An Introduction to Chestnut Street Ventures

Frequently Asked Questions

FAQ

• Where is the transcript for this webinar?

   Uh, welcome. For those of you who don’t know me, I’m Brian Keil, the Managing Partner of Chestnut Street Ventures. My goal today is to provide you with an overview of Chestnut Street Ventures and the process of investing with us.

  So Chestnut Street Ventures is part of Alumni Ventures, a venture capital firm focused on increasing accredited investors’ access to the venture capital asset class. Chestnut Street Ventures has raised four annual funds beginning in 2017, and we’re currently raising our 2021 vehicle—Chestnut Street Fund Five.

  So going through first the legalese and the disclaimer:
  This presentation is for informational purposes only and not an offer to buy or sell securities, which are only made pursuant to the formal offering documents for the fund. Please review important disclosures and materials that will be provided after the meeting.

  In terms of an agenda, I’m going to go through a quick introduction of Chestnut Street Ventures, talk to you a little bit about the venture capital asset class, then describe our approach to venture capital investing, and then go through a Q&A session.

  Some quick points for our audience:
  You will be on mute for the entire presentation. Please submit questions via the chat or question box in the GoToWebinar panel. I will come back to those questions towards the end of the presentation and try to answer them as completely as possible. Thanks so much.

  So in terms of a quick introduction on Chestnut Street Ventures—Chestnut Street is the Penn/Wharton affiliate within Alumni Ventures. We’re a dedicated investment team of Penn alums that raise capital from the Penn alumni community, and we look for investment opportunities also within that community to assemble portfolios of 20 to 30 investments for our investors.

  We are assisted in this task by an investment committee that includes Penn alums with business and venture capital investing experience. And we have over 32,000 alumni subscribers and community members that are part of this effort.

  Let me go through a quick introduction to the team.
  You have myself, the Managing Partner for the fund. I’ve spent the past 20 years working in venture capital. I started out with a bachelor’s in industrial engineering at Southern California at USC, and then got my MBA at the Wharton School. I’ve spent the past 20 years of my career in venture capital. Prior to becoming a venture capitalist, I was a management consultant with the firms of AT Kearney and Bain & Company.

  Jonathan, my colleague, has been with me for the last two years and he has been a private company investor for 15 years. He is a native of Philadelphia, spent five years in investment banking—most recently at Goldman Sachs—and got his MBA at Columbia along the way. Prior to joining us at Chestnut Street, he spent 10 years in private equity and venture capital on behalf of family offices with two different billionaires.

  And our IRR, our IRM, is manning the behind-the-scenes work today. She’s helping run the webinar and is available to answer any questions from folks that are proceeding through the investment process in terms of documentation or process with us.

  We’re also assisted by the Alumni Ventures senior partners—Darren, Stacy, and Dan also assist us with the fundraising process and can answer any questions for investors around our funds and the process of investing with us.

  So why should folks be considering venture capital?
  Well, the bottom line is the potential for high returns. Venture capital has outperformed the public markets historically—particularly the funds that are in the top half of the category (the dark blue bar in this slide).

  In addition, many sophisticated institutions invest in venture capital. They put 10% to 15% of their assets in venture capital, and the reason they do so is that it lowers the overall risk profile in their investment portfolio. Venture capital is largely uncorrelated to the public markets. So they don’t have the same volatility in those investments as the public market stocks, which go up and down each and every day. There’s a lot more stability within the venture capital asset class. It’s much more of a long-term asset.

  So putting in uncorrelated assets in a portfolio does reduce the overall risk profile of that portfolio. That’s why many sophisticated institutions include it—and why a lot of accredited investors should consider it as well.

   Once you’ve decided that it makes sense for your portfolio, that opens up the question: how do you do it?

  Our approach is to build a portfolio. You could go into the process and do some angel investing on your own—but that’s at the earliest stages of company formation, the riskiest stage. And it’s generally only through a network—your own personal network or maybe a local angel group—that you’ll get access.

