It's time to rebrand. Forget about venture capital. Let alone venture building. It's just "trend capital" these days! Y Combinator has no less than 59 generative ai startups in it's W23 batch. Go figure...

Anyone accountable for this? Seriously...

StepStone VC’s John Avirett was recently featured on an episode of The Allocate Podcast to discuss the evolution of the secondaries market, from its history to the current landscape. Thanks to samir kaji for hosting! Full episode: bit.ly/3YINR5F #VCsecondaries

More and more of these are coming. Buckle up! 🚀✨

The kind of transaction you'll see increasingly happening in 2023... And 2024!

It'd been 5 years since this article was first published and it has never been more accurate! pitchbook.com/news/articles/…

Did you know you can build your website with systeme.io? There are actually two ways to do this! Let's break them down! 👇

On voudrait faussement nous faire croire que la France est coupée en 3 alors qu'elle se divise en deux : 👇🏻 - ceux qui partent en vacances un mois ("vous comprenez y'a les JO"), et - ceux qui saisissent l'opportunité !

I just published How Venture Secondaries Are Becoming a Real Market medium.com/play-fast-and-…

𝐘𝐨𝐮 𝐭𝐡𝐨𝐮𝐠𝐡𝐭 𝐖𝐚𝐥𝐥 𝐒𝐭𝐫𝐞𝐞𝐭 𝐰𝐚𝐬 𝐞𝐧𝐭𝐞𝐫𝐢𝐧𝐠 𝐯𝐞𝐧𝐭𝐮𝐫𝐞? 𝐈𝐭’𝐬 𝐫𝐞𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐬𝐲𝐬𝐭𝐞𝐦 𝐛𝐞𝐧𝐞𝐚𝐭𝐡 𝐢𝐭.⁣ It is assembling the Private-Markets Operating System through which venture, liquidity, and leverage will circulate.⁣

Don’t miss my latest article on Substack on how “Wall Street is rebuilding the infrastructure of private capital”. open.substack.com/pub/venturesec…

Liquidity is the new leverage. Control of liquidity is control of the system. And Wall Street has just claimed it.

The way institutional investors access tech investments has drastically changed. Ten years ago, if you wanted exposure to innovation, you had to back a VC fund. Today, you can buy pre-IPO shares directly on the secondary market. The gatekeepers didn’t fall they multiplied.

As a VC, I used to think waiting for a bigger exit was a sign of conviction. It’s often a sign of fear. Founders delay liquidity because they’re afraid of what it says about them: that cashing out means “giving up.” But liquidity isn’t surrender. It’s strategic continuity.

Liquidity in venture capital isn’t surrender. It’s strategic continuity. It gives you optionality, composure, and the power to choose your next game.

Employee liquidity isn’t a perk. It’s a retention mechanism. Leading companies now use structured tenders to recycle capital internally and keep top talent. In venture-backed tech, liquidity is becoming HR policy. open.substack.com/pub/venturesec…

For fifty years, we were told the computer would set us free. Looking back, I’m not sure it did. It may have quietly enslaved us instead. But rejoice and stand up. Things are about to change: The Silicon Genie is Back in the Bottle open.substack.com/pub/sideletter…

Alpha is in the "Outliers". This chart reflects a fascinating "second wave" of AI adoption. Yet, what’s interesting here is that private markets saw it coming before anyone else. That’s what makes the strength of the secondary market, not the discounts.

Alpha is in the "Outliers". This chart reflects a fascinating "second wave" of AI adoption. Yet, what’s interesting here is that private markets saw it coming before anyone else. That’s what makes the strength of the secondary market, not the discounts.

The best late-stage opportunities are usually not the most visible ones. There are 1,345 unicorns in the CB Insights tracker, but value is concentrated in a few names at the top. That leaves a much bigger set of strong businesses that the market hasn’t crowded into yet.