{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Augment Exchange","title":"How Venture Services Actually Works | Andrew Ryan, Alex. Brown Raymond James","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/a2352986\"></iframe>","width":"100%","height":180,"duration":5202,"description":"The better Andrew Ryan's team got at their job, the less money they made. He has spent 25 years in venture services, where two-week deliveries and a broken process were simply assumed. He kept fixing it anyway. The venture services episode: how shares move from funds into LPs' hands, and what rebuilding capital formation would take.\n\nIn this episode, Max sits down with Andrew Ryan, Managing Director of the Venture Capital Services Group at Alex. Brown, a division of Raymond James. They discuss:\n\n• Distributions in kind: SpaceX's rolling lockup, SPVs vs. VC discretion, and why the IPO isn't your event\n• The two-week myth: physical certificates, Hurricane Sandy, and same-day delivery\n• A business done for free: trading net, the case for fees, and the problem with indirect pay\n• Lockups, SPACs, and direct listings: what each solved and what each missed\n• The rebuild: a capital formation ladder, connected ATSs, and markets as a geopolitical asset\n\nABOUT THE GUEST\nAndrew Ryan is a Managing Director at Alex. Brown, a division of Raymond James, leading its Venture Capital Services Group. He started at Robertson Stephens in 2001, spent eight years at Jefferies, ran Deutsche Bank's venture capital services team, and joined Alex. Brown in 2016.\nLinkedIn: https://www.linkedin.com/in/andrewlryanabvcs/\nCompany: alexbrown.com\n\nOUTLINE\n(00:00) What venture services actually does \n(11:35) Certificates and Hurricane Sandy \n(13:44) SpaceX lockups and distributions in kind \n(21:19) Delivery instructions, same-day stock \n(26:52) An eight-year sales cycle \n(32:58) Fixing inefficiencies, not exploiting \n(39:03) Lockups, SPACs, and direct listings \n(48:52) The right wrapper for private markets \n(58:53) A geopolitical asset \n(1:11:20) Advice for the newly liquid \n(1:23:25) Legacy: changing Wall Street \n\nMENTIONED IN THIS EPISODE\nAlex. Brown. Raymond James. Robertson Stephens. Jefferies. SpaceX. Uber. Fidelity. Anthropic.\n\nFOLLOW\nMax Melmed on LinkedIn: linkedin.com/in/max-melmed\nThe...","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}