Viewing profile — joschmo

Depends on the audience. Am I having a ground-truth level conversation with my deal team? Then everything is neutral. No positive or negative tones. Just assessment of what is good…

It's macro-good and micro-bad. On the good side, I was allowed to view this from the perspective of spreadsheets and board meetings and see the net gains. And also do follow-up ana…

I'm trying to be descriptive, not prescriptive. It's a black hole because these machines will acquire anything and feed it through the cash flow machine. Massive waves of layoffs b…

The cost portion is right but good will from these companies degraded a decade ago. The game is now to do anything at all costs to prevent churn and downsells whether that's briber…

This is a completely different universe from VC, Tiger, Figma or even the public markets. Software companies like this (low growth, high cash flow) got absolutely eviscerated in th…

You're right that it's not paying out Vista much if anything at all when you account for fees, but it's still a nine-figure sum of new money in, which is lifeblood for these zombie…

Background on the deal. TIBCO was acquired by Vista Equity Partners 8 years ago and has been a disaster investment. Growth never picked up despite their investments in product, tec…

That's a really interesting question as I rarely think of a company from pre-seed to series C as having profitability. If they have the cash on balance sheet to do smart M&A, it wo…

I would say $2 at $20M post-money was a very average round last year (I think the median from the top 50 seed funds was very close to this and average was slightly higher). I was h…

This is an ideal time to raise seed money. Many funds have moved heavily down market away from the big Series B/C's of 2020/2021. You now have a lot of tourists at the seed stage w…

To play devil's advocate, the reason a private equity firm should use a continuation is that it wants to hold an asset past the fund's 10-year life because the asset is continuing …

$107K in Berkeley for someone with 2 kids won't lead to a lavish lifestyle in the hills, but it should be very doable on a budget so I don't quite understand that complaint. This r…

I disagree pretty strongly, but obviously your experience is your own. If you are going into a hotly contested investment process, are you going to get away with asking for big unc…

As an investor, of course I clam up. I spend my days looking at the world in terms of risk-adjusted returns and cost benefit analyses, so why would I take a human capital risk? My …

UiPath vs. Automation Anywhere was a hotly contested debate amongst the growth investor set for the last 3-5 years but the massive distance UiPath has put between it and AA in the …

Sounds exactly like an article being written about the Mission in 2009

One of the few things I appreciated about finance was how clear the hierarchy system was. 3 years as an analyst, 3 as an associate, 3 as a VP, 3-5 as a director with promotion to m…

You've astutely noted the difference between what people think is happening in a direct listing and what actually happens. People think founders are sticking it to Wall Street. In …

1. Strong liquidity position from several recent rounds of fundraising so they do not need the cash 2. Well recognized brand amongst the investor class / product serves the investo…

As a long-time former banker, Instacart is 100% the right candidate for a direct listing and Goldman / Morgan Stanley are likely currently pitching them on it if not beginning anch…

Tencent is the most likely buyer given their history of building fast follower games. Likely to be some useful components here. Other fast follower studios like Mihoyo could scrape…

This is a breath of fresh air in comparison to HN's typical ignorance on IPOs. I can see why it wouldn't be popular here. A mix of the theoretical grounding of the activity with th…

My first thought was that this couldn't possibly be hedge funds reaping the gains of a Republican government because the hedge business is doing pretty miserably. How could their f…

As someone that's raised money for SPACs, been an advisor to SPACs and sold companies to SPACs, the answer is a resounding no. Most VC-backed companies, whether in tech or biotech,…

You are being downvoted because there's no evidence to corroborate what you are saying. Just edit with a link to articles/proof if your statements can be substantiated.