When Liam Fedus announced he was quitting OpenAI, VCs swarmed. One even wrote a love letter. Here's how Felicis' Peter Deng won the deal. https://t.co/k3IsawpY5E ...

RT Ryan Watkins (@RyanWatkins_)90%+ of startups fail.Why is it so noticeably painful in crypto?“It’s because we have essentially turned everyone into VC investors by attaching publicly traded tickers to every venture.”“We then ballooned the number of investable “companies” by allowing any random dev to launch a viable and investable “startup” with no due process.” ...

If you want to build a billion-doll business, you will not be able to do it by working 9 to5. I'm Harry Stubbings. I started 20 VC 10 years ago from a bedroom in London.I had no money and I didn't know one venture capitalist. Today, we manage over $850 million. We've invested in 12 billion companies and four $10 billion companies.Today, I'm going to teach you about venture capital and raising money from the best investors in the world. The thing to understand with the fundraising process is it is a numbers ...

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Core Insights - The venture capital industry is facing significant challenges due to an oversupply of capital and a lack of profitable companies to invest in, leading to the assertion that investing in venture capital is a "return-free risk" [1][5] - Roelof Botha highlighted that the industry requires an unrealistic number of successful exits, citing the need for 40 companies like Figma, which had a $20 billion IPO, to achieve expected returns [2] - The venture capital landscape has seen a decline in exciting IPOs and successful exits, with only an average of 20 companies achieving exits of $1 billion or more annually over the past 20 to 30 years [2][3] Industry Trends - There is a growing concern that investors and startup founders are prioritizing quantity over quality, resulting in a dilution of talent across less interesting ideas and companies [3] - The venture capital sector has experienced a rough year, influenced by economic uncertainty and a scarcity of high-profile IPOs compared to the peak activity in 2021 [3] - Notable exceptions in the current market include significant deals related to AI, such as Google's acquisition of Wiz for $32 billion and OpenAI's $40 billion funding round, which provided some investors with opportunities to achieve better returns [4]

In less than a decade AAF has backed startups with exits totaling $2 billion, it says and is doing so through an unusual VC model. https://t.co/8FpNS4ooHK ...

Venture capitalist Shayle Kann joins Akshat Rathi on Bloomberg Green's Zero podcast to discuss the future of climate tech https://t.co/hRPf3VKfYo ...

Core Viewpoint - Goldman Sachs announced an agreement to acquire Industry Ventures to enhance its role in private markets, focusing on high-growth tech investments and liquidity solutions amid a post-IPO slowdown [1][7] Acquisition Details - The acquisition values Industry Ventures at an initial $665 million in cash and equity, with an additional $300 million in contingent payments based on performance through 2030, expected to close in Q1 2026 [2] - All 45 employees of Industry Ventures will be integrated into Goldman Sachs [2] Company Background - Industry Ventures, founded in 2000, manages $7 billion in assets, focusing on secondary investments, co-investments, and seed capital [3] - The firm has executed over 1,000 deals, partnering with over 325 venture funds and holding stakes in approximately 10,000 companies, representing about 20% of the U.S. VC ecosystem [4] Financial Performance - Industry Ventures' portfolio includes notable companies like Airbnb, Alibaba, and Uber, delivering a 2.2x return on capital and an 18% internal rate of return since inception [4] Strategic Implications for Goldman Sachs - The acquisition strengthens Goldman's External Investing Group, which manages over $450 billion, enhancing its capabilities in co-investments and secondary transactions [5] - Goldman has been a limited partner in Industry Ventures' funds for two decades, indicating a long-standing relationship that the acquisition builds upon [5][6] Market Context - The acquisition comes at a time when VC funds are facing prolonged IPO droughts, leading to increased reliance on secondary transactions for liquidity [7][8] - Analysts view the deal as timely, potentially accelerating Goldman's revenue streams in private markets [8]

Alternative Investments Overview - Alternatives encompass assets beyond publicly traded stocks or bonds, including private equity, private credit, hedge funds, venture capital, real estate, gold, crypto, and collectibles [2] - The total investments in all alternatives are expected to reach $29 trillion in 5 years, doubling the 2022 amount [5] Investment Trends - Wealthy investors have been increasing their exposure to alternatives for decades [3] - A typical US family office allocates approximately 50% of its investments to alternatives, with about 25% in private equity and 20% in real estate [3] - Family offices have recently increased their holdings in public stocks, primarily due to AI [4] - Capital flowing into private equity has increased tenfold since the financial crisis [5] Performance and Outlook - Alternatives are believed to generate higher returns and lower volatility, but with lower liquidity [4] - Median returns for private equity have lagged public markets in both the short and long term [4] - Returns for private equity may improve as IPOs and exits return [5]

Core Insights - Goldman Sachs Group, Inc. (GS) has agreed to acquire Industry Ventures, a prominent venture capital platform, to enhance its presence in the innovation economy and solidify its position in the global alternatives market [1][4] Deal Details - Goldman will acquire 100% of Industry Ventures for a total consideration of $965 million, which includes $665 million in cash and equity at closing, plus up to $300 million in contingent consideration based on performance through 2030 [2][8] - The acquisition has been approved by both companies' boards and is expected to close in Q1 2026, pending regulatory approval [2] Strategic Rationale - The acquisition aims to strengthen Goldman's position in private markets and expand access to high-growth technology companies for clients globally, aligning with its long-term strategy to enhance its $540 billion alternatives business [4][6] - Industry Ventures will integrate into GS's External Investing Group, which manages over $450 billion, enhancing Goldman's offerings in co-investments, GP stakes, and tech-driven private market solutions [5][6] Employee Integration - Upon completion of the acquisition, all 45 employees of Industry Ventures will join Goldman, with key leaders becoming partners within Goldman Sachs Asset Management [3] Market Positioning - David Solomon, chairman and CEO of Goldman Sachs, highlighted that Industry Ventures' expertise in venture secondary investing and early-stage hybrid funds complements Goldman's existing franchises and expands client access to rapidly growing sectors [7] Previous Initiatives - Goldman has been actively strengthening its private markets platform through strategic partnerships and initiatives, including a $1 billion collaboration with T. Rowe Price Group, Inc. to develop retirement and wealth products [8][10] - The firm plans to grow its private credit portfolio to $300 billion by 2029, supported by international expansion [10][11] Performance Metrics - Over the past year, GS shares have increased by 50.5%, outperforming the industry's 35.2% rise [12]