How does Semper view calls, puts and synthetic derivatives for private stock, and is there demand for these products?

To be honest, with the populations that we're speaking to, not so much. That’s because though we only work with professional investors, they’re typically in the early stages of their venture investing journey . They might have done a couple LP investments in VC funds, but usually they'll have made at most a handful of direct investments. So, they're still pretty far, from what I've seen, from demanding that. 

Once we start transacting on larger blocks with professionals of the venture asset class or very sophisticated hedge funds, then maybe that'll emerge more often as funds look for ways to hedge some of their positions.