LPs

“Slow is doing distributions.”

“I think that's the driving force right now is that the ecosystem's kind of locked up. Because there's not enough liquidity moving around from the GPs to the LPs.”

“VCs do this, and I just think it's in every founder's right to do the same thing and say, look, you know, when competing offers come in, Who do I want to work for? And am I okay with if I make this person a billion dollars or a lot of money, what I think they'…”

“One of my favorite questions to ask LPs is what are you going to do with the money that we make you?”

“And for the most part, the ecosystem uses one contract and there are all of these different forms of risk, right? And everyone goes around pitching all these you know, limited partners, the same contract and the each limited partner wants different types of ri…”

“For LPs to do the work, I think is really important because even if you just continue to put your money into Sequoia and Andreessen, Like, they're not getting the lion's share sometimes of these bigger companies, and a lot of these younger firms are still perf…”

“It's actually, they paid an insane amount of money because hedge funds don't care. They just pass it on through to their LPs.”

“Interestingly, I actually find that LPs are quite resistant to that because they, even for like legal reasons and technical reasons, like the, you know, ECI, UBTI type issues, like there's all these things that make it very hard for most LPs to deal with non-t…”

“CARTA, the company that helps people track their cap tables and has other sorts of data and occasionally gets in trouble, but that is a topic for another day. Released a really interesting report that basically said venture capital funds are not returning mon…”

“A lot of LPs won't even invest in that. It's like, they're so in the middle. Like a lot of LPs these days are going for the barbell strategy. They want the like a hundred million dollar and under funds or the billion dollar plus funds.”

“I think some LPs are gonna come back in though.”

“And I think next year, no one, if you're not a serious fund, you're not gonna raise capital.”

“But people do call me. LPs call me all the time, and they're like, is this a serious person? That is a question I get several times a year about venture capitalists from LPs.”

“When we did our last raise, there are a new breed of LPs that just want the micro funds, the like, 75 and 50 and under, because statistically, apparently they return the best multiples.”

“The vibe is a lot of GPs and not very many LPs.”

“The LPs , they finally started charging some LPs that were getting a free ride, and then a lot of them backed out.”