Secondary markets now drive VC liquidity as IPOs stall; outcomes diverge by sector, pricing discipline, and readiness.

Secondaries are breaking into the mainstream.

The lack of exit options including M&A and initial public offerings is pushing corporate investors to sell VC assets in the growing secondary market.

Public market dislocation will affect all investors, VC included. But VC investors have better prospects to survive, and to exit via secondaries, than any

The data is in on 2024 secondaries. What does it mean for your liquidity options?

IPOs (and M&A) may not be the liquidity solution. Secondaries and tenders might be.

Secondary transactions are ripping. Here’s what it means for institutional VC investors.

CVCs have repeatedly been washed out by liquidity crunches. The difference now: new liquidity options.

For your PE and VC investments, you’re writing checks, but you’re not cashing them. You want liquidity. But how?

The awkwardly named strip sale is an increasingly popular option for CVCs who want to generate liquidity from their portfolio, while keeping their upside

Empirically, CVC portfolios perform better than “regular” VCs in some key measures. That’s why investors are increasingly buying in.

Two common myths about your next investment.

The term “unicorn” was coined only 11 years ago. Fast-forward to 2024 and we can learn a lot about the future of VC.

Software is the bellwether for VC. How’s it doing? (Bonus discussion for your next cocktail parties: inverted yield curves.)

There are very good reasons to feel very bad about the outlook for VC and PE. Should we?

Signs are everywhere that VC is in for a world of hurt. But, this isn’t the first time we’re being told we’re in a

Improbably, Microsoft emerged from the high speed train wreck at OpenAI in a much stronger position. But Microsoft dodged a $13 billion cannonball.

We were once aggressively pitched to invest in a sports beverage firm. The frontman was a twitchy but smooth-talking CEO from Newport Beach.

The last three quarters have been rough for VC. Very rough. Are corporate venture arms heading for the door?

We noted last month that IPOs are back – but that we shouldn’t get excited. Yes, the IPO window has opened.

Hidden in the euphoria: there may be a time bomb ticking for the broader VC market.

Of course not. But wait. It’s more complicated. You already invested. You wrote a check with high hopes.

It’s great advice for writers. Mercilessly analyze what you’ve written. And be willing to kill your darlings the prose you fell in love with.

The market is improving. But the environment remains tough And deal terms are getting tougher.

Yes, there are bright spots. Yes, 2021 was by all accounts a batsh*t year of massive volumes and massive valuations.

Institutional LPs engage us on their VC and PE portfolios to support them in three ways. But they mostly come down to counting peas.

We’re wildly, exuberantly irrational organisms. That’s true in our lives generally. In investing specifically, we’re even worse.

Is Microsoft nuts? They violated every convention of VC deal-making by investing $10B in OpenAI.

We made the case just a month ago that clickbait stories warning of a crippling recession that would hammer.

Recession has been a month away, for the last 18 months. How should we think about that as private market investors?