Stripes - Growth Equity Consumer/Tech Shop

Are they still top quartile? They were a year ago but the big drivers of returns were public positions that they hadn't yet exited. Monday.com, for instance, was trading at almost $250 in Jan 2022 and is now just above $100. On Running is below $20 from $28. I haven't heard from Stripes in a while so would be curious to know if they still benchmark as top quartile.

In general, Stripes seemed to benefit quite a lot from the hot bull market. They put a lot of money into high-momentum companies at eye-watering valuations (they had no fear of paying 100x ARR for what they thought was the right company). This definitely worked when everything went up and cash was cheap but I am less certain that they will have the discipline to have the same success in the new environment. Their new fund (Fund VI) is also a very large step up from previous funds and we'll see how well they can deploy it.

They promote a lot from within. Several of the partners are quite young and have been there for nearly the entirety of their (fairly short) careers. However, it seems that the founder is still the most important and potentially only real decisionmaker.