Milan Roy

CFO @ Lyra Growth Partners (founder friendly growth equity investor in branded Food & Beverage, Wellness and consumer tech); former @bench, @deloitte

[Milan Roy @milanroy]

@FunnelYouTube FUNNEL

[Milan Roy @milanroy]

During #Upfrontsummit breakout panel on AI impact on legacy industries, the most likely to be replaced/disrupted were professional services, namely Deloitte, PwC and others.

[Milan Roy @milanroy]

@wwhchung @bwertz I think that is a key idea. The incentive for entrepreneurs and their minority shareholders and early employees (who may leave but exercise their early options) are harmed by this new policy.

[Milan Roy @milanroy]

@Samirkaji What is the typical AUM for these allocators? I’ve heard the min $50 Million from some of the larger Canadian pension plans but it makes sense as they all have over $100 Billion of Assets.

[Milan Roy @milanroy]

@bobbypinero 👋 this can be helpful for a lot of people I work with to improve the quality of communication.

[Milan Roy @milanroy]

@OPMWire Thanks - will add to the reading list.

[Milan Roy @milanroy]

@MehtabKarta There is also personal growth in taking on more responsibility and leading teams. We should be aware of potential cliffs and set up cascading option grants but employees will always have choices/mobility so they need to see the potential to grow. Not always possible though.

[Milan Roy @milanroy]

@balldontstop To add insult to injury, y’all ran out of food. Thanks

[Milan Roy @milanroy]

@balldontstop Or just tell us to pack food in your prep email for the event. Families could have come prepared.

[Blake Murphy @BlakeMurphyODC]

Rajakovic: "I want to be very invested in them, as human beings. I want those guys to know that I really care about them and want to connect with them on a personal level. ... I have a strong belief we'll come together as a group and take it to another level."

[Blake Murphy @BlakeMurphyODC]

Rajakovic on coaching strengths: My love and passion for the game, and my commitment to the team. This is not about me. This is about those guys. This is about the team and how we're gonna get to the next level. All 17 guys, how we can help and improve those guys."

[Milan Roy @milanroy]

Great perspective on process vs. outcomes - we can all focus on what we learn and improve, but we can't control outcomes, no matter how much we want it.

[Blake Murphy @BlakeMurphyODC]

Darko describing coaching philosophy: "Since the day I started coaching, for me, the biggest thing that I enjoyed is seeing players get better, players improve. We want to win every single night, but seeing the team grow, people grow, is something that was my biggest award."

[Milan Roy @milanroy]

@FDavidsonT Also, it doesn’t really matter what the market says if you have the cash to manage the situation and can come out the other side. Focus on what you can control. Saying this as a chair of a micro cap public co in Canada.

[Milan Roy @milanroy]

@FDavidsonT Thanks for sharing and think there is a good opportunity for Sonder. Do you see yourself more as a Marriott type brand or an asset owner/operator. I wonder if you separate the assets (brand vs asset) could simplify the story. Marriott/Host Marriott did this back in the day.

[Milan Roy @milanroy]

@dickiebush 🤖🤖🤖

[Milan Roy @milanroy]

@Samirkaji Would add another VD fund @VistaraGrowth in this list for options on VD.

[Milan Roy @milanroy]

‘Current TVPI to final DPI delta will be large for many funds, and some funds have resilient companies; others are filled w/companies that were pure momentum (but still marked up).’

Seeing this now through secondary pricing valuing many venture LP interests at 50% of FV

[samir kaji @Samirkaji]

Track records for evaluating VC's are an overused crutch.

LPs are programmed to use past track record as the primary driver in making a decision on whether to invest in a new fund (A recent study showed historical persistence of VC is that 70% chance a fund performs above median if prior fund is 1st Q).

However, more than ever, track record can be a very weak indicator if the fund is within <5-7 years.

- Spread of how VCs are valuing the same companies is large.
- Current TVPI to final DPI delta will be large for many funds, and some funds have resilient companies; others are filled w/companies that were pure momentum (but still marked up).
- Variables have changes dramatically, including macro and micro (fund size, competition, etc.).
- Certain sectors were massively marked up due to momentum vs. others.

LPs should view track records only as a data point (headline). Whether it is a proxy for the future needs FAR more assessment on current differentiation, competitive landscape, brand, rep, and systems the investor uses to see/pick/win. It's also why most public benchmarks for VC are worthless.

[Milan Roy @milanroy]

The best test of how inflated the marks are is seeing what that fund’s nav trades on the secondary market. Those discounts can be as high as 50 to 65 percent which is frustrating for LPs who have to deal with the denominator effect.

[Gil Dibner @gdibner]

So LPs are looking at a world of inflated fund sizes, bloated teams, very high fees/carry, and very little actual deployment in good new companies over the past 12 months. They also know that TVPIs are super inflated, gross DPIs are going to be awful, and net DPIs even worse.