Delian Asparouhov
speaker
4,545 appearances
25 recordings
1 series
first heard Feb 2025
last heard 13 May
Delian Asparouhov’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 7 in all, peaking in Jan 2026 with 4.
Appearances
A bit, but I would say also for most of these LPs, they have like um, you know, and especially the endowments, they have like pretty clear ratios that they want to maintain across basically like public, private, et cetera.
And so in some ways, through the public market, you know, sort of accelerating, they have you know, if you if you remember in like twenty twenty, you know, sort of two during the crash.
There was like the reverse thing where basically we're like, you know, basically all of a sudden the private books basically weren't you know getting marked down nearly enough.
They're starting to represent like 20% of an endowment in this book, and they were like, we literally have to freeze all private investing.
Interesting.
Now you're in some ways seeing the like you know the reverse where you know people in some ways counterswung so hard.
Where now some of these groups that want to maintain like a you know 7% ratio on private are all of a sudden down at like three and a half out of trying to figure out basically where to deploy.
But that's where they're coming with these like you know, sort of huge techs to the table, but they're seeing that there's
like a multitude of options and they want a relatively like you know sort of limited set of names.
And why not just go basically like, you know, more and more direct into those names.
And as a founder, at some point you're like, Well, like I like these venture guys on Sane Hill Road, but at some point when I'm a public company, these are gonna be the guys that hold my stock when I'm public.
And so I don't mind prioritizing them, you know, sort of basically directly and having them on board.
And so in some ways, you know, to tie this all the way back to Adrian, it's like
Yeah, this pass around Hadrian had a multitude of different offers from you know more traditional Silicon Valley venture firms.
But it's like, why wouldn't you take a T Row Price where T Row Price is going to be the person that likely just, you know, underwrites part of your IPO, holds it when you're public, you know, scales with you while you're you know sort of public.
And so you're seeing obviously, you know, you know, um, those types of firms come in much earlier in the venture, and then founders by default, you know, sort of prioritizing those.
You had obviously had to like wave in like 2020.
twenty one where a bunch of the VC firms tried to become RIAs and enter into like the T Row Price, you know, sort of lane, that almostly obviously turned out to be like a disaster where it's just like these guys are not, you know, sort of public equities, you know, experts and do not understand what it means to, you know, manage that, you know, sort of book appropriately.
And so I feel like most people have pulled back from that.
Um
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