The Peel with Turner Novak How to Raise a VC Fund Today, How AI is Changing Fintech, Traits of Top Emerging Managers, Why Everyone is Selling Secondaries, Triple-Layered SPVs | Samir Kaji, Co-founder and CEO of Allocate
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Jun 19, 2025 Samir Kaji, Co-founder and CEO of Allocate, dives into the evolving landscape of private markets. He highlights the surge in private investment firms and the hurdles new venture funds face in raising capital. The conversation touches on the critical role of secondaries in enhancing liquidity and how AI is transforming the evaluation of fund managers. Kaji also discusses effective strategies for emerging managers to differentiate themselves and the complexities of navigating triple-layered SPVs. It's a rich exploration of innovation and adaptation in today's venture capital world.
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The Growth of Private Markets
- Private markets have grown enormously, with 90% of companies over $100 million in revenue remaining private.
- Today, private investments form a continuum with public markets and require new tools for efficient access.
Venture Capital's Fragmentation and Risk
- Venture capital has fragmented from a monolith to a barbell of mega mega funds and numerous small seed funds.
- Risk and returns vary greatly: seed offers high volatility and potential, while mega funds yield consistency with compressed multiples.
Secondaries Drive Venture Liquidity
- Secondaries offer a vital liquidity mechanism in venture, enabling managers to take money off the table and enhance returns.
- Stigma around selling early should be retired as it aids portfolio management.