Jerry S.

👇 is a short list of independent or “break out” sponsor GP backers. At JuneX Capital Partners - 6XCP, we see independent sponsors, pre-fund teams and emerging GPs as entrepreneurs. We provide them with patient, agile and “high conviction” capital solutions. One missing below is our good friend and partner New End who is very active in the GP solutions space. Régis Micheli Nicolas Motelay #GPCapitalsolutions

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This is nuts! Putting a barrier to exit through M&A will have profound downstream implications on startup funding, especially in AgriTech. The Australian Government are proposing that acquisitions by companies with turnover of $200 Million + will require regulatory approval. This policy will put Australia at a disadvantage, as it is yet another reason for the best companies and technologies to seek capital and exits overseas. This approach cuts the capital cycle for new innovation and has the opposite effect on promoting competition, as it creates a barrier for new solutions to access the full life cycle of funding and liquidity. I would argue that the acquisition of technology through M&A is actually what we need to incentivise, to make larger Australian companies more globally competitive.

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The success of a Fund boils down to DPI (distributions back to LPs in relation to how much capital was deployed). The industry often gets infatuated with TVPI, which accounts for paper gains. However, these numbers are frequently not worth the paper they are printed on. Knowing when to stick or twist is always a challenge, so I favor a balanced approach: the third-third-third strategy. Sell a third of the investment at the first opportunity. Gradually sell the second third. Hold onto the final third for potential upside. Even this model needs adjustments based on market conditions, requiring a mix of aggressive selling or patience. The real issue for LPs is the industry's recent obsession with maximizing TVPI without enough attention to DPI. This can lead to portfolio imbalances and potentially disappointing (or zero) cash returns. 🎙 Listen to my full episode of Fintech Leaders with good friend Miguel Armaza for more on data as the new gold, secrets behind successful VCs, and the importance of founder-market fit: Spotify: https://spoti.fi/3KitB4b Apple: https://apple.co/4bXmmuC Youtube: https://bit.ly/3Vh4HIz

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Complete list of all active pre-seed & seed lead investors in NZ below. Thank you to all those who helped fill in the gaps. Quite a few people have reached out and said it was helpful, which is great. Next, I am thinking of creating the list of pre-seed & seed investors in NZ who follow and fill in investment rounds. As the list will be quite long, help would be appreciated. Please add in the comments. Aera VC AgriZeroNZ Blackbird Brandon Capital Bridgewest Ventures NZ Cure Kids Ventures Ecliptic Even Capital GD1 (Global From Day One) Hillfarrance Venture Capital Icehouse Ventures Maker Partners Motion Capital Movac Nuance Connected Capital NZ Growth Capital Partners NZVC Outset Ventures Pacific Channel Phase One Ventures Punakaiki Fund Quidnet Ventures Soul Capital Sprout Agritech WNT Ventures

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Board Meetings for Seed / A companies should be open discussions on ideas and strategy 🗣️ All investors should have read the Board Pack in advance (and it should be sent 48 hours+ in advance). Specific governance / finance questions can be asked in an email chain or WA group beforehand. When the Board starts, nail any votes required in first 5 mins. Core focus of Board should = 2-3 key things that the Founders want to have a deep dialogue on, where the other members can be the sounding board. "This is our idea around our new marketing campaign. These are our channels." "We've narrowed down these three candidates for x role." "Here is prototype for our new product feature launching next month." "Here's the template for our Sales playbook for moving up market." "We a/b tested these two acquisition channels and have some preliminary data." No need to spend half the Board meeting talking about financials, the Board Pack will show if you've overspent, the reasons why and can be discussed async beforehand.

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Why GP Carry Economics for Syndicates are Superior to Venture Funds Sharing #2 of 5 learnings Zachary Ginsburg posted via Last Money In Media yesterday on reflecting back after 500 SPVs completed. 500 SPVs is not a typo :) – “The carry economics are arguably far superior for Syndicate GPs than the carry economics for fund GPs. We previously put out an article discussing the economics of venture, and the reality is that while venture can be the best performing major asset class the returns are skewed to the top funds with the average fund barely returning 1x capital back. There is no major asset class that has dispersion of returns quite as high as venture capital. This underscores the benefits for Syndicate GPs. For one, it means the time to actually receive carry income can be extremely quickly. Despite starting Calm Ventures in 2020, we had one nice exit in 2021 (~10x outcome in 12 months). While the returns from that investment were only ~10% of the capital deployed to that point, we still received carry (over a half million dollars). In a traditional fund if you returned only ~10% of capital back, you would not be seeing a dollar in carry from that sale. To further underscore the GP benefit, as mentioned, around half of funds return <1x DPI. Meaning half of GPs aren’t seeing a dollar in carry from their funds. You can have a <1x fund in SPVs and still receive an enormous amount of carry distributions. To take the extreme case, let’s say we invest $1M each into 100 investments via SPVs over the course of 3 years - so $100M invested total. 99 of those investments go to zero and one 100x’s or returns $100M. While LPs in aggregate didn’t make any money (we received $100M in distributions and invested $100M), the GP actually makes almost $20M dollars (20% carry x $99M in returns on the single performing investment). It’s worth pointing out that while the carry economics are superior, the fee economics are substantially worse for Syndicate GPs, who often aren’t drawing any consistent income or salary.” Link to full post w/4 other key learning in comments. -- Powered by Sydecar and Forge, Last Money In Media is the most actionable venture capital newsletter. Written by Zachary Ginsburg and Alex Pattis, global syndicate leaders with 800+ SPVs closed.

