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What Will a Recession Do to Venture Capital? | Real Vision
The Interview · Featuring Josh Wolfe and Raoul Pal
Published on: July 24th, 2019 • Duration: 35 minutes

Josh Wolfe, co-founder of Lux Capital, sits down with Raoul Pal to examine the indicators that are warning that the economic cycle is reaching an inflection point. Wolfe and Pal discuss the idea that inflated valuations in venture capital are being caused by the incremental buyer's desperate search for growth. Wolfe warns that if the cycle indeed turns, a liquidity crisis could emerge. Filmed on July 9, 2019 in New York.
recessions  Softbank  vc  venture_capital 
5 days ago by jerryking
Vulture Capital
Jan 7, 2002,

** Scavengers pick through a killing field of corporate investment portfolios.

It's garage sale time at Polaroid. Now in bankruptcy, the company is selling.....an investment portfolio with stakes in a handful of tech startups, including Colorado MicroDisplay and ActivePhoto of Sunnyvale, Calif.......Such clearance sales are becoming commonplace.... The secondary market saw $1.5 billion in sales in 2001, a 150% increase since 1997. Faced with recession and a collapse in their once-buoyant tech speculations, some firms are rushing to unload venture portfolios, either by closing the fund and writing down the value or by selling the portfolio. Lucent and mobile phone retailer Hikari Tsushin are just two of the companies said to be looking to dump VC portfolios........One of the scavengers picking through the detritus is Nick Harris, general partner of Lexington Partners in New York. Last year Lexington paid $1 billion for 70 partnership interests from Chase Bank after it acquired J.P. Morgan. Lexington dropped another $1 billion buying a portfolio from Royal Bank of Scotland.

With $5 billion under management that it raised from banks, insurance companies and other institutions, Lexington is one of the biggest buyers of secondary stakes. In the mid-1990s buyers got an average 25% discount from the original investors' prices; today they buy at up to 40% discounts. Desperate sellers have even given away their portfolios for free in exchange for a share of future returns. "In some cases we're happy to pay a good price for the assets," says David Park of Paul Capital, in San Francisco. "In other cases they need to give us an extreme discount.
corporate_investors  secondary_markets  venture_capital 
9 days ago by jerryking
Stock Market Drops. VCs Hold Partner Meetings. What Happens Next? | TechCrunch
So let me give you the news 2 months early. If the economy and the stock market continue to languish that’s exactly what’s going to happen.

I’ll bet most partners’ meetings this week consisted of looking just a little bit closer at the cash needs of their portfolio companies – making sure they’re “fully funded.” I’ll bet many of them did a review of their “investment pace” as in – how quickly should we be investing. I’ll bet many did a slow roll on deals that might have gotten approved today. Not a “no” but not yet a “yes.”

It’s impossible to sit in a partners’ meeting on a day like today without having an iPhone on watching the stock market free fall and no matter how much of a public tech cheerleader you are – privately I guarantee there was much concern.

If we do head South it will take a few weeks or months until the memos to portfolio companies get published and the Powerpoint presentations get sent out. But the internal conversation started today – trust me. VCs will take a “wait and see” approach right now. Don’t want to call it either way. It’s too early.
economic_downturn  economy  entrepreneurship  history  investors  technology  business  recessions  start_ups  vc  venture_capital  via:sha 
16 days ago by jerryking
Smart Startup Advice: Don't Panic - Profit
Oct. 12, 2008 | Business Insider | by Peter Kafka

Bibliography
Silicon Valley Finds It Isn't Immune From Credit Crisis - WSJ.com
Sequoia Capital deck startups and the economic downturn
Inside Details of Sequoia Capital's Doomsday Meeting With its Companies - G...
VC dean Alan Patricof warns against panic, urges entrepreneurs to seize the...
Master of 500 Hats: Fear is the Mind Killer of the Silicon Valley Entrepren...
Angel Investor Ron Conway Emails His Portfolio Companies Over Financial Mel...
Benchmark Capital Advises Startups To Conserve Capital, Look For Opportunity...
How Bad Will The Ad Market Get? Time To Get Out The History Books
News Corp. Estimates Cut in advertising
advice  economic_downturn  panic  recessions  start_ups  vc  venture_capital 
27 days ago by jerryking
Adventures in Corporate Venturing
January 1, 2001 / First Quarter 2001 / Issue 22 (originally published by Booz & Company)
Adventures in Corporate Venturing
A well-funded R&D program isn't enough. Corporations must invest in business opportunities outside their four walls to accelerate innovation and growth.
by Jill Albrinck, Jennifer Hornery, David Kletter, and Gary L. Neilson
corporate_investors  investors  start_ups  venture_capital  vc 
5 weeks ago by jerryking
The Failure of Venture Capital
APRIL 2, 2018 | Dartmouth Business Journal | BY AYAN AGARWAL '21.
failure  vc  venture_capital 
5 weeks ago by jerryking
Don Valentine, Founder of Sequoia Capital, Is Dead at 87 -
Oct. 25, 2019 | The New York Times | By Erin Griffith

In 1959, when Don Valentine joined a silicon company, “the word ‘Silicon Valley’ hadn’t been created yet,” he said in an interview at a technology conference in 2013.

In 1972, Mr. Valentine established Sequoia, and it soon became one of Silicon Valley’s most successful and enduring firms. Sequoia backed companies including Oracle, Microchip Technology, Linear Technology and Network Appliance. Several tech giants, including Electronic Arts and Sierra Semiconductor, were created in Sequoia’s offices.

Mr. Valentine invested in Atari in 1975, and three years later, he wrote a $150,000 check for Apple Computer. He also invested in Cisco Systems and was the networking equipment company’s chairman for three decades.......Unlike other venture capital investors at the time, he played an active role in the companies he backed....Venture capital is often called a “people business,” and many top firms have stumbled as they have tried to pass the reins from one generation to another. But Sequoia survived that transition when Mr. Valentine handed control to Michael Moritz and Doug Leone in the mid-1990s. He continued to attend partner meetings for the next decade. Mr. Valentine evaluated start-ups by their ability to answer the question “Who cares?”.........Mr. Valentine explained one element of his success. “The key to making great investments is to assume that the past is wrong, and to do something that’s not part of the past, to do something entirely differently,” he said.
Don_Valentine  founders  Michael_Moritz  obituaries  Sequoia  Silicon_Valley  start_ups  vc  venture_capital 
7 weeks ago by jerryking

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