The late-stage market is whacked. You only need to look at how Tiger Global Management, previously one of the most active investors in all of startup-dom, has failed to find a buyer for a large basket of its stakes in private tech companies.
The fact that Tiger did not, as PitchBook wrote, find a buyer for “a percentage of its stakes in about 30 companies [packaged in a] strip sale” implies the issue here was that Tiger did not find a buyer willing to pay however much it wanted for those stakes.
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LPs in venture funds put their money into an aggregated pool that is then used by the venture firm to purchase a number of stakes in a variety of companies. The difference between an LP in a new fund and Tiger, which is looking to sell a wide swath of stakes, is that the traditional LP can’t know where its pledged capital will end up.
Tiger, on the other hand, …
