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EUVC #248: Ben Topor on Growth & Secondaries Investing & The Beauty of Flexible Mandates

EUVC #248: Ben Topor on Growth & Secondaries Investing & The Beauty of Flexible Mandates

Learn from one of the very few who have successfully raised from Tiger Management as we dive into market timing, secondaries sourcing strategies, pricing and the role of data

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Dalle’s interpretation of the episode in a cubist style.

Today we have Ben Topor with us. Ben is a Founder & Managing Partner at Titan Capital, an investment firm in Israel backing Israeli, European and American companies by providing growth equity & secondary capital to world-class internet, software, consumer, and financial technology companies, with a bottom-up approach to secondary and growth.

Titan is raising a 50m USD Fund, investing in companies and venture capital partnerships directly and via secondary transactions and is backed by top-tier global investment firms, leading corporations and family offices. And, of note, Tiger Management, which is a well-known investment firm that built an impressive track record in seeding some of the world's best fund managers, backed Titan.

00:00:00 - Introduction and Invitation to Join O.G. Webinar of The Year
00:02:47 - The Future of European Venture Capital
00:05:50 - The Pivotal Book: Crossing the Chasm
00:08:51 - The Importance of Solving a Pressing Need
00:11:57 - Factors affecting investment strategies
00:14:50 - Timing the Market and Spreading Your Bets
00:17:58 - Different Considerations for Selling Shares
00:20:48 - Strategies for Secondary Investments
00:23:50 - Finding Bargains in the Secondary Market
00:26:56 - Investing in European Startups
00:29:57 - Winning with LP secondaries
00:36:21 - Methodology of Thinking about Data
00:39:21 - The Flexibility of Investing in Growth Companies
00:42:37 - Fundraising Challenges for VCs
00:45:48 - VC Strategies: Long-lasting businesses vs. Threatening categories

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Q: What advice would you give your 10 year younger self?

  • Relax, time heals everything. You win some and you lose some. Tomorrow is a new day

  • Invest in yourself. Read books. I really started to read the classics in the army. Reading is great, but there is a real limit to what books can teach you - first hand experience is the most important.

Q: What are your top tips for emerging VCs across Europe who are fundraising?

  • The biggest challenge for emerging VCs is fundraising.

  • Sign LPs on a rolling basis.

  • Use docusign to automatically follow up.

  • It's a numbers game - one must build an ultra large funnel.

  • In order to get the deal done, one must do anything in his power.

Q: What’s the most counterintuitive thing you’ve learned in venture?

  • Don't ask other VCs for recommendations for companies.

  • The founders are everything.

  • There is a barrier to entry in early stage startups.

  • Companies that are not in flavor today can be in flavor tomorrow.

Q: What do you believe that most people around you disagree with?

  • Big TAMs are a problem, better to focus on smaller ones (these are the ones that are easier to find so you can become a gorilla).

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