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Apr 9, 2025 · 20m · tbpn

Why LPs Are Using STABLECOINS to INVEST in Startups | Avlok Kohli on TBPN April 4th

Avlok Kohli · 11m spoken
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AngelList CEO Avlok Kohli joins TBPN to discuss the platform's evolution into critical venture infrastructure, the strategic integration of AI and stablecoin rails, and emerging 2025 private market dynamics.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. How this is scored →

The hosts as informed peer 3.6 Guest teaching 4.0 Guest disagreement 0.6 The hosts pushing back 0.2
05100:0010:0020:003:00–5:02 · The hosts as informed peer 3/10 Fostering Founder Culture and High Product Velocity Jordy frames the discussion with insider familiarity regarding AngelList's evolution and historical SPV model. Avlok collaboratively outlines their philosophy of staffing ex-founders to drive internal product velocity.5:03–9:41 · The hosts as informed peer 4/10 AI Automation in Back-Office and Private Market Intelligence The hosts discuss legal back-office workflows and startup pricing benchmarks. Avlok explains the distinction between creative LLM non-determinism and back-office financial automation needs.9:41–12:23 · The hosts as informed peer 3/10 Venture Market Rebound and Private Equity Convergence Jordy asks about private equity and venture capital convergence. Avlok educates the hosts with proprietary AngelList metrics, showing fund capital flows doubling year-over-year while clarifying that traditional crossover PE firms have actually receded.12:23–16:13 · The hosts as informed peer 4/10 The Future Role and Human Leverage of General Partners Jordy articulates why venture capital relies on founder likability and access rather than purely automated analysis. Avlok validates and expands on this, detailing how early-stage capital surplus drives up valuations.16:14–18:51 · The hosts as informed peer 4/10 Stablecoins and Cross-Border Capital Flows for LPs Jordy questions the practical need for stablecoins given existing same-day wire transfers. Avlok clarifies that the key friction is international LP capital transfer through the slow SWIFT banking system.3:00–5:02 · Guest teaching 2/10 Fostering Founder Culture and High Product Velocity Jordy frames the discussion with insider familiarity regarding AngelList's evolution and historical SPV model. Avlok collaboratively outlines their philosophy of staffing ex-founders to drive internal product velocity.5:03–9:41 · Guest teaching 3/10 AI Automation in Back-Office and Private Market Intelligence The hosts discuss legal back-office workflows and startup pricing benchmarks. Avlok explains the distinction between creative LLM non-determinism and back-office financial automation needs.9:41–12:23 · Guest teaching 5/10 Venture Market Rebound and Private Equity Convergence Jordy asks about private equity and venture capital convergence. Avlok educates the hosts with proprietary AngelList metrics, showing fund capital flows doubling year-over-year while clarifying that traditional crossover PE firms have actually receded.12:23–16:13 · Guest teaching 4/10 The Future Role and Human Leverage of General Partners Jordy articulates why venture capital relies on founder likability and access rather than purely automated analysis. Avlok validates and expands on this, detailing how early-stage capital surplus drives up valuations.16:14–18:51 · Guest teaching 6/10 Stablecoins and Cross-Border Capital Flows for LPs Jordy questions the practical need for stablecoins given existing same-day wire transfers. Avlok clarifies that the key friction is international LP capital transfer through the slow SWIFT banking system.3:00–5:02 · Guest disagreement 0/10 Fostering Founder Culture and High Product Velocity Jordy frames the discussion with insider familiarity regarding AngelList's evolution and historical SPV model. Avlok collaboratively outlines their philosophy of staffing ex-founders to drive internal product velocity.5:03–9:41 · Guest disagreement 1/10 AI Automation in Back-Office and Private Market Intelligence The hosts discuss legal back-office workflows and startup pricing benchmarks. Avlok explains the distinction between creative LLM non-determinism and back-office financial automation needs.9:41–12:23 · Guest disagreement 1/10 Venture Market Rebound and Private Equity Convergence Jordy asks about private equity and venture capital convergence. Avlok educates the hosts with proprietary AngelList metrics, showing fund capital flows doubling year-over-year while clarifying that traditional crossover PE firms have actually receded.12:23–16:13 · Guest disagreement 0/10 The Future Role and Human Leverage of General Partners Jordy articulates why venture capital relies on founder likability and access rather than purely automated analysis. Avlok validates and expands on this, detailing how early-stage capital surplus drives up valuations.16:14–18:51 · Guest disagreement 1/10 Stablecoins and Cross-Border Capital Flows for LPs Jordy questions the practical need for stablecoins given existing same-day wire transfers. Avlok clarifies that the key friction is international LP capital transfer through the slow SWIFT banking system.3:00–5:02 · The hosts pushing back 0/10 Fostering Founder Culture and High Product Velocity Jordy frames the discussion with insider familiarity regarding AngelList's evolution and historical SPV model. Avlok collaboratively outlines their philosophy of staffing ex-founders to drive internal product velocity.5:03–9:41 · The hosts pushing back 1/10 AI Automation in Back-Office and Private Market Intelligence The hosts discuss legal back-office workflows and startup pricing benchmarks. Avlok explains the distinction between creative LLM non-determinism and back-office financial automation needs.9:41–12:23 · The hosts pushing back 0/10 Venture Market Rebound and Private Equity Convergence Jordy asks about private equity and venture capital convergence. Avlok educates the hosts with proprietary AngelList metrics, showing fund capital flows doubling year-over-year while clarifying that traditional crossover PE firms have actually receded.12:23–16:13 · The hosts pushing back 0/10 The Future Role and Human Leverage of General Partners Jordy articulates why venture capital relies on founder likability and access rather than purely automated analysis. Avlok validates and expands on this, detailing how early-stage capital surplus drives up valuations.16:14–18:51 · The hosts pushing back 0/10 Stablecoins and Cross-Border Capital Flows for LPs Jordy questions the practical need for stablecoins given existing same-day wire transfers. Avlok clarifies that the key friction is international LP capital transfer through the slow SWIFT banking system.