  What we’re able to do is follow on behind established venture capital investors. We’re getting access to institutional-grade investments. So we’re putting you in deals alongside the pension funds and endowments that practice mentioned earlier.

  We never invest on our own—meaning we’re never the only investor or the first investment in the company. We typically take 10% to 40%. We invest with and follow a lead investor. We’re taking a slice of that round.

  These are some of the folks that we have invested with or alongside over the last five years. These are a lot of prominent names in venture capital, and some of them are likely to be recognizable. These are the kinds of deals that an individual investor generally is going to have very little chance of accessing on their own.

  But now we are able to leverage our network, our contacts, our community, to get into deals alongside these investors at the same price. And we use all of that access and that deal flow to build diversified portfolios for our investors.

  These are 20 to 25 company portfolios that greatly reduce the risk of individual company failure.

  
  We further diversify by intentionally spreading our investments across industry, company stage, and geography. So we’re minimizing individual company risk, we’re also minimizing the risk of having too much exposure to an individual industry. Same with the idea around geography.

  This allows us to create broad and deep portfolios that help optimize the chance for high returns, while at the same time minimizing the risk within the overall portfolio.

  Many of our investors choose to invest with us across multiple years so that they add an additional layer of diversification to their portfolio by investing over time. That’s an approach we encourage for those who are interested in doing it.

  In terms of the payoff—what does the portfolio look like that we put together using these principles?
  The portfolio I’ll take you through quickly is Chestnut Street Fund Four. This is the portfolio we are currently building. We’re about two-thirds invested out of Chestnut Street Fund Four. We’ll wrap up investment in that portfolio later this year, and then move our efforts onto the fund we’re currently raising—Fund Five.

  I’ll walk you through it quickly just to show the type of diversification that we have on multiple dimensions, and also highlight some of the features of how we source deals.

  In the 16 companies here, we’ve got a full range of different industries and different stages represented.

  • Beam is an insurance tech company in the growth phase of its development.

  • Burrow is in the e-commerce sector; it sells furniture online. Also a growth opportunity.

  • Canvas is in the robotics space, earlier in its development. It’s a company out on the West Coast. We accessed this opportunity through our Dartmouth fund.

  That’s one of the things we capitalize on—the ability to source deals not just from the Penn and Chestnut Street community, but also to leverage the communities of our other 17 alumni investment funds.

  • Cornelis Networks is a new company in the high-performance computing space. They make networking equipment for supercomputers. This company is a great example of deals we find through our community.

  It came to us through one of our community members. We introduced it to a venture capital firm within our network. They became the lead investor, and then we invested alongside. We really put this transaction together through our network of both the community within Penn, and then within the venture capital relationships that we have.

  • Data.world is a company in the big data space. It’s still an early-stage company but already has a list of impressive clients. This is a company we also invested in out of Chestnut Street Fund Three.

  One of the things we take advantage of is: we have these annual funds, and as we back companies—if they continue to perform—we sometimes take the option of investing in multiple funds over time.

  They might start out as a seed investment in our system, like Burrow did, and then grow into a growth investment over a series of funds. Data.world fits that pattern.

  • Esports One is in the e-sports gaming/video gaming sector.

  • Eclipse is a company in the cybersecurity space.

  • LentesPlus is one of our overseas investments. It’s essentially the 1-800-CONTACTS of South America.

  The size and reach of our network allow us to selectively do international investments as well. Participating in international markets is yet another way we add diversification to our portfolio.

  • Maisonette, an e-commerce company, is a good example of how we build on relationships and invest behind firms with good track records. Maisonette has the same lead investor, NEA, as Burrow. We had done the Burrow deal previously with NEA. When we came across Maisonette and saw that NEA was also leading it, we chose to invest there as well.

  • Moxie is in the marketplace for home fitness—trainers provide fitness services to clients remotely. This deal came through our community; the CFO is a Wharton alum and a member of our investment committee. She made us aware of the opportunity.

