Romain Sion

I was honored to join a panel yesterday, moderated by Jean Rognetta and Morgan Hunault-Berret, with fellow panelist Olivier Martret. The provocative topic on our agenda: “Have French VCs already lost against US VCs in GenAI?” It was the opportunity to share our thought at daphni, here are a few takeaways: 1) Fund size matters: While it's evident that apart from BPI, French VCs lack the critical size to play a significant role in foundational models funding rounds. However, reducing GenAI startups to 200M+ seed rounds is an oversimplification. We see a clear market segmentation between foundational models - that share caracteristics with infrastructure deals - and application layers. There are probably 4 deals in the last 18 months where French VC could not positionate. The issue of the size of French VC funds is an old debate, older than ChatGPT. 2) International mindset: French startups have been criticised a lot in the past for lacking ambition and international mindset. We have been expecting what’s happening right now for a while: it's time to celebrate. Most of the world's leading VC funds are now co-investing with us in France. 3) A Seed GenAI startup still have the problematic of a seed startup: Seed has always been dominated by local actors for sourcing reasons but also because the support you can bring is really ecosystem specific. 4) Co-investment: We're actually very enthusiastic about co-investing with US VCs, who bring added value and help French startups penetrate international markets. From an exit perspective, pursuing a US IPO remains the best scenario and requires to success in the US at some point. Having the right US VC in series A is a great support. 5) Building a Top Ecosystem: France is on track to establish itself as one of the world's top three ecosystems for GenAI, a feat not possible without foreign VCs. This isn't just national pride – it's a sentiment echoed by global investors who recognize the dynamic changes occurring within our borders and knock at the door to exchange about it. More to come soon! Thanks Louis Petitjean and Matthieu Bouhelier 

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Whether you're a French startup founder or investing in the French tech ecosystem, this is a must-have resource: The Serena 2024 Edition of the Ultimate VC List is live! Fundraising can be incredibly time-consuming. That’s why, back in 2016, Serena created the Ultimate VC List to streamline the process for entrepreneurs in France. Now an interactive platform, it has supported over 100,000 entrepreneurs and VCs in the ecosystem. Some key trends Sébastien Le Roy and Maxime Furet spotted when putting this edition together: 🚀 The French VC ecosystem is thriving with new funds like Resonance, OVNI Capital, Yellow, and Varsity, signaling a vibrant and expanding market. 🌍 There’s increased interest from US and European funds for French startups, particularly in AI and climate tech, and a rise in non-traditional investors such as Business Angel Clubs and Family Offices (which are now covered by a new section). 🔧 Infrastructure investors are playing a critical role in funding innovative hybrid models amid global warming challenges. ♻️ The growing presence of impact VCs highlights the focus on socially and environmentally impactful investments.

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“𝘏𝘦𝘭𝘭𝘰 𝘔𝘢𝘹𝘪𝘮𝘦,   𝘐 𝘢𝘮 𝘢 𝘩𝘶𝘨𝘦 𝘧𝘢𝘯 𝘰𝘧 𝘺𝘰𝘶𝘳 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 ! 𝘓𝘪𝘵𝘵𝘭𝘦 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯, 𝘸𝘰𝘶𝘭𝘥 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘴𝘰𝘮𝘦 𝘴𝘵𝘳𝘰𝘯𝘨 𝘤𝘢𝘯𝘥𝘪𝘥𝘢𝘵𝘦𝘴 𝘵𝘰 𝘴𝘶𝘨𝘨𝘦𝘴𝘵 𝘧𝘰𝘳 𝘢 6𝘮 𝘪𝘯𝘵𝘦𝘳𝘯𝘴𝘩𝘪𝘱 𝘴𝘵𝘢𝘳𝘵𝘪𝘯𝘨 𝘪𝘯 𝘰𝘯𝘦 𝘮𝘰𝘯𝘵𝘩 ?” Nothing unusual at this stage as I receive these messages on a weekly basis Don’t know why but it is very common in France to have current interns looking for their successors in a very short timeframe. ⏱️ If your goal is to attract the best profiles, I can’t think of a worst strategy… 😁 Managers will then complain about the lack of skills and knowledge of their interns. “𝘕𝘰𝘵 𝘴𝘶𝘳𝘱𝘳𝘪𝘴𝘪𝘯𝘨 𝘸𝘦 𝘥𝘰 𝘯𝘰𝘵 𝘨𝘪𝘷𝘦 𝘵𝘩𝘦𝘮 𝘳𝘦𝘴𝘱𝘰𝘯𝘴𝘪𝘣𝘪𝘭𝘪𝘵𝘪𝘦𝘴… ” 🫣 𝗪𝗵𝗮𝘁’𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝘁𝗵𝗶𝘀 𝘁𝗶𝗺𝗲 ?  Not that I like working for free, I decided to write a little message inside our community discord and I received 3 feedbacks about the bad reputation of this team with respect to their behaviour towards their interns. 🚨 GENTLE REMINDERS 🚨 1. Be kind with your interns. 😇 2. If they are not as fast and as good as you are, it is normal. They are at the beginning of their learning journey. Your unethical behaviour won’t help anyone. 😒 3. If you expect an intern to be as fast and as good as you are after a couple of months, it is probably that you are not good enough. 🤷‍♂️ #DerivativesAcademy #Support #Reputation #Training #Career PS : If you want to attract the strongest profiles in Sales and Trading, I am here to help 😎

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Are French unicorns ready for their IPO? I'll say yes, and probably even a bit better than German startups! Let me tell you why. Most IPOs are driven by the CEO / CFO couple but there is a third important wheel to this constellation: the CMO! A big part of a successful IPO and then stock exchange valuation is communication. It's all about trust, baby! And trust is built through communication & thought leadership. French startups are often very strong in being transparent and proactive in their communications. So this is a solid basis to work on. Here are my learnings from working on KATEK GROUP's IPO: ‣ It's not all about the press: Yes, mandatory investor relations (IR) news have to be communicated through the press. By going further and also using your company's owned channels you show even more transparency to your stakeholders. Communicating on LinkedIn will enable dialog with your investors. ‣ IR does not need to be boring: Financial reports might not sound as sexy as the next big brand campaign, but it can be. Use videos to explain the numbers further, plan live Q&A sessions with the CEO. Be creative and stay true to your brand's values. ‣ It's about the people: The stock exchange market is a numbers and money world. By involving your C-level in the communication you will be able to build up a stronger trust in your company. In people we trust! Here think about news hijacking to position your C-level as the experts they are, do video interviews or quote statements. You can read more about KATEK's IPO and strategic communication here: https://lnkd.in/dFYscP3k #IPO #ListedInFrankfurt #FrenchTech #StartupCommunication

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If you want to invest in exciting startups worldwide as an angel investor. Here are some tips & tricks on how to leverage your network from Cyril Chemla. 1. Build bridges, not silos. Cultivate relationships with angels and VCs in different regions. This opens doors to unique deals you might not find on your own. Ex: My network led me to invest in FinTech startups in Africa, even though I've never been there! 2. Start by giving. Support other investors and VCs. Offer your expertise and connections. This builds trust and reciprocity, leading to future deal flow. Investing is a community. 💙 By providing value first, you unlock a world of opportunities beyond your borders. If you want to learn more about Cyril's story and get more insights, watch the latest episode of the #SuperAngel podcast with Tom Wilson from Seedcamp and Anthony Danon from Cocoa 🍫 on EUVC . Link in comments. 🔽 #venturecapital #angelinvesting #startupfunding #europe

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Inspired by recent posts like the one by Sebastien Douville, companies like AISDR and Artisan have raised over $40M in seed investments, aiming to automate the outbound sales process. But what can they do it? In my opinion, AI still has a long way to go before it can effectively replace humans in outbound outreach, especially in the more intricate process of deal sourcing. I don't see that happening anytime soon.   Most companies using AI SDRs will burn through their market quickly, generating some leads, but it’s not a sustainable strategy. Business owners are receiving more cold emails than ever—almost 2x what they were 18 months ago. As AI-driven outreach increases, inboxes become more crowded, making it harder to stand out, so it is likely to affect everyone relying on cold email to generate opportunities. Kyle Coleman produces great content around this. AI works best when it’s used within strict boundaries, automating single tasks to free up time for your team. The more complex the task you ask it to complete, the less reliable it becomes. This is particularly true in deal sourcing, where you often have a limited and niche pool of potential targets. Here, human knowledge is irreplaceable. Building trust and closing deals requires relationships, creativity, and strategic thinking. Rather than replacing your team, AI should enhance what they do. It’s a tool to boost efficiency and allow your team to focus on the parts of the process that require human insight and expertise. As outreach continues to become more saturated, balancing automation with human insight will be essential. What are your thoughts on how AI and automation will impact your business?

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Watching the Roland-Garros French Open over the weekend and saw this motto: Victory belongs to the most tenacious. The failure rate of startups is high. According to recent statistics, approximately 90% of startups fail, with around 10% to 20% achieving long-term success. Various sources attribute this high failure rate to multiple factors, including under capitalization, poor product-market fit, inadequate marketing strategies, and team issues. Different industries exhibit varying failure rates. The failure rate for technology startups is around 63% within the first five years , while the failure rate for e-commerce startups is about 80%. HealthTech startups also face a high failure rate of around 80%, largely due to challenges in determining value propositions and strategy. Despite the high risk, some startups do succeed, sometimes making up for the losses of the many failures, which is why investors continue to support them. As the early stage investment market stands currently, a founder should not expect an investment based on the relative merits of a company. In other words, you may be building a great company but there’s no guarantee of an investment. This predicament requires both defensive and offensive strategies to navigate. One that we are seeing increasingly is the move toward cash flow neutral/ cash flow positive operations.

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🚀 How to Find the Right Investors for Your Startup ? Finding the right investors is more than just securing capital—it's about aligning with those who can support your long-term vision. Before you enter fundraising mode, ask yourself: Is it the right time ? ⏰ In this carousel, I walk through the strategic steps to ensure you're not just raising money, but partnering with the right investors. From networking to full-on fundraising, building a comprehensive investor list, and filtering it down to the best fits, here's what you need to know: ✔ Determine if now is the right time to seek investment. ✔ Build relationships without getting distracted from your business. ✔ Fully commit when it's time, and balance your focus. ✔ Use all available resources to identify potential investors. ✔ Prioritize those who align with your stage, industry, and needs. ✔ Stay organized and efficient in your approach. Swipe through the carousel to dive deeper into each step and start your fundraising journey with confidence! 🚀 At Hustle Ventures, we support entrepreneurs operating in French speaking west African countries, on Seed operations, from deal structuring to final negotiations. If you have any questions, feel free to reach us out ! 💌 #Startup #Fundraising #Investors #Entrepreneurship #VentureCapital #Africaninvestor #Africanentrepreneur #Angelinvesting #Seedfunding

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in French :) https://lnkd.in/e7W5Hu6T #capitalraising #startups #fundraising #founders #venturecapital #investors #vc #vcfunding #technology #startup #tech

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This week in French Tech, the 84 most promising startups in France 🇫🇷 After hundreds of hours of research, this list captures the companies that I believe will be great places to work, invest in, or partner with. To make the list, the companies needed to meet the following criteria: 🗓 Young: Must be founded in 2012 or later. 🚀 Scaleable: Must have the potential to reach a large total addressable market and achieve VC-scale returns. 🚜 Traction: Must be making demonstrable progress towards their objectives. This criteria excluded many pre-seed or pre-PMF ventures. This year's group includes companies like Dark, Roundtable, Pivot, Greenly | Certified B Corp, Nabla, and Qonto. See all 84 here 👉 https://lnkd.in/gvyQ-zdK #frenchtech #startups #venturecapital

