Sorry, headline and haven't gotten caught up on it. Yeah, absolutely. So the fire sale for Silicon Valley Bank is nearing completion. It took 14 months after the collapse that we talked about earlier in the episode. And this SVB capital, a lot of people don't know that they had one of the very top fund of funds really in the market who's topped us out for certain vintages. And they ended up, it was basically dragged down with some of the, it's a good part of their book. And it's now been acquired by Brookfield and Sequoia Heritage, pending bankruptcy approval. But it's something that's been ongoing. I know a lot of people had a lot of interest in that asset. I'm not sure how the process went, but it's basically coming to an end.

Anybody else here in the back channel about this, Josh Donald?

Well, I know it took a long time to get this deal done. And speaking to folks, SVB not in this part of the business, but the other part of the business, there's a big exodus of talent from this group during that one year period because everyone was stuck in limbo. So I think one question I would have if I was an LP in any of their funds, and then one hand the sale feels like a rescue for the platform. But on the other hand, the question is, is it really the same team? Are they still going to have the same access they had before? Because like, you know, keeping a business and effectively in bankruptcy in limbo is usually the best way to attract and retain talent.

I remember when SVB was looking at our funds and part of their process was we want to have access to all of your investments in real time so that they could, I guess, establish banking relationships or whatever. So it was a very interesting approach, again, back to no conflict. No interest. I'm not saying there's anything wrong with this. But I got a banking business. You got somebody who's early stage. Okay. I'm watching these early stage C stage funds, series A funds in real time. Man, I think it gave them like perfect visibility into the banking side of the business. And then on the banking side of the business, I'm not saying anything's nefarious here, but their clients are wiring money, their venture clients are wiring money to companies. I got to think they're seeing that as well. And I don't think they're calling up saying, I saw Sequoia or founders fund send to you $10 million. Can we get a meeting? But if they saw like $10 million go from founders fund to a company and they researched that company online and they're like, oh, you know what, nobody's actually contacted this company was in tech crunch two years ago, I guess fair game, right? I think

it also worked the other way, right? Because if your founders fund and you have a company that wants a line or wants a line or wants a venture debt, they're not being your fund. You get a call and say, I have this amazing company, we're all in, we want to we want back it, please, you know, please, please take a look and give us your sharpener pencil and give us the best deal possible. So I think it really everyone won from this, you know, little insider's game. It would seem that a variety of people from SUV capital could spin out because they've got ridiculous LP relationships and start their own funds. That's something that I'm kind of keeping my eye on. And you know, they're kind of plenty of folks who are very, very senior who'd been doing it for call at 1520 years there even longer, you know, who were definitely beyond the horizon on that front, whether it be early stage investing or late.

One thing that's interesting and you've seen some of these large asset managers go public and they're almost always valued on their management fees. A lot of them end up being regret it regret going public because the public markets don't really value the carry seems like that was probably the case here in terms of valuing it on its portfolio today. Josh, you brought it up about, you know, some of the talent leaving. But the way that it looks like it's structured to this new entity, which is buying growth, is a cash upfront of 340 million and significant earnouts if they're able to start new funds and launch new funds. So I think they are going to go out and hire staff and perhaps try to go back and hire some of the people that left as well. But it sounds, it seems like it's been structured in a thoughtful way.

One thing I wonder is, you know, at SVP got access just because there is a lot of great reason to give them access if you're a top Silicon Valley venture fund. I'm curious how Sequoia's competitors will feel, you know, with SVP now being owned by Sequoia Heritage, that does entries and want to give an LP allocation to Sequoia, you know, to do the other top funds because now there's a bit of competition here. I know they sort of beat sort of collaborate and I really would love to know what they're talking about.

Have you seen that? Maybe they're just buying the asset to manage it because they're like almost like a strip sale and they're not going to have this be an ongoing entity. I wonder.

They do get that. Pine Grove does do a lot of these continuation vehicles. We talked about it, Jason, four or five episodes ago, how, you know, the GPs are semi retiring and there's no one to continue the vehicle. But there are earnouts here that incentivize them to continue to franchise. So it'll be interesting. But it'll be another case study on what happens when markets go under and there's still assets. There's good assets that go along with bad assets and how bankrupts the ports are able to navigate that.

All right. Should we talk about our last reinvestments? We'll

start with you, Donald.

