NewView Capital

“I'd say 80, 90% of what we do is B to B software and fintech, which is where I grew up investing in.”

“We've effectuated large tenders where you give liquidity to employees and we run that whole process. And then you can tack on early founders and angels and exited employees and all that.”

“Discount is important, but I can show you a five percent discount on a company that's far greater than a 50%.”

“Most of our deals are well above 50%, many well of a hundred percent. Are unprofitable.”

“What we try to do really is make sure we have a really good relationship with the CEO. It's blessed by the CEO. It's blessed by the board. They see the value add capabilities. And that is the best hedge against any friction in us being able to transact.”

“You underwrite to a three to five X. You have a lower loss ratio to compensate. Maybe the upside isn't as a true power law early stage franchise.”

“We have five partners. Three of them are operators. One finance, one product, one go to market, and they're not operating partners. They're full partners. They have fiduciary capability. They have check writing capability. They're fully integrated”

“If you fast forward 20 years, we spend a good chunk of our time focused in that market. It's changed in that it's probably two orders of magnitude larger in terms of market size.”

“Venture is 0.3% penetrated. So in that market, our estimation, we've done some analysis, 50 to a hundred billion, just In what we're doing.”

“Now, having said that we do leave, I'd say a small percent of our fund called 10 to 15%. We'll go early where it's a space we know really well, or a team we know really well, and we're willing to take that leap of faith and go earlier.”

“Building a relationship, coffees, dinners, lunches, whatever, with the CEO, with the management team, because what you're doing is you're building trust and respect, and you're building this goodwill bank such that when tough times happen, you have the agency …”

“NewView one was 80% was 31 companies from one firm, NEA.”

“We won't go and say, we'll do it at an 80% discount. It just doesn't make sense for us because we'd rather not engage on that particular company because it Could be insulting to the GP.”

“Two pushbacks from new LPs. One, this was such a foreign concept. They'd never seen such a big venture secondary that wasn't a closeout fund or something else. That was one. The second is they were trading in discounts that were far greater than the discount f…”