YouSaid · the spoken record

Tim Flannery

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54

first

2022-02-17

most recent

2022-02-17

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1

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podcast

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1. “Give them control of it. And so the simplest version of it is if you want to go log into a website, you can click a button and log in with Google. And if you want to go invest in the private markets, today you're getting a 200 question questionnaire. And you're trying to figure out how to go answer it. But what if all your information was stored somewhere and you could just click login with pass-through? And then what you can do is you can turn investing into private equity, venture, hedge, whatever, into something that's reduced to buy now, one click investing, one click whatever it is that you need to do to understand who has access to your information.”

   2022-02-17 · Invest Like the Best · Tim Flannery - Simplifying Fund Closing - [Founder’s Field Guide, EP. 55] · IDENTIFIED FROM THE TRANSCRIPT · source

2. “Way that we got to see this friction really up close and personal was through subscription documents and the nightmare it is for not just convincing people to invest in your fund, but how to actually make it happen. We saw that there were some issues around essentially it's the same information that's being used over different contexts. And so if we could go fix subscription documents by capturing this investor information and allowing the investor themselves to own it, control it, repurpose it, we think that there's all these hidden processes. They're not even aware of that's distributing their information today. It's their PDF and it's through all this manual verification work. And so at least our aim, what we want to do is we want to centralize that.”

   2022-02-17 · Invest Like the Best · Tim Flannery - Simplifying Fund Closing - [Founder’s Field Guide, EP. 55] · IDENTIFIED FROM THE TRANSCRIPT · source

3. “To do this in tax advantaged ways, then they're actually looking for those opportunities. And so this dates back all the way to the Jobs Act, where everybody's just been trying to modernize the infrastructure around this and increase access. There's just this continual trend of institutional products are available to non-institutional investors. Both the allocator side and on the fund manager side. So we're seeing people left and right. I have all this pent up demand or I have all this pent up capital that I want to deploy, but how do I make it happen?”

   2022-02-17 · Invest Like the Best · Tim Flannery - Simplifying Fund Closing - [Founder’s Field Guide, EP. 55] · IDENTIFIED FROM THE TRANSCRIPT · source

4. “There's a couple of things happening. The very practical examples of this is one, Angelists continue to develop products. And so if companies like allocations and CARTA and everybody else that's building these things that allow fund managers to get off the ground quickly, these fund managers, because they're new to the environment, it means that they know different investors. And so first, there's this pull where the manager themselves, they have their own network. They can go bring it in. The second is a push. About a year and a half, two years ago, Partners Group, huge, huge private equity firm, lobbied the Department of Labor to change regulations around ERISA requirements. So individual RISA plans weren't allowed to invest in private funds. Then all of a sudden in June of, I think it was 2020, they issued a letter that said, actually, sure, you can start taking IRAs in. And so then companies like Alto IRA have exploded. First, they have opportunities.”

   2022-02-17 · Invest Like the Best · Tim Flannery - Simplifying Fund Closing - [Founder’s Field Guide, EP. 55] · IDENTIFIED FROM THE TRANSCRIPT · source