Aggregator Finance Pay to Play 
Hunter Walker
AUGUST 8, 2023
” What are my major assumptions for why there’s more markdowns to come in the aggregate for the last decade of venture portfolios? Restructures, Down Rounds, and Pay to Plays. Valuations. Whatever gets reported is just the tip of the iceberg.
ithacaVC
DECEMBER 14, 2011
The “no mess” LP issue relates to investors in later rounds of financing (typically Series C and beyond). So, after the Series B round the company would have $13mm of aggregate liquidation preference ($3mm plus 2*$5mm). Is the $13mm of aggregate LP a problem? Yet, it is able to attract more investment capital.
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