Book says let sleeping dogs lie here.
Don't amplify and it'll blow over. These things have a way of sneaky fucking with your reputation though.
First things first, I love Anduril, and I love Matt's ongoing "call out SPV sleazeballs" series, particularly when I'm not the target of it. I had a lot of fun writing that deep dive on Anduril with the company, and have held them up as the Prime example of a Vertical Integrator.
Also, [leo clip] i'm not fucking selling. I wouldn't and didn't "sell a slice of my SPV to USVC."
USVC told me another fund had offered their LPs liquidity via USVC (directly to LPs, not GP selling a slice), that the company was aware and approved, and asked if they could offer the same thing to mine. I said yes. Should have confirmed that the company was cool with it, but a couple of texts was the extent of it.
One (1) LP hit the bid and so USVC replaced them in the SPV. They did the transaction directly. I didn't sell anything - whether Anduril shares, management, or carry. I made $0 on this.
Matt said they had no visibility on my fees and carry: 0 and 20, direct investment, not stacked, pretty vanilla.
Again, love Anduril, and even love this crusade, but funds letting new investors buy out LPs who want liquidity is super common, don't require the approval of every company in the fund's portfolio, and i'm sure some funds invested in Anduril have let their LPs sell their LP stakes in the fund to new investors.
Should Ankur have tweeted about it? God no. Poked the bear, sliced our hand and put it into the water next to Jaws. Tweeting about Anduril SPVs is like saying "Beetlejuice Beetlejuice Beetlejuice" into the mirror but you get Matt Grimm instead of Beetlejuice.
Anyway, long Anduril, pry my shares from my cold dead fingers, etc... thank you for your attention to this matter.
What appears to have happened is that @packyM's Not Boring raised an SPV that we brought into a round a couple years ago. We had spent some time with Packy, gotten to know each other a bit, and he wrote a long deep dive about Anduril and our M&A strategy.
Knowing what we know now, we clearly should not have taken an investment from Not Boring. Future founders, be careful! Might not want to trust Packy and his Not Boring entities.
Packy, for unclear reasons, sold a slice of his SPV to USVC. USVC owns a slice of Packy's entity. We have no visibility or info about Packy's fees or carry, but we do know that entity has not transacted or transferred any of the shares they bought.
