+100 startups probably representing ~$500M in equity investments, all sold as a single bundle.
Is there a secondary fund large enough to make that deal? How do you get around the ROFRs held by other investors? Failing that, will they de-bundle the portfolio into a fire sale?
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SoftBank will arbitrarily offer 4x asking price.
Or maybe 10x, now that they can't dump cash into WeWork anymore lol
"Good news sir, the valuation of our biggest holding has gone up 29438x"
"Yeah but it says here we were the only investors in the last 34 rounds?!"
"Ah yes don't worry about that kthxbai"
Exactly.
"We see value others can't see, which is why we were the only investors in the last 34 rounds. What does Sequoia know!?"
"Investors need to trust us. Remember that strong deal we did, Alibaba? Yep the one single deal we did that made money, that one"
Anyone know who is looking at the GE Ventures portfolio?
Pretty much everyone has... The issue is that the portfolio is worth far less outside of some strategic implementation through GE. And without GE investing more in the businesses they are starving for cash and dying slowly. GE also arguably has unrealistic expectations for valuation.
Everyone like who? The big secondaries players? Ardian/Lexington/GS/Blackstone etc
Yes and VC groups I believe. Honestly I don't think a secondary group would know what to do with it once they owned it. Too complicated of companies to just walk into 100 positions on.
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