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Investing with community (Not-For-Profit) Angel Groups offers unique advantages. These groups provide significant Tax Breaks, including a 20% carried-forward Tax Credit and a 10-year CGT Holiday. Unlike other investors, they do not charge a "Carry" fee based on profits. It's essential to recognize the diverse options available when choosing Angel Investors. #AngelInvestors #CommunityInvesting

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It’s a brutal #VC fundraising market out there (if you’re not a megafund); I recently spoke with a few GPs who raised $000s Fund I’s for their new firms in under 3 months. Here’s what they said worked and what is resonating with LPs today...TLDR; BACK TO BASICS 👇🏽 1/ Selling a fund strategy that looks like “classic venture,” back to the basics, not capital aggregation, and not bloated teams 2/ Keeping fund size manageable $150M - $400M for an early stage fund, where fees aren’t overblown and the LPs are confident the GP will invest in growing the team and the brand, not pocketing the fees 3/ Selling their past VC experience over 10+ years where they made investment decisions directly and are hands on with their portfolio companies supporting them to succeed; not relying on an army of “partners” to be shoveling $10M checks out the door 4/ Selling the focus of a singular stage, early stage; where LPs can be sure of what type of risk exposure they are getting; LPs want early stage, but are too often plugged into multi-strategy pockets that blend out their returns

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A recent UTS business study showed that 82% of Australian consumers crave more personal interactions. As the CEO of Reach Alternative Investments, a tech-enabled private equity platform, I am conscious of the delicate balance needed for efficiency vs old-fashioned relationship building. While we strive for efficient, no-fuss service, we also value good old-fashioned face-to-face meetings over a cup of coffee or tea for a chance to really get to know each other. This is in our DNA. So, if you have an interest in a chat to better understand what we are doing with the world's leading asset managers, and how we enable investors to retire better, reach out. Myself, Jess Collins or other members of the team would welcome a chat. www.reachalts.com.au

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Decoding VC speak is often tough - many founders will hear a combo of “Come back to us when you have more revenue” or “Let me know once you have a lead investor” Much of this means “Tell me when it’s safe enough for me to make a decision because someone else has done the hard work” I talk about this and more in an article for our friends at Startup Daily https://lnkd.in/gnFvGFy8

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🎊 Big News from Our Team at Titanium Ventures! 🎊 Today, we’re thrilled to share that we've evolved from Telstra Ventures to Titanium Ventures! Why Titanium? Because it captures the essence of who we are and aspires to be—a firm that supports exceptionally strong and resilient entrepreneurs, those who thrive under pressure. Titanium is not just a metal with the highest durability and strength-to-weight ratio; it represents the extraordinary capability and determination of the leaders we back—leaders who consistently punch way above their weight. Our commitment remains steadfast: to unearth and scale the most promising ventures in AI, digital, and software sectors. With 99 investments, including 12 IPOs, 17 unicorns and 42 liquidity events, we’re just getting started. Holding almost US$1B in funds under management and having returned US$678M to our investors, we are more driven than ever. This is more than a name change—it’s a reaffirmation of our promise to accelerate the extraordinary, fueling the growth of standout disruptors. We've been doing this for over a decade, and it's what our investors and founders expect us to do for many more to come. Here's to the next chapter in our journey with all of you! #VentureCapital #Innovation #Entrepreneurship #TitaniumVentures

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Who are the NZ venture capital leaders in 2024? Which New Zealand funds are LEADING investment into pre-seed and seed stage companies? Below, I have provided a summary of these investors. Have I missed any key players? Are there any included that shouldn't be? Note: I have excluded any funds that have not made an investment in the past 12 months, based on available evidence. Blackbird Cure Kids Ventures Even Capital GD1 (Global From Day One) Icehouse Ventures Motion Capital Movac Nuance Connected Capital NZ Growth Capital Partners NZVC Outset Ventures Pacific Channel Phase One Ventures Soul Capital WNT Ventures

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Which international VC has invested most actively in NZ? Here's the slide we prepared recently for our Investor Masterclass. Let me know who I'm missing. Four more sessions coming up including: Valuation, Terms, Governance, and War Stories. Join the fun by registering here: https://lnkd.in/ghJJpdR4

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✨ Breaking: Melt Ventures Announces New Fund.- Melt Ventures Melt Ventures, a partner of the WAVC initiative, focuses on early-stage investments in sectors aligned with Western Australia’s innovation priorities. https://melt.ventures/ Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups #Venturecapital

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What I learned this week.... In a week when Jared Bernstein, the chair of the WH Council of Economic Advisers, struggled to explain how the Federal Government borrows money and our universities pivoted their business models, I can’t wait for the next generation of ChatGPT to help others make educated decisions at $20/month. In the interim, our farm animals are stepping in to help Chair Bernstein and his team get up to speed on Economics 101. This week has many lessons in deadweight loss, the inefficiency that occurs when the quantity of goods or services exchanged in a market is not at the point where supply and demand naturally balance. This discrepancy, often caused by factors like taxes, subsidies, monopoly, etc., leads to a loss in overall welfare as potential gains from innovations are not realized. Deadweight loss reflects the inefficiency and lost value that result from market distortions. 1) The most valuable investor in a startup is customer revenue. 2) Early adopter customers are the harshest critics and your best advisors. Listen to them. 3) ACA is primarily a cost transfer construct, not a care delivery construct. Slowing the transition to Food is Health. 4) Regional healthcare systems are likely illegal monopolies, but they work for the regulators, so regulators do not care. Steer around this market inefficiency. Retail grocery is the path to #foodishealth. 5) Healthcare innovations reduce treatment costs, making it hard for healthcare systems to cover overhead costs. Current healthcare business model needs T2D. 6) Does anyone understand autophagy (consumption of body’s tissue as a metabolic process)? It may improve metabolic health but may also recycle cancer cells. 7) As people lose weight on GLP-1, how do we revitalize sagging skin and Ozempic face (see autophagy)? 8) Prepare for GPT2-Chatbot to be way better. Closer to Skynet than GPT1-Chatbot. 9) Derivatives markets in commodity crops are a proxy for the deadweight loss in crop output variability. The present value of that deadweight loss measures how much we should invest to reduce variability in crop yield, nutrition, waste, and other negative externalities. (See Sig Sigma) 10) Crop enhancement vs. crop protection biologics are two totally different markets. They likely need different business models, distribution, R&D, and exit paths. (Walt Duflock) 11) White River Soy, Meristem Ag, and Function Health are important disruptions that realign distribution and supply/demand to meet the emerging needs of nutrition density and longevity. Many more are required to disrupt incumbents. It's mostly a PE play and should precede more AgTech investment. (Walter Cronin) 12) "There's no mental health condition that isn't also physical. And there's no physical health condition that doesn't have a mental aspect to it," Dr. Monty Lyman (Philip Strandwitz) 13) Everyone needs to learn more about economics (Katie Stebbins see Tyler Cowen) Nick Vos Ellen Brown Quentin Connealy Yarrow Kraner

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As the startup congratulatatory hype about AirTrunk gets into full swing 😑 Let’s clear the deck with some facts about this “Australian tech Startup 🦄” - Founded in 2014 - Total money raised $1.7 Billion - 5 funding rounds, debt and PE - All institutional and PE capital - Sold to asset manager Blackstone This deal isn’t about the startup tech sector. It’s about a real business built on predictable cash flows, serving an existing market with strong compounding growth, that financiers could back. It’s simply a great outcome for an Australian business 🇦🇺 https://lnkd.in/g4bXm322

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We are thrilled to share that Australian Gulf Capital has invested in Groq, an AI inference chip company that is poised to transform the AI landscape. Alongside co-investors BlackRock and strategics like Cisco and Samsung Next we are proud to support Groq’s mission to revolutionize AI hardware. Groq has raised an impressive $640 million to address the growing demand for fast AI inference. As the need for real-time, efficient AI solutions continues to soar, Groq's powerful LPU chip and innovative inference engine stood out for us as game-changers. What truly excited us about investing in Groq was the incredible leadership of Jonathan Ross, Sunny Madra and Adam Tachner, and the immense demand they have managed from developers in such a short period of time. Particularly happy with the recent appointments of Stuart Pann, former head of Intel’s foundry business and ex-CIO at HP, as Chief Operating Officer, and Yann LeCun, Meta's Chief AI Scientist, as a technical advisor. Their expertise will undoubtedly strengthen the team further. We look forward to supporting Groq as they continue to innovate and lead the way in AI inference technology. Stay tuned for more updates on this exciting journey! Bhaskar Dasgupta Kal Desai Marc Aouad Warwick Grigor Adam Malouf FAICD, F.GCCBDI #VentureCapital #Investment #AI #TechInnovation #Groq #AGC #AIRevolution

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For Jason U. and me, being at Grand Central Tech has been game changing for Sunrise AI. The beautiful space is a boon, but integrating into the NYC tech ecosystem has been an absolute blessing -- more tangibly, there's 2 huge pluses: - the idea sharing when surrounded by all-star founders @ 22 Vanderbilt is incomparable; and - it's done wonders for our pipeline 😉 Run, don't walk (or rather click below) for the application: https://bit.ly/4abteEH

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A great overview of regulation and how it drowns our economy and innovation. This is worth the time investment, unless you run the woke media organization in Australia.

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