Michel Del Buono

speaker

515 appearances 1 recordings 1 series first heard May 2026 last heard 22 May

Michel Del Buono’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in May 2026 with 1.

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Sourcery · Inside Marc Andreessen & Ben Horowitz's Multi-Family Office (Part II) · 22 May 2026 podcast

So BDC, so

There's this whole concept of an evergreen vehicle, right?

An evergreen vehicle.

So traditional venture of private equity is in something called a closed-end vehicle.

So it's got a specific start date and a specific end date.

And along the way, you have no right to redeem, right?

You just get your money back towards the end date.

In these evergreen structures, there are some of them.

Not all evergreen structures are like this, by the way.

I've noticed that people conflate semi-liquid structures with evergreen structures.

But anyway, some evergreen structures have what's called this sort of semi-liquid

character so that every quarter, the company that's running this structure will say, hey, if 5% of the total investors redeem, we'll meet that.

But if it's more than that, we won't.

And often even the 5% is subject to our ability to do that.

We're not going to

jeopardize the fund because 5% of the people want to get out and we have to fire sale things and hurt everyone that's in the fund.

Right.

So even the 5% is not always guaranteed.

But but and so people start suddenly started asking for the redemption.

The things hit the limits and the manager said, well, sorry, you know, and this surprised people, even though it was very clearly written out in the documents.

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