Christian Schneider-Sickert

“About every ten years we face some financial crisis or reckoning, during which around 20% of the GPs fail to re-raise another fund” per Bain & Co’s private equity practice. Investors are growing restless, and the increasing pressure to return their capital is creating a critical juncture for many general partners. Distributions, the return of capital to investors, are at their lowest in over a decade. Early data for 2024 suggests a bleak outlook, with the year on track to be the second-worst for exit value since 2016. Private equity's business model depends on a continuous cycle: raising money to make acquisitions, exiting via sales or initial public offerings, and then returning capital to investors. When one part of this cycle stalls, it risks disrupting the entire system. This situation is putting a strain on pension funds, endowments, and other investors, known as limited partners. Cash-strapped, these investors are hesitant to commit to future funds without seeing current returns. And at the SuperReturn conference more general partners attended than limited partners! #privateequity #privatecapital #privatemarkets #pe #vc #growthequity #institutionalinvestor #liquidity #sponsor #limitedpartner #generalpartner #superreturn #distribution #m&a #realization

38

3 Kommentare

At our VC firm, we don't just fund companies, we fund your existential crises. Every investment comes with a complimentary philosophy book. #vc #startups #investment

8

Today, we're proud to announce the launch of Flywheel Capital, a new ‘hybrid’ secondaries fund pioneering next generation liquidity for growth-stage #founders, companies and VCs — without the discounts, friction or missed upside. By adapting innovations from the private-equity #secondaries market and re-modelling them for founders and VCs, we're re-designing liquidity #VC and #Growth — improving outcomes for liquidity seekers and bringing a new kind of capital partner to the #VCSecondary market. As we do so, we’re excited and grateful to be anchored by leading fund of funds, Allocator One. We believe that greater liquidity will transform #venture in the same way it has private equity. Despite the immense need among founders, companies and VCs — who need liquidity for everything from managing portfolios and distributions, to buying homes to paying taxes (all eyes on the UK #budget..!) — today creating liquidity is high friction and low satisfaction. From discounted price optics, wide valuation spreads, and opportunity cost gating sales, to high risk and uncertainty dissuading broader investment — these issues restrict the market’s full potential. Through our bespoke hybrid secondary structure, we provide a win-win-win solution — for founders, shareholders and funds seeking fair liquidity, for capital on the sideline seeking risk-managed investment, and for a market that’s ready to get moving. We're on a mission to unlock a new era of liquidity in venture — creating a flywheel effect of more investment, innovation and growth, and our team (Gavin Cunningham Ioannis Gryparis Darren Westlake Komal Sethi) is just getting started. Read more about us in Sifted below, and if you'd like to get in-touch, reach out at [email protected].

94

33 Kommentare

VC world can be cruel and unforgiving. With LPs more and more pushing for distribution and liquidity, fund managers in the mid-tenure of their fund with zero DPI and TVPI around 1.0 would have much more difficulty to raise new fund. The ability to fundraise is one of the crucial indications and validation of the job for VCs. Key highlights from the article below: Thirteen percent of venture General Partners (GPs) no longer plan to raise another fund due to LP pullback. This rate has doubled since H1 2023 when only 6% of GPs had no plans for another fund. Nearly 44% of venture firms surveyed in mid-2023 had previously postponed their fundraising plans due to concerns about overexposure to the asset class. Many emerging managers entered venture capital in 2019 or 2020 when the LP market supported more funds. However, slow exits in the first half of 2024 have led to challenges in raising second funds without significant cash distributions to LPs. Some venture GPs are now actively participating in the secondaries market to demonstrate returns. Despite the challenges, GPs who secured fresh capital remain optimistic. They expect the 2023 and 2024 vintages to be the strongest return years since 2019. 🚀📈 #VC #VentureCapital #Fundraising #LPs #EmergingManagers #TechInvestment #MarketTrends #CountdownCapital #IndustryInsights #JetVentures #JetInvestment‍‍‍‍‍‍

