Working in this market has been a privilege. I’ve had a front-row seat to learn from some of the smartest individuals and the opportunity to scale a practice from nothing. I have seen subscription lines grow from a niche product into a trillion-dollar market, and I’ve worked with some of the sharpest GPs, lenders, and lawyers in the business. Many of you are reading this.
So…. why leave? Because the closer I got to this market, the more convinced I became that the way capital call financing gets priced and delivered hasn’t kept up with the size of the market itself. I’m going to work on that problem.
Someone told me “you need to be a little f***ed up to try and reinvent a $1T industry”. Either that is true, or it’s f***ed up that a $1T industry can be reinvented.
I’m deliberately not saying much more yet, because the best version of this gets built by listening to you first. Which is the real reason for this note: I’m going to write a short recurring email with what I’m seeing in fund finance, what I’m learning on this journey, and eventually, what I’m building. Aiming to be read in <4 mins, not selling anything, and hopefully can crack a joke or two. If that’s not for you, the unsubscribe link below works and there are no hard feelings.
And if you’re a GP, a lender, or an allocator with opinions about how sub lines work today, good or bad, I would genuinely love 30 minutes. Coffee’s on me in New York or you can grab time here for a virtual chat.
And if you’re a GP, a lender, or an allocator with opinions about how sub lines work today, good or bad, I would genuinely love 30 minutes. Coffee’s on me in New York or you can grab time here for a virtual chat.
- Matt Wilbur