Khemaridh (Khe) Hy

LP Tip #20 out of #50: To re-up or not to re-up A re-up refers to an LP making an additional investment in a fund where they previously invested. Before we dive in I want to share that there are reasons an LP may not to re-up which are not in your control. Here is a short list: ➡️ The LP may have evolved their strategy and needs to scale back the #️⃣ of funds they invested in.   ➡️ The LP was never set up to re-up in the first place. ➡️ The LP could be an individual that found themselves in a cash crunch and overly exposed to venture.  I'm assuming that when you got your investment that the LP explicitly told you they do re-ups. Please do not assume they do. My expectation is also that the LP dug in to properly underwrite the fund. 🏴 Re-ups are not automatic. An LP will have to re-underwrite each fund. The speed of the re-up also depends on how much work was done in the initial investment, who led the investment, level of confidence there existed when that investment was done, and current pipeline of funds. There are 4 flags that may cause an LP to walk away. 1️⃣ Partner Breakups/Changes and Team Turnover:  The biggest risk in Partnerships are whether the Partners will stay together. One LP gave me a framework on how to think through this issue that has stuck with me. Partnership is like a marriage. If one feels there is potential for a breakup, does one believe it will be an amicable breakup? Or, does one believe the spouses will never talk again? If it is an amicable split that is manageable. The Partners can find a way to support the fund. Then the question becomes whether the LP wants to back the Partner/s that remain.  If there is high team turnover. The LP will want to investigate because team stability is used as a proxy for firm sustainability and ability to scale. 2️⃣ Fund Does not Execute on what they Sold the LP:  The LP “bought” something specific and typically it is because they were missing this strategy or wanted exposure to a strategy for the portfolio they were constructing. An institutional LP will invest and write a detailed investment memo flagging all the things you said you were going to do and then go back and compare when you come back to ask for money. If for example you pitched a generalist seed stage fund and you show up asking for money sharing that you invested in deeptech at A that will cause alarm. The same can be said for the number of companies you promised to invest in or check sizes you wrote. If there are big differences LPs will want to know why. 3️⃣ Bad Actions  The fund manager/s does something that is unethical. This is a no go for an LP.  What if the situation is not clearcut? This is different for everyone and requires discussions b/w GP and LP, but most LPs don't want headline risk. 4️⃣ Continuous Underperformance  If it's early days an LP will look at some key indicators to see how you are progressing over time.

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Speaking with customers (listeners in Noa’s case) is one of the most rewarding parts of the job. The feedback is a healthy mix of positive, constructive and negative. This week alone I’ve spoken with folks who shared that: the bit rate of our audio should be higher (..specifically the audio of a publisher who provides us with their narrations); AI narration lacks human intonation at times; they’re glad Noa exists since a competitor of ours pivoted; we should add Read Along on web; and so on. And in between the feedback you get to know people. One of them has ancestry in Ireland and plans to visit a few spots at my suggestion next time he returns. But one email really stood out to me recently. And with the permission of the listener who shared it, I am posting a screenshot here (..personal info out of shot). For context, we ask Premium members whether they would be disappointed if Noa no longer existed. Some are indifferent (a minority, thankfully); some are ‘somewhat disappointed’; some ‘very disappointed’; and some (like in this case) go an extra mile to share their experience. I love that this listener puts the insights gained on Noa to good (and immediate) use. In their household, Noa is a conversation starter and an empowering tool/service. This is why we created Noa. To help people gain new and valuable insights. Some keep them close to their chests. Some share them. There is no right or wrong. The power and value is in knowing and it’s why I love quality journalism. As Warren Buffett has said on occasion, if he didn’t pursue his current career, he’d probably be a journalist. (N.B. Financial returns may differ…) Quality journalism really is empowering and we love working with many great publications to narrate their articles. And as can be seen here, our listeners really benefit too. As our listeners recognise and value, Noa doesn’t provide running commentary on the news. We instead share (curate) valuable and interesting insights, c. 50% of which are news cycle related but many of which are the sort of things you wish you knew 10 years ago, didn’t realise you needed to know (but are now better for it) or never had the time to look into. Happy listening! And a big thanks to all our listeners who take the time to share feedback - good and bad.