  • Naufaric is in the machine learning space. They use machine learning to train cameras at freight yard entrances and monitor traffic. This came to us through a relationship with the GRASP Lab at Penn Engineering.

  We had previously invested in another spinout of the GRASP Lab—a company called Ghost Robotics—that’s in Chestnut Street Fund Three. This was the second company we’ve invested in from that program.

  So we capitalize on our presence in the Penn community at the university level to develop relationships with companies spinning out of university research efforts or founded by students.

  Burrow and LentesPlus both fit that description—founded by MBA students at Wharton who then pursued the opportunity post-graduation.

  • Parsyl is a company in the manufacturing technology space. They make software for manufacturing environments. It was the first of several deals we’ve done with a key lead investor in our network, Downing Ventures. They were in the syndicate for Parsyl. They were the firm we introduced Cornelis to.

  
  And then later co-invested in WithIn Storage S, which is another deal in Fund Four. So one relationship that we’ve had a good experience with ended up turning into three co-investing opportunities. Our network—both within the Penn community and the venture capital community—is a key element to how we get into attractive transactions alongside top investors.

  A couple more deals that I’ll just walk through quickly: RapidSOS is a deal we accessed through our MIT fund. That is a company that is providing a digital information overlay to 911 systems so that emergency responders have more information when they arrive on scene to deal with a problem event. Scratchpay is a company in the financial tech space. And then finally, Shoulder Innovations is in the medical devices category. So as you can hear from the description, this is a very diverse set of opportunities.

  Lots of different industries. We’ve got two international deals—WithIn and StorageOS—and we’ve got a range of companies in terms of their level of maturity. We have some very early-stage companies like Moxie, NapTrack, and Esports One, which were all seed opportunities. And then we have some later-stage growth opportunities such as Abaro, data.world, Beam, and Mason. All of this serves to, that said, give us access to high returns—or the potential for high returns—while diversifying the risk in the overall portfolio. We think that’s the most prudent approach for most investors versus doing individual investments on their own, working through angel networks, etc.

  So we’ve spent most of the presentation talking about Chestnut Street Ventures and alluding to our membership in—or being part of—the network at Alumni Ventures, but it’s an important feature of how we’re able to do things. We are one of 18 alumni funds that are part of Alumni Ventures. It’s our parent company. It provides all the back-office services for that family of funds, much like a large mutual fund provider like Fidelity does for its family of mutual funds.

  But more importantly, we benefit from the wide net that we’re able to cast as a group in terms of sourcing deals from these 18 alumni communities. We’re all tapped into leading universities, their alumni communities, and the entrepreneurial ecosystems there. That allows us to see a lot of deals, access a lot of deals, and therefore build portfolios that have a wide variety in industry, geography, and stage—all from our own two- or three-person team per fund. Actually, 18 funds with three people per fund means we’re over 40 investment professionals that are out looking for transactions that may end up in the Chestnut Street Ventures portfolio.

  So roughly half the portfolio comes from our own efforts, but the other half comes from the efforts of our sibling funds. This connection to Alumni Ventures is quite important to how we’re able to operate. We’re not just an individual fund that you’re investing in or being part of—it’s a network that really has some significant value.

  As I referenced earlier, we have 50 full-time investment professionals who are based in venture capital hubs. Each of us is assigned to one of the Alumni Ventures funds. We have offices in San Francisco, New York, Boston, Chicago, and Austin. And then we have that corporate staff—most of those folks are based in Manchester, New Hampshire—but it’s over 75 people providing all the shared services we need to operate.

  Collectively, we have over 550,000 subscribers and community members across our entire network. Those folks help bring in deals, they’re available for consultation, and they can sometimes help our portfolio companies. As a whole, Alumni Ventures across our network was the most active venture capital firm in the U.S. in terms of number of deals in the year 2020. So we see a lot, and we get a lot of deals done. For the type of portfolios we’re putting together, that’s really an essential quality to have—and one that we possess, and that’s recognized by PitchBook, which is the data provider for the industry.

