Y Combinator growth equity fund?

281 点作者 kamilszybalski将近 10 年前

19 条评论

xenophon将近 10 年前

Another relevant article hinting at this development: <a href="http://www.businessinsider.com/y-combinator-raising-money-for-late-stage-fund-2015-3" rel="nofollow">http://www.businessinsider.com/y-combinator-raising-money-fo...</a>The impetus behind a growth equity fund, according to the article, would be to provide "long-term capital that allows startups to continue to operate in beta [sic, I assume -- they probably mean privately] without having to go public."I can see why this approach would make sense for optimistic investors who are familiar with the impatience of public market investors with the kind of moonshot, long-term investments that are game-changing but don't pay off during next quarter's earning call.That's one charitable interpretation of this decision, if it's true -- Y Combinator wants to counteract the abundance of hedge fund money pouring into this space (with attendant expectations of a near-term public liquidity event) with strategic capital and a longer time horizon.

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softdev12将近 10 年前

It would be interesting if Y Combinator attempted to convert to an entity that was able to publicly list on a stock exchange and sell shares to the average investor - much like private equity shops Blackstone and Carlyle have done by going public.<a href="https://www.wsws.org/en/articles/2007/06/blac-j25.html" rel="nofollow">https://www.wsws.org/en/articles/2007/06/blac-j25.html</a><a href="http://www.carlyle.com/news-room/news-release-archive/carlyle-group-prices-initial-public-offering" rel="nofollow">http://www.carlyle.com/news-room/news-release-archive/carlyl...</a>If there is a bubble valuation in the public-to-private market, YC could potentially arbitrage the valuation difference into cash for its LPs.

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datashovel将近 10 年前

My question is, long term how does SV not become just another large bureaucratic / corrupt power center like D.C. or Manhattan? Today it feels good to see those who deserve it get rewarded, but I imagine that's how people in NY felt about Manhattan when it was a fraction of what it is today. Same of course with D.C. shortly after (for example) the American Revolution.

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staunch将近 10 年前

Most of the money to be made in VC is by doubling down on successful investments. YC has foregone billions by not doing this. Competing with later stage VCs may incline them to compete with YC, which would be a very great thing for the world.

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andyjsong将近 10 年前

Somewhat relevant: <a href="http://techcrunch.com/2015/03/02/if-y-combinator-did-a-growth-fund-it-would-be-very-very-late-stage/" rel="nofollow">http://techcrunch.com/2015/03/02/if-y-combinator-did-a-growt...</a>

mwilkison将近 10 年前

Is this a fund for follow-on investments in YC startups? In the past YC has indicated they dislike follow-on investments by accelerators since it sends a negative signal re: the startups they decide not to invest in.

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marincounty将近 10 年前

So why not start up a pooled venture capital fund? It will be one risky fund, but they all seem risky?I am eagerly awaiting the day Janet Yellen raises interest rates! There's too much free money being given out, and it's not going to the poor, or middle class.(I thought stricter banking regulations were good after the crash, but boy was I wrong!)These investment entities(hedge, venture, etc.) have too much Monopoly money to throw around. Why shouldn't Y Combinator get in on the Party? Actually, they late to the Party? 'Let's get the best loans, and while we are at it snag the reluctant Retail Investor who's 2008 wounds are starting to close, and just might give up their bloody wad of cash siting in that horrid CD?'

gtirloni将近 10 年前

I've heard that Delaware is 1) safe heaven for litigation and 2) most forward-thinking in terms of business-related bureaucracy. Is that true? What makes West Coast companies incorporate so far from SV?

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sharemywin将近 10 年前

YC has been talking more about working on bigger more ambitious projects/companies, so maybe its away to fund things that won't get funded by traditional VCs.

phantom_oracle将近 10 年前

They sure do take a playbook from the innovation they try to foster and do new things (although it isn't necessarily "new" in the sense that other funds like this don't exist).In the business of business-acceleration, I guess this makes YC the McKinsey or GS?Thing is, they can't keep stretching the payout to investors.Even a moonshot (as a business) needs to experience a liquidity event of some sort, so they're either inflating the so-called bubble with this or...They're playing dirty with some of their first-to-market companies by helping them grow and stay cheap enough until they emerge as monopolies (-redacted- AirBnB come to mind mostly).Edit: to my surprise, Uber isn't a YC company, edit made.Edit 2: I am checking a list of YC companies and other big ones I see that have potential are:- Disqus- Heroku (exited so doesn't count)- MixPanel- Olark- Embedly- HomeJoy- Stripe (of course!)- Codecademy- FirebaseI stopped at Summer 2011, but some of these are now so ubiquitous on the internet, that it makes you wonder...

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late2part将近 10 年前

My Uber drive today was bemoaning how hard it is to get a job in the DC area with his name, Mohammed. I said that wasn't right, but there's no reason he couldn't go by Michael or Moe. It's interesting to see that on this form, the "Related Person"'s last name is "YC CONTINUITY MANAGEMENT I, LLC". I suppose it's not terribly remarkable, but it goes to show that many of these forms have ambiguous meanings that are wide to receive.

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jackgavigan将近 10 年前

It could be that they've invested all the money from their last fund and are just putting a new fund in place to continue making accelerator investments.

rdlecler1将近 10 年前

YC: you probably want to run this by your legal counsel. By posting your open ended 506b filling for a proposed growth equity fund on Hacker News (which you own), you are engaging in general solicitation and advertising, which requires a 506c filling. You don't want to end up like Goldman Sachs when they tried to offer the Facebook pre-IPO fund to their private wealth clients. The SEC shut them down.

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hkarthik将近 10 年前

If I had to guess, YCombinator is starting to diversify it's funding strategies for early stage startups as it starts to diversity the types of startups that it invests in.The same funding terms simply won't work for an e-commerce shop selling Jellyfish compared to one trying to commercialize nuclear power. This new type of fund probably allows them to fund the latter startups in a more appropriate way.

andy_ppp将近 10 年前

"Pooled Investment Fund Interests"[1] is checked which mean it's a fund for shares in multiple companies? Not sure if they are going full on VC?Anyway I'll buy some :-)[1] More info: <a href="https://www.moneyadviceservice.org.uk/en/articles/what-are-pooled-investment-funds" rel="nofollow">https://www.moneyadviceservice.org.uk/en/articles/what-are-p...</a>

jaydub将近 10 年前

Interesting that Kleiner Perkins is moving downstream <a href="http://www.nytimes.com/2015/06/17/business/dealbook/kleiner-perkins-to-write-smaller-checks-with-4-million-fund.html?ref=technology" rel="nofollow">http://www.nytimes.com/2015/06/17/business/dealbook/kleiner-...</a>Related?

pbiggar将近 10 年前

`Does the Issuer intend this offering to last more than one year? No`Does this mean that they're only offering entry into the fund in the next year, or that the money will all be distributed over the next year?If the latter, this would imply that this is a single investment vehicle. Though the wording does imply the former, I would think.

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nphyte将近 10 年前

i wish more companies innovated like these guys! the world being a happier place would actually be possible.Good on you'll

adoming3将近 10 年前

"Just shut up and take my money" - every investor