The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: The 10 Question Framework a $217BN Manager Uses to Make Investment Decisions | Lessons from Turning Down Stripe, Coinbase and Losing Money on Northvault | The Bull Case for Bytedance | How Anduril Could Be a $200BN Company with Peter Singlehurst
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Mar 19, 2025 
Peter Singlehurst, Head of Private Companies at Baillie Gifford, shares insights from his extensive experience in private investments. He discusses the 10 crucial questions that guide their investment decisions and why they passed on opportunities like Stripe and Coinbase. Singlehurst outlines the exceptional growth potential for companies like Anduril, exploring how it could become a $200 billion powerhouse. He also contrasts the dynamics of public vs. private investments and the shifting landscape of venture capital, especially in the tech sector.
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10-Question Framework
- Baillie Gifford uses a 10-question framework focusing on growth, competitive advantage, culture, and financials.
- They prefer founder-led businesses and look for 5x upside potential.
ByteDance Bet
- Many consider Baillie Gifford foolish for holding ByteDance.
- Despite potential TikTok ban, their Chinese business model offers substantial returns.
Staying Private Longer
- Staying private allows for better business building due to increased focus and less public scrutiny.
- Going public can be advantageous for liquidity, acquisitions, and regulation.