  Some key terms that are good to be aware of if you’re planning to invest with us or considering it: What kind of portfolio are you going to be getting? It’s going to be a portfolio of 20–30 investments. These are 10-year funds. As I noted, those 20 to 30 are diversified along a number of dimensions.

  The investment range that we accept into our funds—our funds tend to be $5 to $15 million in size across our whole network. Chestnut Street is around $10 million in size. But the investment range for individuals within one of those funds—the minimum is $50,000 and the maximum that we will accept is $2 million.

  These are 10-year funds, as I noted, with an investment period—or at least an initial investment period—where we make those 20 to 30 investments in roughly 12 to 18 months. We do reserve some of the capital, roughly 20%, for the ability to do follow-on investments into the most promising companies within those portfolios and chase our winners. Net-net, after three years, all of the capital will be deployed.

  In terms of the way our fee structure works: fees are built into your capital commitment to the fund. If you’re investing $100,000 into one of our funds, that includes the management fee component, which is a 2% fee over a 10-year term. That amount is set aside to cover the fees for the life of the fund. There are no further fees. You won’t be getting any bills. There are no other pass-through fees or anything like that. We invest the balance of that capital into companies.

  And as those companies mature, we pay out the proceeds from any sale or realization to the investors until those investors have received their full capital contribution back—including the management fees. So, if you entrusted us or committed $100,000 to one of our funds, you are first in line to receive all proceeds until you get that $100,000 back.

  Then there’s a profit-sharing arrangement beyond that $100,000. It’s an 80/20 ratio—80% to the investors, 20% to us. That’s essentially how the flow of funds works.

  Some folks have asked me: do I wait until the end of 10 years before there’s a payout from the fund? No. As there are exits, we will be sending checks back to our investors. We expect to see some exits from the growth investments that we make in the first three to five years. But largely, we expect folks will get their capital back in years five to seven, and after year seven is when the profits will start coming out—after the capital’s all been returned in terms of basis.

  How can you invest with us? You can use cash. Or you can use an entity to invest with us—we have folks that invest through trusts or other investment entities that they might set up with friends or family. And finally, you can use retirement to invest with us. This is a popular option for 25% to 30% of our investors, where they take some capital that they have from an old 401(k) or a rollover IRA and put it into what’s known as a self-directed IRA, which allows you to invest on a tax-deferred basis. You do have to set up an account with a provider that is willing to hold private investments. We have a firm we can point you toward, but that’s the only difference from your standard IRA.

  One of the other benefits that we offer investors—some folks want to invest in the funds that we offer, but they also want to do some individual deals, invest alongside us. Those we call syndication opportunities. This is roughly 5% to 10% of our deal volume. These are deals where we have the time and we were able to secure a large enough allocation that we can offer a piece of it to our investor base.

  These aren’t necessarily our best deals—they’re just deals that come out of the deal flow. These are deals that we’re going to be investing significantly in as well, but we were able to get an allocation that goes beyond what we’re able to do out of our committed capital. And we make those opportunities open to our individual investors. We provide the due diligence materials to you. Oftentimes we’re able to offer a webinar with management so you can get a feel for those folks. And you make the decision based on the information we’ve provided. You get a week or 10 days to do so.

  The opportunities fall into roughly two sizes. There are $25,000 minimums if they’re offered across the Alumni Ventures network. Or there are smaller commitments of as little as $10,000 if they’re offered through what we call a Venture Club. These are clubs of investors—Chestnut Street Ventures has one that you’re automatically a member of if you invest in our funds—and you’ll be made specific opportunities available through these syndication offerings. Some of them will be only offered to Chestnut Street Ventures investors, and those have come in at the lower $10,000 minimum.

