Scoop: General Catalyst is considering an IPO

Zoom in: To reiterate, this is preliminary. No bankers, timetable, etc.

• Instead, General Catalyst is in rapid expansion mode — trying to build the sort of diversified, fee-generating asset base that would entice Wall Street analysts to use firms like Blackstone as comps.
• That's meant buying a hospital, launching a wealth management business, forming a strategic tech advisory unit, getting into fund-of-funds investing, and raising $8 billion in new venture capital funds.
• In short, General Catalyst is evolving from a firm into a company.

The big picture: General Catalyst is still very much known for venture capital, but it needn't necessarily be that way forever.

• Blackstone and Apollo both began as leveraged buyout firms, but later focused more in areas like real estate, private credit and insurance.

Behind the scenes: There's been scuttlebutt about Andreessen Horowitz someday wanting to go public, but General Catalyst is further down the long road (and more intentional in its gait).

• There also were reports in late 2023 that General Atlantic was prepping an IPO, although its roots remain more in private equity.
• General Catalyst declined comment, via a spokesperson.

The bottom line: We're not seeing many venture capital portfolio companies go public, so maybe venture capital itself could help fill the void.