speaking balance: gold is the hosts, purple is the guest (3 minute bins)

0:00 · the hosts 0% · guest 100%0:00 · the hosts 0% · guest 100%3:00 · the hosts 0% · guest 100%3:00 · the hosts 0% · guest 100%6:00 · the hosts 0% · guest 100%6:00 · the hosts 0% · guest 100%9:00 · the hosts 0% · guest 100%9:00 · the hosts 0% · guest 100%12:00 · the hosts 0% · guest 100%12:00 · the hosts 0% · guest 100%15:00 · the hosts 0% · guest 100%15:00 · the hosts 0% · guest 100%18:00 · the hosts 0% · guest 100%18:00 · the hosts 0% · guest 100%
Sharpest disagreement ▶ 19:35 Defense tech bubble pushback

Avlok directly rejects the host's premise that defense tech investing is slowing down, arguing the sector is entering a multi-year golden age.

 Hardest push from the hosts ▶ 8:37 Probing founder-facing pricing tools

The co-host steps in to challenge whether AngelList is using its dataset for founder-side valuation benchmarks rather than just investor intelligence.

 Biggest teaching moment ▶ 17:57 Explaining the real stablecoin use case

Avlok educates the hosts on the primary utility of stablecoins on AngelList, correcting the idea that wires are sufficient by illustrating the delays cross-border LPs face with SWIFT.

 The host holds their own ▶ 12:23 Thesis on GP defensibility against AI

Jordy delivers an articulate breakdown of GP job security, arguing that deal access and interpersonal founder chemistry cannot be automated by machine learning.
the scores for every segment, with the reasoning behind each
ChapterTopicThe hosts as informed peerGuest teachingGuest disagreementThe hosts pushing backWhy
Fostering Founder Culture and High Product Velocity 3200 Jordy frames the discussion with insider familiarity regarding AngelList's evolution and historical SPV model. Avlok collaboratively outlines their philosophy of staffing ex-founders to drive internal product velocity.
AI Automation in Back-Office and Private Market Intelligence 4311 The hosts discuss legal back-office workflows and startup pricing benchmarks. Avlok explains the distinction between creative LLM non-determinism and back-office financial automation needs.
Venture Market Rebound and Private Equity Convergence 3510 Jordy asks about private equity and venture capital convergence. Avlok educates the hosts with proprietary AngelList metrics, showing fund capital flows doubling year-over-year while clarifying that traditional crossover PE firms have actually receded.
The Future Role and Human Leverage of General Partners 4400 Jordy articulates why venture capital relies on founder likability and access rather than purely automated analysis. Avlok validates and expands on this, detailing how early-stage capital surplus drives up valuations.
Stablecoins and Cross-Border Capital Flows for LPs 4610 Jordy questions the practical need for stablecoins given existing same-day wire transfers. Avlok clarifies that the key friction is international LP capital transfer through the slow SWIFT banking system.

Statements from this episode (8)

Disclosure
Kohli reveals AngelList beta AI agent analyzing proprietary private market data
“We launched a front-facing product called, it's our intelligence product. And it's in beta. It's still new. So we're not ready to like fully talk about it with the world, but What we're doing there is we're actually creating a an agent to go look at all privat…”
Avlok Kohli Apr 9, 2025 ▶ 7:31
Assertion Not checkable as stated
Kohli says AngelList venture fund capital flows nearly doubled in Q1 2025
“Within our data, we're actually seeing capital flows increase Q one, 20, 41, 25 by almost a double. And into just venture funds. And like we talked about SPBs and all of that, but like just venture funds alone, capital flows are almost, have almost doubled.”
Avlok Kohli Apr 9, 2025 ▶ 11:11
Insight
Kohli notes crossover and private equity firms have largely abandoned venture deals
“And we're not seeing as much of, you know, cause what happened in 2021, 22 was you had crossover firms really come in, right? Private equity firms, public firms come in to venture. We don't see that anymore. I think we, at least we're not seeing too much of it…”
Avlok Kohli Apr 9, 2025 ▶ 12:00
Opinion
Kohli predicts AI will not replace the fundamental role of human GPs
“So I don't think that's ever going to come from an AI, at least today, at least in the form that we know of it today. So as we think about the role of the GP, we think it's going to continue to stay the same.”
Avlok Kohli Apr 9, 2025 ▶ 14:26
Assertion Partly supported
Kohli observes early-stage valuations rising while late-stage valuations decrease
“At the later stages, at the earlier stages, it's increasing. So pre-seed, seed, series A, there's just a huge amount of capital looking to get in.”
Avlok Kohli Apr 9, 2025 ▶ 14:46
Prediction Not checkable as stated
Kohli predicts AI leverage will make venture power law even more concentrated
“So really there's going to be more leverage to the best investors. So I shouldn't, the power law is going to get even more concentrated.”
Avlok Kohli Apr 9, 2025 ▶ 15:36
Disclosure
Kohli says international LPs drive AngelList's massive demand for stablecoin transfers
“So what's interesting about stable coins on AngelList is when the biggest use actually comes from the biggest pain from when LPs fund, and the biggest pain is when you're trying to move money internationally. And so we actually see a huge amount of demand from…”
Avlok Kohli Apr 9, 2025 ▶ 17:58
Assertion Not checkable as stated
Kohli notes the defense tech investing bubble shows no signs of popping
“But I haven't seen that particular bubble sort of like wind down yet. We're still seeing some pretty active, heavy, heavy investing there.”
Avlok Kohli Apr 9, 2025 ▶ 20:06
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