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Open original source ↗These are three reasons (below) why I don't think we are just waiting on the IPO window "to open." There are some new systematic realities (which may be good or bad, I am just highlighting they exist).
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@GlenKacher I would say three obvious things outside of “leadership”: 1- a handful of late-stage investors believe they can have an “oligopoly” on growth years in winners by keeping them private - vs having them public. 2- These investors encourage and enable large amounts of employee secondaries, which reduces a key driver of IPO “pressure.” 3- I talk about this all the time, but the chronic underpricing in IPOs creates a situation where these founders KNOW they can raise money in the private market at a HIGHER price than an IPO. This is exacerbated by #1 above. This flywheel is spinning hard.
bgurley ↗