VCs think for strong companies that raised capital at the right time, multiples are not going to go back up. Strong companies anecdotally we're hearing are doing rounds at the same value or they're raising venture debt so they don't have to do a markdown. The asset allocation issue is pretty substantial and it's making private equity fundraising market incredibly difficult.
Last year, four of my oldest friends in the business and I got together to banter about a range of investment topics. Now admittedly, I pretty much had to pull their teeth to make it happen that first time, but after having so much fun with it, our old gang didn’t hesitate to do it again. Our dinner crew - Meredith Jenkins from Trinity Wall Street, Casey Whalen from Truvvo Partners, Brett Barth from BBR Partners, Jon Harris from Alternative Investment Management and I - gathered and riffed on long/short hedge funds, private markets, Africa and other empty rooms, potential canaries in the coal mine, continuation funds, co-investments, our favorite investment types, and blind spots. At the end, we had a chance to pay a tribute to Jon’s father, the legendary Ira Harris, who graduated from his amazing life here on Earth earlier in the year.
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