Podcasts about Secondaries

Send us a textIn this episode of The Wall Street Skinny, we're back with fan-favorite guest Justin Resnick, Managing Director at Evercore, for a deep dive into the evolving world of private equity secondaries. This follow-on to our original “Secondaries 101” episode goes beyond the basics to explore how LP- and GP-led transactions are shaping today's deal landscape. With volatility still roiling the IPO and M&A markets, secondaries have become a vital tool for investors to unlock liquidity—and Justin walks us through the key innovations and trends driving this $200 billion+ market.We get into everything from the rising use of continuation funds to newer, more complex structures like collateralized fund obligations (CFOs) and subscription lines. Justin explains how these tools are being used strategically by endowments, GPs, and secondary buyers alike, and what it all means for fund liquidity, pricing dynamics, and return profiles. We also discuss why single-asset deals are booming, how secondaries are increasingly attracting retail capital, and why this space is becoming one of the hottest desks to recruit into on Wall Street.Plus, we couldn't ignore the headlines—so we weigh in on the growing tension between banks and private equity firms over early recruiting, Goldman's controversial new loyalty oaths, and what the new on-cycle freeze means for junior talent. Whether you're a student considering a finance career, an investor curious about secondaries, or just trying to make sense of how all the pieces fit together, this episode is packed with insight.For a 14 day FREE Trial of Macabacus, click HEREOur Investment Banking and Private Equity Foundations course is LIVEnow with our M&A course included! Shop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Dave McClure, founder of Practical Venture Capital and co-founder of 500 Startups, dives deep into the growing role of secondaries in venture capital. Dave explains how today's longer startup cycles and liquidity droughts have created opportunities (and confusion) around secondary markets. He breaks down what secondaries actually are, how Practical VC operates, and key trends shaking up the system. With his trademark candor, Dave also shares hard truths for both founders and VCs navigating this next chapter of private markets.In this episode, you'll learn:[03:55] Dave's journey to becoming an investor[06:30] The early evolution of accelerators and why “lots of little bets” took off[09:50] How cloud, open source, and low CAC changed the startup funding game[12:49] Why startup liquidity timelines have doubled—and what that means for founders and LPs[14:56] What secondaries really are (hint: not just one thing)[19:31] Does venture's illiquidity attract the right kind of investors—or just the most patient?[22:06] The discipline of public markets vs. the opacity of private ones[26:37] What Practical VC looks for in a secondary opportunity (and the $50M–$100M revenue rule)[29:14] How Dave screens funds and companies for possible exits[33:37] What's exciting (and worrying) about secondaries, stablecoins, and emerging marketsThe nonprofit organization Dave is passionate about: New StoryAbout Dave McClureDave McClure is the founder of Practical Venture Capital, a firm focused on liquidity through venture secondaries. Previously, he co-founded 500 Startups, one of the world's most active early-stage venture funds. A PayPal alumni and self-described nerd turned investor, Dave has worked across engineering, marketing, and venture roles, investing in hundreds of startups globally. He's known for his honest insights and bold bets on opportunities before they're ‘cool'.About Practical Venture CapitalPractical Venture Capital is a Silicon Valley-based VC secondary firm providing liquidity to GPs, LPs, and founders through targeted secondary investments. Specializing in fund-level and company-level secondaries, Practical VC aims to shorten the venture capital time horizon by backing mature, revenue-generating companies with clear exit paths. The firm focuses on portfolios nearing liquidity and brings a flexible, creative approach to valuation, pricing, and structure.Subscribe to our podcast and stay tuned for our next episode.

