Summary: THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Prior to its IPO, the senior management of Face book were somewhat annoyed to see that “already some young employees who had left the company. . . wanted to get some cash for their [private] stock.” It was a challenge that many venture-backed companies face – how to deal with liquidity issues prior to an exit. Daniel Burstein, Managing Partner of Millennium Technology Value Partners, describes how his firm established a liquidity program for Facebook employees and became a pre-IPO investor in Facebook. Burstein also discusses the changing attitudes among venture capitalists toward liquidity programs, why he is skeptical about certain provisions of the JOBS Act that will change the early stage landscape, and what LPs are saying about liquidity programs that allow their GPs to exit rump-end investments and deal with the challenges of in-kind distributions. Registered users of Privcap may access this 11-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick