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Speaking with President Macron in New York yesterday during UN General Assembly week, we emphasized France's outsized role in the innovation economy. General Catalyst has invested over $500Mn in leading startups in the country like Mistral AI and Shift Technology, and I have seen myself the talent density especially in AI through organizations like STATION F. The French have immense opportunity to lead in AI by promoting a competitive landscape—engaging incumbents while promoting home grown startups and allowing startups to thrive without a burdensome regulatory scheme. Their leadership in advanced energy through nuclear power will not only support the AI revolution domestically, but can be exported to allied countries around the world which we desperately need.  As my partner and Head of GC Europe Jeannette zu Fürstenberg says, we believe Europe should have the ambition to create 3 of the 10 largest global tech companies. Between France and other leading European countries, with a set of balanced policies that allow European tech companies to grow, this is possible. At GC we are partnering with policymakers to build towards that ambition. #UNGA Cc: Teresa Carlson Maryam Mujica Chris Bischoff Alexandre Momeni

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A History of Venture Capital: Venture Capital (VC) has been a driving force behind some of the most innovative companies in history. From its early beginnings to the establishment of major funds, the evolution of VC has been marked by significant milestones that have shaped the industry. Here are some key insights from Hervé Lebret's detailed study: 1) The Early Days: The concept of VC began to take shape post-World War II but gained significant traction in the late 1950s with the founding of companies like Fairchild Semiconductor by the Traitorous Eight, which was financed by venture capitalist, Arthur Rock. 2) 1970s Growth: The 70s saw the emergence of major VC firms like Sequoia Capital and Kleiner Perkins, which played pivotal roles in funding the growth of technology and biotechnology sectors. 3) Government Influence: The Small Business Investment Act of 1958 and changes in ERISA guidelines during the 1970s provided a more favorable environment for VC investments, contributing to the industry's explosive growth. 4) Global Expansion: Although VC started in the United States, it has become a global phenomenon, with significant growth in regions like Israel and Europe, adjusting strategies according to regional entrepreneurial ecosystems. PS. check out 🔔 for a winning pitch deck the template created by Silicon Valley legend, Peter Thiel https://lnkd.in/ejp-Bhnu

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From missing payroll 27 times to making over 500 investments! Meet Fabrice Grinda, named No. 1 Angel Investor by Forbes, who has made over $300 million in exits from over 700 investments! Fabrice began his entrepreneurial journey in 1998 by co-founding Aucland in France. In 1999, he raised $18M from Bernard Arnault, a venture fund luxury-goods magnate in exchange for 51% of the company. Later in 2000, Fabrice sold the rest to his fund. Fabrice founded Zingy in 2001, a mobile media startup. Despite facing early struggles and missing payroll 27 times, he finally succeeded when the company’s revenue scaled to $200M in 2004. Later, he sold Zingy for $80M to a Japanese media conglomerate ForSide. In 2006, Fabrice co-founded OLX with Alec Oxenford, which became one of the largest classified sites in the world with over 200 million monthly unique visitors. In 2010, the South African group Naspers Limited acquired it. Soon, Fabrice found a yearning for angel investing and building startups. He partnered with Jose Marin to jointly evaluate angel investment opportunities, and launched FJ Labs, a VC firm, to further pool the startup investment activities. Earlier, when they made around 178 investments, they received a 5.5x average return on 31 profitable exits. Among his angel investments are: Airbnb Alibaba Group Dropbox Palantir Technologies viagogo Wikimarket Uber Parking Panda To date, Fabrice, through FJ Labs, has made over 1000 startup investments and over 300 exits with an impressive realized 39-40% IRR. Fabrice’s portfolio allocation is 20% cash, 70% early-stage tech startups, and 10% real estate. As a serial angel investor, Fabrice and his team analyze over 100 companies weekly and make new investments every 15 days. His investment ticket size remains around $10k to $300k. He decides whether to invest or not based on four criteria: -The team -The pitch (market size & business model) -The product -The commercials Would you allocate 70% of your assets to startups? TDV Partners #angelinvesting #finance #investing #wealthcreation #ujwalsutaria #tdvpartners

