The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
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every show 44 of 44
Lacaillade: Founders Fund, a16z, Greenoaks, and Thrive proactively marked down valuations
“In my core relationships Founders Fund's the most extreme, because Peter Thiel's very contrarian and he wants to reset the mindset of his team. Which I think is great. But Andreessen Horowitz, Green Oaks Thrive, they've all proactively marked down their compan…”
Lacaillade: SCS halves commitment sizes for VC funds deploying within 6-12 months
“So I would size my commitments accordingly. So it's like, if you tell me you're going to put out your fund in six to 12 months, I'm just going to size you at a half bite.”
Lacaillade: Access to top VC managers will remain open over the next few years
“It's a really good time to start a program. If you want to get into badass, like, Really good managers right now, you can do it. And that probably, and that will probably be the case in the next few years.”
Lacaillade: Lower middle market buyouts will generate venture-like returns
“I'm spending like, the vast majority of my time on lower middle market buyouts. And I'm so excited about like the opportunities that I'm seeing. And actually, I'm going to generate like venture-like returns. In small cap, EBITDA positive businesses, right?”
Lacaillade: Seed fund baskets deliver 5x net vs 2.5-3.5x for franchise funds
“The basket I think can do five X of those seed funds versus what do I think? Like a franchise firm can do two and a half, three X net, maybe three and a half.”
Lacaillade: Big secondary investors avoid venture capital, creating a market gap
“Most of the secondary people are not really comfortable in venture... I think all the big secondary players skew towards heavily towards buyout portfolios. So there's a gap in the market.”
Lacaillade: Venture portfolios have absorbed 70-80% of valuation write-down pain
“And I don't think we've taken all our pain. I think there's more to come, but I think we've taken like 70, 80% of it.”
Lacaillade: Charter rules block large state pensions from sub-$1B funds
“They have a rule in their charter that they can't be more than 10% of a fund. And they can't write less than a hundred million dollar check. Therefore, they can't invest in funds that are smaller than a billion dollars.”
Lacaillade: SCS's 2020-2021 co-investments will yield 2-3x instead of 4-6x
“If I look back and I did a bunch of co-investments, like in what I believe to be like great, in some cases, great companies. Right. But they're going to have to grow into their multiples. So rather than making four to six acts, we'll make two or three acts.”
Lacaillade: Multiple billion-dollar-plus venture funds have achieved 5x-plus returns
“Founders Fund, like, there, if you, I mean, I'm saying some of the data, like, there's, I, there's a number of examples of big funds being five X plus, right?”
Lacaillade: Tenzing co-investment is on track for a 4x-plus return
“Mentioned a situation with a London manager, Tenzing, where there was a co-investment. I was on the LPAC and basically very track. It's going to work out. It's going to be like a Forex plus deal.”
Lacaillade: LPs stopped investing post-GFC and missed top vintages
“Going back to the start of our conversation, like, you know, six and oh seven, like, a lot of people poured a bunch of money into, like, large cap buyout stuff, and then, you know, didn't commit after the goal for, like, oh nine, 10, 1112, and they missed some…”