The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: The 10 Question Framework a $217BN Manager Uses to Make Investment Decisions | Lessons from Turning Down Stripe, Coinbase and Losing Money on Northvault | The Bull Case for Bytedance | How Anduril Could Be a $200BN Company with Peter Singlehurst
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Mar 19, 2025 
Peter Singlehurst, Head of Private Companies at Baillie Gifford, shares insights from his extensive experience in private investments. He discusses the 10 crucial questions that guide their investment decisions and why they passed on opportunities like Stripe and Coinbase. Singlehurst outlines the exceptional growth potential for companies like Anduril, exploring how it could become a $200 billion powerhouse. He also contrasts the dynamics of public vs. private investments and the shifting landscape of venture capital, especially in the tech sector.
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Accidental Private Investor
- Peter Singlehurst volunteered to lead Baillie Gifford's private company investments in 2014.
- This was prompted by the emergence of large, scalable private companies like Airbnb and Spotify.
Mistakes vs. Bad Outcomes
- Not all bad investments are mistakes; some are just unfortunate outcomes of calculated risks.
- True mistakes involve overlooking crucial factors, like Northvolt's execution issues.
Growth Stage Focus
- Baillie Gifford focuses on growth-stage companies to minimize product risk.
- They prioritize business model scalability and return on equity, often overlooked in venture capital.
