Tuesday, May 28, 2024

20VC: Will LPs Pull Out of Current Managers, How Will Fund Sizes Change Shifting Ahead, Is Now The Time to be Aggressive on Secondaries, What’s the Low cost on Secondaries At present, Who Will Win and Lose within the Subsequent 5 Years with Hunter Somerville, Accomplice @ Stepstone

Posted on third March 2023 by Harry

Hunter Somerville is a Accomplice @ Stepstone, one of many largest secondary patrons, fund traders and gamers in our ecosystem with over $600BN in capital duty and over $100BN AUM. Moreover, Hunter serves on the LP Advisory Boards for Felix Capital, Foundry Group, Imaginary Ventures, Scale Enterprise Companions, Boldstart Ventures, Ludlow Ventures, and extra. Previous to StepStone, Hunter was a normal companion with Greenspring Associates, a enterprise capital and progress fairness funding agency that merged with StepStone in 2021. Earlier than that, he labored as an affiliate for Camden Personal Capital.

In Todays Episode with Hunter Somerville We Focus on:

1. Three Kinds of Secondaries:

  • What are the three various kinds of secondaries?
  • What’s the present state of affairs with firm secondary alternatives at the moment?
  • What’s the present panorama for fund secondary alternatives at the moment?
  • What are GP-led restructuring or strip gross sales? How do they work?

2. LPs At present and Shifting Ahead Investing in Funds:

  • Will we see a wave of LPs not decide to their current managers?
  • What’s the denominator impact and the way does that impression LP deployment into funds?
  • What are the highest 3 explanation why LPs is not going to re-commit to current managers?
  • Do LPs really feel VCs have pretty marked down their enterprise books within the final 6 months?
  • Does Hunter agree that when you’ve got not returned money to your LPs when you would have accomplished ijn the final 5 years, then you might be most in hassle?
  • Why does Hunter imagine we are going to see extra worldwide LPs getting into enterprise than ever earlier than?

3. Liquidity: When Does the Money Hit:

  • Why was liquidity so dangerous in 2022? How did that examine to 2021?
  • How does Hunter forecast liquidity environments in 2023? What might drive them?
  • How energetic had been Stepstone in secondary shopping for over the previous couple of years?
  • Is now the time to be grasping when others are fearful in secondaries?
  • What low cost was Hunter seeing each on fund and firm facet secondaries in 20-22?
  • What’s the present stage of low cost being utilized to each firm and fund secondaries?

4. AMA with One of many Largest Secondary Patrons:

  • Which LP class can be harm essentially the most from the final fund cycle?
  • What would Hunter most like to vary concerning the world of enterprise?
  • What was Hunter’s largest mistake on an organization funding?
  • What are the most important errors LPs make after they do direct investing?
  • Why are big-name individuals getting into companies as GPs not at all times a superb signal?

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