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA sits down with Matt Jones, Co-Managing Partner of TPG's North American and European secondaries business, to explore the evolution and growing significance of GP-led secondaries. With over two decades of experience in private markets, Matt brings deep expertise to a complex and rapidly expanding space. He breaks down how GP-led transactions emerged post-financial crisis, why they've become more attractive over time, and how they now serve as strategic tools for high-quality fund managers to retain and build value in their best-performing assets.   The conversation covers key structural features of continuation vehicles, the risk-return advantages of single-asset secondaries, and what makes this market so compelling for investors today. Matt also explains how macroeconomic volatility is shaping pricing and deal flow, and what traits distinguish the most successful players entering this space. For institutional investors, asset managers, and anyone tracking private equity innovation, this discussion offers a practical and insightful look at one of the most dynamic segments in the alternatives landscape.

The whole point of investing is to hopefully get your money back at some point. But what if, as we've seen, the usual routes to doing that are effectively blocked off? Ideally, a VC might want to their startup to go public, welcoming in hundreds of thousands of new investors via an IPO and make their money back, at many multiples, that way. Or they might want a bigger fish to come along and acquire the startup outright at a higher value, providing their returns that way.  But IPO's have been all but dead for a few years now, and despite previous predicitons that this might finally be the year they come back in earnest, that has not been the case. But people still want their money back, so they're turning to the secondaries markets, where they can sell their shares in startups outside the context of a larger liquidity event that is out of their control. Secondaries markets have grown rapidly and continue to do so. Their visibility, and the attitudes towards using them, have also changed such that investors are much more comfortable imbedding them as part of their portfolio management strategies. My guest today is Laurence Levi, partner at VO2 partners, a boutique advisory firm that acts as a broker-dealer for secondaries transactions, as well as a turnkey portfolio management service provider, focusing strongly on corporate VCs. We talk about how the use of secondaries markets have been on an explosive trajectory, and hav been largely destigmatised, whereas it used to be something many might have considered as an outlet for which things are going badly. We touch on how the nature of the markets themselves have changed, whether the power balance between buyers and sellers have shifted amid the increase in activity, and where the trajectory is set to go even if other exit routes come back. We also talk about how startup founders may be feeling about having new shareholders who they never previously envisioned as a result of them buying up shares on the secondaries, how valuations or discounting practices have changed in recent years, and much more. But first, I talk to GCV's Kim Moore about how CVCs are opting to sell off parts of their portfolio's via secondary transactions in order to pivot to AI. The post Secondaries are breaking into the mainstream appeared first on CVC Unplugged.

Liquidity challenges are reshaping the private equity landscape, pushing investors to explore innovative solutions for managing their portfolios. With reduced exit activity, constrained distributions, and a tougher fundraising environment, how can secondaries provide a liquidity lifeline? And what role do GP-led transactions play in driving opportunities for both sponsors and investors?   On this episode of Disruptive Forces, host Anu Rajakumar is joined by Philipp Patschkowski, a Managing Director on Neuberger Berman's Private Equity Secondaries team, to discuss the evolving role of secondaries in private equity. Together, they delve into the rise of GP-led transactions, pricing dynamics, and how secondaries are becoming a core part of the private equity ecosystem.      This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.    This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.    The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.    © 2025 Neuberger Berman Group LLC. All rights reserved.

Holger Seim, Mitgründer von Blinkist, spricht offen über die Learnings nach dem erfolgreichen Exit. Er teilt, warum er früher Secondaries hätte machen sollen, wie stoisches Denken ihm hilft, mit Erfolg umzugehen, und warum echte Freiheit wichtiger ist als Zahlen auf dem Konto. Was du lernst: Warum frühe Secondaries wichtig für mentale Gesundheit und besseres Leadership sind Wie stoische Prinzipien dir helfen, im Moment zu leben und Erfolg richtig einzuordnen Die Balance zwischen Unternehmerdasein und Familienleben ALLES ZU UNICORN BAKERY: https://zez.am/unicornbakery  Mehr zu Holger Seim LinkedIn: https://www.linkedin.com/in/holgerseim/  Blinkist: https://www.blinkist.com/  Join our Founder Tactics Newsletter: 2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach: https://www.tactics.unicornbakery.de/