  If you’re interested in these, you do need to be a current investor in one of our funds. The alumni funds are what generate the deal flow here, so we look for folks who want to take advantage of that deal flow to also be an investor in one of the funds.

  That wraps up most of the formal remarks I hoped to make today. Would love to answer questions for those who have them. We’ve got about 15 to 20 minutes here.

  So the fund—for those who want to know our current fundraising process—we just kicked it off. It was available first to our existing investors. Now we’ve opened it up to the accredited investors within the community, and we’ll be having a targeted closing for this fund in the September–October timeframe. So you do have time to set up a call—we encourage you to do that if you have an interest. Review the materials and still make a fully informed decision well in advance of the targeted closing date.

  In terms of our deal flow—well, we touched on the types of deals we’re able to access, but we didn’t necessarily go into a lot of the detail. So happy to take you through that.

  The main way in which we find the opportunities is approaching founders and companies directly as members of the alumni community. We do it on the basis of, “We’re fellow Penn alums who want to back you and your company and learn more about what you’re doing.” Most CEOs and founders are very receptive to that approach.

  We then pitch our value as an investor in terms of our network and ability to add value there. But also that we’re looking to take a small portion of the deal—we’re not going to look to be on your board and renegotiate the terms of investment. We’re going to work with you and your lead investor in a very seamless and frictionless manner. We find that’s quite appealing.

  We are gaining more deal flow as we grow and become more recognized within the venture capital industry from folks that we have co-invested alongside. At this point in time, we’ve done probably 600 deals across all of our funds at Alumni Ventures since our founding. That creates a number of relationships where we’ve had good experiences—and vice versa—with lead investors, and they invite us into their rounds, or they certainly make us aware of those rounds that they’re investing in and want us to be part of.

  
  So those are the two main ways in which we get in. And it really just emphasizes the power of the network that we operate in and the advantages that it creates in our investment process.

  A question came in around performance. We have not gone through a full 10-year cycle with any of our funds, so we can’t give you cash-in, cash-out for a full fund cycle. But our oldest fund—Chestnut Street Fund I—is performing quite well. That was a portfolio of 20 companies, and we’ve had three realized exits and three exits that are pending out of that portfolio. So out of six out of the 20 companies in roughly three and a half years, we’ve had an outcome—some very nice outcomes as part of that.

  Most notably was a company that we exited at the end of 2020 for a 6x return on our investment. So that was probably the highlight of the portfolio so far. But there are 14 more companies in that portfolio. Two have had down rounds of financing, but the balance of the companies have had up rounds of financing and increased in value.

  So the overall value that we’re currently carrying on our books is at 2x invested capital, and we still have six and a half years to go on that particular fund. Happy to go into more detail on a phone call if someone wants to drill down a little bit more on that. But that’s, I think, the best sample that I can cover in this forum.

  In terms of reporting—that’s a good question. A lot of folks want to understand how they’ll know what’s going on in their portfolio. For tax reporting, you’ll get a K-1 annually. In addition to that, we have an online investment portal that shows you the composition of your portfolio and the carrying value of each of the positions.

  As we’re building the portfolio, you will see companies being added to that portal and how much capital is invested. Then over time, you’ll see the change in value. If a company raises capital from new investors at a higher valuation than we were in at, we’ll reflect that in their carrying value. Or, if it happens to be the case where they raise money at a lower value, or the company fails, that’ll also be recorded there. When we have realized exits, we put those data points under the “Realized Outcomes” section.

  In between, we also have twice-a-year letters to our investors that provide the reporting you’d see in the portal. You’ll also see a one- or two-page investor letter that highlights some of the goings-on in the portfolio. It could be exits, new rounds of financing at higher valuations, or—if there’s been a negative outcome—we’ll try to provide some context on that as well.

  There was a question about when we launched Fund I, which was the fund I referenced earlier. That was our 2017 vehicle. We’ve raised an annual fund starting with that 2017 vehicle, and we’re now in 2021 raising Fund V.

