LPs

“It seems like they've reigned, raised somewhere between two and three hundred million each, you know? And so you roll all that up. It's, Three hundred billion. NVCA estimates that it's three trillion dollars of assets on the books of the LPs.”

“You know, they've slowly increased their participation in venture from anywhere from like five to seven percent up to 10 to 15. And then it can be as big as half of their private equity commitment. So VC alongside private equity, some have private equity a lot…”

“The system as it exists today promotes less liquidity, less traditional high quality company building and way higher burn rates. And that's just not a great combination from my perspective and it's all self-reinforcing. So all of the components that I listed, …”

“Many LPs, not all LPs, but many LPs have a liquidity problem and that's a new reality. It's tied to the lack of IPOs and the lack of M and A.”

“I think I forwarded you this NVCA graph and in, in there, it has the percentage of Committed funds that's paid back in the five to 10 year window of a venture fund, and it used to average like 20%. It's been as high as 30, and it got down to five last year, an…”

“Some of the LPs that I talked to, this is fairly unusual. they've traded in and out of stripe. You know, and the company's somewhat comfortable with it, and that's very new and unique in our world.”

“I probably spend 60% of my time with LPs. Now, again, that could be getting somebody to help a company, though, too, or coordinating with the team of people with us, like, hey, let's figure out a way to get into Exxon. And then I would say a third of my, 25, 3…”

“Where should I put my 500 grand check? You probably shouldn't put it into like, you know, marginal five billion dollar growth fund... If you're a principal that can't write like sovereign or institution size checks, you're a totally different customer and the …”

“Especially for an emerging manager, when you're truly just sort of underwriting the person, I think people still fail. They probably overweight the in my view, they overweight the investing thesis and track record and stuff and underweight just the like facts …”