SELLEST OSAST
Michel Del Buono, Chief Investment Officer of a16z Perennial (Andreessen Horowitz's multi-family office), returns to Sourcery for a deep dive into pre-liquidity event planning.
Yes. You can earn a billion dollars.
With the SpaceX IPO on the horizon and massive secondary activity around Anthropic, OpenAI, Stripe, and Anduril, Michel breaks down the three pillars of wealth optimization: trust & estate structuring, tax-advantaged investment strategies, and philanthropy.
In this conversation, Michel and Molly cover QSBS stacking, the difference between L1, L2, and L3 SPV structures, the hidden risks in today's secondary market, the BDC liquidity gate situation, tax loss harvesting vs. trust strategies, real assets and depreciation, AI's impact on private equity, and why most founders show up to their liquidity event unprepared.
Whether you're a founder approaching IPO, an early employee considering a tender, or just want to understand how the ultra-wealthy actually structure their balance sheets — this episode is essential listening.
We cover:
Pre-liquidity event planning
QSBS stacking strategies
Secondary market SPV risks
Trust & estate structuring
BDC liquidity gates
Tax loss harvesting
Real assets & depreciation
Michel Del Buono: https://www.linkedin.com/in/mdelbuono
Molly O’Shea: https://x.com/MollySOShea
Sourcery: https://x.com/sourceryy
𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒
YouTube: https://youtu.be/U_Ia9xKL0vI
𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing partners with frontier AI labs to improve model capabilities in coding, reasoning, tool use, & multimodality, as well as with Fortune 500 enterprises to build & deploy end-to-end agentic AI systems in mission-critical workflows Visit: turing.com/sourcery
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. Learn more at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
• Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev
Follow Sourcery for the latest updates!
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Michel Del Buono, CIO at a16z Perennial
(01:05) The Billionaire office playbook
(02:57) Why founders lose millions to taxes
(07:55) The massive QSBS tax advantage
(11:48) The biggest mistake founders make
(12:32) Should you sell your company stock?
(14:28) Why everyone wants pre IPO shares
(17:36) The hidden risk in SPVs
(19:57) Understanding carry fees
(22:53) The SPV operator who vanished
(24:33) The private credit problem
(28:38) Why endowments are pulling back
