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Lets talk about late-stage dynamics and what's happening in the market. TL:DR - valuations will continue to go up as crossover funds continue to aggressively lead rounds. Here's how I see it 👇
First, some back of the envelope math re: #TigerGlobal latest fund ($6.65B). Lets assume its 75%/25% initial to follow on capital. That means they need to deploy $4.5B net of fees initially. To deploy $4.5B, if you write $50-$100M checks,
you need to write 45-90 checks into companies, which means many check sizes are likely going to be north of $100M. All this while watching #d1capital, #durablecapital, #coatue, @altcap, #greenoakscapital, etc. aggressively compete for deals - which means each is winning on speed,
