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Seed A B C LATER-STAGE Skip the J-Curve: An Intro to Venture Capital Secondary

Seed A B C LATER-STAGE IPOs / Big ExitsSTAGE
TIME
LIQUIDITY
C
A
A
A
B
B
3Y2Y1Y 4Y 5Y 6Y 9Y8Y7Y 10Y + beyond
Buy fund secondary
@ 25-50% discount
D
C
B
D
“Buy Unicorns on Sale”
Invest in VC funds that are already winning
“Skip the J-Curve”
Avoid the first 5 years of risky bets
FUNDS
COMPANIES
VALUE
RISK

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