E141: State of Series A's, VC dry powder, IPO window opens + more with Bill Gurley & Brad Gerstner
All-In with Chamath, Jason, Sacks & Friedberg
Underperformant billion-dollar companies and misconceptions about VC's dry powder
Underperformant companies valued over a billion dollars are dead until market clearing price is reached/nVCs do not have the raised money, it is with LPs/nLPs charge fees based on committed amount, but don't draw the money until needed/nPrivate company valuations are assessed using crude techniques/nLPs are often bonus on the paper mark and have no incentive to get marks right
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