The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: $3.5BN - The Price Zuck Paid for Thinking Machines Co-Founder | Goldman Sachs Acquires Industry Ventures for $665M | Softbank Borrows $5BN Against ARM Holding to Invest More Into OpenAI
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Oct 16, 2025 Explore the dynamics of venture capital as hosts discuss Goldman Sachs' $665M acquisition of Industry Ventures and the implications for private asset distribution. Dive into Andrew Tulloch's surprising $3.5B leap from Thinking Machines to Meta and what it means for founder loyalty. Unpack SoftBank's bold $5BN strategy using ARM shares to invest in OpenAI. Additionally, ponder whether we're building more data centers than offices and what that signals about economic growth in the AI era.
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Investing With A Legend
- Rory described investing with Arthur Rock and how intimidating Rock was in meetings.
- Rory said the experience was awesome and the deal made money.
How Asset Managers Are Priced
- Industry Ventures sold to Goldman at roughly 10% of AUM, a realistic multiple for that business.
- Asset managers' valuations vary widely based on fee economics and product mix.
Protect Teams With Strong Vesting
- Do use extended vesting, cliffs, and repurchase rights to protect founders and co-founders.
- Design founder vesting to deter early departures or moves to competitors.