23

Creating a New Future for WealthTech: A Conversation with UnitPlus Co-Founder Fabian Mohr After years as a stock market analyst, Fabian Mohr made a bold leap into entrepreneurship with a vision to create a meaningful impact in WealthTech. Today, Fabian and his team at UnitPlus are reimagining financial solutions for retail and business clients, and we at Robin Capital are thrilled to back this journey. In our recent interview, Fabian shared insights into: 🔹 The motivation behind leaving the corporate world 🔹 How UnitPlus is blending finance and tech to deliver savings and cash management solutions 🔹 Plans to build the first "digital capital market CFO" for SMEs Join us as we explore how Fabian and his co-founders are innovating the FinTech landscape, creating accessible, secure financial options for everyone from individuals to SMEs. Their vision aligns perfectly with Robin Capital’s commitment to supporting founders who drive change. Read the full story and learn more about UnitPlus's €4.7M seed round, led by Pact and joined by Robin Capital:

24

1 Kommentar

How do we master metrics for fund success? We'll find out together in a new deep-dive masterclass on VC Fund Terms & KPIs on November 26th, together with Marc Penkala, Founding GP of āltitude. What can you expect? 👉 the fundamentals of VC fund terms and KPIs 👉 key metrics to measure & when to track them 👉 what LPs prioritise & what GPs track internally 👉 how to set up a dashboard to track fund performance 👉 practical examples of fund portfolio dashboard in action Join EUVC community to access the full masterclass and get early access to the next live masterclass on this topic! More details below. https://lnkd.in/dduVq4tb #venturecapital #fundsuccess #fundmetrics #portfoliomanagement

24

2 Kommentare

🍿 Story time. At Harvard, I coached a team launching a quantum computing startup. Impressed with the founders, I sought feedback from Defense Secretary Ash Carter. He smiled and said, "There's no doubt our government will be a purchaser of these products, but I hope they have alternate funding plans. The government buys in 10-year cycles and has zero motivation to speed up." 😳 ∞ I've spent the last year building Foundery, engaging with family offices on the crucial role they can play in the startup funding landscape— one that bridges 𝗮𝗰𝘁𝘂𝗮𝗹 impact with 𝗮𝗰𝘁𝘂𝗮𝗹 returns. It's less about 𝘪𝘧 they will and more about 𝘸𝘩𝘦𝘯 they will (and how this distinction matters to early-stage founders). As Trace Cohen points out in his (excellent) newsletter, family offices are becoming a significant force in early-stage VC. Their founder-mission aligned capital and strategic partnerships can be game-changers for startups. But for me, it's not about saving emerging managers— we don't need saving despite the massive amount of LP capital flowing into large multi-stage funds. Necessity is the mother of invention, after all. What we—and by we, I mean the entire startup ecosystem, if not the entire world— need is a new "game" for early-stage venture development that's not VCs' favorite game: "Unicorn or bust." 𝗧𝗵𝗲 𝗿𝗲𝗮𝗹 𝗽𝗼𝘄𝗲𝗿 𝗼𝗳 𝗙𝗢𝘀 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗶𝗻𝘁𝗼 𝗲𝗮𝗿𝗹𝘆-𝘀𝘁𝗮𝗴𝗲 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗶𝘀 𝘂𝗻𝗹𝗼𝗰𝗸𝗲𝗱 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗳𝗼𝘂𝗻𝗱𝗲𝗿𝘀, 𝗻𝗼𝘁 𝗚𝗣𝘀. 🔥 There are challenges for founders and families. Founders need capital early to grow their ventures, but they also need support as people. They need & can handle pressure, but healthy pressure to optimize for long term value creation, not short term markups. Families want the upside that comes from investing early and are the healthy capital founders crave. But, they prefer the risk profile of more mature, de-risked ventures. Most lack the team to truly evaluate an early stage venture. They also don't appreciate paying such high fees to funds, who take the investment decision out of their hands in exchange for deal flow, and ask for more, more, more well before their 1st fund has proven it's ROI. 𝗙𝗼𝗿 𝗳𝗼𝘂𝗻𝗱𝗲𝗿𝘀: FOs lack of process or workflow that fits into their timelines (families operate on their own timeline) & the inaccessibility of most FOs are real challenges. 𝗙𝗼𝗿 𝗙𝗢𝘀: a unique opportunity exists to live one of my favorite lines from a forward looking serial entrepreneur: "The best way to diligence a Series A investment is to invest at Seed." 👋 Focus on delivering value to founders, before they've "earned it" perhaps, and earn later stage loyalty in the process. There are ways to do this, without exposing yourself. Happy to chat about this with anyone 😇 Let's reimagine early-stage funding together, creating an environment where founders thrive and FOs achieve their investment goals without the traditional pitfalls of VC funding. 💸

