Best Internet Buyout Funds

The real answer is that internet businesses are based on winner-take most dynamics which leads to few winners. The legit winners tend to grow and and can be solid public equities ranging from relatively newer entrants like The Trade Desk, to more mature ones like GOOG. The rare cash generating internet businesses / properties tend to be owned by strategics like Ziff Davis and IAC. Of course, there are exceptions - look at APO/Yahoo but that was really complex corporate carve-out from Verizon. Fact of the matter is that most internet businesses are trash and have business models that don't lend themselves to recurring revenue and sustainable FCF generation. Off the top of my head, there's probably a couple of SSPs that have a reason to exist, have little terminal value but still generate real cash. Please chime in, as could be missing other verticals but think the real issue tends to be that most managements fail to create the right value prop such that don't have to spend aggressively on S&M for user acqui. One more note would be that some of the more viable internet businesses started as growth equity businesses taking private equity investment and grew into much larger entities over time like Providence Equity / DV & competitors Vista / IAS, vs. being a random buyout target.