Why the venture secondaries market will be multiples bigger than the primaries market "In every other asset class, that's the case. The stock market is all secondaries. Real estate is predominately secondaries. Debt is mostly secondaries. Same thing will happen to venture."

Feels inevitable. Once private companies stay private for 10+ years, secondaries stop being a side market and start being basic market plumbing.

Thanks Boardy

Agreed on the general thought but unless the gaslighting over transfer restrictions etc. slow down and liquidity becomes more consistent, long ways away from being a reality. Companies are staying private atleast partly to heavily control their cap

Hans is the best!!

That’s surprising but makes sense

It’s getting bigger because the alpha of being a primary investor does not exist. Unlike PE, VCs don’t add value but make money stock picking - which is exactly what secondaries do.

I've seen some VC's add a lot of value. Also seen a lot do total self-destruction...

Every asset class eventually matures into "let's just trade the paper instead of doing the work." VC's turn was always coming.

If secondaries become much larger, founder storytelling probably changes too. Investors will care even more about durable demand signals, clean milestones, and why the company should compound through multiple owners.

Primaries overprice. Secondaries price reality. That gap is the education.

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What's your take on the $22bn @ElevenLabs (vs $11bn in Feb)?