Exit planning is no longer optional — it’s an essential conversation on the Going Public Stage at TechCrunch Disrupt 2025, happening October 27–29 at San Francisco’s Moscone West. Whether you’re already eyeing a liquidity event or just starting to scale, this is your chance to hear what top VCs and operators are looking for and how to set up your company for long-term success. Three of the best in the business — Roseanne Wincek of Renegade Partners; Jai Das of Sapphire Ventures; and Dan Springer, CEO of ...

Core Insights - Venture capital is on a predictable path to disruption, with larger funds moving upmarket, creating opportunities for smaller emerging funds to capture market share from the bottom up [1][6][15] - The theory of disruptive innovation explains how incumbents focus on their most profitable customers, leaving less profitable segments open for upstarts to exploit [6][17] - Andreessen Horowitz (a16z) has a significant revenue stream from management fees, estimated to be around 25% or more of its total revenue, with projections indicating it could earn approximately $700 million in fees this year alone [3][11][12] Fund Dynamics - a16z's recent fund has $7.2 billion in assets under management, which could generate $144 million annually in fees during the investment period [9][10] - The firm is reportedly raising a new $20 billion fund, which would yield an additional $400 million per year in fees, illustrating the correlation between fund size and fee income [12][13] - As larger funds pursue bigger limited partners (LPs), they are increasingly moving upmarket, which is a textbook example of incumbents being disrupted [14][15] Market Evolution - Smaller and emerging funds are filling the gap left by larger incumbents, focusing on carry rather than fees, which aligns them more closely with LP interests [15][16] - Historically, smaller funds have provided higher returns to investors, suggesting a shift in LP strategies towards including these new VC funds in their portfolios [16][20] - As megafunds continue to grow, they may face competition not only for deals but also for LP dollars, potentially leading to a transformation into asset management firms [17][18] Strategic Implications - The deployment strategies of megafunds are increasingly resembling those of traditional asset managers, moving away from the core principles of venture capital [18][19] - Non-consensus founders are advised to seek out true VC funds that prioritize early-stage, founder-first investments, rather than consensus-driven funds [19] - LPs are encouraged to diversify their portfolios to include smaller, alpha-seeking funds to regain exposure to true venture capital opportunities [20]

Our next guest sits on the board of Walmart. He has been a crucial part of the company's next leg of growth, but he's also made quite the name for himself in the venture capital world and beyond. Joining me now exclusively Stuart Walton.He is founder and chairman of RZC RZC Investments and as I mentioned sits on the Walmart board. And it's great to be speaking with you today. >> Likewise, great to be here.>> And of course, you are one of the co-hosts of Upsummit. So I guess maybe we just start here with the ...

Facebook Made Him A Billionaire. Now This Venture Capitalist Is Back With Another Grand Slam https://t.co/Z3bch2Embm ...

Core Viewpoint - The emergence of post-2000 investors is reshaping the venture capital landscape, as they bring unique perspectives and a deep understanding of the entrepreneurial spirit of their generation, particularly in the context of the AI investment era [5][28]. Group 1: Characteristics of Post-2000 Investors - Post-2000 investors are characterized by their ability to relate to and understand the needs of post-2000 entrepreneurs, marking a significant shift in the investment landscape [5][18]. - They are often seen as "AI Native," having grown up in a digital environment that allows them to leverage technology in their investment strategies [20][28]. - This generation of investors is noted for their fresh perspectives and reduced biases, which can lead to innovative investment approaches [20][26]. Group 2: Motivations for Entering Venture Capital - Many post-2000 investors are driven by a desire to participate in transformative projects and to learn from the entrepreneurial process [7][8]. - The appeal of venture capital lies in its dynamic nature, providing continuous learning opportunities and the chance to engage with groundbreaking technologies [8][14]. Group 3: Investment Strategies and Methodologies - Post-2000 investors emphasize the importance of understanding people, business models, and technology in their investment decisions [15][26]. - They recognize the need for adaptability in the rapidly changing landscape, particularly in the AI sector, where the ability to pivot is crucial for success [16][19]. - Their investment strategies tend to be cautious, often reflecting the influence of their mentors rather than aggressive or radical approaches [17][20]. Group 4: Perspectives on Post-2000 Entrepreneurs - Post-2000 entrepreneurs are viewed as bold and innovative, often emerging ahead of market expectations, which presents unique investment opportunities [18][19]. - The current venture capital environment is seen as underestimating the potential of these young entrepreneurs, who possess both the courage and capability to navigate complex challenges [18][19]. Group 5: Future Aspirations and Industry Outlook - Post-2000 investors express a desire to grow within the venture capital space before potentially transitioning to entrepreneurial roles in the future [27]. - The current investment climate is perceived as promising, with expectations of significant developments driven by AI and other emerging technologies [28][29].