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'Healthcare platform Doctolib has conquered France — but can it take on Europe?' Lloyd Price, HealthTech M&A Advisor and Partner at Nelson Advisors shares his thoughts with Daphné Leprince-Ringuet from Sifted discussing Doctolib, their continued success, big future and potential next moves. 'Few startups in France can claim to have changed the way people behave in as systemic a way as Doctolib. Launched in 2013 by Stanislas Niox-Chateau, Doctolib has become a key component of the country’s healthcare system. Its first product — an online booking platform that lets patients schedule doctor appointments — saw huge adoption in a sector with very little digitisation. > Today, the company covers “almost all of the French population”, says Doctolib’s CFO Pierre Vergnes. It counts 80m patient accounts spanning three countries, of which the vast majority remains in France. Doctolib also has 19m users in Germany, which it expanded to in 2016, and a “nascent” number of users in Italy, launched in 2021. > During the Covid pandemic, the French government selected the company as an official partner to manage vaccination appointments. “[In France], they’re a utility company for running healthcare infrastructure now,” says Lloyd Price, a healthtech M&A advisor. Mergers, Acquisitions, Growth and Strategy for Healthcare Technology companies > HealthTech M&A - Buy Side, Sell Side, Growth & Strategy services for companies in Europe, Middle East and Africa. Visit www.nelsonadvisors.co.uk > HealthTech M&A Newsletter from Nelson Advisors - HealthTech, Health IT, Digital Health Insights and Analysis. Subscribe Today! https://lnkd.in/e5hTp_xb > Healthcare Technology Buy Side, Sell Side, Growth & Strategy services for Founders, Owners and Investors. Email [email protected] > Healthcare Technology Thought Leadership from Nelson Advisors – Market Insights, Analysis & Predictions. Visit https://lnkd.in/ezyUh5i https://lnkd.in/edDCqmrz

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🌟 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 & 𝗕𝗹𝗼𝗰𝗸𝗰𝗵𝗮𝗶𝗻: 𝗧𝗵𝗲 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗶𝘀 𝗛𝗲𝗿𝗲! 🏦 In a recent discussion on BFM Business, Alexis Le Portz, Partner at Truffle Capital, shared groundbreaking insights into how blockchain and fintech are reshaping the financial sector. Alexis emphasized that platforms like Wyden are pivotal in enabling this transformation. Watch the show: https://lnkd.in/dNCVKdiP 🔗 𝑩𝒍𝒐𝒄𝒌𝒄𝒉𝒂𝒊𝒏 𝒂𝒔 𝑰𝒏𝒇𝒓𝒂𝒔𝒕𝒓𝒖𝒄𝒕𝒖𝒓𝒆: Alexis highlighted that blockchain is not just a trend but the future foundation for exchanges—a "mega trend" set to transform finance for decades. 💹 𝑪𝒓𝒚𝒑𝒕𝒐 𝒊𝒏 𝑩𝒂𝒏𝒌𝒊𝒏𝒈: 85% of European and American banks now offer access to Bitcoin and crypto assets. By 2025, major French banks are expected to integrate them in their offerings as well. 💡 𝑻𝒐𝒌𝒆𝒏𝒊𝒛𝒂𝒕𝒊𝒐𝒏: 𝑻𝒉𝒆 𝑵𝒆𝒙𝒕 𝑭𝒓𝒐𝒏𝒕𝒊𝒆𝒓: Alexis underscored the pivotal role of tokenized assets in the future of banking. By converting asset rights into digital tokens on the blockchain, liquidity and accessibility are revolutionized, driving more efficient and secure financial transactions. 🏆 𝑾𝒉𝒚 𝑾𝒚𝒅𝒆𝒏? According to Alexis, platforms like Wyden are instrumental in this evolution. With institutional-grade solutions for digital asset trading, tokenization, and automation, Wyden empowers banks, brokers, and asset managers to adapt, innovate, and excel in this new financial era. 🙏 A 𝐛𝐢𝐠 thank you to Alexis Le Portz for putting the spotlight on Wyden during his appearance on BFM Business. Your recognition of our team's hard work and value we bring to the financial sector, means the world to us. Together, we’re building the future of finance! 👉 Let’s lead the way toward a future of finance built on innovation, security, and scalability. Andy Flury Stuart Petersen Kevin Sommer Mimoza Selmani Buncak Hayri Saykam Kelly Pettersen Leona Chen Felix Saible

