Andrew Reilly is a Managing Director at VCFA, the world's first secondary focused fund. Andrew joined VCFA in 2017 primarily to focus on origination and development of venture and growth equity secondary opportunities.

Links:

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VCFA website - https://vcfa.com/

Andrew Reilly on LinkedIn - https://www.linkedin.com/in/andrew-k-reilly-5782a019/

🎙️ Hosted by Prashant Choubey

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In this episode we talk about -

• The history of VCFA and being the first secondary fund

• The different types of secondaries they deal in at VCFA

• How they buy winners at a discount

• The difference between direct secondaries VS GP leds VS LP interests

• How do they evaluate a VC portfolio for a secondary transaction

• Sourcing high quality secondary deals

• What is the risk/return profile of secondaries

& lots more

Timestamps:

(00:00) Introduction

(02:49) History of VCFA and Dayton Carr, founder of the secondary industry

(07:31) Types of secondaries: GP-led transactions, LP-led deals, and direct secondaries

(11:11) Evaluating a VC firm's portfolio for acquisition

(13:34) Why sellers would sell assets at a discount

(35:27) Sourcing high-quality secondary deals

(41:08) Risk-return profile of secondaries

(47:08) Goals for the new fund, including potential expansion into real estate secondaries

(52:28) Rapid fire round of questions about VCFA's investment strategy

For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com

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