Last three investments invested in a business called Slope that does B2B payments alongside Sam Altman and a variety of other folks, USB, you know, it's an exciting one. I think, you know, Sam Altman had this quote back in the day, higher for Slope, not the Y intercept. So, you know, higher for people who can learn really, really quickly and accelerate. And the founders are super young building an explosively growing business. You know, we think it's the next stripe, if not much, much larger. And OpenAI is sort of, you know, deeply involved in the business. I'll go on to number two. Permit Flow. Founder is very mission driven, looking to help solve the housing crisis effectively, you know, software for developers, builders, contractors, you know, it kind of calls himself like the Turbo Tax of the space. You can do prep, submission, tracking across a whole bunch of municipalities across the country. It was really exciting, actually, in December, you know, he was contemplating going out for a Series A and literally the day he contemplated it, Kleiner Perkins came in and gave him $20 million at 100 post. And then because Lisa's didn't get a look at the Series A, the next day they came in and they gave him a note at a different valuation, put it that way. So it was a really, really exciting funding round. And, you know, he's seriously off to the races. I think this is one to track. And then Field Guide is my third. You know, they do trust and auditing software. The founder came up with the idea at Atrium, if you remember Justin Kahn's startup. And it's, you know, AI for advisory, you know, attacking call it Wolters, gluers or a portion of Thompson Reuters. It grown extremely quickly. You know, I was in the seed of invested, you know, several times. And it's built for and by practitioners, it's evolved into a whole variety of verticals. Sameer at Bessemer, who did, you know, he's a CEO of SendGrid previously led the Series B. So he's deeply involved in the business. And we're very excited. We think, you know, this could occupy, you know, 500, I don't even know, plus billion dollar market.

Awesome. Josh. Well,

why don't I start with the company that helped start last year, DeXA, DeXA.ai. It's a search and answer engine for podcasts. So in the back end, we're transcribing and embedding audio from all your favorite podcasts. This one all in the Huber Men Lab, Ferris, and many more, we're making it possible to quickly search and discover information without having to listen to, you know, the hours of podcasts. So if you're frustrated with having to miss some, even have enough time in the day to keep up with all your favorite podcasters, use DeXA to search, find summaries, and generally get all the amazing information that's trapped in audio and video.

What's the relationship, Joshua, with the podcasters? Because I know a couple.

Yeah, so we are currently powering a Vermin Labs search on his website. We have formal partnerships with some of them. We love to partner with more of them. But on balance, we're sending a lot of traffic back to every podcaster. So by and large, almost everyone wants to learn about what we're doing. It's sort of really happy to be featured

out here. Any downstream concept of what you'll do with them in terms of revenue or that kind of stuff? I think the

most important part is, first, you get millions of users. This doesn't really matter unless we build a platform people want to use every day. And I think there's a bunch of options to monetize with subscriptions or special products for the podcasters themselves. Yeah,

it's a great idea. We're getting flooded with concepts in and around this, right? I'd love to talk to you about it. Well, with clips, there's transcripts, there's summaries of transcripts. It's just kind of everywhere. And you know, my philosophy is like, okay, yeah, sure, as long as you send traffic back. And then I'm like, wait a second, my archives worth something. Are you going to pay me a licensing fee for this? And so I'm like, I have 2000 episodes of this week and startups almost and 177 of all in. I'm like, should this be something where we get paid, or there's a revenue share, or we license it to but one company. So I'm super curious as how this will hash out.

We'd love to explore everything. All of those could make sense. Yeah, cool stuff. This is genius in terms of the dissemination of knowledge. I mean, no longer is Wikipedia our only friend. This is going to be massive.

Yeah, it's nice. So

if we did jump into the other two, yeah. So the second is a finder or person I just recently back Casey Caruso. Her fund is called Topology. She was formerly, she dropped at a Harvard. She's a machine learning wonder king. True fourths of nature. She was working at Google while move lending at Bessemer. Then she was the fifth investing partner at Permanon. She spun out recently to back deeply technical founders. She could easily be one. I think almost everyone she backs wants to hire her. She finds the incredible talent really early. And really gets that. And she herself is sort of a source of nature and the kind of person that you absolutely want back. The third is a group called Power Set. Power Set arms top technical founders with their own mini funds to invest out of. Oh,

I heard about this.

Yeah. So this is Jake Seller. He started doing this back at AngelList about 10 years ago. He related also to Spearhead after that. And so now he's out on his own group called Power Set with a really interesting model again, honoring top technical founders to sort of invest in their friends and back at

great emerging companies. It's the Koya Scouts program, right? And then it was like Scouts. And then I think, novall at AngelList did Spearhead where they gave like a little micro budget. It's such a great idea. And it lets people try on venture, you know, for 50k, 100k bullets and

I see if their original sort of Scouts, I've actually gone on to become exceptional solo GPs in their own right. I think you're a cycle. I've got to start with an AngelList fund.