20VC: Will LPs Pull Out of Existing Managers, How Will Fund Sizes Change Moving Forward, Is Now The Time to be Aggressive on Secondaries, What is the Discount on Secondaries Today, Who Will Win and Lose in the Next Five Years with Hunter Somerville, Partn

20VC: Will LPs Pull Out of Existing Managers, How Will Fund Sizes Change Moving Forward, Is Now The Time to be Aggressive on Secondaries, What is the Discount on Secondaries Today, Who Will Win and Lose in the Next Five Years with Hunter Somerville, Partn

Hunter Somerville is a Partner @ Stepstone, one of the largest secondary buyers, fund investors and players in our ecosystem with over $600BN in capital responsibility and over $100BN AUM. Additionally, Hunter serves on the LP Advisory Boards for Felix Capital, Foundry Group, Imaginary Ventures, Scale Venture Partners, Boldstart Ventures, Ludlow Ventures, and more. Prior to StepStone, Hunter was a general partner with Greenspring Associates, a venture capital and growth equity investment firm that merged with StepStone in 2021. Before that, he worked as an associate for Camden Private Capital.

In Todays Episode with Hunter Somerville We Discuss:

1. Three Types of Secondaries:

  • What are the three different types of secondaries?
  • What is the current situation with company secondary opportunities today?
  • What is the current landscape for fund secondary opportunities today?
  • What are GP-led restructuring or strip sales? How do they work?

2. LPs Today and Moving Forward Investing in Funds:

  • Will we see a wave of LPs not commit to their existing managers?
  • What is the denominator effect and how does that impact LP deployment into funds?
  • What are the top 3 reasons why LPs will not re-commit to existing managers?
  • Do LPs feel VCs have fairly marked down their venture books in the last 6 months?
  • Does Hunter agree that if you have not returned cash to your LPs when you could have done ijn the last 5 years, then you are most in trouble?
  • Why does Hunter believe we will see more international LPs entering venture than ever before?

3. Liquidity: When Does the Cash Hit:

  • Why was liquidity so bad in 2022? How did that compare to 2021?
  • How does Hunter forecast liquidity environments in 2023? What could drive them?
  • How active were Stepstone in secondary buying over the last few years?
  • Is now the time to be greedy when others are fearful in secondaries?
  • What discount was Hunter seeing both on fund and company side secondaries in 20-22?
  • What is the current level of discount being applied to both company and fund secondaries?

4. AMA with One of the Largest Secondary Buyers:

  • Which LP class will be hurt the most from the last fund cycle?
  • What would Hunter most like to change about the world of venture?
  • What was Hunter's biggest mistake on a company investment?
  • What are the biggest mistakes LPs make when they do direct investing?
  • Why are big-name people entering firms as GPs not always a good sign?

Avsnitt(1386)

20 VC 002: How to become a VC with Kris Jones

20 VC 002: How to become a VC with Kris Jones

In this session of The Twenty Minute VC, I'm so excited to have the opportunity to interview Kris Jones. Kris has enjoyed an amazing career in the technology industry, founding PepperJam, an internet marketing agency in 1999 and later selling it to Ebay in April of 2010. More recently, Kris has made his transition into the Venture Capital Industry through the founding of an early stage technology investment fund, KBJ Capital, which includes portfolio companies Highlighter.com, French Girls App, ReferLocal.com, LSEO.com and many more incredible companies. In this session you'll learn: Why Kris decided to make the transition from the Startup ecosystem to the world of Venture Capital. How did it feel for Kris, selling his company to Ebay? What was the most important lesson Kris learnt in the journey from having the idea for PepperJam to being acquired by Ebay? What is the key characteristic a Founder must have? What can an individual do to get employed in the Venture Capital industry. Kris is also a prolific writer here are some of his articles, you can check out! Forbes: 15 Steps to Set Your Company Up for a Successful M&A Mashable: 9 Ways Social Media Marketing Will Change in 2014 Citibank: How to Impress a Potential Investor

13 Jan 201522min

20 VC 001: Guy Kawasaki of Apple, Motorola and AllTop.com

20 VC 001: Guy Kawasaki of Apple, Motorola and AllTop.com

Welcome to the 1st episode of The Twenty Minute VC, on today's show we have Guy Kawasaki, Guy is the Founding Partner of Garage Technology Ventures, a seed & early stage venture capital fund investing in extraordinary entrepreneurs with unique technologies. Previously, he was Chief Evangelist of Apple Inc and an advisor to the Motorala Business Unit of Google. Guy is also the author of many best selling books including the recent best seller, The Art of Social Media: Power Tips for Power Users. In this episode we delve into: Why Guy made the transition into the VC industry? What is the most important aspect for a startup to have? What drives Guy insane about startup founders today? What books Guy gives to aspiring entrepreneurs? What software & apps Guy cannot live without? We then finish on a quick fire round where we discover Guy's thoughts on the future of Amazon, Tesla and whether we really are in the midst of a tech bubble. All of the products mentioned in todays show can be found at www.thetwentyminutevc.com If you love the show, please do leave a review on the iTunes store and don't forget to subscribe!

13 Jan 201519min

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