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.comVCFA website - https://vcfa.com/Andrew Reilly on LinkedIn - https://www.linkedin.com/in/andrew-k-reilly-5782a019/🎙️ Hosted by Prashant ChoubeyFollow Prashant on X - https://x.com/ChoubeySahabFollow Prashant on LinkedIn - https://www.linkedin.com/in/choubeysahabIn 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 moreTimestamps:(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 strategyFor sponsorship or guest appearance requests, write to [email protected] to VC10X on Youtube, Spotify, Apple Podcasts.