The Roelof Roelof of Sequoia warns ‘Chumps’ not to buy in SPV

One of the most prominent investors of the management of the Botha Management, see the signs of another greed of greed in the capital

Has published a Warning about x Thursday, writing, “We are meant to repeat the errors of the errors, where the revenue investor, where the lines of the other than the last shot of the story. It is only 3 years.” (Pointed the place with an explosion head emoji.)

That the last cycle has finished evil. In 2022, the 1921 vc market. The autumn is still in course, with 2025 prevented to be another brutal year of Failed Startups.

Whea is specifically notice of special vehicles) – a structure that allows Startup investor to sell access to a piece of its share to others. But the new investors are not really bought actions in the startup; I’m bought Spv’s action, often in very inflated prices. I am That means the evaluation of the beginning would have to do the sear only for some of the spar’s spar’s owners to break even.

SPV is particular particularly common in the investment of the investi, where some tapers are in raising astronomical sums. A sec filters search is in at least nine spvs attached to anthropic since 2024 only. The company is reported in discussions to lift another $ 3.5 billion. I am

The attempt to figure you up to collect $ 1.5 billion is also infecting spv, for The information. I am Note that neither the company is in the sequoia portfolio.

Tendency is not limited only a few companies. Almost any multi-billion business has the investors that offers spv. And if a Dim Dim stops vc – Make, Arrivu Arriva – drove the trectan, which alone can you chew in shoppers.

A person involved in secondary markets describes spv-loads so for this: “Med Yes sow theirs are their worst vc falls

Botha message to these would you investors? “Don’t buy.”

Sequoia didn’t respond immediately to a comment request.