001 – Liquidity Introduction
Liquidity explores all things related to venture exit activity including IPOs, direct listings, SPACs, and late-stage financings. As early-stage venture capitalists and former public stock analysts, our experiences meet in the middle, and we share those insights on the podcast through discussions between Loup partners and industry guests. We see investors continuing to commit more capital to the private markets, and our discussions on Liquidity will be focused on figuring out where the puck is going.
Top 3 Takeaways:
- As more money flows into the private markets and companies continue to stay private longer, the natural path still remains going public. However, we believe we will see more intermediary price discovery so private valuations don’t get too disconnected from the public markets as we saw with WeWork.
- The concept of quality of growth should be top of mind for venture investors.
- A successful transition from the private to the public market requires more than solid numbers, including proper management of expectations and messaging.
- [0:35] Why we started the Liquidity podcast & skating where the puck is going.
- [2:36] WeWork and the disconnect between technology and real estate investors.
- [4:57] Tesla and WeWork similarities?
- [7:29] The concept of quality of growth in venture investing.
- [9:55] Is the IPO window shut or still open?
- [11:20] Canva’s recent capital raise.
- [17:06] Airbnb’s lock-in and their track toward profitability.
- [20:15] What should late-stage private companies be doing before they go public.
- [25:05] Will Airbnb go public via a direct listing?