VC | E380 | Giano Capital's Alberto Chalon on a deep dive in how to master the sell-side of secondaries

In this episode of the EUVC podcast, Andreas talks with Alberto Chalon, founding GP of Giano Capital and an expert with a decade of experience in venture secondaries.

Andreas and Alberto dive deep into the sell-side of venture secondaries, exploring the fundamentals that drive the market, the motivations of key players, and the nuances of preparing for a sale. Alberto shares his sophisticated approach to buyer processes, using a quantitative scorecard, and provides a practical guide for sellers navigating valuation, pricing, and legal challenges. Their conversation also addresses the current dynamics and trends shaping the secondaries market, offering a comprehensive look at what it takes to succeed.

At Giano Capital, Alberto specializes in secondaries, drawing on his extensive experience to drive value for both buyers and sellers. This episode is packed with real-world insights and practical examples, making it an essential listen for anyone looking to understand or engage in the world of venture secondaries.

Go to eu.vc to read the core take-aways.

Chapters:

00:33 Gianno Capital's Focus and Mission
01:13 Current Transactions and Future Prospects
01:36 The Rise of Secondaries
02:04 Understanding the Secondary Market
02:33 Key Players and Stakeholders
02:49 Market Evolution and Opportunities
05:20 Differences Between US and European Markets
06:32 Types of Sellers in the Secondary Market
10:28 Role of Intermediaries in Secondary Transactions
13:34 The Buyer Process and Giano Capital's Framework
15:20 Quantitative Analysis and Scorecard Approach
20:47 Qualitative Analysis and Reference Checks
22:12 Valuation and Pricing Strategies
25:37 Legal and Financial Due Diligence
28:50 Closing the Deal 31:29 Preparation for a Sale from a Fund
36:15 Valuation Preparation for Assets
38:02 Final Thoughts and Conclusion