Billion Dollar Moves™ with Sarah Chen-Spellings | Global Venture Capital Sarah Chen-Spellings

"Secondaries are just deals with a discount?" Think again.

In this episode, we explore how the secondary market has surged to a staggering $100 billion in transaction volume, driven by the pressing need for liquidity. Featuring Martin Fleischer, Principal of Coller Capital, and Ku Kay-Mok, Senior Partner at Gobi Partners, we talked about the explosive growth of continuation vehicles and the challenges general partners (GPs) face in navigating this dynamic market. 

Tune in now as we unravel the complexities of the secondary market, its great opportunities, and the strategic moves that can make or break investment portfolios in these volatile times.

TIMESTAMPS / KEY TAKEAWAYS

0:00 - Intro
02:04 - Introduction: Martin Fleischer, Coller Capital & Ku Kay-Mok, Gobi Partners
04:20 - What really is the secondaries opportunity? The 100bn secondaries transaction volume driven by liquidity
06:18 - Structures for LPs and GPs in secondaries; the market growth of continuation vehicles
08:41 - Challenges for GPs in secondaries: pricing and carry split
10:20 - “I think we are the necessity in this market; people want liquidity for various reasons”; CV as the third exit route for GPs
12:50 - GP’s view: structuring exits; “theme is important for VC”; being strategic with co-investors and building liquidity
15:17 - “Be patient if you don't want to sell”; price drop in consumer space and outdated valuations
17:09 - Discount premium, implied valuation multiples, patient capital, and plans to drive returns
19:51 - “The secondary market will become more and more specialized”; “the biggest constraint is capital”
22:41 - Advice for LPs building base in the Nordics; re-industrialization and opportunities in global south

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Arctic15 LP Summit 2024
PANEL: Secondaries & Exits for This Venture Cycle
Martin Fleischer - Principal, Coller Capital
Ku Kay-Mok - Senior Partner, Gobi Partners
Moderator: Sarah Chen-Spellings - Co-Founder & Managing Partner, Beyond The Billion

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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal

This week, we have the pleasure of speaking with Johanna Småros, co-founder of RELEX Solutions, one of Finland's leading unicorns. In our conversation, we delve into the unique path of RELEX Solutions, which was bootstrapped for more than 10 years and built “The Finnish Way” - practical and transparent.

Tune in to today’s episode to learn more about the intricacies of global supply chain solutions, the Finnish entrepreneurial ecosystem, and why it's important to “stop stupid things”.

Brought to you by Helsinki Partners

Venture Nordics Program
Now in its second edition, this 7-day program is designed for international VCs and LPs. It features exclusive networking events, introductions to Finnish LPs and VCs, curated meetings with top-performing companies, and a free ticket to Slush 2024, including LP track and access to exclusive side-events.

Learn more and apply by 18/8!

TIMESTAMPS / KEY TAKEAWAYS

0:00 - Intro
02:53 - Johanna pursuing engineering encouraged by her family; road to becoming a researcher at Helsinki University of Technology
06:18 - The shift from academia to practical implications; starting RELEX with co-founders Mikko Kärkkäinen and Michael Falck
11:07 - The supply chain scene in 2005 and building the infrastructure with forecasting and replenishment solutions
15:13 - RELEX’s market entry in Finland: every client is an R&D project
17:05 - Scaling up with Finland as an R&D hub; “You have to generalize almost at the start, which gives you an upper hand because then you're versatile.”
20:09 - Complexities faced when starting RELEX; “it's not very helpful to have three tires in stock,” Johanna’s shift to sales, venturing into countries outside Finland
23:17 - Choosing the right partners; “we were never like friends in that sense.”
25:57 - The supply chain scene today with advancements in AI technology
28:36 - From bootstrapped to private equity: one of the only Finnish companies that has raised over €800 million
30:19 - Building and scaling a company in Finland: language and picking funders
33:13 - The Finnish entrepreneurial ecosystem
36:15 - The five elements of the RELEX culture; the future of RELEX
41:29 - Billion Dollar Questions

ABOUT JOHANNA

It all started when Johanna joined the Logistics Research Group at Helsinki University of Technology in the late 1990s. During her years in academia, she studied several aspects of supply chain management, including inter-company collaboration, forecasting and replenishment, e-commerce, and value-added services. Her doctoral dissertation focused on collaboration between grocery retailers and suppliers, which then led her to the practical solutions that RELEX Solutions later provided for the world.

