Lessin: Secondary fund buyers only price winners and treat the rest as worthless
Sam Lessin · Is Venture Capital Broken? | Sam Lessin on TBPN · Apr 26, 2025 · at 13:48
Venture capitalist Sam Lessin discusses with host Jordi Hays why secondary fund buyers demand massive discounts when purchasing whole venture fund portfolios.
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“If someone's buying a fund from you, They're really only buying the winners and the rest is bullshit, right? And like, so in an ideal world, they just carve out the pieces they want. Like, I want this position and this position and this position because I care about these companies or I have an infinity thesis on them. Like everyone has to have, I actually think the infinity thesis really matters in terms of how people are thinking about how big things can get and whether they matter or not in the world. And then everything else, it's like, it's basically worth zero, right?”
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