Welcome to the final issue of The Exchange! With TechCrunch+ coming to an end this month, The Exchange column and newsletter are also wrapping up. We appreciate your readership, emails, tweets, and support over the years.
P.S. A special thank you to Anna for her exceptional work as the lead author of this newsletter. She has been instrumental in shaping the content.
Today on The Exchange, we explore continuation funds, revisit some of our favorite historical articles from The Exchange, and discuss the exciting topics we plan to cover for the rest of the year! — Alex
Continuation Funds
Continuation funds have been a hot topic in the venture capital world lately. VC Roger Ehrenberg recently highlighted their importance on the 20VC podcast.
For those unfamiliar, a definition from The FT explains that continuation funds provide liquidity by allowing VC firms to transfer assets from old funds to a new vehicle, benefiting limited partners looking to roll over investments or exit.
The current environment, with portfolios filled with unrealized value and limited exit opportunities, has made continuation funds a popular choice among GPs seeking liquidity.
While continuation funds pose challenges, Ehrenberg believes they offer a viable solution for a wide range of VC firms, not just the larger players in the industry.
Farewell to The Exchange
The Exchange has had a rich history dating back to 2019, evolving from a daily column to a popular weekend newsletter. As we bid farewell, we reflect on the significant impact it has had on TechCrunch+ and its subscribers.
Over the years, The Exchange has covered pivotal moments in the startup world, from the boom of 2020-2022 to the slowdown in funding and exits that followed.
- The $100M ARR Club (December 2019)
- Why is everyone making OKR software? (January 2020)
Looking Ahead
Although The Exchange may be closing its doors, Alex and Anna remain committed to providing insightful coverage on various topics at TechCrunch. From unicorn health to AI hubs, they have exciting plans for the year ahead.
Thank you for being a part of The Exchange community. We are grateful for your support and look forward to sharing more valuable content with you in the future. Onward and upward!
