar cost average in and just start getting liquidity when you can privately and continuing it through when they list.”
Getir's main mistake was expanding beyond low-labor-cost Turkey
“I think the mistake the company made there was it left Turkey and didn't focus maybe on other markets that were similar to Turkey from a employment cost perspective.”
Getir investment cost G Squared $500M in capital and LP churn
“In that case, from that fund, my guess is those decisions we made cost our partnership probably a half a billion dollars of capital. Between capital actually lost, and investors that you can't bring back.”
VC funds should only offer co-investments on core fund deals
“The way we run it today is the way I think people should run their, only in conviction, when your funds are investing alongside of it, that's when you do the co-investment. You don't do it the way we did it in twenty-twenty.”
Growth investors should focus on absolute dollar prices and DPI, not dilution
“I don't give a shit about the dilution. I care about the price I pay. In dollars. And the price I'm going to sell it at, in dollars. I am focused on DPI, not MOIC. I don't care about the dilution.”
Hundreds of legacy private tech companies are 'zombies' doomed by AI
“You have incumbents that are large. We call them, there's two types of companies that were, that are big and private that aren't in AI. They're kind of, we talk internally, we call them vampires and zombies. Because they're massive. Many of them are profitable…”
Offloading $1B of Anthropic stock in private markets is extremely difficult
“Today I think there's a handful of liquid private companies basically. They're quasi-liquid. But at scale. Small positions, yes. But try to go move a billion dollars of Anthropic.”
VC funds must sell winning companies to build a sustainable business model
“Sell, you know, sell your dogs and keep your winners, and I think it's actually the, it's somewhat of the inverse, is you have to be able to, willing to sell your winners. To have a sustainable business model. And to generate the return that will actually driv…”
G Squared acquired early secondary shares at 35 cents on the dollar
“In early vintages, we got like 35 cents on the dollar by being a secondary direct buyer over primary buyers because there was no other secondary buyers.”
G Squared generated $1 billion in LP returns from Spotify
“We then went on to become a top 10 global shareholder of Spotify. We went as far as to putting up signs in their break room. We'll buy your shares, buying all these odd lot transactions along the way and built a huge position. And it ended up being like a bill…”
G Squared bought Spotify secondary stock at a 50% discount
“We bought it like a 50% discount to the current financing round. And we just kept buying it there for the next two years.”
G Squared sold massive holdings during the 2020-2021 peak
“Oh, just massive amounts. I mean, we made ridiculous sums of money for LPs. In that period, which set our business up to be able to survive a bad vintage, and we're working our tails off, our asses off on our twenty-twenty vintage, but it's hard.”
G Squared lost $400 million of LP capital on investments
“Yeah, it's a big win, but hey, we also lost. Four hundred million dollars of their money over here.”
The other half of the tape: Larry Aschebrook'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 →
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2025 1 mention in 1 episode
One line per show, most statements first. The link opens Larry's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| 20VCLEDGER | Founder & Managing Partner, G Squared | 1 | 54 | 60% 3/5 | full record on 20VC → |