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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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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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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Really bad idea. Been done. Ask Ken Fox. What problem are you solving?
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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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How can you trade LP interests publicly? Don’t think you can do that at least in the US.
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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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There is actually a well functioning private market for this, for the very few firms who truly have predictable flows... the likes of https://www.dyalcapital.com/ et al
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Wouldn’t the tax treatment change given the partnership structure wouldn’t be maintained in all likelihood?
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Čini se da učitavanje traje već neko vrijeme.
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