Frank Sands Jr., founder and CEO of Sands Capital.
Dozens of investment funds that bet on mature startups before the Federal Reserve hiked interest rates in early 2022 got creamed. Not Sands Capital, which began investing in public stocks 33 years ago but decided to get into startup investing in 2014.
The reason: The firm’s biggest late-stage private tech fund paused making investments in new startups in August 2021, after its managers felt founders were seeking valuations that were far too rich, and it didn’t resume them until March 2023.
