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16 results for “investment cycles”
“The deadly trap of over-investing vs under-investing in AI cycles”
if you under invest and you miss a cycle, the other guys pull ahead, and then your growth dies, and we know what that's like. If you over invest because the money is so much, if you over invest and, y
10:20 / 10:42
framework10:20 – 10:42
I mean, I I I have lived in this cycle, and was in the '99 cycle. And, and we have had you know, our funds are distinguished by absolutely blockbuster companies. Pretty much every single fund, a bunch a few of them, some have more than others, where
28:30 / 29:30
from transcript28:30 – 29:30
...cycles in the last ten years, and maybe we realized one of them and it was about six weeks. So you needed to put your money to work fairly quickly. That is not to say that there won't be significantly higher defaults going forward. We see defaults he
52:31 / 53:33
from transcript52:31 – 53:33
...stage investments. So, you know, how have you been able to drive meaningful DPI when, you know, you're taking such long positions? So, I I'd love to say that, you know, ten years is enough, but the reality and on most venture capital firms are struct
29:49 / 31:03
from transcript29:49 – 31:03
“PE-like duration with venture-like IRR but high cyclicality creates exit challenges”
term horizon returns gain, but it's actually the IRR on these is pretty phenomenal. The duration is more like PE. The IRR is more like venture, but it is highly cyclical. But the question is there's a
22:30 / 23:05
market insight22:30 – 23:05
...earning cycles. If all you're doing is platforms or quant, you're gonna miss that. You can argue about how to find the right managers in that space, but to say that you shouldn't be in that space just because it's had some apparent difficulties from
51:47 / 52:59
from transcript51:47 – 52:59
...distinct beliefs with what is best for their investment programs.
2:20 / 3:25
from transcript2:20 – 3:25
So no matter how hard I work in the next five years, I'm just digging out of someone else's hole. Do you think we will continue to see spinouts from a grade firms, from young, incredibly promising partners? I think it's the nature of the business for
29:59 / 31:01
from transcript29:59 – 31:01
...conversion cycles. They can recycle the capital, put it back to the asset class. And it might still be a private company. Might still be a private company. So one of the things I've been wondering is, does this actually happen to venture? Right? Do y
1:01:30 / 1:02:31
from transcript1:01:30 – 1:02:31
from '25 2005 all the way to, it looks like sorry. The chart just went off the screen. Oh, I'm sorry. I was Don't worry about it. I have the chart on my notes here. So just looking at it in my notes here, if you look at or maybe leave it up so the au
28:29 / 29:36
from transcript28:29 – 29:36
...cycles differently and to make sure we have managers within each of these types of funds that have experience and track record that can go through those cycles. How do you think about secondaries both as a mechanism for your primary funds and then as
37:31 / 38:38
from transcript37:31 – 38:38
...so we have a built in diversification. Yep. Yep. The founder is all in on one thing. Mhmm. So that's also an interesting part of the dynamic. Yeah? Yeah. The founder could be very high anxiety. Mhmm. An investor might be, oh, in this fund, we have Ub
37:28 / 38:33
from transcript37:28 – 38:33
Those are the companies that I just referred to that are doing the secondaries every, you know, eighteen months or so. Where we are in the cycle now, if you go to the next slide, this was making the rounds on LinkedIn. This is an Ernst and Young anal
33:06 / 34:06
from transcript33:06 – 34:06
They often impact the manager's NPS or the investor's NPS, but actually very positively impact their DPI. The second really interesting element that I'm seeing looking at the data is that temporal diversification is real. For those that deployed fund
9:42 / 10:52
from transcript9:42 – 10:52
if they've come to a past one. And we get hundreds of applications every month. And so that's a part of the compounding nature. You also if you refer people, you get additional priority access to come to these events. That's also part of this self pe
13:35 / 14:40
from transcript13:35 – 14:40
a certain amount of compensation for your role, and part of that was variable carried interest. That carry has evaporated, right, as performance has come down. And, you know, now you're you're getting paid 70% less than than what you thought you were
29:07 / 30:34
from transcript29:07 – 30:34
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