The $140BN Problem
20VC with Harry Stebbingsยท2025-08-04 17:00
how we underwrite, you know, these big funds. Now, today, it's simple math, but I'll walk you through it. So, and this is a live manager.I won't share their name, but so we'll look at their fund raise. So, this manager was was targeting a $7 billion fund raise. And so, what we do is we do a dollar weighted entry ownership across their different funds.So, this had a billion dollar early stage fund, a $2 to$3 billion growth fund, and the rest was an opportunity fund. And as an LP, most LPS have to invest para ...