[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Restructuring__ [@Restructuring__](/creator/twitter/Restructuring__) on x 38.6K followers Created: 2025-06-19 23:12:16 UTC 3) Permanent Privates Gurley describes a new late-stage trend where companies are considering staying private permanently. He cites Josh Kushner’s Thrive Capital as pioneering this trend, which approaches IPO-ready companies with “offers too good to refuse,” persuading them to cancel their roadshows. The logic is that deep-pocketed investors prefer late-stage private rounds because they can secure a far larger slice of the company than in a traditional IPO. In an IPO, the bank rations shares, so even if a fund oversubscribes by 100x, it might only get 1-2% of the offering, whereas a private deal with Stripe or Databricks can hand them upwards of 30%. By delaying the listing, those investors capture the early growth that used to flow to public market shareholders—much like owning Amazon before it ever hit the stock exchange. Crucially, GPs then dangle that exclusive access to LPs and suggest the LP buy into their fund or miss out on the next Amazon, and it works. The result is a market in which LPs can freely trade their stakes, and the companies are surprisingly comfortable with this dynamic, which is a new phenomenon. This creates a market that essentially operates like “old pink sheets”, where firms “trade by appointment.” Gurley concludes that most high-growth upside will now accrue to a tight oligopoly of late-stage funds rather than to the broader public market XXX engagements  **Related Topics** [thrive capital](/topic/thrive-capital) [thrive](/topic/thrive) [chapter 11](/topic/chapter-11) [Post Link](https://x.com/Restructuring__/status/1935838071225823497)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Restructuring__ @Restructuring__ on x 38.6K followers
Created: 2025-06-19 23:12:16 UTC
- Permanent Privates
Gurley describes a new late-stage trend where companies are considering staying private permanently. He cites Josh Kushner’s Thrive Capital as pioneering this trend, which approaches IPO-ready companies with “offers too good to refuse,” persuading them to cancel their roadshows.
The logic is that deep-pocketed investors prefer late-stage private rounds because they can secure a far larger slice of the company than in a traditional IPO. In an IPO, the bank rations shares, so even if a fund oversubscribes by 100x, it might only get 1-2% of the offering, whereas a private deal with Stripe or Databricks can hand them upwards of 30%.
By delaying the listing, those investors capture the early growth that used to flow to public market shareholders—much like owning Amazon before it ever hit the stock exchange.
Crucially, GPs then dangle that exclusive access to LPs and suggest the LP buy into their fund or miss out on the next Amazon, and it works. The result is a market in which LPs can freely trade their stakes, and the companies are surprisingly comfortable with this dynamic, which is a new phenomenon.
This creates a market that essentially operates like “old pink sheets”, where firms “trade by appointment.” Gurley concludes that most high-growth upside will now accrue to a tight oligopoly of late-stage funds rather than to the broader public market
XXX engagements
Related Topics thrive capital thrive chapter 11