Investing in Venture Secondaries

Today, we are covering the increasingly thematic market of venture secondaries. My guest is Ravi Viswanathan, founder and managing partner of NewView Capital. 

We cover some of the basics around these transactions because so much of private markets are bespoke. And while Ravi confirmed that the bespoke nature makes each individual secondary deal unique, there are consistencies in terms of how they approach the opportunity. 

We discuss the various players in the market and their motivations for buying and selling, whether they are VC sellers, founders, employee sellers, or VC buyers. Ravi lays out the structural dynamics that are likely to make this a larger market well into the future. Please enjoy this Breakdown of venture secondaries. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Show Notes

(00:00:00) Introduction to Secondary Transactions in Private Markets

(00:08:43) Understanding the Basics of Secondary Transactions

(00:10:28) Evolution and Growth of Venture Secondaries

(00:13:12) Impact of Market Dynamics on Secondary Transactions

(00:15:20) Pricing and Valuation in Secondary Markets

(00:18:47) Challenges and Strategies in Secondary Transactions

(00:28:25) Market Trends and Future Outlook

(00:33:30) Venture Sponsor to Sponsor Transactions

(00:34:05) Buyer Mentality and Exit Strategies

(00:35:39) IPO Market and Valuation Trends

(00:38:09) Focus on Growth and Profitability

(00:40:04) Strategic Exits and Market Dynamics

(00:49:48) Risk Dynamics and Market Competition

(00:55:44) Key Lessons and Future of Venture Capital