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WILL TOKENIZATION DISRUPT THE VENTURE CAPITAL AND PRIVATE EQUITY INDUSTRIES?

As a sign of how fast this is moving - the inherently small-c conservative legal profession is talking about disruption of a big fee-paying sector. Not sure if this means they are excited or scared.

Just found this from Dec 2019 - well ahead of the curve.

https://www.ashfords.co.uk/news-and-media/general/tokenization-of-venture-capital-and-private-equity-will-tokenization-disrupt-the-venture-capital-and-private-equity-industries

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HOW WOULD A VC/PE FUND BE TOKENIZED?

Most VC/PE funds are set up as limited partnerships (“LPs”). The LP structure has several advantages for investment funds. It allows investors to participate, as limited partners, without taking an active role in fund management but benefit from limited liability; any LP agreement and, in many cases, the fund’s accounts are not made public; and LPs are transparent to tax, so that each limited partner is taxed directly.

Investors in VC/PE funds, as limited partners, contribute funds to the LP while the general partners invest the fund into multiple companies on the basis of a defined investment strategy.

The investors and managers of the VC/PE fund typically receive a share in the fund’s profits by way of a carried interest in the fund; this may be paid to a carried interest partner, often itself another LP of which the sponsors are partners.

In the context of tokenization, a fund would be split into units, with each unit representing an “interest” in the economics of the fund. Investors would subscribe for tokens representing an interest in the fund. Funds could be structured as evergreen or open-ended funds (where there are no limits on... (More)

Weston NakamuraVisionary
Real Vision Exchange Manager, Programming and Community Engagement

Diversity of Thought: Haley Draznin on The Exchange

Welcome @Haley Draznin for her first video appearance on the Exchange, where we discuss her off-camera / behind-the-scenes role at RV (the literal reason we subscribe to RV), the $60 trillion generational wealth transfer underway, alternative investments / death of 60/40. And by far the most important topic addressed on the Exchange, the critical need for women - not just in financial markets, but on the Exchange itself.

Haley’s Interviews on Alternative Investments

Arlan Hamilton, founder and managing partner of Backstage Capital - as they say (nobody says this), when life hands you lemons homelessness, build a VC out of sheer will, determination and intellect. This is what real power (and real “ESG”) looks like. (Link to video here)

Catharine Dockery Vice Ventures early stage VC in “vice industries” - sex, drinking, smoking, gambling, in other words - Long: Recession-proof industries via the real “consumer staples” (Link to video here)

•Eva Moskowitz CEO of Success Academy, NYC’s largest & highest performing free charter school network - Long: Educating the future of America (Link to video here)

Jonathan Sandelman CEO of Ayr Strategies, after spending 3 decades in institutional finance accumulating knowledge is now running an MSO - Long: Vertically Integrated Cannabis (Link to video here)

Mike Boyd, specialist on multi-generational wealth management, on the largest generational wealth transfer in history from baby boomers → millennials. Long: paying very close attention to $60 trillion in wealth changing hands... (More)

Sam ColtExChangemaker
"So called Business Engineer"

Some closure on RH, besties Grill Vlad

This is from that little chanel @Jeremiah S and @Jaymes Rosenthal . "The besties" as they call themselves give vlad a bit of a grilling. 

 

https://youtu.be/HopEdff0RCU

Chasing Space: A Warning Against Space Equities or Venture Capital Investment (Rerun)

Morning Everyone,

After watching the latest Real Vision interview between Mike Green and Josh Wolfe, a good friend and I got into a flame war over space equities. After this, I decided to re-release the first article I wrote publicly back out of retirement. There is a growing interest in the space; much of it, I believe, is unwarranted. If the reception to this is positive, I will consider re-releasing some of my other articles as well.

Warm Regards,

John F.

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Introduction:

I responded to a post in the equities exchange concerning investing in Virgin Galactic and thought I would turn it into a broader post to address whether investing in space via market or private investment makes financial sense. As a matter of investment, my thesis will be that you should avoid investing in companies whose primary business is space and why their model doesn't generate profit.

If you want exposure to space, what companies allow you to gain exposure without risking long term returns. The two companies I'll be addressing are Virgin Galactic, which is publicly address traded, and SpaceX, which remains a private company that regularly returns to Venture Capital to raise funds. As a precaution, I'm not an investment advisor, so for the love of God, do your own research and consult with your financial advisor about properly managing your money.

Virgin Galactic: The Boondoggle of Space Tourism

This may seem like a tangent but bear with me. One of the significant cases for... (More)