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📩 How did September fly by so fast? Here’s a snapshot of what RAISE Sherpas portfolio has been up to 👇🏼 💰 🎉🎉🎉 - La Solive raised €4 million round lead by Partech. They offer short, intensive courses to retrain adults as energy renovation project managers. - Jump secured €11M to enhance the lives of freelancers across Europe, making work more flexible and fulfilling. 🤝🏼🤝🏼🤝🏼🤝🏼 - Maxime Mistretta, PhD. from Spore.Bio has been recognized as one of the most promising professionals in food safety by Stop Foodborne Illness, the leading global NGO in the field. - Osium AI (YC S23) has partnered with DECATHLON PULSE to push boundaries in material innovation through AI. - finres was at the PREVENT Project, highlighting Mediterranean climate risks like water scarcity and wildfires. Collaboration with European experts is vital for developing evidence-based solutions to enhance climate resilience in the region - Oklima and Riverse have united to support industrial decarbonization with certified carbon contribution projects. - Upway launched an exclusive e-bike series with Antoine Dupont, with profits going to charity—merging sports with social good. - Theremia is in the new cohort of SISTA Entrepreneurs x @Connect Her by BNP Paribas. We are also looking for our next star intern To support the financing of high-impact startups, from pre-seed to Series B.> https://lnkd.in/gRWPNZX9 If you're a founder, operator, or investor, evolving in impact sectors - I'd be happy to connect!

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More prizes for the #1 Impact Startup Awards… Discover them now! 👇 What if we could offer square meters? I recently met the right partner for all startups out there: “We create steady square meters for entrepreneurs to shake things up” - Quoting Alexandre Ponchon and Axel Kuborn - co-founders Silversquare. In a fast-changing world, companies and individuals alike are rethinking their use of space and time, seeking more efficiency and flexibility, while preserving a sense of community and togetherness. Silversquare was born from this state of mind. Aware that the workspaces of tomorrow will be the cornerstone of new lifestyles, we provide state-of-the-art coworking venues to meet every need and every dream. I’m happy to announce the Silversquare prizes of the future #1 Belgium Impact Startup Awards winners. All Prizes are valid for 12 months in the 12 Silversquare spaces across Belgium 🇧🇪 and Luxembourg 🇱🇺: 🥇 1 FREE event in collaboration & hosted at Silversquare + 10 day passes. 🥈 10 day passes.  🥉 5 day passes. + 🏅 Special B2B Prize: 2 FREE FLEX memberships. 🏅 Special B2C Prize: 2 FREE FLEX memberships. Are you an impact #startup or #scaleup? Apply now! https://lnkd.in/gDxeth_C Apply with a 10-slide pitch to make a lasting impact! Let's scale up! 👏 #startups #scaleups #buildingbridges

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To understand VC secondaries, start by understanding PE ones. Private equity secondaries stemmed from the 2008 financial crisis. Here's how Alexandre Covello from 109 Capital - Venture Secondaries coins it: "Underperforming PE general partners (GP) found themselves in a pickle. Their portfolio was underperforming and their limited partners (LP) were nervous about their return on investment. This made it difficult for GPs to raise money. Some came up with an idea: carve out their portfolio’s best performers into a new fund, a “continuation” fund, while selling the rest of the portfolio. Those sales returned some money to LPs. They could then either buy into the new continuation fund or call it a day. The GP, armed with a sexier fund and a sexier pitch, could also hunt for new LPs. Soon enough, less subpar GPs figured this was a good idea and started doing it as well. This particular type of PE secondaries is known as “GP-led”. Other flavors exist. One of them is referred to as “LP stakes”. In this scenario, one LP approaches another LP to buy out their stake in a particular fund. The GP doesn’t necessarily need to be involved. Another one is “net asset value (NAV)” financing. This is a lending play where the GP borrows money using their portfolio’s value as collateral. In exchange, the lender gets preferential payout terms on the fund’s upside. NAV financing is interesting because GPs retain equity, at the current price, while simultaneously boosting their portfolio. On the contrary, directly selling portfolio assets often implies a discount." Read the full Realistic Optimist piece on VC secondaries here: https://lnkd.in/gNrmyTDr  

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