it's hard to give a general range because it depends on multiple factors (class of shares that you're buying, how the company has performed in the meantime) but I would say that for 50%+ of French unicorns it would be hard to raise an up-round if they had to fundraise today
let's see if France can produce more than 3 'more than 1b' EXIT. on the bright side, we might even double that number soon 😊
it's easy to double when you start from a small number! ;)
Hello Alexandre,
I hope this communique finds you in a moment of stillness. Have huge respect for your work.
We’ve just opened the first door of something we’ve been quietly crafting for years—
A work not meant for markets, but for reflection and memory.
Not designed to perform, but to endure.
It’s called The Silent Treasury.
A place where judgment is kept like firewood: dry, sacred, and meant for long winters.
Where trust, patience, and self-stewardship are treated as capital—more rare, perhaps, than liquidity itself.
This first piece speaks to a quiet truth we’ve long sat with:
Why many modern PE, VC, Hedge, Alt funds, SPAC, and rollups fracture before they truly root.
And what it means to build something meant to be left, not merely exited.
It’s not short. Or viral. But it’s built to last.
And if it speaks to something you’ve always known but rarely seen expressed,
then perhaps this work belongs in your world.
The publication link is enclosed, should you wish to open it.
https://helloin.substack.com/p/built-to-be-left?r=5i8pez
Warmly,
The Silent Treasury
A vault where wisdom echoes in stillness, and eternity breathes.
Love the post! Thanks :)
Good papper with an interesting methodology !
A bit surprised by Algolia ranking - pretty sure they meet some of your criterias - did you have all the data on them ?
Really nice paper ! Thanks Alexandre
thanks man! :)
What do you think the qualified companies are worth on the secondary market? (30-50% discount from the last round?)
it's hard to give a general range because it depends on multiple factors (class of shares that you're buying, how the company has performed in the meantime) but I would say that for 50%+ of French unicorns it would be hard to raise an up-round if they had to fundraise today