The Move to a Fully Digitized World and How it Affects Us
EXPONENTIAL TECHNOLOGIES THE FIFTH ERA
DIGITAL ECONOMY - NEXT PHASE PAST TWENTY YEARS Connectivity Accessibility Interactivity Flexibility Scaleability
GREATEST WEALTH CREATION EVER - POPULATION GLOBAL PROFIT X - GDP PER CAPITA POOLS IN FLUX - GLOBALIZATION
WORLD’S MOST VALUABLE COMPANIES
US’S RICHEST PEOPLE 1. Bill Gates 14. Steve Balmer 2. Warren Buffett 15. Sheldon Adelson 3. Jeff Bezos 16. Jacquelin Mars 4. Mark Zuckerberg 17. John Mars 5. Larry Ellison 18. George Soros 6. Michael Bloomberg 19. Phil Knight 7. Charles Koch 20. Michael Dell 8. David H. Koch 21. Laurene Powell Jobs 9. Larry Page 22. Len Blavatnik 10. Sergey Brin 23. Paul Allen 11. S. Robson Walton 24. Charles Ergen 12. Jim Walton 25. Carl Icahn 13. Alice Walton 68% FIRST GEN, 72% TECH, 88% GLOBAL
HIGHEST RETURNING ASSETS ANNUAL RETURNS OVER 25 YEARS (%) Barclays Govt Bond Index 3% S&P 500 10% Nasdaq Composite 11% Late Stage VC Index 12% US VC Index 24% Early Stage VC Index 32%
US ACCREDITED HOUSEHOLD PARTICIPATION MORE THAN 97.5% ON SIDELINES
WEIGHT OF INERTIA: 1. INDUSTRY 2. INTERESTS 3. NO ACCESS & MISINFORMATION
FIXING THE INTERNET “The Web as I envisaged it – we have not seen it yet. The future is still so much bigger than the past” Sir Tim Berners-Lee, Christ Church, Oxford
DIGITAL ECONOMY - NEXT PHASE TODAY’ ISSUES PAST TWENTY YEARS Connectivity Concentrated Accessibility Insecure Interactivity Opaque Flexibility Old World Payments Scaleability Old World Assets
BLOCKCHAIN THE FIFTH ERA
BLOCKCHAIN VS CRYPTOASSETS VS ICO’S What is Blockchain? What are Cryptoassets? What is an ICO? A blockchain is an open, Any form of asset that only An initial offering of distributed ledger that can exists digitally, that usually a cryptoasset to the public – a form of record transactions has no central issuing or between two parties regulating authority but technology enabled efficiently and in a verifiable instead uses a crowdfunding and permanent way decentralized system.
MOIP “The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the internet you can transfer funds from A to B, without A knowing B or B knowing A.” Milton Friedman, 1999 Source: Pantera Capital
DIGITAL ECONOMY - NEXT PHASE TODAY’ ISSUES PAST TWENTY YEARS NEXT TWENTY YEARS Connectivity Concentrated Distributed Accessibility Insecure Secure Interactivity Opaque Public Digital Payments Flexibility Old World Payments Scaleability Old World Assets Digital Assets
MOST ACTIVE VENTURE INVESTORS Entity 2017 Investments Keiretsu 139 New Enterprise Associates 137 Accel 112 500 Startups 104 Y Combinator 92 Google Ventures 81 Kleiner Perkins 72 Bessemer Ventures 69 Greycroft 65 Sequoia Capital 62 Source: Pitchbook, 2017
KEIRETSU CAPITAL FAMILY OF FUNDS Deployment Date Investments Co-Investment Fund I Nov 2014 (Closed) 42 Co-Investment Fund II Dec 2015 (Closed) 44 Co-Investment Fund III Dec 2017 (Closed) 39 Real Estate Fund I April 2016 (Open) 15 Co-Investment Fund IV Oct 2018 (Open) 0 Blockchain Fund of Funds 2018 (Open) 8-10 Funds
Keiretsu Blockchain Fund Of Funds • Blockchain Fund of Funds • Not Crypto/ICO focused • Max 99 investors • $7m/55 investors to date • Allocations to 8 leaders • 1% & 10% fee structure * 1kx and Fabric in process
BCP, FPV, PANTERA SELECTED INVESTMENTS
MATTHEW C. LE MERLE mlemerle@fifthera.com 415 994 4320
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