IPO

“When you're taking something public, it's probably not a value option, a value play, right? You're taking, you're trying to take advantage of getting a good price in the market For the person who's selling their equity, not buying it.”

“Today, I'm not sure it is cheaper. Because if you look at the costs around an IPO, yeah, there's some legal costs, there's some accounting costs, like there's some things you could probably automate, but the really big costs are the bankers that are selling it…”

“Things like mergers and acquisitions, share buybacks, IPOs, have historically been associated with high market levels, right?... And by contrast, M&A tends to dry up when you've had difficult times, IPOs dry up and buybacks dry up.”

“All growth companies, the average time to becoming public has gone way, way, way up. That means that the great public has been blocked out of the ability to invest in growth, and everyone, I'm sure your listeners know this phenomenon very well, but it's a trav…”

“For the last 15 years, it's basically been 10 to 12 years, so we've almost doubled the time to stay private”

“There is a IPO, time to public market, that has been far shorter than what the tech industry has experienced, Because unlike the tech industry, these companies' product development cycles are seven to 10 years, and they need capital, and so the public markets …”

“The big one is how so many market participants explain the market as if it's true. So for example, when they say, well, the reason this time is not good for IPOs is although the market is up, that's the secondary market, but the primary market is struggling ri…”

“So on an annual basis, there are, call it, 25 to 40 IPOs with TRAs, depending on the IPO market.”

“Since the dawn of venture capital, it's been IPO or bust. You're going to have these, we call them needle movers, these iconic companies that really define venture capital and define venture capital firms. The quest is about that versus we've got really good c…”

“The IPO is actually mainly Secondary capital, because we had done a good job of growing into our capital structure and already going down the path of spreading it over time.”

“The main way companies get added are initial public offerings, and what we've seen is IPOs from 76 to 2000 averaged about 280 per year. They're a couple years way above that, and since 2001, they're about a 120. And by the way, the last couple years, Have been…”

“So in that environment, it's particularly more difficult for larger managers because you have fewer ways to exit. You really can only exit through IPO or through publicly traded company making a very, very large acquisition. Those don't happen every day.”

“On exit, M&A on average is 25%, and IPOs are 42%, POPs, which would suggest that public markets pays more for assets on the exits than M&A does, corporates.”

“There were a lot of IPOs in that market environment, the dot-com bubble. They would go up a hundred percent, 200% or more on the day that they priced, and there were a small number of investment firms that would get allocations to these IPOs, and they would of…”

“Our best outcomes, as an aside, have always been an oligopolistic industry structure where there's three or four players who are going to irrationally compete to own the asset because they want it and they don't want their competitor to get it leads to the bes…”

“If you look at the last 12 odd months, about half the IPOs that have happened are below their last financing round.”

“The minute a company comes public, it belongs in an index fund. We've had that belief for a long time. You might need a few days for it to get trading and figure out price discovery. Our best indexes add those securities in day three or day five.”