PE10X - World's 1st Secondary Fund - Andrew Reilly, Managing Director, VCFA

Andrew Reilly is a Managing Director at VCFA, the world's first secondary focused fund. Andrew joined VCFA in 2017 primarily to focus on origination and development of venture and growth equity secondary opportunities.

Links:

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

VCFA website - https://vcfa.com/

Andrew Reilly on LinkedIn - https://www.linkedin.com/in/andrew-k-reilly-5782a019/

🎙️ Hosted by Prashant Choubey

Follow Prashant on X - https://x.com/ChoubeySahab

Follow Prashant on LinkedIn - https://www.linkedin.com/in/choubeysahab

In this episode we talk about -

- The history of VCFA and being the first secondary fund

- The different types of secondaries they deal in at VCFA

- How they buy winners at a discount

- The difference between direct secondaries VS GP leds VS LP interests

- How do they evaluate a VC portfolio for a secondary transaction

- Sourcing high quality secondary deals

- What is the risk/return profile of secondaries

& lots more

Timestamps:

(00:00) Introduction

(02:49) History of VCFA and Dayton Carr, founder of the secondary industry

(07:31) Types of secondaries: GP-led transactions, LP-led deals, and direct secondaries

(11:11) Evaluating a VC firm's portfolio for acquisition

(13:34) Why sellers would sell assets at a discount

(35:27) Sourcing high-quality secondary deals

(41:08) Risk-return profile of secondaries

(47:08) Goals for the new fund, including potential expansion into real estate secondaries

(52:28) Rapid fire round of questions about VCFA's investment strategy

For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com

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