The number of listed companies in the U.S. has decreased substantially over the last 20+ years.[1] Given our vantage point in the world of venture capital, our team sought to determine how the changing financial market is impacting our industry, and what it may mean for venture-backed companies, fund managers and their investors.
If we were tracking trending topics in the venture ecosystem in 2019, the recurrent themes would be dominated by unicorn IPOs and the viability of micro mobility. But at Greenspring, an internal trending theme has a much more esoteric focus: the recent wave of General Partner (“GP”) led restructurings. Considering this concept is not a part of mainstream venture capital vernacular, there are some obvious questions: what exactly is a GP-led transaction, why are managers recommending them to...
A myth at its core is a story to explain something complex. Over time, the story is broadly disseminated such that popular consciousness can, at times, accept it as true at face value. At Greenspring Associates, we believe that a pervasive myth exists in the venture capital Limited Partner ecosystem: the notion that venture capital is an “access class.” Said differently, if you polled institutions that allocate to venture capital and asked them to identify the single most important factor in...
Twice a year, we at Greenspring Associates hold offsite meetings attended by all investment team members, from Managing General Partner to Intern, to share and collaborate on ideas outside of our day-to-day activities. These sessions serve to facilitate communication amongst the team, promote creativity and set intentionality around the direction of our business in a coordinated fashion, both from a strategic and investment perspective. The first of these meetings takes place in January, and...
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