French fintech Qonto is a rare beast in startup land: it's actually profitable. Founded in 2016, the company provides banking and other financial services to 500,000 small businesses customers across eight European markets, helping them do everything from banking to accountancy, lending, savings, and as of recently, payment terminals.And being in the black gives it plenty of opportunities to expand further, via new product development, acquisitions — and by becoming a fully-licensed bank.In this episode of the Sifted podcast, CEO Alexandre Prot joins Amy to talk about how soon Qonto might apply for a banking licence, how it's using AI to tackle fraud and what lies ahead on the path to an IPO.Key moments:02:30 Acquisition strategy 14:05 Becoming a ban19:24 Secondaries and fundraising plans22:57 IPO?25:37 Challenges ahead 28:14 Fraud and AI35:45 What Alex would do differently building Qonto again 

In this episode, David Cruz e Silva sits down with Joe Schorge, founder of Isomer Capital, one of Europe's most thoughtful and active LPs—backing funds, co-investing with top GPs, and increasingly leaning into secondaries.From deep dives into the maturing European tech ecosystem, to the reality of what “liquidity” means today, Joe shares what it takes to build long-term portfolios and navigate cycles with wisdom (and a little humor).Who should listen:LPs thinking through secondary exposure and portfolio liquidityGPs raising new funds with legacy tailwinds (or baggage)Founders and angels curious about how liquidity really works behind the scenesHere's what's covered:00:00 Meet Joe Schorge & Isomer Capital's model00:31 Why SuperVenture is ground zero for LP/GP dealflow01:30 A New Era of Secondaries: From passive to proactive02:55 "It's not a return until you can buy a beer with it."

Jens Lapinski, Gründer und CEO von Angel Invest, gibt dir Einblicke in seine Erfahrungen als einer der aktivsten Angel-Investoren Europas. Jens und sein Team investieren in 70 Startups pro Jahr und haben bereits über 200 Investments getätigt. Er teilt, wie er Gründerteams bewertet, warum Märkte oft wichtiger als Ideen sind und welche Fehler Gründer vermeiden sollten, wenn sie Investoren überzeugen wollen. Außerdem gibt Jens Einblicke in die Struktur von Angel Invest, die Bedeutung von Secondaries und wie er mit einem langfristigen Plan die europäische Startup-Landschaft prägt. Was du lernst: Wie Angel Invest funktioniert: Warum Angel Invest auf ein großes Portfolio setzt und wie sie jährlich 70 Investments realisieren Die Rolle von Vollzeit- und Teilzeit-Partnern im Entscheidungsprozess Bewertung von Gründern und Märkten: Worauf Jens bei Gründerteams achtet, z. B. Energie, Intelligenz und Teamdynamik Warum Märkte oft entscheidender sind als die ursprüngliche Idee Secondaries und Portfolio-Strategie: Wie Angel Invest Secondaries nutzt, um Fonds frühzeitig zurückzuzahlen Warum nur 5 % der Investments den Großteil der Rendite ausmachen Tipps für Gründer: Warum es wichtig ist, mutig zu sein und Investoren aktiv anzusprechen Die häufigsten Fehler, die Gründer bei der Investorensuche machen, und wie man sie vermeidet ALLES ZU UNICORN BAKERY: https://zez.am/unicornbakery  Mehr zu Jens: LinkedIn: https://www.linkedin.com/in/jenslapinski/  Website: https://angelinvest.ventures/  Join our Founder Tactics Newsletter: 2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach: https://www.tactics.unicornbakery.de/  Kapitel: (00:00:00) Hohe Qualität trotz wöchentlicher Invests (00:03:23) Entscheidungen ohne Signale anderer treffen (00:07:19) Können Teams mit dem Unternehmen/Markt mitwachsen? (00:11:06) Relevanz von Coaching bei Mitgründern (00:17:45) Gründe für Rollenwechsel: Flucht vor Managementaufgaben vs. vom Board aussortiert (00:19:27) Jens' Learnings aus 200+ Invests: Eigenschaften herausragender Gründer (00:28:17) Jens' Framework für Marktanalyse (00:32:18) Warum du Markt & Kunden lieben darfst, deine Lösung aber nicht (00:39:56) Wie behandelt Angel Invest die einzelnen Investments der Partner? Gibt es ein Veto? (00:42:37) Das Partner-Konstrukt von Angel Invest (00:49:32) Wie verändert sich gerade die Startup-Landschaft in Deutschland? (00:52:55) Beeinflusst die hohe Schlagzahl an KI-Firmen die Invests bei Angel Invest? (01:00:49) Secondaries bei Angel Invest (01:05:10) Wann verkauft Jens Positionen? (01:07:31) Jens' Gründer-Red Flags

