Agree - and think you’re both going to see (some) VCs create new types of funds for more capital intensive businesses + more PE firms moving down the stack. Generally, believe there will be new wave of entrepreneurs who think beyond just preferred equity from valley VCs.https://twitter.com/patio11/status/1107307387671576576 …
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Replying to @dhaber
I am starting to see more startups where the core entity is financed like a typical SFBA SaaS company but there are often pretty materially sized flows of investment "around" the core business. If done right this is a have-your-cake-and-eat-it-too.
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(In the sense of "VC capital is structurally limited and has a very high hurdle rate and also tolerance for business failure, whereas if you can manufacture a traditional asset with prime+5% returns and ~1% uncorrelated repayment risk then capital for it effectively limitless.")
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("It's a corporate bond. You invented a corporate bond.")
2:03 PM - 17 Mar 2019
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