ABOUT RELEX SOLUTIONS

Together with two fellow researchers, Mikko Kärkkäinen and Mikael Falck, Johanna founded RELEX in 2005. RELEX has provided a means for turning research innovations into practice and further developing them by making use of the latest developments in technology, such as in-memory computing.

RELEX helps retailers and consumer brands drive profitable growth across all sales and distribution channels by maximizing customer satisfaction and minimizing operative costs. Leading brands like Ahold Delhaize USA, Stokke, Kwik Trip, and Rossmann trust RELEX to optimize their supply chain and retail planning.

MORE ON: https://www.relexsolutions.com/


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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal

This week’s episode comes to you from the Wharton Women in Investing Conference 2024. On January 26, Wharton Women in Investing held its third annual conference at Convene in New York City. The conference theme was growth and good governance as investors.

“The Wharton Women in Investing Conference epitomizes our dedication to advancing diversity and inclusion within the investment community. Our goal at the Harris Family Alternative Investments Program is not only to facilitate a rich learning environment but also to highlight the vital role of women in shaping the future of the investment landscape. By bringing together a distinguished lineup of speakers and panelists, the conference has provided our MBA students and attendees with unparalleled insights into the complexities of investing and leadership. It presented an opportunity to engage, inspire, and empower the next generation of investment leaders.” 
- Burcu Esmer, Academic Co-Director of the Harris Family Alternative Investments Program

The closing keynote speakers featured Global Head of Citi Private Bank Ida Liu, WG, and Sarah Chen-Spellings, Beyond The Billion Co-Founder and Managing Partner.

Event Recap:
https://altinvest.wharton.upenn.edu/wharton-women-in-investing-conference-2024/

About Ida Liu

Ida Liu is the Global Head of Citi Private Bank and a member of the Global Wealth Management Leadership team. Ida leads the Private Banking activities in 50 offices across 18 countries and delivers wealth management solutions to ultra-high net worth families and their businesses globally. Before becoming the Global Head, she was the Head of Citi Private Bank North America and held numerous other leadership roles.

Ida created Citi Private Bank’s North America Asian Clients Group, and she started her career at Citi by launching and heading the Fashion, Retail and Entertainment Group. Before joining Citi, Ida was at Vivienne Tam, a women’s wear design house, where she was Global Head of Sales, Marketing, Public Relations and Business Development. Prior to this, Ida spent seven years in investment banking with Merrill Lynch’s mergers and acquisitions and technology, media and telecommunications investment banking groups in New York and Hong Kong. She started her career in mergers and acquisitions at BT Wolfensohn (now Deutsche Bank).

Ida has received many industry accolades including Barron’s 10 Most Influential Women in Wealth Management, Barron’s 100 Most Influential Women in U.S. Finance, Crain’s Notable Women on Wall Street and American Banker’s 25 Most Powerful Women in Finance. Additionally, Ida is a Young Global Leader (YGL)
of the World Economic Forum, a member of The Committee of 100 (C100) and Young Presidents’ Organization (YPO). Ida serves on the UCLA Health Advisory Board as well as the Asia Society Board.

Ida holds a BA with honors from Wellesley College and an MBA from the Wharton School, University of Pennsylvania. She is fluent in Mandarin Chinese, Spanish and conversant in Russian.

FOLLOW IDA | https://www.linkedin.com/in/idaliu/

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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal

Dr. Raj Shah's journey comprises numerous transformative endeavors, spanning his roles at the Bill and Melinda Gates Foundation, USAID, to his current position as President of the Rockefeller Foundation. 
In his publication, "Big Bets: How Large-Scale Change Really Happens," he illuminates the power of the big bet mindset—a belief that addressing problems boldly, rather than settling for incremental improvements, attracts partners capable of achieving transformational change. 
In this week's episode, we had the honor of exploring the significant big bets he made throughout his career. The shared big bet mindset aims to inspire leaders at every level to reimagine possibilities on a grand scale. You won't want to miss this.

TIMESTAMPS
0:00 - Intro
02:23 - Who is Raj Shah? From med school to volunteering at Al Gore’s presidential campaign, joining the Bill & Melinda Gates Foundation, Obama’s administration, and then the Rockefeller Foundation
07:44 The big bet mindset: avoiding aspiration trap
10:03 Status of global philanthropy in US today
13:37 Revolutionary technologies and innovative solutions to address hunger and poverty in countries like India, Nigeria, and parts of Latin America
17:14 Risk-taking and building unlikely partnerships and alliances; overstepping authority at Gates Foundation
20:06 The 3 core ingredients of a big bet mindset
22:06 Leadership and taking a stand; working with Mitch Landrieu and the Confederate statues
25:05 Risk-taking and adopting the big bet mindset to solve global issues; e.g., the child refundable tax credit in the US
27:43 Role of charity: where do philanthropists get things wrong?
31:03 What does rejection feel like for Raj Shah? And how to keep going?
35:48 Billion Dollar Questions
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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal

