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Roger Ehrenberg
Has VC Become So Big It Must Be Disrupted? Wrong question. Right question: Have VC cash flows become sufficiently predictable that they can be efficiently monetized and traded in a public format? There are several conditions to this being true 1/
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Roger Ehrenberg 1. velj
Odgovor korisniku/ci @infoarbitrage
Multi-product. Early stage, growth, crypto, credit, etc. Diversification of fee revenue and carry streams is critical for a public market investor to do a proper DCF valuatoin 2/
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Roger Ehrenberg 1. velj
Odgovor korisniku/ci @infoarbitrage
Scale. AUM has to be large enough that when you PV the expected cash flows on a probability adjusted basis, you get a multi-billion $ valuation. Otherwise, it's not worth it. 3/
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Roger Ehrenberg 1. velj
Odgovor korisniku/ci @infoarbitrage
Publicly traded comps. Blackstone, Apollo, and Fortress before them all had these characteristics: Predictability. Multi-product. Scale. They just started from the private equity product and expanded across products and cap structure. No reason a multi-stage VC couldn't do it. x/
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Bill Gurley 1. velj
Odgovor korisniku/ci @infoarbitrage @semil
Really bad idea. Been done. Ask Ken Fox. What problem are you solving?
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Roger Ehrenberg 1. velj
Odgovor korisniku/ci @bgurley @semil
That’s not the right comp. ICGE and CMGI were completely different. Portfolios of venture investments, not multi product, multi strategy enterprises. The problem: liquid multi level equity incentives. The solution: publicly indexed instruments.
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friedmandave 1. velj
Odgovor korisniku/ci @infoarbitrage
How can you trade LP interests publicly? Don’t think you can do that at least in the US.
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Roger Ehrenberg 1. velj
Odgovor korisniku/ci @friedmandave
Nope. They'd become C corps. Especially in today's world. The biggies have done the conversions. I'd assume a VC-cum-alternative asset manager would do the same.
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Angus Davis 1. velj
Odgovor korisniku/ci @infoarbitrage
There is actually a well functioning private market for this, for the very few firms who truly have predictable flows... the likes of et al
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Angus Davis 1. velj
Odgovor korisniku/ci @infoarbitrage
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Guy Wuollet 1. velj
Odgovor korisniku/ci @infoarbitrage
Wouldn’t the tax treatment change given the partnership structure wouldn’t be maintained in all likelihood?
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Roger Ehrenberg 1. velj
Odgovor korisniku/ci @guywuolletjr
Not under the new tax law. have all converted.
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