Strillo Vox

PE funds watching public markets plummet while keeping their portfolio marks flat

Just 5 years apart. @SpaceX

@jasonlk Easy. Take the DPI. You’ve already won at 3.5x Net and likely a top quartile fund for its vintage. Raise a larger successor fund or use that success to expand into another strategy. Existing LPs would be more than happy to roll into your new vintage and fundraising will be easy

You're stting on a VC fund at 3.5x Pretty good, but not quite one for the ages Do you invest all your time helping the portfolio to get to 5x-6x or more? Or ... do you invest that time in a new fund, with another 20-30 shots on goal? You gotta pick one or the other ??

@Jason For GPs please interview Jamie Rhode from Verdis and Beezer Clarkson from Sapphire both super sharp and insightful on portfolio construction (underrated topic)

1. Who would you like to see on the JC show? 2. Which LPs/GPs would you want me to see talk shop each week?

@OnlyCFO Dependent on role of CSM in the org and what’s bucketed in CSM. I’ve seen this vary quite a bit across many businesses. Ideally (IMO), this is presented below COGS as a bridge to contribution margin

Where does your company categorize customer success management (CSM) costs? Bonus points if you comment on why it’s in a particular bucket.

80% of 80% of all economically valuable jobs will be capable of being done by AI. Years ago I asked -- to the consternation of many -- whether we needed doctors. Then I asked whether we needed teachers. High time we ask whether we need financial analysts, bankers, traders, etc. Welcome, @Arkifi

Tiger 🐅 Global is doomed

@ExcelHumor Sx.e from Infor

what is the worst ERP system out there?

@OnlyCFO FP&A Genius by Datarails (currently waitlisted)

@rajivpatnam @ecommerceshares As long as the CFO wasn't a total idiot, hopefully most of cash that was swept from an operating account to a money market account (Blackrock is custodian). Likely they will be able to borrow against it to fund payroll. Worst case, they will need immediate bridge financing.

@ecommerceshares Biggest challenge is going to be payroll at startups. Immediate need for short term capital, and potentially longer until this is unwound.

What are the near term implications of what happened today? Risks and opportunities? Trying to think through this. Macro, sectors, specific stocks and other assets… Buy/sell. What are your immediate thoughts?

@ecommerceshares Someone will fill the gap for SVB. Those that got their cash out moved to Stifel, JPM, BoA, Brex etc. Near term: Havoc for those that didn't sweep cash to MM accounts. When SVB is dissolved, will their be a haircut for uninsured deposits? How big is the hole in SVBs B/S?

@bhargreaves Great thread. Also, will cause a pretty large ripple effect for any GPs that funded these companies. How much was sitting in those operating accounts that went unswept in MM accounts? Also, saw many GPs on twitter yesterday, to hold the line with SVB. LPs will not be happy

JPow got his fucking debt crisis alright

$SIVB closure & receivership is going to have a massive impact on the tech ecosystem. SVB was not just a dominant player in tech but were highly integrated in some nontraditional ways. A few things we'll see in the coming days / weeks...

@Newsquawk GPs telling portcos to keep their cash at SVB

SVB FINANCIAL IN TALKS TO SELL ITSELF - CNBC Who is going to buy it? Wrong answers only please 👇

@HarryStebbings What key criteria do you and your IC use to identify high quality GPs in venture and growth? And how would you weight those? 1. Track record 2. Perceived quality of GPs team? 3. How “differentiated” the GPs is vs peers? (Sourcing, network, value-add, reputation, etc.) 4. Other

I have one of the largest LPs (fund investors) in the world on 20VC on Thursday. What are the must-ask questions for you? Twitter, work your magic...

@HarryStebbings iLevel for portfolio management 🤮💰 Pros: Custom data collection templates for portfolio companies & excel plugin (push/pull data to multiple models). Cons: Insanely expensive and the BI layer is pretty trash. Would switch if there were a better alt. w/ g-sheet plugin.

Help me out fellow GPs. I am in awe. Portfolio management software products are truly shit and insanely expensive ($40K+). What do you use for portfolio management vs deal flow?

@ExcelHumor Try crunching the numbers again

write a corporate horror story in 5 words

@OnlyCFO @rayrike A deep dive into relevant valuation metrics would be interesting and to get your thoughts on EV/NTM gross profit multiples or growth adjusted multiples…are these useful or more wand waving to justify higher prices?

VCs showing LPs their due diligence from 2021

Like and retweet this tweet and I will follow you back! 🚀 [ my latest podcast, Founder University just launched: 🍎 podcasts.apple.com/us/podcast/fou… 📺 youtube.com/channel/UC8bLX… ]

Q3 Investor Letters be like...