🎙Balderton's Rana Yared - a masterclass on building global companies out of Europe

Welcome back to the Alt Goes Mainstream podcast. Today’s guest is an expert in financial services and capital markets who has experience as both a strategic investor and a VC. We welcome Rana Yared, a General Partner at Balderton, where she co-leads their Growth Fund. She came to Balderton in 2020 from across the pond, where she was a Partner at Goldman Sachs, first in the Principal Strategic Investments Group, a balance sheet investing team, and later in GS Growth, when the group became part of the GS Growth efforts that began to take in outside LP capital. At Goldman, Rana oversaw investments in Financial Technology and Enterprise Technology as well as the commercialization of Goldman’s technology assets in both NYC and London. She represented Goldman on the boards of Tradeweb, NAV, Vestwell, New York Shipping Exchange, and Swapclear @ LCH. She currently serves on the board of Tradeweb in an independent capacity. Coming off of a fundraise of $1.3B in new capital across early and growth stage funds at Balderton, Rana and I discussed what LPs were interested in and why Europe is a compelling investment ecosystem. We had a fascinating discussion about: * Revolutionary and evolutionary innovations in financial services and private markets, including the likes of iCapital, Tradeweb, Revolut. * Why global tech companies can be built in Europe, with Revolut, a Balderton portfolio company, as an example. * Why London and Europe are compelling fintech and financial services ecosystems. * How LPs should look at the European investment opportunity. * Differences and benefits / drawbacks of being a strategic / permanent capital investor versus being an independent VC fund. * The importance of being a risk manager in venture. Thanks Rana for coming on the show to share your wisdom and views on Europe, venture, and private markets. We hope you enjoy. Clip #1: Are the technological changes in financial services evolutionary or revolutionary? Clip #2: Can European companies become massive without having to go outside of Europe? Clip #3: What is most exciting about European venture? Clip #4: The durability of a fintech founder. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. 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Show Notes 00:00 Introduction and Ultimus Sponsor Message 01:59 Introducing Balderton Capital Partner, Rana Yared 04:16 Rana's Journey from Goldman Sachs to Balderton 04:25 Transition from Investment Banking to VC 06:26 Insights on Financial Services and Market Structure 06:37 Investing in Market Structure 09:05 Disruptive vs. Evolutionary Innovations in Fintech 12:53 Partnering with Incumbents 14:31 The Importance of Durability and Product Velocity 18:11 Strategic Investing vs. Venture Capital 21:21 Investing in the European Ecosystem 27:06 The Exciting Potential of Revolut and European FinTech 27:21 FinTech Giants in Germany 27:54 European Companies' International Advantage 28:55 Investor's Perspective on European Expansion 29:48 The Role of Venture Capital in Europe 29:22 Challenges and Strategies for European Investors 30:20 The Importance of Local Presence 30:55 The Future of European Ecosystems 31:28 US VCs Entering Europe 32:15 Bridging the Talent Gap 34:02 Mentorship and Expertise 35:52 The Role of LPs and European Investment Opportunities 37:23 Challenges for European Pensions and Endowments 38:49 Innovations in Fund Structures 41:27 The Impact of Governmental Participation in Venture 42:22 Exciting Opportunities in European Venture 43:10 FinTech's Massive Potential 43:59 Europe's Unique Financial Services Advantages 44:53 Geopolitical Concerns for Investors 45:51 Lessons from War Studies Applied to Investing 47:11 The Future of Retirement Investments in Europe 49:13 The Importance of Patience in Investing Join over 7,400 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com