Venture capital is filled with investors who claim they’ve got inside access to the next big thing. Meanwhile, Gabriel Jarrosson, a French engineer-turned-YouTuber-turned-investor, has built his VC firm around a single filter: If it isn’t a Y Combinator company, he won’t invest in it. That discipline pushed Jarrosson from filming scrappy venture explainers in Paris to managing more than $12 million in assets at Lobster Capital, with a larger second fund already in the works, according to recent SEC filin ...

Core Insights - The primary focus of the article is the resurgence of the Hong Kong IPO market, highlighting increased activity from both limited partners (LPs) and companies seeking to list [3][4][7]. Group 1: Market Activity - Since 2025, the primary market has shown significant activity, with LPs' funding willingness rebounding, leading to an 8% increase in total funding scale and a 26% rise in activity compared to July [3]. - Financial institution LPs saw a 36% increase in funding scale, while financial LPs' activity rose by 7% and funding scale surged by 119%, particularly with notable foreign investments [3]. Group 2: IPO Trends - The Hong Kong IPO market is experiencing a strong comeback, with expectations of over 80 new listings in 2025, raising between 2500 million HKD to 2800 million HKD [8]. - In the first three quarters of this year, 66 new stocks are projected to raise 1823 million HKD, a 47% increase in the number of new stocks and a 228% increase in funding compared to the same period last year [8]. Group 3: Institutional Shifts - There has been a notable shift in institutional attitudes towards Hong Kong, with many VC/PE firms now prioritizing Hong Kong in their strategic plans [11]. - The capital market's activity has significantly increased since September of last year, with trading volume, turnover rates, and the scale of listed companies all experiencing substantial growth [12]. Group 4: Ecosystem Development - The local innovation ecosystem in Hong Kong is maturing, supported by various resources such as universities and guiding funds, facilitating deeper integration between mainland and Hong Kong venture capital ecosystems [13]. - Strategic collaborations are being formed to connect mainland tech companies and investment firms with local partners in Hong Kong [13]. Group 5: Future Outlook - The article concludes that the IPO pipeline in Hong Kong is robust, with ongoing listings from sectors like consumer goods and robotics, indicating a sustained market prosperity [15].

Core Insights - a16z has evolved into a unique entity in the VC industry, moving away from traditional VC practices, with plans to raise $20 billion this year focusing on AI investments [1] - Since its inception in 2009, a16z has generated $25 billion in net returns for LPs, with $11.2 billion in 2021 alone, marking a peak during the SaaS boom [1] - The firm has shifted from seeking high-risk, high-reward early-stage investments to a consensus-driven investment strategy, emphasizing the importance of identifying founders with predictable backgrounds [5][9] Fundraising and Financial Performance - a16z raised $7 billion in management fees in 2021, with potential carry fees increasing this amount significantly [4] - The firm’s fee structure may exceed the industry standard of 2% management and 20% carry, with reports suggesting a cap of 3% and 30% [5] Investment Strategy - a16z's investment approach has transitioned to consensus investing, focusing on founders from elite educational backgrounds and established companies, contrasting with traditional VC's emphasis on non-consensus opportunities [5][9] - The firm has been involved in significant exits, including Coinbase, Robinhood, and Roblox, with substantial returns from these investments [7] Market Dynamics - The influx of capital into leading companies indicates a trend towards consensus capital, where competition among funds drives up valuations, potentially eroding alpha returns [9] - For founders outside the consensus capital circle, there remains an opportunity to attract early-stage investors focused on alpha, as the market continues to evolve [10]

