Mostly metrics
Run the Numbers
Secondaries, Continuation Vehicles, and Sidecar Funds: Private Equity with HarbourVest’s Scott Voss
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Secondaries, Continuation Vehicles, and Sidecar Funds: Private Equity with HarbourVest’s Scott Voss


Scott Voss, Managing Director of Boston’s preeminent private markets firm HarbourVest, joins CJ for an in-depth exploration of secondaries, continuation vehicles, and sidecar funds. Scott starts by outlining HarbourVest's value proposition and investment strategies, covering primary investments, secondaries, and direct co-investments while underscoring the importance of private market access for diversified portfolios. He shares the framework HarbourVest uses to identify and support emerging fund managers ahead of their success, and the process of due diligence and evaluation. Scott sheds light on how continuation vehicles work in the private equity space and other trends or innovations he has identified. The discussion also covers the complexities of succession planning within private equity firms, the evolving landscape of global entrepreneurship and venture capital internationally, and Scott’s views on AI.

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Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com.

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TIMESTAMPS:

(00:00) Preview and Intro

(01:46) Sponsor – Operators Guild | Maxio

(05:02) HarbourVest’s Value Proposition

(09:39) Accessing the Private Market

(11:28) Investing in Early Fund Managers Ahead of Their Success

(13:13) The Process of Due Diligence and Evaluation

(14:20) Identifying Investments Versus the Ability to Access the Right People

(16:16) Sponsor – Leapfin | Mercury | NetSuite

(19:35) How Continuation Vehicles Work in the Private Equity Space

(23:27) Quality Versus Timing When It Comes to Continuation Vehicles

(24:04) Other Trends or Innovations in the Space

(26:19) Sidecar Funds

(28:07) Succession Planning in VC and PE Firms

(32:17) GP Stake Funds

(34:28) How Succession Planning Is Likely to Evolve over Time

(35:13) Private Equity in the Capital Markets and the State of Global Entrepreneurship

(37:25) Sequestering International Versus Domestic Investments

(40:31) The Potential Emergence of China as a Sci-Fi Innovation Hub

(42:48) Scott’s Take on AI

(44:09) Career Insight: Luck Versus Talent

(47:35) Advice About Hobbies

(50:26) Wrap

Discussion about this podcast

Mostly metrics
Run the Numbers
Run the Numbers is a twice-weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO.
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.