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
You can get a solid 15% plus with a sub $5 million check.
But if you went head on today and said, I'm going to play in the hottest category of AI and try to get 15, 20% ownership on a sub $10 million check, that's...
really hard to do and if you do do that there could be some level of adverse selection there so we think a lot about two things one is that question i mentioned a single company wherever you're playing in the market sub sector and market can return multiples of your fund secondly we do care about the manager's ability to lead around why does that matter leading ground qualitatively tells you that there is a strong signal
The founders want them as the most meaningful investor on the cap table, at least in that round, which means they value their counsel.
They want them potentially on the board down the road.
But small participatory versus lead or co-lead are very different signals to us.
This is early stage only, not late stage, because like leading in late stage is really hard.
So if someone is doing Harvey at 8 billion or Anthropic at whatever, 60 billion, 4 billion, like you did, you can't lead that.
Structurally, that's hard.
I'm thinking more, it's a sub $100 million valuation, sub $50 million valuation.
You're structurally designed as a firm to write the type of check where you can lead.
We're looking for firms that can do that because going back to my initial point on a single company can return multiples of your fund,
And mathematically, it's much easier for you to do that if you are a lead or a co-lead than if you're a participatory.
Take a $50 million fund that owns 5% of a business.
Typically, there's 50% dilution through the arc of the company raising over multiple rounds over 10 years.
So let's say you own 2.5% of that company.
If it sells for a billion dollars, you return half of your fund.
You need 10 $1 billion outcomes to get a sort of a 5x mid threes net fund.
Getting 10 $1 billion outcomes is really hard.
Now, you can have one $10 billion outcome and that works, but it's really hard.
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