📶 LPs aren't getting liquid

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Good morning 👋

Apple’s WWDC was yesterday, and the biggest news from the event is that Apple will be rolling out AI to Apple products.

We’ll share more on that plus a breakdown on PE returns for LPs, the latest on Elon Musk’s pay package, and Collaborative Fund closes its latest fund focused on climate.

Let’s get right into it.

TL;DR:

• 📰 News

• 🔗 Links

• 🐥 Tweet

• 💰 Funds

• ™️ Startups

• 📶 Recs

• 🗳 Poll

HEADLINES
PE returns to LPs keep trending down 📉

• PE managers’ returns to LPs still in decline (Pitchbook)

• Apple Intelligence: every new AI feature coming to the iPhone and Mac (The Verge)

• Nexus Laboratories raises $25 million from Pantera and Lightspeed to expand ‘zero-knowledge’ privacy tools (Fortune)

• Norway’s Sovereign Wealth Fund Votes against Tesla’s Musk Pay Package (The Information)

• US tech sector pressures Chinese venture capital to divest (FT)

• A crypto wunderkind’s $200 million fund had the backing of investors like Bill Ackman and Galaxy. Then everything went south (Fortune)

• Stake raises $14M to bring its fractional property investment platform to Saudi Arabia, Abu Dhabi (TechCrunch)

• After hits like Reddit and Scopley, Collaborative Fund easily raised a $125M fund to tackle climate, health and food

  (TechCrunch)

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LINKS

🪜 How to Disagree: Paul Graham’s disagreement hierarchy

🔮 The Cost of Efficiency: Efficiency is great, but it’s only as effective as your ability to forecast the future”

🤯 Having the Right Mindset: How do you stay motivated building a startup?

⚠️ Crucible Moments: The pivotal moments that define us according to Roelof Botha

⛔️ On Saying No: Lenny Rachitsky’s strategies, templates and advice on how to stay focused while still being kind

🎱 Why Everything is Becoming a Game: Making it fun is the easiest way to get you to do what you want.

📊 The Data Revolution in Venture Capital: Why investors, data scientists, and tool builders are building data-first firms

🕵️‍♂️ Why They Invested: Here’s a breakdown of why VCs invested in Deel

👨‍💻 VC Online Communities: Choose quality over quantity

TWEET

REFER
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FUNDS

P.S. 👉 If you’re looking to get a new VC job … 

We’ve found the best way to do that is to find the jobs before they become available. In our opinion, the best way to do that is to a) find who is raising funds and b) find who is the right person to contact at each of those funds.

Lucky for you, we’ve already collected all of that information for you.

Here’s how to see all the information we have on funds (plus contact info)

STARTUPS (Together with Harmonic)
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We use Harmonic to get thousands of data points on companies like these. 

Here’s how you can do the same.

RECS

Thanks for reading this far and giving us a little bit of your attention this week.

Feel free to unsubscribe whenever this stops becoming valuable to you.

- Clay

RESULTS

Here are the results from our poll question in yesterday’s piece:

Would you buy Nvidia stock today?

🟩🟩🟩🟩🟩🟩 Not a chance - WAY too expensive (17)

🟨🟨🟨🟨🟨⬜️ Yes - it's still undervalued (16)

33 Votes