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Alexander Lupachev
Private equity | Venture Capital | Board member | CIO | Advisor | Fintech | SaaS | EdTech | NASDAQ IPO | Endowment | Featured in the Economist, Forbes and FT
Alexander Lupachev is a Harvard MBA graduate with an impressive 20-year track record in private equity and late-stage VC in emerging markets.
He has managed portfolios with 3 unicorns and achieved a MoIC over 3x through various exit strategies, including an IPO on the NYSE.
His expertise spans development agencies, endowment, growth capital, family offices, and consulting, covering diverse sectors and geographies.
Alexander's skill set includes legal and financial due diligence, corporate governance, shareholder representation, and business development.
He is dedicated to fostering innovation and entrepreneurship, fluent in English, French, and Arabic, and has held key roles in prominent organizations such as Picsart, Siguler Guff & Company, Banki.ru, Semrush, and more.
Highlights
Carta just published a VC Fund Performance report for Q1 2024. Hope Q2 report is just around the corner. A quick TLTR:
(1) Slower capital deployment: 2022 vintage funds deployed only 43% of committed capital after 24 months, lower than previous vintages (47-60%).
(2) Declining graduation rates: Only 15.4% of Q1 2022 seed startups reached Series A within two years, compared to 30.6% for Q1 2018 seed startups.
(3) Limited distributions to LPs: Less than 10% of 2021 vintage funds had any DPI (distributions to paid-in capital) after 3 years.
(4) Underperforming recent vintages: 2021 and 2022 vintage funds show median unrealized IRR below zero and median TVPI below 1x as of Q1 2024.
(5) Challenging exit environment: IPOs remain scarce, and M&A activity has plateaued at 140-150 acquisitions per quarter, with many occurring at early stages.
Illiquid asset class should compensate investors by higher IRR. Is it coming?
More on https://lnkd.in/dPJ92hhG or in the attached
A new report from Pitchbook about the state of the US venture capital. Shall we call it 'The revenge of the liq prefs'?
TLTR:
(1) AI & ML companies are driving high valuations, capturing nearly 50% of deal value in Q2 2024, with companies like CoreWeave ($8.6 billion Series B) and xAI ($6 billion Series B) raising massive rounds.
(2) The median Series A valuation matched 2022 peaks at $40 million, but the number of reported deals was less than half of those prior high quarters, indicating a more challenging fundraising environment.
(3) The median step-up in Series D+ rounds has declined to only 1.2x, barely an increase from the previous round, highlighting the erosion in value creation between funding stages.
(4) Secondary market discounts have improved, with median and average discounts decreasing to 31% and 24% respectively in Q2 2024, reflecting increased appetite for private company shares.
(5) Liquidation preference and cumulative dividends remain at decade highs, with 22.4% of deals including cumulative dividends, as founders struggle to accept lower valuations on exits.
More in the attached
