Random Walk

Random Walk

LPs want their liquidity and they want it now

GPs still haven't gotten the memo, yet, apparently

Moses Sternstein's avatar
Moses Sternstein
Jul 01, 2025
∙ Paid
8
1
2
Share
  • an anecdote from the world of cap-intro

  • no, you’re not hallucinating, fundraising has *never* been this hard, but the other shoe has not yet dropped

  • what LPs would really prefer

  • startups have changed gotten the memo (and changed their burned rates accordingly)

Keep reading with a 7-day free trial

Subscribe to Random Walk to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Moses Sternstein
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture