Adam Small KSL NewsRadio America is brain draining itself.

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Very interesting thread about the topic "distribution in kind". In general it seems GPs like the idea of distributing private shares at the end of the fund lifetime (they don't have to wait to exit), whereas LPs see a lot of problems with alignment. #skininthegame

Only thing to add is that there are several multi bin funds today 😌 #fundsize #exitproceeds #VCreturns

Fundraising #60 European LPs always try to make GPs compliant, submissive & quiet. They are allowed an opinion but not to be contrarian. The person should not look, act, or talk contrary. They want outlier returns without accepting outliers. That's the fundamental paradox I see.

This is like having a glass ball for one day, enough to make your family one of the richest ever...

Republicans against Trump For context, this was Bruce Springsteen

Fundraising #61 European pension funds allocate 0.02% of their assets to VC. US pension funds allocate 2%. The difference is 100x. #EIF #data #LP #allocations #VC #pensionfunds #institutional

The solo (GP) game 😏💪 "Rule 4: Teams dampen returns. Generating superior investing returns is a solo game. My best returns were decisions I made by myself. "

Fundraising #62 Another masterpiece article on IRR performance math and how it is manipulated by the PE industry. #IRR #fake #IRRelevant #PE #VC #returns oxsbs.link/3ZvWlyt

Nothing to add...

This is so true. Especially for those LPs doing DD and being surprised about what they expect and see. 🤷😌

LP activity in VC: Many LPs think VC is easy by investing in 2-5 local accessible funds without looking further. If their VC allocation underperforms, it's not their fault, it's the asset class. They leave VC as an asset class. Long version below 👇 #VC #LP #assetclass

Fundraising #63 The biggest paradox in fundraising: LPs want to see LT track records, but the longer a successful track record exists, the lower the probability of repeating it in the future, especially when LPs are finally convinced and create huge fund sizes. #paradox #LP

This is basic math for most European LPs hunting large US brand VC funds. Add the fees that most European LPs pay to get access to those Super Brands by using feeder funds and "access-FoFs" and you understand it's even way harder than Josh Kopelman rightly said. 🤷😌 #LPreturns #VC

Fundraising #64 Tipping point. Many emerging managers have a tipping point in fundraising, when they start raising institutional money. After this moment it will be difficult for most smaller private investors to participate anymore. Especially if the GP decides to stay small.

To put this in perspective: Norway's SWF manages 1 Trillion $ EQT manages 315 billion $ One is the state fund of an oil rich country. The other is a PE firm.

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World of Statistics 🇯🇵 Japan's population change, by year: 2013: -238,621 2014: -269,416 2015: -284,789 2016: -330,916 2017: -394,421 2018: -444,085 2019: -515,854 2020: -531,816 2021: -628,205 2022: -798,214 2023: -831,872 2024: -898,000