Group 1 - The 2025 Qingdao Venture Capital Conference successfully upgraded from a "Venture Capital Summit" to a "Financial Industry Summit," gathering over a hundred executives and experts to discuss global venture capital market trends [1] - The conference resulted in significant outcomes, including over 45 billion yuan in investment agreements and the successful launch of insurance fund pilot projects, marking Qingdao as the fifth city in China to establish such funds [1] - The conference highlighted two core achievements: the signing of strategic cooperation agreements with four major financial institutions and the establishment of a private securities investment fund with a total scale of 20 billion yuan [1] Group 2 - The conference officially launched the "Action Plan for Promoting High-Quality Development through Fund Leadership (2025-2027)," aiming to create a fund matrix of no less than 300 billion yuan by integrating government-guided funds [2] - The plan sets a phased goal of attracting a total of 15 billion yuan in long-term and patient capital over three years, with the government-guided fund's investment scale reaching 150 billion yuan by 2027 [2] Group 3 - The conference released the "2025 China Venture Capital and Private Equity Industry White Paper," which forecasts that global venture capital investment will approach 440 billion dollars by 2025, with generative artificial intelligence being the most attractive investment area [3] - Key investment sectors identified include intelligent and high-end manufacturing, artificial intelligence and big data, and biotechnology, with the future development of China's venture capital industry focusing on verticalization, international restructuring, and ecosystem building [3] Group 4 - Industry leaders provided insights on financial development, discussing topics such as venture capital direction, the construction of a financial powerhouse, and the high-quality development of equity investment funds [4] - Suggestions for advancing financial modernization included promoting market-oriented financial and technological innovation, deepening financial institution reforms, expanding openness, and ensuring a balance between innovation and safety [4] Group 5 - The conference featured a compact layout with one main forum and five parallel forums, covering industry hotspots and providing a platform for efficient communication and cooperation [5] - Ten quality projects were showcased for roadshows, offering technology innovation companies direct opportunities to engage with investment institutions [5] Group 6 - The conference served as a significant platform for Qingdao to showcase its financial strength and connect global resources, with the launch of the 300 billion yuan fund matrix and the signing of 20 key cooperation projects expected to optimize the venture capital ecosystem [6] - The developments are anticipated to attract more long-term capital and quality projects, injecting strong financial momentum into economic restructuring and high-quality industrial development [6]

Company Overview - Theta Capital Management, based in Amsterdam, is raising $200 million for its new blockchain fund-of-funds, Theta Blockchain Ventures V, which will invest in 10 to 15 specialized crypto venture firms targeting a 25% net internal rate of return [1] - The firm has shifted its focus to digital assets since 2018 and currently manages approximately $1.2 billion [1] Fundraising Context - The fundraising effort occurs amid challenging market conditions, with only $1.7 billion allocated to 21 crypto-focused venture funds in Q2 2025 [2] - Despite the difficulties, Theta recently closed a separate fundraising round of over $170 million [3] Performance Metrics - Theta's previous five funds in the Theta Blockchain Ventures series have achieved a 32.7% net internal rate of return from January 2018 through December 2024 [3] - The firm has invested over $600 million in crypto-native venture capital funds since 2017, positioning itself as one of the largest institutional allocators in the blockchain industry [5] Market Insights - The crypto venture capital sector is facing headwinds, with increased interest in artificial intelligence diverting attention from crypto investments [6] - Despite these challenges, Web3 startups raised $9.6 billion in Q2 2025, indicating selective recovery in certain segments [7] - Infrastructure-focused sectors, such as validator networks and mining operations, have seen the highest median round sizes in recent quarters [7] Strategic Insights - Ruud Smets, Managing Partner and Chief Investment Officer, noted that crypto-native venture firms have a sustainable edge due to their early experience in the market, making it difficult for generalist VCs to compete [4] - The fund-of-funds model allows institutional investors to gain diversified exposure to early-stage blockchain startups through established venture capital intermediaries [4]