Jun 5Dancing On AirQ1 2022 started off with growing uncertainty and volatility in the public markets and decline of 23% in the technology heavy Nasdaq index. Although the market isn’t challenged as it was in previous crashes, the underlying constituents are more revealing than the index itself. Median public company software valuations, the…Venture Capital3 min read
Apr 142021 Titan Investor NewsletterIsraeli high-tech capital raising in 2021 has reached a new record, with $25.6 billion raised in 773 deals, a 146% increase from the amount raised in 2020. More than 170 M&As and IPOs recorded with a total exit value of a whopping $82.4 billion, a 520% year over year increase. …Venture Capital3 min read
Jun 8, 2021Not an Art: Pricing of Securities on the Secondary MarketHow to Price Securities on the Secondary Market Buyers of private company stock take a market value approach when it comes to valuing a security that is for sale. Recent financing rounds may provide a yardstick of the neighborhood that a security might be priced at, but they in no…Venture Capital3 min read
Jan 28, 2021Conflicts of Interest in SecondariesIn recent years, GP-led secondary transactions have become increasingly popular. They are no longer seen solely as vehicles for disposing of tough-to-sell assets. Instead, they are gaining recognition as an active portfolio management tool, used to liquidate fund assets, often at a better valuation compared to a traditional disposition. Stapled…3 min read
May 4, 2020Will you be missing the golden years of the secondary market?It is common knowledge that in any crisis situation lies an attractive opportunity. On average, every 9 years, the US economy has experienced a recession. However, not all investment strategies suffer, on the contrary — some of them have excell and provide their investors with unparalleled market opportunities. One such…Venture Capital3 min read
Apr 30, 2020Secondaries: how to protect yourself from falling knife?The only way to generate attractive returns in secondaries is to buy into quality companies that are managed by skilled investors. However, like primary side investors, secondary players want to have mechanisms in place to mitigate their downside risk. On the primary markets, these downside protection clauses are relatively well…2 min read
Apr 23, 2020The VC Risk/Return ContinuumI spent last weekend thinking about a framework that can help visualize the risk/return continuum for different stages of maturity strategies in VC: seed investing, early venture, late venture & growth, and secondary investing. Let’s start with risk. There are typically four inherent company-specific risks, with their importance varying across…2 min read
Sep 14, 20197 tips how not to kill the dealHow Not To Kill The Deal Israeli entrepreneurs have made a name for themselves in the high-tech world thanks to their courage and initiative, however, precisely because of these qualities, they may lose quite a bit of leverage in their negotiations with investors. I recently met with entrepreneurs who showed…Venture Capital6 min read