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2 active fund offerings from the Echelon Fund team who have been killing it ever since their cohort at The Fund School. https://lnkd.in/gVd-dhfY sidecarportfoliofund.com This presentation of Echelon Fund, LLC and Sidecar Portfolio Fund (the “Company”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is based on publicly-available information, internally developed data, third party information and other sources. The third party information has not been independently verified. While the Company may not have verified the third party information, nevertheless, it believes that it obtained the information from reliable sources and has no reason to believe it is not accurate in all material respects.

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🧱BRICS+ ACCELERATE 'THE UNIT' CHALLENGER TO KING 💵 🅰️ ARCADIA ECONOMICS (C. Marcus) interviews Eagle Forge (EF) Matt Riley about "BRICS-buck" aka "THE UNIT", long awaited (+ overdue!) challenger. 🇷🇺 🇨🇳SEEK TO REVALUE GOLD, create a parallel SWIFT-like system. "UNIT" a payments settlement ccy with a 40% gold backing. Not 100% (many BRICS members lack required Au reserves.) 6️⃣ 0️⃣ % REMAINDER TO BE backed by a pairing of strongest world trade fiats within the group. Smaller nations (e.g. Ethiopia) do fear being "drowned" by the majors, simply giving up one problematic system for another. 🌀STRATEGY TAKING SHAPE; anchored by resources (30-40% world oil supply), sheer number of BRICS humans (1.4 billion); three pillars: 1) DECOUPLE USD-PRICED Au and Ag from the new parallel system 2) RENDER "WESTERN" FIATS irrelevant by imposing "DIPLOMATIC, INFO, MILITARY and ECONOMIC" ("DIME") power-playbook 3) LEAVE ROOM FOR credit expansion, hence < 100% Au backing 🌎 POLITICS DRIVES FX vals, the "will" to transform the system. 🇮🇳🇨🇳🇷🇺 , front-running is the "everyone for themselves" factor; could scupper a unified "UNIT" front. Requires herculean geopolitical coordination to pull it off. 🇺🇸 COULD PRE-EMPT and revalue Au reserves first. Then, weaponize their "Strategic BTC Reserve". Matt thinks the latter is mere pandering (hodler votes). 📣 BOTTOM LINE, BRICS lack asymmetric warfare (comms force) to shift the narrative. Comms majors are all G7-based (FT, X, Reuters, NewsCorp etc) ‼️INTERESTINGLY, MATT RAISES the prospect of big bullion dealers being bought out by one or more BRICS/ proxies. Miles Franklin cited as one option. Informative Miles Franklin review from LinkedIn here: https://lnkd.in/gw5pKdsN #ArcadiaEconomics #BRICS+ #MattRiley #EFBullion #USD #TheUnit #monetary #commodities #gold #silver #MilesFranklin

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Labor Market Soft Landing Progressing, but Not Complete ◾ Payrolls & Unemployment Up in Parallel. This labor market continues to follow the soft landing blueprint by the book so far. Nonfarm payroll employment increased 272k in May vs. 180k consensus (plus -15k revisions to prior months). Although the unemployment rate ticked modestly higher to 4%, it remains well near historical lows while the labor market comes into greater balance (job openings counts converging with job seekers). ◾ Wage Growth Not Yet Slowing. It’s clear now that calls for disinflating wage growth were too early. Average hourly earnings growth ticked up to 0.4% on a month-over-month basis, which is the largest increase since January. This will be a closely watched development since wages are a key cost input for services, which remain the stickiest part of the CPI basket holding the Fed back from cutting rates. ◾ Making Sense of the Disparity. Why the disparity between payrolls and unemployment? For one, they are outputs of two different surveys. The household survey that drives unemployment includes farm workers, some that are self-employed and other private household workers. Those are not included in the establishment survey for nonfarm payrolls, which also has a statistical error rate that is 4x times higher than the household survey, hence some of the large revisions often seen after the fact. Altogether, the unemployment rate is probably the more reliable indicator to follow. ◾ Fed Reaction Function. On net, today’s jobs report was hotter than expected with payrolls and wages above expectations but offset on the margin by a higher unemployment rate. This probably doesn’t change the Fed’s decision process that likely sees rates on hold again at next week’s FOMC, but it is roughly consistent with a path toward rate cuts beginning in the fall.

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Check out the Elevate Ventures opportunities in the comments!

