Matt Grimm

And then turning around to investors who are either desperate or just kind of carefree and saying like, I got an opportunity to invest in Anduril or SpaceX or OpenAI or whatever other kind of hot company that they've been able to wiggle some access into. Here are a couple of headline numbers. A lot of those investors don't understand the fee structures that they're getting into.

A lot of those investors don't understand even the structure of carried interest and what that looks like. And so what is fundamentally happening is you get a representation of bad numbers to

A lot of those investors don't understand even the structure of carried interest and what that looks like. And so what is fundamentally happening is you get a representation of bad numbers to

A lot of those investors don't understand even the structure of carried interest and what that looks like. And so what is fundamentally happening is you get a representation of bad numbers to

relatively unsophisticated investors on the other end who are paying pretty steep premiums to what we would describe as the fair market price with usually pretty ugly layered fees on that with, in some cases, pretty material misrepresentations. And we've seen some SPVs going around to folks who are fundamentally lying about what shares they have access to, what vehicles they're investing in.

relatively unsophisticated investors on the other end who are paying pretty steep premiums to what we would describe as the fair market price with usually pretty ugly layered fees on that with, in some cases, pretty material misrepresentations. And we've seen some SPVs going around to folks who are fundamentally lying about what shares they have access to, what vehicles they're investing in.

relatively unsophisticated investors on the other end who are paying pretty steep premiums to what we would describe as the fair market price with usually pretty ugly layered fees on that with, in some cases, pretty material misrepresentations. And we've seen some SPVs going around to folks who are fundamentally lying about what shares they have access to, what vehicles they're investing in.

financial crime you're like misrepresenting 100 it is yeah 100 it is and when we've when we've seen it we've we've called folks out and said hey that's just not true the most classic of which is where someone says oh we have direct access to andro primary shares of their last round there was something going around recently of somebody who was like we have access to the second close of Andral series F raise and it's like the hell are you talking about there is no second close the round has been closed for four months this is

financial crime you're like misrepresenting 100 it is yeah 100 it is and when we've when we've seen it we've we've called folks out and said hey that's just not true the most classic of which is where someone says oh we have direct access to andro primary shares of their last round there was something going around recently of somebody who was like we have access to the second close of Andral series F raise and it's like the hell are you talking about there is no second close the round has been closed for four months this is

financial crime you're like misrepresenting 100 it is yeah 100 it is and when we've when we've seen it we've we've called folks out and said hey that's just not true the most classic of which is where someone says oh we have direct access to andro primary shares of their last round there was something going around recently of somebody who was like we have access to the second close of Andral series F raise and it's like the hell are you talking about there is no second close the round has been closed for four months this is

done so if what you're saying is like you're buying shares from somebody who did invest okay then say that but that's not what they're saying what they're making it sound like is just a totally fundamentally different position to what extent is the onus not on you for that so if i take for example nicola at revolute yeah he has fucking controlled that cap table just watertight yep we've tried we've tried and to a

done so if what you're saying is like you're buying shares from somebody who did invest okay then say that but that's not what they're saying what they're making it sound like is just a totally fundamentally different position to what extent is the onus not on you for that so if i take for example nicola at revolute yeah he has fucking controlled that cap table just watertight yep we've tried we've tried and to a

done so if what you're saying is like you're buying shares from somebody who did invest okay then say that but that's not what they're saying what they're making it sound like is just a totally fundamentally different position to what extent is the onus not on you for that so if i take for example nicola at revolute yeah he has fucking controlled that cap table just watertight yep we've tried we've tried and to a

I can't totally control – you certainly can't control fraud. Fraud is going to exist. And I can guarantee that someone out there believes that they invested in their former roommate's boyfriend's SPV and own SpaceX shares or Android or OpenAI or whatever else. And actually what they're doing is they're funding that guy's coke habit in the Bahamas or something. Guarantee that stuff's happening.

I can't totally control – you certainly can't control fraud. Fraud is going to exist. And I can guarantee that someone out there believes that they invested in their former roommate's boyfriend's SPV and own SpaceX shares or Android or OpenAI or whatever else. And actually what they're doing is they're funding that guy's coke habit in the Bahamas or something. Guarantee that stuff's happening.

I can't totally control – you certainly can't control fraud. Fraud is going to exist. And I can guarantee that someone out there believes that they invested in their former roommate's boyfriend's SPV and own SpaceX shares or Android or OpenAI or whatever else. And actually what they're doing is they're funding that guy's coke habit in the Bahamas or something. Guarantee that stuff's happening.

And it's like – Can't control that. What we can control is who has direct access to the cap table, who has direct access to Andral strategy, who has direct access to Andral financials. And beyond that, we kind of can't control some of it, to be honest.

And it's like – Can't control that. What we can control is who has direct access to the cap table, who has direct access to Andral strategy, who has direct access to Andral financials. And beyond that, we kind of can't control some of it, to be honest.

And it's like – Can't control that. What we can control is who has direct access to the cap table, who has direct access to Andral strategy, who has direct access to Andral financials. And beyond that, we kind of can't control some of it, to be honest.

Yeah, you can't tell me ahead of time. That would ruin the surprise. My answer would be twofold. I think first we have unlocked what was a kind of a latent patriotism within the technology and defense sector. I say latent because if you look at the momentum through the kind of the early 2000s into the 20-teens,