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Tue Jul 1st 19:03 PM
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The VC Asset Class Crisis Thing

While the localized factors (as to why the dearth of VC-backed IPOs) is almost certainly the primary cause of the current situation, the evolution of financial markets is leading to a secular re-positioning of the IPO as only one of many possible liquidity options, as opposed to historically when it was, along with a trade sale, pretty much the only game in town.

Today - particularly for companies with positive cash flow - there are often a myriad of alternative ways to create liquidity for founders, management and early stage investors. Indeed going public is often the least attractive alternative and only becomes attractive if/when the public market is willing to put an - how should we say... - 'ambitious' multiple in terms of pricing.

For most private companies in most industries, an IPO is far from the obvious exit route irrespective of prevailing market conditions. In some instances clearly an IPO is ideal - financially, strategically, etc. - but I would posit these are the exception rather than the rule.
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