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Wealthtech Weekly - The Latest News TPG acquiring a minority stake LPL fires their CEO! Dynasty recruiting a $700m team Are Booths Worth it? - Youtube with Seeds Link to Wealthtech Weekly below

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One of the best podcasts that you will hear. Eric Weinstein, an accomplished business / hedge fund manager and just amazing thinker holds a master class in how to reason through a set of complex conversations. Some context here: Terrence Howard (yes the actor) came on Joe Rogan a little while ago, and did some very elaborate 'matching'. He very much comes across as a visionary, self-taught, self-reasoned through many complex ideas, bringing it all together with a vast web of historic scientific knowledge. Terrance launches into a set of core assumptions within the sciences, mathematics, physics and related topics. He tumbles through multitude of ideas from frequency, to energy, to wave theory, all very difficult to follow... but extremely compelling. Encyclopaedic knowledge, but a flow that is so rapid, and often superficial. For many casual 'scientists' and social media followers, it was like a red flag to a bull: and confirmed a narrative that 'they' (the scientific, trusted community) is lying to us, that they are not telling us something. That 'their' assumptions are wrong, but that there is a cartel of universities and institutions that is protecting it, and protecting their dominion over the sciences. This fed into Joe's common narrative that the modern scientific understanding of the world is incomplete and lacking: but more importantly that the institutions who guard this knowledge are themselves filled with political bias, making them fallible, and ultimate not trusted as much as they should be. (A lot of 'they' say this, or that.. not sure who 'they' are, except that they only have bad characteristics.) Enter Eric Weinstein, an accomplished thinker and just a superb communicator, takes Terrance through his own maze of ideas, and links between ideas, one at a time, carefully dissection the arguments. He leads this 'visionary' through his errors and discoveries,'What Terrance is doing here is... ' and sometimes he points out errors in reasoning, sometimes provides clarification, sometimes asks for clarification, but is always respectful, always careful, always thoughtful. He gives Terrance a lot of credit for his thinking, but also shapes and moulds it carefully. "You have a lot of desire to understand what it means. But before you think about it, you have to ask what it is" He delivers a masterclass in how to handle this kind of back-of-the-envelope science, that is so prominent in social media now. Terrance is in awe of him, as was I. This is where you see just an amazing capability of the human mind to reason through multiple avenues (often strange manifestation, with partial truths, and incomplete relationships), to question, to reason, to give room for each other in a very humane way. One of the best displays of human capability: both academic and the best humane characteristics, I have ever seen. #joerogan #podcasts #reasoning #human #conversation #rogan #weinstein #terrancehoward Eric Weinstein Joe Rogan

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Excited to join industry leaders in LA to explore the future of non-traditional investments. I’ll be speaking at the Private Wealth Southern California Forum, hosted by Markets Group, on 12 November. Together, we’ll discuss how innovations in alternative assets are reshaping the investment landscape. Thank you to Markets Group for providing the platform to explore these transformative developments. #PrivateEquity #Innovation #Technology #Entrepreneurship #VentureCapital #Investing #Finance #Alternatives #Startups #Speaker

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Pitchbook was acquired for $225m. It is now doing $550m+ in revenue! What a great acquisition for Morningstar Is anyone really competing with Pitchbook? Does anyone have $100m+ in revenue doing the same thing? Crunchbase is one competitor, but who else is out there really fighting with Pitchbook to win clients interested in private market data? Whose building Pitchbook, but focused on private company debt investments?

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For those of you that weren't able to make it to Fund Launch Live 2024, check out this blog post for a recap! Quick daily recaps, speaker topics, the full run of show, and more Blog post: https://lnkd.in/gNRRZaVG - - - #alternativeinvesting #funds #investing #fundlaunchlive

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Private credit isn't just about yields; it’s about balance. RIAs are the new kids on the block as investors, but they're the next frontier. As RIAs enter the credit market, they face a dynamic landscape with opportunities and misconceptions. Understanding the current landscape assists RIAs in making informed decisions, and embracing complexities that lead to better client outcomes. Had a great chat with Joseph Weissglass and Jordan Selleck on the 51 Labs podcast, Investors and Operators, diving into the role of RIAs in the private credit space. Full episode linked in the comments below! #privateequity #mergersacquisitionsdivestitures #investorsandoperators

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The Secretive Saunders Family Is Going All In On Lending To The Rich Sometimes it takes a private investor or family office to be able to fully understand the requirements of other private investors and family offices. That’s why it’s no surprise to see this headline and something that I am working on extensively at F Partners. Asset backed lending has been an important part of my thesis and seems that many other family offices are continuing this focus. If you’d like to learn more about what I’m doing, send me a dm. Read The Full Article Here: https://lnkd.in/ev-_w9Ff #singlefamilyoffice #familyoffice #familyoffices #privateinvestor #privatemarkets

