EUVC
EUVC | E380 | Giano Capital's Alberto Chalon on a deep dive in how to master the sell-side of secondaries
Nov 20, 2024
Alberto Chalon, founding GP of Giano Capital and a seasoned expert in venture secondaries, shares invaluable insights on the secondary market. He discusses the evolving landscape, particularly the differences between U.S. and European investors. Topics include seller motivations, critical roles played by intermediaries, and the complexities of pricing and legal challenges. Alberto also introduces his innovative quantitative scorecard for evaluating buyers and navigates through key trends shaping the market, making it essential for anyone looking to engage in venture secondaries.
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Quick takeaways
- The evolution of the venture secondary market highlights significant liquidity opportunities for sellers, particularly European companies seeking exits after substantial growth.
- Alberto Chalon emphasizes a structured buyer process combining quantitative scorecards and qualitative insights to navigate the complexities of investment valuation.
Deep dives
Understanding the Secondary Market
The secondary market for venture capital has evolved significantly, particularly over the last 20 years. Unlike the early 2000s when companies could quickly achieve an IPO, the average exit time now ranges from 12 to 16 years, creating a gap that secondary transactions can fill. With many European companies aiming for exits after reaching at least 100 million euros in revenue, secondaries provide an avenue for liquidity at crucial stages of growth. The landscape contrasts with the U.S. market, where investor mindsets and access to information differ, highlighting the uniqueness of the European secondary market.
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