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You have a perfect example with Gavin Uberti from Etched. Gavin met every great investor in Silicon Valley, and everybody walked away from the meeting thinking he was brilliant. I don't think there's a single VC who met Gavin that didn't think he was brilliant. But a lot of people just assumed a startup company cannot outcompete incumbents on like AI chip fabrication. It's just never going to happen. And it wasn't until Sequoia blessed them with a $10 billion valuation that everyone was like, oh
Because in 2021, you could have invested in Stripe at $100 billion. And Stripe was a great company. It still is a great company, arguably one of the best. But today, Stripe is $179 billion, which is great. But that's what, like an 11, 12% IRR over five years, which by the way, is still better than like the bottom 75% of venture. So you can probably secure yourself a top quartile position in the venture market by backing the best companies at the highest prices.
It's 30 to 50% of their AUM in like three to four companies. And it's SpaceX, Amthropic, and OpenAI, and Databricks, and a number of companies like that. Those are the names that need to generate liquidity for these guys to get their exposure levels to the asset class down.
It's SpaceX, Amthropic, and OpenAI, and Databricks, and a number of companies like that. Those are the names that need to generate liquidity for these guys to get their exposure levels to the asset class down.