Limited Partner Unlocked shorts: What we're Hearing from LPs with Meghan Reynolds of Altimeter

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today we have another version of Venture Unlocked shorts, and this time it will be focused on topics within the GP/LP world. Joining me for this around-the-water-cooler recurring series is Meghan Reynolds, who leads capital formation at Altimeter Capital. Meghan recently attended iConnections in Miami, one of the biggest global capital intro summits in the world, which served as inspiration for this episode. We discussed what she observed during the summit, including how LPs are thinking about early-stage and late VC, and the place for venture overall in private portfolios.Hope you enjoy our episode!A word from our sponsor:Invest in innovation. Allocate allows investors to access top-tier private funds and co-investment opportunities within the technology sector.Despite the enormous growth of the private markets and the rapid increase of retail demand for private alternatives, investing in the highest quality private assets within the innovation sector still remains limited to institutions and ultra-connected high net worth individuals.With Allocate, wealth advisors, banks, family offices, and other qualified investors can have a streamlined way to responsibly invest with confidence.Go to allocate.co to find out more and please sign up to the waitlist to learn more and get early access to the platform.About Meghan Reynolds:Meghan Reynolds is Partner and Head of VC Capital Formation and Fundraising for Altimeter, a lifecycle technology investment firm. Prior to joining Altimeter, Meghan was Managing Partner and Co-head of Fundraising at TPG. She began her career and spent nearly a decade in the Investment Management Division of Goldman Sachs.Meghan graduated from the University of Notre Dame.In this episode, we discuss:(02:11) Report from the iConnections summit in Miami and what it means for the VC industry(06:38) The complex dynamics of fundraising in the current venture capital landscape(09:49) The recalibrated expectations among LPs with a strategic emphasis on seed and Series A investments as a method to hedge against portfolio volatility(17:01) Forecast for a tough adjustment period for Unicorns and the venture capital ecosystem, with some hope on the horizon(19:00) Challenges posed by multiple compression rounds and the reality for companies looking for exits(21:11) The long journey for VC-backed companies in navigating valuation adjustments and exit strategies, with an increased reliance on the secondary market for liquidity (23:12) The extended impact of the substantial funding raised in 2021, adding complexity to the venture capital environmentI’d love to know what you took away from this conversation with Meghan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com