Ramtin Naimi
speaker
1,391 appearances
1 recordings
1 series
first heard Jul 2025
last heard Jul 2025
Ramtin Naimi’s voice in public audio — every appearance, attributed to the second.
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Appearances
it's good for the asset class overall.
If you're investing in companies that are growing this fast, LPs will ultimately do well.
Will they do as well if they would have if these companies were invested in half the price and double the ownership?
Sure.
But markets get efficient over time.
And I think venture as an asset class is getting efficient and efficiency brings returns back to the mean.
And then you're starting to invest in managers that you think could find alpha in one way or another.
The part of the ecosystem that seems unhealthy to me
and is very reminiscent of 2021, is the timeline from graduation from seed to A, A to B, B to C. In the last six months, I think I've funded seven companies that have already raised Series A rounds within weeks of me leading their seed financings.
And at a four to five X multiple at which I financed the company at just a few weeks prior,
and not a whole lot of fundamental business progress in that timeframe.
And that hasn't happened since 2021.
In 2021, I was funding companies and within a couple of months, the series A got done.
And that is very actively happening again.
I'm funding companies that are raising A's within a couple of months and then B's within a couple of months after that.
And if you look at the company relative to what I invested in versus what the company is today, they're basically just paying 10 times the price for the same exact company I invested in a couple of months or four months ago.
plus or minus a few hires and maybe some design partners.
So I do think the industry is getting a little drunk on IRR.
And the same thing that happened in 2021 is happening again in terms of my latest funds are coming out of Jcurb way too quickly.
I think in venture, your IRR should be backweighted.
Showing 901–920 of 1,391 · page 46 of 70
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