Shervin Pishevar

And so one thing I did, just a little history on venture capital, VCs did not like SPVs back then. So I was really the first one to push SPVs hard. So I ended up doing, we ended up doing $200 million of SPVs for Uber on top of these other investments. And then we also brought our LPs into Co-Invest. TPG was one of our LPs at Chirpa. So we brought them in into Uber and they put like 83 million.

And so one thing I did, just a little history on venture capital, VCs did not like SPVs back then. So I was really the first one to push SPVs hard. So I ended up doing, we ended up doing $200 million of SPVs for Uber on top of these other investments. And then we also brought our LPs into Co-Invest. TPG was one of our LPs at Chirpa. So we brought them in into Uber and they put like 83 million.

And so one thing I did, just a little history on venture capital, VCs did not like SPVs back then. So I was really the first one to push SPVs hard. So I ended up doing, we ended up doing $200 million of SPVs for Uber on top of these other investments. And then we also brought our LPs into Co-Invest. TPG was one of our LPs at Chirpa. So we brought them in into Uber and they put like 83 million.

And then Google didn't want to share. They want the whole $250 million allocation. And Travis didn't want more dilution. And so my solution to that was what's called Waverly Loans, which no one had used in 30 years. But I used Waverly Loans to structure my secondary purchase of shares from an early founder when Travis let me become an advisor and investor directly when I left Menlo.

And then Google didn't want to share. They want the whole $250 million allocation. And Travis didn't want more dilution. And so my solution to that was what's called Waverly Loans, which no one had used in 30 years. But I used Waverly Loans to structure my secondary purchase of shares from an early founder when Travis let me become an advisor and investor directly when I left Menlo.

And then Google didn't want to share. They want the whole $250 million allocation. And Travis didn't want more dilution. And so my solution to that was what's called Waverly Loans, which no one had used in 30 years. But I used Waverly Loans to structure my secondary purchase of shares from an early founder when Travis let me become an advisor and investor directly when I left Menlo.

Basically, the way Waverly loans work, it's like a tax-free loan to a founder, and you exchange it for shares later, and you retire the preferred shares that you're replacing with common shares. So it's basically a swap. So I popularized that. And then the TPG solution was I introduced them to Waverly Loans.

Basically, the way Waverly loans work, it's like a tax-free loan to a founder, and you exchange it for shares later, and you retire the preferred shares that you're replacing with common shares. So it's basically a swap. So I popularized that. And then the TPG solution was I introduced them to Waverly Loans.

Basically, the way Waverly loans work, it's like a tax-free loan to a founder, and you exchange it for shares later, and you retire the preferred shares that you're replacing with common shares. So it's basically a swap. So I popularized that. And then the TPG solution was I introduced them to Waverly Loans.

And we did the largest Waverly Loan in history, which was $83 million, and bought Garrett Camp's shares for TPG for that amount. He sold out fully. No, no. He held on to a lot. Yeah, he's a multibillionaire.

And we did the largest Waverly Loan in history, which was $83 million, and bought Garrett Camp's shares for TPG for that amount. He sold out fully. No, no. He held on to a lot. Yeah, he's a multibillionaire.

And we did the largest Waverly Loan in history, which was $83 million, and bought Garrett Camp's shares for TPG for that amount. He sold out fully. No, no. He held on to a lot. Yeah, he's a multibillionaire.

But I mean, you know, I think TPG on that $83 million made close to $2 billion.

But I mean, you know, I think TPG on that $83 million made close to $2 billion.

But I mean, you know, I think TPG on that $83 million made close to $2 billion.

Take me to that. So we're looking at global expansion, and you want to expand to 800 markets and dominate the world. And at the time, the world was up for grabs, and no one was better at what we were doing than Uber. So the idea was, okay, we've raised this round with Google. That was a Series C. But we wanted to do a much bigger round and a much higher valuation.

Take me to that. So we're looking at global expansion, and you want to expand to 800 markets and dominate the world. And at the time, the world was up for grabs, and no one was better at what we were doing than Uber. So the idea was, okay, we've raised this round with Google. That was a Series C. But we wanted to do a much bigger round and a much higher valuation.

Take me to that. So we're looking at global expansion, and you want to expand to 800 markets and dominate the world. And at the time, the world was up for grabs, and no one was better at what we were doing than Uber. So the idea was, okay, we've raised this round with Google. That was a Series C. But we wanted to do a much bigger round and a much higher valuation.

And so Emil kicked off that fundraising. And this is where the partnership really took hold. And they would line up the investors outside so they all saw each other. In the hallway. Genius. And then they would have a tight deadline. Like we're raising this much. We're going to expect term sheets by Friday. So it was a very efficient process.

And so Emil kicked off that fundraising. And this is where the partnership really took hold. And they would line up the investors outside so they all saw each other. In the hallway. Genius. And then they would have a tight deadline. Like we're raising this much. We're going to expect term sheets by Friday. So it was a very efficient process.