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- Adobe bought Figma for 20B. Current revenue ~400M/yr.
- Coinbase (15%) is #2 in liquid staking after lido (28%).
- pg_netstat, network data for postgres: https://github.com/supabase/pg_netstat
- Tried to add a few more event types to calendly, but you need their paid tier to have more than 1. So I’m just going to calibrate the 1 as needed.
- Better, generic link now: https://calendly.com/bmahlstedt/meeting
- Master-feeder fund structure, how to handle back office.
- https://www.investopedia.com/terms/m/master-feeder-fund.asp
- Investors put their specific capital in feeder funds. It’s a legally-separate entity from the master. You pay management/performance fees here. You pay taxes here. An investor can feed into multiple master funds, if desired.
- The asset manager (at the top) pools all feeder funds into a master fund and executes all trade activity out of that.
- Logistically: the feeder funds basically buy shares of the master fund, receiving interest/dividends/gains/etc similar to how they would with standard equity. You may also receive tax benefits from the partnership with the master.
- Discussed standards for rate aggregation, cost of diff capital sources, how and why to negotiate, what optimizes for who.
- Call vs deploy timelines, interest IRR. Most lenders <10d (for decent size) and shortterm LOC to cover less than that.
- Don’t need a full vehicle to pledge collateral. Just need a lock. Can be a legal entity like an LLC, can be just a new account, can be a simple bool column in a database that tracks an asset row.
- Compared some fund admin.
- Ten Percent Shareholder – someone who owns more than 10% of the total voting power. Obviously.
- SAR = stock appreciation right = just like a stock award but you get it in cash and never own the equity. Over a predetermined period, you receive the appreciation in USD as if you have held and then sold that asset at the end.
- Looked more at securitize.
- Researched LPAs, LPACs.