  We are not a lead investor—that was a question about our investment process. We are always a co-investor. We’re not pre-setting price or terms. We are a price-and-terms taker. If we like the company but don’t like the price and terms it’s offered at, we’ll simply say no and move on. That’s one of our promises to both founders and lead investors—we’ll give you a quick answer. If we’re out, we’re out. And we can turn around our work in a few weeks and give you a response if it’s something we do intend to pursue.

  We are always part of a syndicate as a result. And in our deal evaluation process, one of the key things that we look for is: who’s leading the deal? We are generalists here. We’re investing in the kind of broad portfolio I took you through earlier. I can’t be—myself and my team won’t be—the expert on each of those industry sectors or stages of company development. We’re certainly experienced venture capitalists and know quite a bit about these things, but we do rely on firms that are specialists in either the stage or industry. That’s who we’re looking to follow, and we look very closely at what their track record is. We want to follow the smart money into every deal we do. That’s a key, important piece of our deal evaluation process. We try to be very disciplined about it, and in fact have a framework or scorecard that we use. The lead investor is a key element of that.

  In terms of who can invest—you don’t have to be a U.S. citizen. We do have an offshore investment vehicle. We have a number of investors who come from overseas. All of our alumni funds are tied to international universities with alumni bases all over the world, and we do get investment from folks who are not based in the U.S. or U.S. citizens. We have an offshore investment vehicle that those folks can use to simplify their tax reporting within their own tax jurisdictions.

  I guess the question is coming up again—do Chestnut Street Ventures and/or Alumni Ventures ever lead transactions and therefore set the terms? No, we don’t. We have a limit to how large we can be as part of a financing round—that tends to be 15% of a financing round at the top. So if a company is raising $10 million, we’re not going to be providing more than $1.5 million.

  Typically, the lead investor is taking half the round—in some cases more. So those are the folks we’re following in the investment. They’re the ones who are going to represent our round on the board of directors and have most of the voting power within our round. That’s one reason why we’re very selective about who we choose to follow.

  The reasons why we don’t lead: if we were a lead investor, we’d be taking on the fiduciary responsibility of being a board member. That would exclude us from other opportunities in companies that may or may not be competitors throughout the Alumni Ventures network. So, operating at the volume of transactions we want to do—building out these broad and deep portfolios with lots of companies—we can’t be restricted by having potential conflicts. So we don’t put ourselves in a position where we have those conflicts. That’s the rationale for operating the way we do.

  I touched earlier on the concept of reserves. The question here: do we reserve funds for follow-on investments? I’d say it’s sort of a combination of yes and no.

  Yes, in the fact that each individual fund reserves about 20% of its capital for making follow-on investments into companies that are in that portfolio. So Fund I, or let’s say our 2021 fund—20% of the capital. If there are 20 companies in there, we’ll try to invest that capital in the most promising five to ten investments that come out of that initial set of investments we make in that portfolio.

  What we sometimes do is, if we already have significant exposure in a given fund to a given company, we’ll invest out of our next fund in that company if we still think it’s an attractive opportunity at the new price and terms that it’s being offered.

  So we leverage our insight into a given portfolio to understand how a company’s performing. We use the reserve dollars—we prioritize the use of those reserve dollars if we make an additional investment into a company. But we also use those companies from a prior portfolio as a feeder into subsequent portfolios. As a company matures, it allows us to continue to benefit from its growth and our position within the company.

  We look to get pro-rata investment rights, which give us the right to continue to invest in a company. We generally exhaust those rights out of the fund that made the initial investment, but we sometimes also invest out of subsequent funds.

  That’s one of the advantages of folks investing with us over multiple funds—we can lean into our winners not just out of the fund that did the initial deal, but also potentially out of subsequent funds.

