To some traders, “down spherical” is a grimy phrase, however to not Notable Capital’s Hans Tung. Hans is a managing companion at Notable Capital, previously GGV Capital, a enterprise agency specializing in investments within the U.S., Latin America, Israel, and Europe.

Hans, whose portfolio consists of the likes of Airbnb, StockX and Slack, sat down with For Millionaires’s Equity podcast to debate the general state of enterprise and why he nonetheless believes down rounds could make a number of sense. Per Hans, “An IPO is definitely only a milestone, not the top recreation. An IPO is the start of public traders being alongside for the trip. So if you assume in longer-term valuations, up or down briefly doesn’t matter as a lot as producing a giant final result on the finish.” It’s value noting that by September 2023, almost 11% of the 12 months’s VC offers have been down rounds, in accordance with PitchBook information.

Hans additionally tell us why he’s nonetheless bullish on fintech, and what sectors within the fintech area have him particularly psyched.

After all, we dug into current adjustments at his personal agency, which advanced from 24-year-old cross-border agency GGV Capital and rebranded its U.S. and Asia operations to Notable Capital and Granite Asia, respectively. GGV’s transformation is the newest in a string of adjustments we’ve seen on this planet of enterprise capital, together with personnel adjustments at Founders Fund, Benchmark and Thrive Capital.

Hit play to listen to what Hans has to say on these matters and extra! Fairness might be again on Monday. See you then!

Fairness is For Millionaires’s flagship podcast and posts each Monday, Wednesday and Friday. You’ll be able to subscribe to us on Apple Podcasts, Overcast, Spotify and all of the casts.

You can also comply with Fairness on X and Threads, at @EquityPod.

For the complete interview transcript, for many who favor studying over listening, try our full archive of episodes over at Simplecast.