Manhattan Venture Partners
Any updated thoughts on MVP? Interested in both their banking advisory and principal groups but also curious on anything overall.
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Avoid like the plague. They are an SPV provider, not a real investment manager.
Can you explain a bit on this? Pretty curious
They don't have a fund and aren't really an independent sponsor either. Basically they operate more like a broker but get paid through carry via spvs they set up for schmuck HNW investors. They just invest in every unicorn under the sun.
I’ve spoken to them a few times over the years. This information is half correct on here. When it comes to the secondary shares pre ipo vc market they are one of the best and very much known as the “good honest guys” in the space.
They are brokers, direct investors, COMPANY advisors and DO have funds. Their funds are the All star funds.
They have direct relationships with the c suites of many of these unicorn companies and their GPs, specifically Andrea advise many of the companies and how to structure the share liquidity programs therefore giving them access to shares at the best price without buying from a broker themselves. They also have excellent relationships with name brand VC firms, asset mgers, multi family offices, and private market bb groups.
Their SPVs are only single security. So just Epic Games or Klarna no mixing and I can say their fees are very flexible and generally better compared to competitors since this is their primary focus.
They also directly broker large blocks of companies they are invested in or not depending on client needs and demand. That’s why they have a broker dealer.
They have 4 funds as far as I know. The funds are comprised of mainly shares acquired from the company executives or larger firms like sequoia looking to exit out of the position and provide returns on those vintage funds.
The funds are standard 2 and 20 and I believe the spvs are 8% up front instead of 2% mgmt fee and then an 8% carry on dollars profited at time of ipo AFTER the initial investment amount is returned.
Last thing I’ll mention is that I believe they also have a few primary investments with certain companies in their funds.
All that being said, not sure if their product is viable at this time and if you don’t want late stage secondary shares or think pre ipo is shit then avoid. But can personally say they are a professional solid group of people based on the cold outreach I’ve had with them and a few investors in their funds I know personally. I also am not sure why they need so many associates and a few on the younger side but Business must be going very well.
I personally find it to be a huge conflict of interest if a group brokers AND invests. Choose your lane.
Well it’s more like another firm could be looking to sell a 40m block and one firm is looking to buy 40m. I imagine due to their relationships they’re able to facilitate this at the best price and also find sellers and buyers outside of their funds and SPV. I don’t believe brokering is their primary business but something they provide for large one offs. You make a good point though but there’s context.
I'm writing to address some misconceptions and provide clarity regarding MVP and our offerings.
My name is Jared, from MVP. I'd like to confirm that we do indeed manage late-stage venture funds as well as SPVs. As a Registered Investment Advisor (RIA) and broker-dealer, our Form Ds are publicly available information, which we are required to file.
In addition to our venture funds, we also utilize Special Purpose Vehicles (SPVs) as co-investment vehicles. Furthermore, we act as brokers for larger blocks of stock. While we do not lead funding rounds, we participate and our value proposition in primary rounds lies in our ability to provide ongoing liquidity through secondary transactions.
For transparency, I'd like to highlight two of our key offerings:
1. The MVP All-Star Fund: This is our venture family of funds.
2. The MVP Opportunity Fund: This serves as our co-investment / "SPV" vehicle.
Again, both of these can be verified through public filings. Our website shows winners and losers; we don't scrub, and pitchbook is current.
We acknowledge that there's always room for improvement in our process but don't believe we have conflicts as suggested. Either way the DPI for our All-Star funds have been historically top-decile, SPV investments are hit or miss, and we strive to enhance our services continually. If you have any questions or require further clarification, please don't hesitate to reach out. Or just flog me in the comments as people on these platforms tend to do.
Jc
Appreciate you having the cojones to post here, but to be fair, I don't know how you can be both a broker deal and an investment manager and claim for there to not be a material conflict of interest. Pick one or the other.
Ha, thanks. Regarding potential conflicts of interest:
As we approach our 10-year anniversary, it's important to note that we have consistently maintained compliance with FINRA and SEC regulations around conflicts. Our registration serves dual purposes:
1. Ensuring compliance when acting as a broker
2. Addressing the fact that secondary investments are not covered by the private company exemption typically afforded to private equity and venture capital firms
We maintain that there is no conflict of interest in our dual role as a broker and fund manager for the following reasons:
1. Fiduciary Responsibility: Our fund investors' interests are prioritized, with our fund having first access to all investment opportunities.
2. Tiered Opportunity Structure:
a. Our All-Star Fund reviews opportunities first, often employing a "Land and Expand" strategy (landing in primary and expanding through secondary).
b. Excess capacity is offered to our limited partners.
c. Any remaining allocation (or if we are a pass), if appropriate and with issuer approval, is offered to the broader market.
3. Transaction Scale: Secondary liquidity needs often involve substantial size (e.g., $50-$100s of millions), which may exceed our funds' capacity for a single position. This naturally necessitates broader market participation.
4. Issuer Transparency: We operate with full disclosure and permission from issuers when bringing opportunities to market.
5. Secondary as a Service (SaaS): We provide programmatic liquidity solutions and tender offers, acting as a book-runner in principal and/or agent capacity, enhancing market liquidity without compromising our fund's interests.
6. Market Connectivity: Often time we are given a hunting license from our network that allows us to connect institutions with additional supply in existing opportunities, benefiting all parties.
7. Comprehensive Platform: Our integrated business model provides valuable insights into this relatively inefficient market.
8. Enhanced Competitive Position:
Our broker-dealer capabilities provide scale advantages for larger deals, allowing our relatively small fund to:
- Compete more effectively
- Take larger positions
- Negotiate better pricing
- Potentially improve Distributed to Paid-In (DPI) capital ratios and Internal Rate of Return (IRR) through favorable entry points
Our multifaceted approach enhances our ability to serve fund investors/limited partners, and the broader secondary market effectively while maintaining integrity.
We appreciate the perspective on potential conflicts and acknowledge that as the market matures, there may be opportunities to focus solely on fund management. However, our current model allows us to capitalize on the unique dynamics of the secondary venture capital space while adhering to all regulatory requirements and giving us as GPs unique insights to who is buying and selling. Always happy to speak live if interested in understanding more.
Hey Joe you guys hiring
My name is Jared, but to be fair, I have been called worse.
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