  
  Burrow is the best example of that—I touched on it earlier. Burrow was a seed investment in Chestnut Street Fund One. We invested again in Chestnut Street Fund Three, and then we did another investment out of Chestnut Street Fund Four. We invested in Fund Four, not Fund Three’s reserves, because Fund Three already had a significant exposure. We felt a large enough exposure in Burrow, and we therefore felt we would invest in Fund Four with the new round of financing.

  That’s a pattern that we do repeat, but we do limit the overlap between any two of our fund vehicles. So that it’s maybe three to four companies that might be between Fund Three, Fund Four, or Fund Five—any individual fund.

  The target for this fund—this is targeted to be our largest fund yet, around $10 million. Our Fund Four was a little under $9 million. We’ve had significant, steady growth in our fund sizes, starting with Fund One all the way up to where we are today.

  Fund One was our smallest, starting at around $3 million. Then it went to the $6–$7 million range in Fund Two and Three. Almost $9 million in Fund Four. And we expect to be $10 million-plus for Fund Five.

  Our funds are only open to accredited investors. I think I referenced that earlier, but some folks may be wondering: what is an accredited investor? You can qualify in a couple of ways—either by income or by net worth. You don’t have to qualify in both dimensions, although frequently people do.

  I believe the current thresholds are $200,000 of income for the last two years and this year’s projection for an individual. It’s $300,000 for a couple. And if you’re qualifying with net worth, it’s $1 million of net worth excluding your primary residence.

  So folks that are maybe earlier in their careers may qualify on income. Folks who are maybe retired would qualify more likely on net worth. And folks who have accumulated wealth and are still working may qualify on both. But again, you don’t need to qualify on both dimensions—frequently people do.

  That is something to be aware of: you do need to be an accredited investor. And it’s not something where the government—you don’t submit anything to the SEC to get them to accredit you. You submit documentation to us, or have a financial advisor or a tax preparer certify that you are an accredited investor. We can accept that as well. We have to make a good faith effort to verify that you are an accredited investor. That’s how the process works.

  I think we have time for a few more questions if folks have them.

  Repeating the deadline: we are targeting a September–October close. So we will look to collect all the commitments by that time and then the capital shortly thereafter.

  Investing with us is a pretty straightforward process. There is a subscription agreement—a legal document that you should review. You can sign that electronically. All of this activity can take place through our online investor portal. So you can review the legal documents, execute them with DocuSign, provide us the documentation that you are an accredited investor, and we can accept your investment.

  Then finally, the transfer of funds—if it’s being done by check or wire, that’s pretty straightforward. If you don’t currently have a self-directed IRA, you may need to set up a new self-directed IRA and an account with a provider that will hold private assets. That process can take an extra week or so compared to investing with cash.

  But again, it’s a fairly straight and simple process and can be done relatively quickly—all through our online portal.

  We have our Investor Relations team—Catherine, who’s running our webinar today, is one of our team members—and they can answer any questions you have about the accreditation process, investing with IRAs, or any elements of either the documentation or the investment process. They can help you with that. So it’s a real white-glove process, and I’m sure you’ll be satisfied if you choose to move forward.

  Wrapping things up now—we’re scheduled through 2:45, so just running up on the last few minutes here. I would encourage you to reach out and schedule a call with us if you’re looking to learn more. You can book a call with myself or one of the senior partners.

  Or, if you’ve heard enough and you’re ready to invest, you can initiate the process as well through our online portal. We’d love to hear from you, answer any questions you have about our firm and the process of investing with us.

  If we have a call and you have follow-up questions, you can set up another call, or ask any questions via email. We want to make sure this is a decision you’re comfortable with and that you move forward with eyes wide open. It’s a new asset class to a lot of folks, but we think it’s one that’s well worth investing in and learning more about—and we’re here to help you do that.

  Thanks everyone for your time today. I look forward to hearing from all of you, and thank you again for joining us. We will be sending out a message afterward thanking you for joining us, with the recording of this. We’d love to hear any comments about the webinar and how beneficial you found it.

  Alright, thanks everyone. Appreciate your time today.