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15 results for “multi stage investing”
...You have to think about, you know, what stages you can come in at that makes sense. So, historically, our bread and butter has been the early stages, so everything up to series a and, you know, often series b. But now we're in a place where we can al
3:43 / 4:50
from transcript3:43 – 4:50
...multistage strategy. Mhmm. If you look at our top 10 capital gains in our history, and this is, like, dollars of capital gains, not Right. You know, not MOICs. I think each one is a gain of north of a billion dollars. Five out of the 10 started with
5:08 / 6:18
from transcript5:08 – 6:18
...stage fund get is, oh, well, what happens if they don't then do your next round or they don't contribute? Is that really negative signaling? And it's not as binary as that. It's not as black and white as that. So maybe you could explain sometimes why
8:14 / 9:18
from transcript8:14 – 9:18
...returns. But if you adjust for tech bubbles, tech bubbles included in both the beginning and the end, the early stage is where you definitely are generating superior returns. So you want some of that, and it's uncorrelated to late stage and equities.
22:27 / 23:32
from transcript22:27 – 23:32
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
...do multistage if you don't do pre seed today? We have series a investors here, and they're like, for fuck's sake. Neil Mayter doing the seed and the pre seed for Windsurf, Escoya, Lightspeed, General Catalyst, do more pre seeds than anything. You won
18:43 / 19:47
from transcript18:43 – 19:47
...stage, multi strategy fund where you also have a really focused early stage effort and a growth effort, I think you can absolutely continue to support companies at every phase of growth and make make a lot of money.
16:30 / 17:30
from transcript16:30 – 17:30
...firms, you know, at at seed. I'm I'm curious, one, if you agree with that sort of, you know, reading of history. And then two,
50:57 / 52:05
from transcript50:57 – 52:05
And then the next round, we said we're gonna exercise our pro rata. And then we were told, you can't. And I was like, yes, we can. Like, you know and then they realized the mistake and then they changed it. So, like, we did our pro rata in the the se
16:28 / 17:31
from transcript16:28 – 17:31
...seed or or not? That's what Rompkin's argument is they had a multistage seed, and that's why he co invests with multistage as a whole strategy. And then just, you know, past isn't, you know, isn't the future necessarily. What what do we think about t
52:22 / 53:33
from transcript52:22 – 53:33
...If you're investing over our fund life is a ten year plus fund, our companies are going on a ten plus year journey. In a moment in time, you can make up illiquid private valuations. You can mark things up. You can mark things down. It's a snapshot in
17:15 / 18:21
from transcript17:15 – 18:21
...multistage firms are not gonna follow on. Let's say they buy 15% of a company in the seed round. That's a lot. Keeping pro rata at 15 might be good enough versus needing to get to 30, which is a lot of the company. Or 15 to 22 isn't this necessary op
32:48 / 34:01
from transcript32:48 – 34:01
...so there's multiple ways to win. I like investing around. There's lots of ways to win. I rely on one or two factors. One of the things I'm personally really focused on is thinking about the different kinds of opportunity costs for capital today as ra
14:51 / 16:05
from transcript14:51 – 16:05
is cheap, we can do something with that. We'll find a manager and add to them or whatever it takes. How do you balance the notion of static risk with the concept that there may be something like structured credit that you think is an opportunity? So
29:16 / 30:26
from transcript29:16 – 30:26
I would say diversification. Like, we invested in this company called Smart Tours that did, like, different, like, tour operate in, like, COVID, smoked it. How do you think about position sizing with that in mind? If you think of, like, our vehicle,
29:59 / 31:00
from transcript29:59 – 31:00
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