In this episode of the Ignite Podcast, host Brian Bell sits down with Adrien Gautier, General Partner at Bridgespan VC and Managing Partner at Serra Partners. Adrien shares his unique journey from Zurich, Switzerland, where he studied finance and began his career in banking, to moving to New York during the 2008 financial crisis and pivoting into the startup ecosystem. He recounts how his early experience in consulting for startups eventually led him to co-found Serra Partners, a firm specializing in strategic and financial support for early-stage companies. Over time, the firm expanded beyond fundraising assistance to provide fractional C-level support, helping founders navigate the challenges of scaling.

Adrien discusses his latest venture, Bridgespan VC, a fund specializing in late-stage secondary market investments, particularly in employee stock options. He explains how startup employees often struggle with understanding their equity packages and the financial burden of exercising their options. Through a partnership with EquityBee, Bridgespan helps employees unlock liquidity by funding their stock option exercises in exchange for a share of future upside. This approach also enables Bridgespan to gain exposure to late-stage startups that would typically be inaccessible to new investors. Adrien provides insights into how they evaluate opportunities, including metrics like company valuation multiples, 409A price discounts, and secondary market trends.

The conversation shifts to broader venture capital trends, with Adrien highlighting the thawing of the late-stage market after years of stagnation. He notes that while early-stage investment rounds are still more selective, increased liquidity and lower interest rates are creating better conditions for exits and IPOs. The discussion also touches on the AI investment boom, where Adrien and Brian share skepticism about inflated valuations but acknowledge the long-term transformative potential of AI infrastructure plays. They compare the current AI hype cycle to past trends like blockchain and mobile-first startups, emphasizing the importance of identifying companies with real competitive moats.

Chapters:

Introduction and Guest Overview (00:01 – 00:32)

Adrien’s Journey from Finance to VC (00:32 – 01:21)

From Banking to Helping Startups Scale (01:21 – 02:50)

The Role of Serra Partners in Supporting Founders (02:50 – 03:45)

When Does Serra Engage With Startups? (03:45 – 04:41)

Fundraising Challenges in the Last 3 Years (04:41 – 05:55)

The Late-Stage VC Market is Thawing (05:55 – 06:19)

The Bridgespan VC Thesis & Stock Option Liquidity (06:19 – 07:26)

How Startup Employees Can Access Liquidity (07:26 – 09:49)

Underwriting Startup Options: How It Works (09:49 – 11:16)

How to Evaluate a Startup’s Cap Table & Liquidity Risk (11:16 – 14:36)

The Role of 409A Valuations vs. Last Round Pricing (14:36 – 17:22)

The Risk & Reward of Exercising Startup Equity (17:22 – 18:50)

AI Investment: Hype vs. Reality (18:50 – 19:11)

What Makes a Late-Stage Company IPO-Ready? (19:11 – 21:04)

When Employees Should Sell Their Startup Shares (21:04 – 23:01)

Red Flags in Startup Stock Option Agreements (23:01 – 25:26)

The Secondary Market is Institutionalizing (25:26 – 27:38)

Why Late-Stage VC is a Strong Bet in 2025 (27:38 – 29:59)

Rapid Fire: Career Advice & Startup Investing Wisdom (29:59 – 32:32)

The Rise of AI in VC & Market Trends (32:32 – 34:26)

What’s a Fair Price for Late-Stage AI Companies? (34:26 – 36:41)

Must-Read Books for Founders & Investors (36:41 – 40:03)

Where to Find Adrien & Bridgespan VC (40:03)