This week’s episode is fresh out of the oven! The Family Office Alliance Stockholm Symposium took place about a week ago.
In one of the panels titled "Purposeful Investing in AI," Sarah Chen-Spellings moderated a discussion on AI and impact investing with an emphasis on women's perspectives. She was joined by esteemed panelists Dorothy Chou from Google DeepMind, Sandro Gianella from OpenAI, and Nina Rawal from Trill Impact Ventures.
In this discussion, we delve into the fascinating world of AI and its impact on various industries. We explore the rise of generative AI like ChatGPT, the importance of identifying AI-centered innovations that are genuinely impactful, and the potential risks associated with AI's rapid growth. We've covered it all.

TIMESTAMPS / KEY TAKEAWAYS
0:00 - Intro
5:16 - Where AI is Today: Discussing generative AI such as ChatGPT and more scientific applications.
10:26 - Is This a Hype Cycle?: How are we positioning ourselves as investors?
13:21 - Identifying AI-Centered Innovations: How to spot innovations that are truly grounded in power and committed to purpose.
16:17 - The Extinction Risk with AI Growth: What guardrails and institutions are needed? Comparing OpenAI and Google.
27:12 - Accountability in Investments: Balancing financial returns with meaningful outcomes.
32:51 - API Version of AI: Is it better or worse?
35:06 - Balancing Advancement and Ethics
37:50 - Closing Remarks: Building trust between humans and the digital world, redefining what constitutes a safe or good investment in AI, and discussing the incentives created by investments.
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Quotables from the event:

"As a life science investor, I see the endless opportunities AI offers when it comes to understanding human disease. I would argue that it's unethical to not explore AI in making the untreatable diseases treatable." —Nina Rawal, Trill Impact

"There's a lot of fear around AI, but as someone close to the work, I'm not worried. The lesson of the last decade isn't to avoid the tech platforms—it's to structure them the right way with the right people around the table, and that's a constant learning." —Sandro Gianella, OpenAI

“Let’s not forget what’s important is also not what gets invested but who gets invested in.” —Dorothy Chou, Google DeepMind 

About Family Office Alliance
The Family Office Alliance is established by Principals of Family Offices in Europe and Singapore. We believe that with resilience and common purpose, global challenges can be transformed into uncommon opportunities. It is a bridge of trust for radical collaboration between Family Offices in Europe and Asia.
-- Family Office Alliance

The Family Office Alliance Stockholm Symposium | Event Recap

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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal

What distinguishes the standout figures in the world of venture capital from those who aren’t?
"𝐒𝐨𝐦𝐞𝐭𝐢𝐦𝐞𝐬 𝐢𝐭'𝐬 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐛𝐮𝐭 𝐦𝐨𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐢𝐦𝐞, 𝐢𝐭'𝐬 𝐭𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞."
Currently serving as the Partner Emeritus at Top Tier Capital Partners, Lisa describes her journey as "serendipitous" and filled with unexpected twists.
Join us as we explore the realm of venture capital through Lisa Edgar's eyes. It's about nurturing relationships, establishing a solid foundation, and going beyond.
Timestamps
0:00 - Intro
01:15 - Views on current global venture market, Finland & ecosystem in Europe
03:15 - Lisa's journey from hospitality to venture
06:57 - Common mistakes when starting and the importance of relationship building
09:23 - Hard & soft skills that make GP successful
10:07 - Lisa's time at Horsley Bridge Partners; access plays and transitions
11:05 - What makes an enduring franchise; Benchmark's strategy in building
14:57 - Lisa's move to build Top Tier Capital Partners
17:46 - Living up to the name "Top Tier" and the mantra "leadership, trust, transparency and Respect
22:45 - Key to building infrastructure
24:40 - Access focused strategy, portfolio diversification
27:22 - Vision in fund evaluation and checklist for portfolio
32:15 - Strategies in fund of funds; criteria for success as fund manager
35:16 - Is fund of funds worth it?
39:32 - Access play: key learning and mistakes
43:19 - Lisa's thoughts on current market and how to cope as a team
46:28 - LP's view on ensuring GP's ethics
50:41 - Opportunities for people of color in the LP's world
51:50 - Lisa' next move
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ORIGINAL EPISODE:
https://www.youtube.com/watch?v=dY94C26V0Vs
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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
 
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal