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Turbine raises $22M to help VC investors get cash without selling their stakes
Since IPOs slowed to trickle a few years ago, limited partners who invest in venture capital funds have had one giant problem: a dearth of liquidity. Lack
After selling Exactuals, a payments startup he founded to City National Bank in 2018, he invested a good portion of the proceeds from the exit into tech stocks and venture funds. Garrard explained that TTV could have sold some stock in a portfolio company on the secondaries market to help the investor, but he didn’t want to sell an asset early to serve the needs of only one LP. The general partners of these firms are already offering their LPs access to Turbine’s credit, Hurst said, adding that it plans to make its product available to more VC funds following today’s announcement.
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