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Something to consider when you ask your Advisors for referrals to people in their networks who can do things for them... You will have to pay them! Don't expect that just because they're coming from your Advisors that they work for free or at a discount or for a piece of the Advisors comp/equity. Example: You're looking for help with raising a round and you reach out to your Advisors for guidance and referrals to professionals that can help. Your Advisors refer you to a securities to set up the offering. You reach out to the attorney for a 30 minute conversation and they send you an invoice for $400 bucks. You're like WTF is this for? So you hit up your Advisors and start yelling at them because you think that they just cost you $400 dollars and you thought that it should be free because it was a referral. These things happen a lot and this is where communication and expectations need to be at the forefront of everything as one party (The Advisors) knows how it works and the other may not (The Founder/s).

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Can emerging managers outperform? Josh Porter of FirstLook Partners thinks so and here’s why. New episode alert! This week, Josh Porter discusses the potential of smaller funds in the venture landscape. With FirstLook Partners, Josh targets funds under $50M, emphasizing the benefits of focusing on emerging managers and niche strategies. We also explore LA’s venture evolution and FirstLook’s innovative structure aimed at delivering value. He also shared what fund managers should look for in partners when building a new fund. Join us on Swimming with Allocators to learn how FirstLook Partners is shaping the future of venture investing. Listen now! cc: Alexa Binns OpenLP

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What's the fast river in alts? Listen to the latest Alt Goes Mainstream podcast with Mercer's Gregg Sommer & CAIS' Neil Blundell to hear how they are helping advisors approach private markets. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: * The case for alternatives. * How advisors currently approach alternatives and how they can think about it differently going forward. * How to think about portfolio construction that includes alternatives. * How alts can help advisors differentiate their practice and attract clients. * Following the fast river in a career and why alternatives are “the fast river.” * The meaning of “structure over strategy.” * The rise in popularity of evergreen funds. Thanks Gregg and Neil for sharing your thoughts and expertise on private markets. Thanks to our sponsor, Ultimus Fund Solutions, for making this episode possible. https://lnkd.in/eBtyw6Fm

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How does a brand distinguish itself in an increasingly crowded market? This question was thoughtfully explored in a recent podcast featuring Eric Bandholz, founder of Beardbrand. He emphasizes that success isn't merely about revenue; it's about forging authentic connections with your customers. Bandholz champions storytelling as a vital tool for independent brands, allowing them to resonate deeply with their audience—something big retailers often overlook. Moreover, he shares insights from his journey, highlighting the balance between business growth and maintaining personal freedom. Both ambition and values shape a company's path—harnessing authentic experiences rather than succumbing to growth for growth's sake. Given the current economic climate, understanding these concepts becomes even more crucial for entrepreneurs and investors alike. As we navigate through opportunities and challenges, reflecting on the cultural aspects of business can provide a vital edge. What strategies have you implemented in your business to connect with your audience on a deeper level? #Entrepreneurship #BrandStrategy #CustomerEngagement #Storytelling #FinancialConsulting #Beardbrand https://lnkd.in/gVTF6-_X

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Having a Cars and Capital event tomorrow in Southern California with Oren Klaff. If you want to join message me. https://lnkd.in/gDQ4D39u Oren Klaff Bridger Pennington #InvestorEvent #FamilyOffice #InvestmentOpportunity #CarlsbadEvent #PrivateEquity #WealthManagement #InvestmentConference #CapitalRaising #NetworkingEvent #IndustryLeaders #FinancialGrowth #InvestorsMeetup #WealthBuilding #BusinessGrowth #InvestmentForum

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Institutional LPs aren't just investing in your current fund - they're betting on your firm's future. Key areas to address in your long-term vision: 🔹 Desired fund size at maturity 🔹 Partner hiring and succession planning 🔹 Evolution of investment mandate 🔹 Back office scaling plans As Charles Hudson of Precursor Ventures notes: "They're asking questions like: 'Do I trust this person with my money for the next 10 to 20 years?'" What's your 20-year vision for your firm? How are you communicating this to potential LPs? 🔗 https://lnkd.in/gN3DJzPC

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