Annualized fundraising as of Q2 points to $50-$55B. This would be below normalized levels of 2018-20 and 23-24 of ~$85-90B average. Fundraising is not nearly that dire. LPs are not frozen. While cash flow figures in recent years are negative, LPs have no dominator issue due to

Strongest bubble signal is when pricing is moving faster than de-risking.

Here’s a question. Why don’t more companies that don’t meet 30% growth/$300M ARR go public? Let’s say a hypothetical company has $200M in rev, 15% growth and can trade in public markets at 5x. It last raised $250 in 1x pref valued at $2.5B. You could sell to PE for $1B (5x rev)

If you’re going to describe an investment opportunity as “interesting” then you should instead acknowledge that you have nothing interesting to add to the conversation.

Boston is the most disappointing tech VC ecosystem. Beaten out by NY/LA and it’s not close. Wayfair and Klaviyo are growth stories (see cap tables). Can argue Toast/Snyk/DK but 🐿️ / 🌰. It all started w/ losing Meta. BOS has A+ biotech vc, minority growth, growth buyout + LPs.

I dream of a world where IC Members read investment memos.

Annual meeting season is a nice time to remember that all LPs are equal but some are more equal than others.

I tweeted about Tertiary funds as a joke. Apparently they are a real thing.

Why are founders giving allocations to GPs that back competitors? Do folks not care if the investor doesn’t have info/major investor rights? This has been going on since 2020. Many portfolios with exposure to OpenAI/xAI/Anthropic, Deel/Rippling/Gusto, etc.

Monopoly thesis still remains under appreciated by the market. The key question remains do you underweight or overweight Mag7? Sounds odd—but for allocators who benchmark to the 70/30 MSCI ACWI/BBG Agg Bond, I would bet 95% are underweight Mag 7 (24% of ACWI, 17% of 70/30). Few

We’ve been in a SaaSacre since Q4’22.

Today’s valuations (for private companies) reflect the combination of: 1) the underlying value of the company, and 2) the value of the auction premium an investor needs to pay to win the allocation. (Unlike for public companies, where the need to outbid other to get allocation

So, has AI replaced a true SaaS system of record? We have the Klarna swing/miss with Workday. Anything else out there?

$7.5T in money market funds. $VOO and 40 Act secondary funds are going to outer space.