Aram Verdian
speaker
731 appearances
1 recordings
1 series
first heard Jul 2026
last heard 24 Jul
Aram Verdian’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
This is a concept we grapple with a lot.
We are believers in strong portfolio construction, and that's where adverse electionary comes in.
What is portfolio construction to us?
It's the concept of portfolio construction is not just numerically fund size ownership in a company.
It is the following.
Subjectively and qualitatively, first we think about
where the manager is playing, whatever subsectors they're in, at reasonable exit outcomes with dilution, can a single outcome return multiples of your fund?
Essentially, it boils down to this.
Now, if you are in the hottest categories of an AI, 5% ownership may do that for you.
If you're in a niche market, 20% may be necessary to answer the question.
So,
And now if I go back 20 years in portfolio construction, it was much easier for you to get 15, 20% ownership in the hottest categories in software.
There were less firms.
It was not as competitive.
You didn't necessarily have to show the right to win because there just weren't many options.
If you were doing a seed round in 08, 09 or 2010, over 1 to 2 million, structurally, the big firms weren't doing that.
Companies were becoming more capital efficient.
where they didn't need to raise an a they could actually get off to product market fit with one or two million that's where microvc was born it was called microvc now seed today with over a thousand firms it's really hard to get that 15 20 ownership unless you're one of those firms that almost is like a co-founder you're an expert in the field you broaden the idea there's no adverse selection there because you yourself are the expert and you
almost served like a co-founder on that deal.
It doesn't mean you're getting 30 to 50% of the company.
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