16

6 Kommentare

How to Start Your Own VC Fund https://buff.ly/3zzirGF by @NFX Full Stack VC “The kind of investor that owns the whole process: raising money from LPs, sourcing and winning best deals, supporting founders and helping lead Cos to exit (IPO or M&A) to generate outsized returns!

1

Bloomberg's fairly succinct write-up on the past week's SuperReturn International private markets extravaganza of over 5500 attendees in Berlin and apparently some paying individual ticket prices of $10,000+! I did not attend this year, but my first SuperReturn was February 2007 at the peak of the leverage buyout boom pre-GFC. Since then, capital markets no doubt halted, then have been up and to the right since, as have industry events, and SuperReturn Berlin is one of the private markets industry's most well-attended, as well as most ostentatious and opulent, with fund managers and sponsors hosting parties like it is the Grammys! Many of these events hosted by fund managers are paid for with management fees collected from limited partners on their annual fund commitments/investments. Yes, it still feels like a peak in private markets industry events and conferences - but with this massive proliferation of fund managers and capital into private markets, how many of these people and budgets will be around in 3-5 years? The industry's built-in lag in performance realization provides significant room to maneuver for many industry participants, however, at some point the party has to face closure. Not everyone will deliver the 2.0x Gross MOIC/20% Gross IRR that many managers forecast, and interest rate reductions or low-interest rates forever are naive assumptions. Let's see how the movie plays out, but it feels like we are somewhere in overtime. (I used to say we are at 2AM of the party, but it seems like parties in Berlin were going well beyond that) And yes, I missed out on Flo-rida and Fatboy Slim, but there are plenty of fund managers of all shapes and sizes (many purely as a result of the collection of juicy long-term fund management fees) that I can meet who have settled into #Florida after years in the industry. #alternativeassets #privatemarkets #fundmanagers #berlin #superreturn #capitalmarkets #limitedpartners #institutionalinvestors #trackrecord #privateequity #marketcycles

70

3 Kommentare

Check out Maren Bannon's 2025 VC Predictions exercise for Forbes where I had the opportunity to share my/our perspective! Appreciate the opportunity and coverage!

17

When the first alphabet in these conversations changes from 'M" to 'B', you know the funding winter is transforming into spring 🌱 #VC #VentureCapital #Earlystagefunding Read more about the latest monthly funding report for VC funding in July 2024 here: ttps://https://lnkd.in/dhdWF8fP

8

🚨 EGYM attracts nearly $200 million in primary funding from L Catterton and Meritech at a valuation of over $1 billion 🚨 I'm excited to announce that EGYM / EGYM | DACH / EGYM Wellpass has recently secured nearly $200 million in primary funding from L Catterton and Meritech Capital, valuing the company at over $1 billion. The fundraise last year with Affinity Partners marked a significant achievement for EGYM: we were profitable, debt-free, and maintained a big chunk of the fundraise in the bank, all while experiencing rapid growth. That meant that we no longer relied on investor funds for survival; instead, we could take the time to focus on building relationships with the best possible investors to support EGYM's mission. Phew 😅 that was quite a relief as a founder, and the next round ended up happening much faster than expected. We are a fitness technology company: In my research, I identified L Catterton as the ideal partner for EGYM on the fitness and health side, given that they are the world's largest fitness investor. For the technology piece, Meritech Capital stood out as the best fit, given its deep understanding of SaaS and its success stories with leading companies like Facebook and Salesforce. Therefore, I started reaching out to both firms with the intent of building a long-term relationship, which has turned into a round of funding. I had the pleasure of meeting Marc Magliacano, a Managing Partner in the L Catterton Flagship Fund, and was impressed by his extensive experience in fitness investing. His deep industry knowledge will be invaluable as he joins our board. On the Meritech side, I was equally impressed by Paul Madera, a co-founder of the firm. His sharp questions and focus on the important elements of our business convinced me that he is the right fit for EGYM. The EGYM team has earned the trust of what I consider to be the best possible investor partners for our mission to get to where we are today, and we are much more capitalized than we were planning. However, this trust now comes with even greater responsibility. Our mission to build the leading global platform at the intersection of fitness and health is not just a business goal but a commitment to driving sustainability into the world's largest market—healthcare. We are 120% dedicated to making it happen and are grateful to our existing investors for their continued support. 👋🏻 Welcome aboard, Marc and Paul. 🚀 Let's go, EGYM team!

1.782

427 Kommentare

This is a very insightful article, and, in my view, quite an accurate forecast (Thank you, Claus Mansfeldt, for having drawn my attention to this very interesting article!). The only criticism I might voice is that they only compare current times to the GFC of 2008. Being a dinosaur, I can also remember the times after the internet bubble, and how PE fared in 2002-2005. But it only confirms this very positive forecast... Go get ready for another #PrivateEquity super cycle, and prepare your commitments !

3

2 Kommentare

Pragmatism wins. China is emerging as the global leader in #AI by focusing on execution, applications and affordability over breakthrough scientific innovations. Without those principles, massive R&D and venture investments directed towards infrastructure can yield negative ROI. This dynamic could also impact emerging technologies like #Web3, where infrastructure is outpacing actual use cases. More about this phenomenon from a review of two global ecosystems on different trajectories of AI adoption, from Jen Zhu Scott of IN. Capital in an op-ed in the Financial Times: “Such restraints mean Chinese companies have more incentives to produce AI services built on smaller large language models, instead of training them on the entire internet. They may lack the brute strength of their larger counterparts but they are cheaper to create and run. China’s tech ecosystem is grounded in such pragmatism. Research that cannot be turned into a product within the foreseeable future, such as artificial general intelligence, struggles to attract funding. This means that while the US ecosystem has the edge in groundbreaking innovations, China excels in execution: finding product-market fit, scale, and making applications highly affordable.”

12

3 Kommentare

I’ve just found a video of Marc Andreessen outcompeting other VCs in startup funding rounds with their new $7.2bn fund. In all seriousness the split and timing of their mega fund structure is interesting. 2/3 focussing on infrastructure and growth. Rest - the uje. Except for one phrase that I think is just awesome - they’ve allocated $600m to ‘American Dynamism’. I almost don’t care what that means. I just love the notion and will be borrowing the theme for our UK future fundraises. UK Dynamism is long overdue. The United States of Freedom leads the way for our ecosystem and they’re suggesting back into growth kids. Yes inertia. Yes this will take some time to deploy! But back into growth all the same. Where as is the norm in startup land - timing is everything. Congrats to A16z. I’m not in the slightest bit envious. #venturecapital #vc #startups #investing #startupfunding #oldwhitemen #lps #fundraising #vcfunds #usausausa

148

32 Kommentare

This is a good resource I've stumbled upon. It covers a plethora of VC and startup-related topics and contains links to expand your knowledge. https://lnkd.in/dqkdV4fA TL;DR: "It's the founders, stupid!" These two lines made me hover over: "I know the physical and emotional tolls that entrepreneurs face". "Resources for Managing Founder Anxiety and Depression" I've been one myself, and it's not for the faint-hearted. I struggled and failed many times. From the standpoint of a person working now for a VC fund, the ability to support a founder who was hit with too much at the same time, to know how to listen, mirror and label Chris Voss's style, and a bit of guidance to build confidence back can do wonders. Assisting portfolio companies doesn't have to be just intros and throwing money or unsolicited advice. And what about identifying troublesome founders before investing to prevent assisting portfolio companies from becoming a nightmare flop? Ahh, that's a tricky one. Startups fail for a variety of reasons. At the early stage, we should look at many things, to name a few: product-market fit, go-to-market, blue ocean or zero to one, CAC and LTV ratio, CAP table, passion, leadership potential, intelligence, technical ability, and many, many more. Crunch the numbers. Sure. What about the early stage? Limited information and knowledge when a decision has to be made, and the outcome is impossible to predict because the future is unknown and unknowable. Examine the founders. If you don't read the founders right and overlook some hidden toxic traits and coping mechanisms that mask something that can derail the startup and founders down the road (vulnerable narcissism, antisocial tendencies, Machiavellism, blameshifting or more benign like anxiety-prone, conflict avoidance, burn-out tendency, inability to delegate, perfectionism, risk aversion, etc.), the chances that it will be your next outlier significantly diminish. How many of you saw dead equity on the capable, founders' clash, low morale, a founder playing the sunk cost game with the fund after burning cash, lying, or even more brazen behaviours like experimenting with horse tranquilisers and smoking weed on a podcast? A "Sudden" shift of values with a splash of megalomania could lead to a CEO removal attempt by the board. Or stealing "HER" voice. It is fun to watch as a TV drama, not to deal with as your portfolio. We won't be able to see it all during a few conversations with the founders and not everyone is Wendy Rhoades from Billions. Knowing how to ask a question behind which is a hidden question and being able to detect when founders say what they think we want to hear to get the funding is a good start. Spending extra time learning that is a good investment. A splash of psychology, empathy, self-awareness, and emotional intelligence to become an excellent GP won't harm your ability to identify and help the right entrepreneurs build great companies.

14

Let me share this post with some of my thoughts around investing in hype cycles -- hope it gives everyone something to think about.

44

Sharing a few thoughts from my annual migration for #SuperReturn #SuperVenture in Berlin. 1) This continues to be the best VC/LP/PE event annually. Many are at the conferences, and almost everyone has a representative in town. Any managers or LPs not in attendance should consider it next year. 2) The European emerging manager scene is on fire. I met with almost a dozen, some old friends, some new, all as sophisticated as their US counterparts with thoughtful strategies and impressive growing portfolios. 3) Europe lacks the concentration that SF provides the US. Many startup hubs, some larger, but everyone in Europe is spending way more time on planes than their US counterparts. 4) Nobody knows where the market is going, and fundraising has been tougher in the last 18 months than before, but most agree a lot of money is still being put into the venture ecosystem. That's resulting in a return to deal pace & valuation acceleration -- is FOMO back? TBD 5) In an ironic twist, there seems to be strong interest from US LPs in European managers, and from European LPs in US managers. What did you see? What interested you this year? Welcome thoughts. P.S. the conference logistics were tough this year. To all those that shared the burden, thank you. Let's hope next year is better. cc: Dale Chang Stephan Eberle Patrick Murphy Carmen Alfonso Rico 🍫Jaime Novoa Sebastian Blum Paul Pruijmboom Jasper Masemann Marie Schildt David York Lior Litwak Karey Barker Maximilian Claussen Ameer Awadiyeh Jonathan Heiliger Oana O. Philipp Moehring

56

7 Kommentare

Network VC Group invites you to join 🌍 VC House Davos 2025 at the World Economic Forum in Davos! 🚀 From January 20 to January 24, 2025, VC House will bring together investors, startups, tech leaders, and potential sponsors and partners for an exceptional event in Davos. We’re creating a unique platform for presentations, discussions, and high-impact networking to shape the future of venture capital and innovation. This is your chance to elevate your brand and gain global exposure! Why Partner with VC House Davos 2025? 🔹 Maximum Visibility: Gain exposure to top investors, global leaders, and startups. Your brand will be featured across all our event platforms, materials, and social media channels. 🔹 Exclusive Networking Opportunities: Access private meetings with key players and investors, opening doors to powerful partnerships and potential deals. 🔹 A Platform for Thought Leadership: Sponsors will have the opportunity to speak on stage, join panel discussions, and contribute to the future of venture capital. Join us in Davos and become a sponsor or partner of VC House Davos 2025! Message me directly if you’re interested in partnership opportunities! #VC_House #Davos2025 #InnovationWeek #VentureCapital #Networking #SponsorshipOpportunity #Investing

8

1 Kommentar