Sam Lessin: Public markets value private capital platforms entirely on fees
Sam Lessin · Is Venture Capital Broken? | Sam Lessin on TBPN · Apr 26, 2025 · at 23:10
Sam Lessin discusses why late-stage mega-platforms optimize for raising assets and collecting fees rather than maximizing carried interest returns.
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“When they go public, The actual way re like the public markets value these funds has absolutely nothing to do with returns. It is a hundred percent the fee base, right?”
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