{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Augment Exchange","title":"The Rise and Fall of Assure, and the Future of SPVs | Jeremy Neilson, Sally","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/36c1dbb5\"></iframe>","width":"100%","height":180,"duration":3373,"description":"Jeremy Neilson was pushing his child on a swing when AngelList called. The ask, in an Australian accent: can you do funds in bulk? He said yes, and the yes became Assure, the firm that ran over 9,000 SPVs before the great re-pricing of 2022 that halted SPV volume took down the firm. The SPV episode: where the structure came from, what took Assure down, and why Jeremy came back to build Sally.\n\nIn this episode, Max sits down with Jeremy Neilson, founder and CEO of Sally. They discuss:\n\n- The origin: eight SPVs from AngelList, no website, no marketing, and a phone that would not stop ringing\n- From $300,000 and six months to a few days and $8,000: the cost collapse that made SPVs mainstream\n- The whipsaw: 50 employees to 215 to zero, and layoffs chasing a bottom Assure could not catch\n- Four SPVs, over $400 million, 48 hours: the deal that proved what the vehicle could do\n- Sally's bet: pure software, white label, recurring revenue, and every feature in code\n- SPV secondaries: investors trading seats with or without permission, and pre-IPO liquidity\n\nABOUT THE GUEST\nJeremy Neilson is the founder and CEO of Sally, a white-labeled software platform that automates launching and administering SPVs. He ran the State of Utah's $300 million fund of funds for seven years, then co-founded Assure in 2012 and built it into one of the largest SPV administrators before shutting it down in late 2022. Sally is his return to the market he helped create.\nLinkedIn: https://www.linkedin.com/in/jeremyneilson \nCompany: sally.co\n\nOUTLINE\n(00:00) The AngelList cold call\n(02:14) What is an SPV\n(04:08) Eight SPVs to 9,000\n(09:24) SPVs will eat the world\n(16:08) The boom: 50 to 215 employees\n(18:15) Chasing a bottom they could not catch\n(21:10) Shutting down Assure\n(28:17) Sally, the fifth iteration\n(34:43) Four SPVs, $400M, 48 hours\n(39:26) Software, not services\n(47:05) SPVs as the liquidity layer\n(54:04) Why Jeremy said yes\n\nMENTIONED IN THIS EPISODE\nAngelList. Assure. Sally. CapLight....","thumbnail_url":"https://img.transistorcdn.com/DYZOGz7RQWCPG4TKQU1ew9K73TgaWaPxYF0HzZBUo-M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zNjI0/NWE3YWNiOTRjZTFk/YmY2ODg2YzdlMmFm/MTIwNi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}