Episode 4, published December 2, 2025
Why Investing in Private Funds Is So Painful (And How to Fix It) w/ Tim Andrews
What keeps you going when your house is on the line? Tim Andrews faced that when he spun Sonata One out with 15 people in 2020. Today it's 150 people building a passport for private fund investors. In our conversation, he explains: • One Passport: Investors answer securities law, KYC and tax questions once, like TSA PreCheck at the airport. • Why Private Funds Outperform: He points to two structural factors, "asymmetry of information" and "asymmetry of control." • Values That Cost Money: He's made calls that cost Sonata One money because they fit the company's values. • Never Give Up: Know your market, pair technology with service, and be ready to change as the company grows.
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