Destiny (D/XYZ) and the Buzz Around Public Access to Private Companies | E1933

Timestamps:
(0:00) Sohail Prasad of Destiny (D/XYZ) joins Jason.
(3:46) Breaking down Destiny Tech 100 and why it was created.
(5:20) What is a closed-end fund and how does it fit into the ecosystem?
(8:37) The DIY approach used to bring this to the market.
(9:33) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at www.Squarespace.com/TWIST
(10:54) How Destiny Tech 100 works as a direct listing.
(11:35) Comparing the market cap to the actual holdings and the pent-up demand.
(14:46) Looking at how Sohail and the company make their profits and why he does this instead of gathering higher carry.
(18:52) Vanta - Get $1000 off your SOC 2 at www.vanta.com/twist
(22:05) The concerns of the swinging nature of the stock price and the long-term view.
(26:49) How Destiny acquires the shares and how they manage both positive and negative reactions.
(30:26) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at deploy.equinix.com/startups
(34:10) Destiny’s access to financials for companies in their portfolio.
(35:51) Strategy behind exits for the fund and companies that then go public.
(43:13) The size of the team needed to run Dest
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Check out Destiny (D/XYZ): destiny.xyz/
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(9:33) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at www.Squarespace.com/TWIST
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(30:26) Equinix - Join the Equinix Startup Program for up to $100K in credits and much more at deploy.equinix.com/startups
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[@practicaliching2311]

The SPACE X stake held by Neptune digital assets makes up over 10% of Neptune's 34.4m market cap. $NPPTF trades at 0.85 x book value. Way better deal than paying 5x NAV at $DXYZ

[@daviddemeij]

I'm not sure where you find this, I've tried looking through their reports to see their stake in SpaceX but it's not clear to me. There are two other interesting funds I found that have a significant % in SpaceX and trade below NAV: - Baillie Gifford Edinburgh Worldwide Investment trust (LON:EWI) 10% SpaceX - Baron Partners Fund (BPTRX) 11% SpaceX (only available for US residents unfortunately) If anyone finds one that has a larger % SpaceX please let me know!

[@bencoleman8171]

At 2.5% management fee and no carry, they will need to get a tomne of AUM to make any money? Also, with no carry what incentivizes top tier VC’s to join Destiny and ensure great investments are made?

[@bencoleman8171]

Interesting. Clever to grab Spacex. Stripe next?

[@macromaxim2193]

It already has stripe

[@samuelfox8126]

This is like buying a call. The fee degrades the value of your position annually. So hopefully the companies go public at a multiple of your position before the shares become worthless. This could put a big black eye on the public access to private markets space. The initial investors are making out like bandits in a VERY short time period.

[@migo-migo9503]

It looks like this fund is no longer supported on RH. What happened?

[@TreCayUltimateLife]

they got caught scamming

[@midwestcannabis]

🎉❤

[@mariojohnson4695]

10-15 years to wait, I’ll be dead before that company goes public 😁

[@bestpoker]

Public access to private companies is history repeating itself. Research Advanced Equities or SecondMarket.