In light of a few conversations that I have had with various people who are interested in this space, I thought it would be good to write a brief overview of the categories of investors that a fund sponsor will typically seek to be LPs in their fund. It will serve as a primer to some of the considerations—including some legal considerations arising from the Investment Advisers Act of 1940(the “AA”) and the Investment Company Act of 1940(the “ICA”)—that anyone involved in the industry ought to consider when dealing with fundraising for a PE/VCfund that is subject to U.…
This post will begin with a brief history of Bitcoin, progress to a summary of my views on Bitcoin as money, and conclude with my views on the blockchain as an enabling protocol.
This history does not aim to be a comprehensive chronology of Bitcoin. Rather, it is my intention to create something of a thematic overview of Bitcoin, covering its origins, some milestones in its development, its price history in U.…
In The Lions of Al-Rassan, Kay crafts a fictional world inspired by al-Andalus and the Spanish Reconquista, one poised on the brink of its own reconquest. When we begin the novel, the Asharite (Kay’s Muslim analogues) Khalifate of Al-Rassan, which had conquered the lands once known as Esperaña from the Jaddites (Kay’s Christian analogues) three hundred years ago, has fallen and splintered into a patchwork of city-states ruled by petty kings.…
I have learned a lot about thinking about the future through reading (and to a much lesser degree writing) science fiction. Science fiction, particularly “hard science fiction”, is principally about extrapolating the future from current scientific knowledge. It cultivates in its practitioners an awareness of potential avenues for future development. To write good hard science fiction one must be aware of the state of current science, and the ways in which such science could be expressed in technologies and how such technologies might affect individuals and societies.…
Mr. Kessler begins his op-ed with an uncompromising claim:
Private equity is done. Stick a fork in it. With Kraft singles and Heinz ketchup as toppings, there are many signs that private equity has peaked as an asset class.
He then moves on to give arguments for why private equity is dead as a doornail.…
