PE10X - World's 1st Secondary Fund - Andrew Reilly, Managing Director, VCFA

Andrew Reilly is a Managing Director at VCFA, the world's first secondary focused fund. Andrew joined VCFA in 2017 primarily to focus on origination and development of venture and growth equity secondary opportunities. Links: ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com VCFA website - https://vcfa.com/ Andrew Reilly on LinkedIn - https://www.linkedin.com/in/andrew-k-reilly-5782a019/ 🎙️ Hosted by Prashant Choubey Follow Prashant on X - https://x.com/ChoubeySahab Follow Prashant on LinkedIn - https://www.linkedin.com/in/choubeysahab In this episode we talk about - - The history of VCFA and being the first secondary fund - The different types of secondaries they deal in at VCFA - How they buy winners at a discount - The difference between direct secondaries VS GP leds VS LP interests - How do they evaluate a VC portfolio for a secondary transaction - Sourcing high quality secondary deals - What is the risk/return profile of secondaries & lots more Timestamps: (00:00) Introduction (02:49) History of VCFA and Dayton Carr, founder of the secondary industry (07:31) Types of secondaries: GP-led transactions, LP-led deals, and direct secondaries (11:11) Evaluating a VC firm's portfolio for acquisition (13:34) Why sellers would sell assets at a discount (35:27) Sourcing high-quality secondary deals (41:08) Risk-return profile of secondaries (47:08) Goals for the new fund, including potential expansion into real estate secondaries (52:28) Rapid fire round of questions about VCFA's investment strategy For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com Subscribe to VC10X on Youtube, Spotify, Apple Podcasts.