GIỚI THIỆU VỀ TẬP NÀY
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
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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