Send us a text00:00 - Intro00:54 - OpenAI Strikes Defense Deal, Hits $314B in Secondaries01:54 - OpenAI-Microsoft Standoff Over Equity, Revenue, IP, and AGI03:07 - xAI Burns Billions, Seeks $9.3B More Amid $121B Valuation04:13 - Anysphere Doubles Valuation Weeks After Raise05:30 - GENIUS Act Sets Stage for Stablecoin Innovation06:39 - X Builds Financial Tools, Eyes Full-Stack Money Play07:58 - Scale AI Pivots After Losing OpenAI, Potentially Google09:07 - Revolut Builds AI Financial Assistant09:58 - Meta's Safe Superintelligence Acquisition Bid Rejected, Hires CEO

361Firm's Menlo Park Conference - Secondaries Panel led by Anurag ChandraSUMMARY: The 361Firm's Menlo Park Secondaries Panel discussed the evolving venture secondary market, emphasizing its growth and challenges. Key points included the extended liquidity cycles, now averaging 14 years, and the structural issues preventing companies from going public earlier. Panelists highlighted the role of secondary funds in addressing liquidity needs, particularly for smaller funds and employees. They noted the importance of data science in identifying high-potential companies and the need for realistic valuations. The discussion also covered the complexities of secondary transactions, including the impact of SPACs and the potential for tax credits through donor-advised funds.KEYWORDSVenture secondary market, liquidity cycles, private asset classes, practical venture capital, AI impact, technology sector, secondary funds, LP distribution, exit strategies, valuation challenges, data science, late-stage investments, employee liquidity, secondary market growth, investment risks.SPEAKERSAnurag Chandra, Dave McClure (Practical VC, 500 Startups), Raj Gollamudi (One Prime Capital), Lara Druyan (SV Data Capital, Palo Alto), Paul Kang (SFO), Eli Tenenbaum (SFO), Mark Sanor (361Firm), Reg Athwal You can subscribe to various 361 events and content at https://361firm.com/subs. For reference: Web: www.361firm.com/homeOnboard as Investor: https://361.pub/shortdiagOnboard Deals 361: www.361firm.com/onbOnboard as Banker: www.361firm.com/bankersEvents: www.361firm.com/eventsContent: www.youtube.com/361firmWeekly Digests: www.361firm.com/digest

Samir Kaji is the Co-founder and CEO of Allocate.This conversation is a deep dive into the private markets, the evolution of venture capital as an asset class, and how there are now 10x more private investment firms than public companies.We also unpack why 90% of venture funds simply can't raise capital right now, advice for anyone raising a fund today, how to stand out as an emerging manager, why secondaries have become a primary driver of liquidity in venture, and how to navigate SPVs as a GP and LP.We also talk through the AI products they built to evaluate fund managers at Allocate, and how AI is changing venture and company building.A special thanks to Bolt and Warp for supporting this episode.Bolt: Join the world's largest hackathon - up to $1m in prizes. Sign-up here.Warp: Automates payroll, handles multi-state tax compliance, and streamlines international contractor payments, so founders can focus on building, not busywork. Try it here.Timestamps:(5:31) Evolution of the private markets(17:55) VC markets post-2020(21:09) Risk / return profiles of various fund sizes(24:04) Secondaries will drive future venture returns(33:17) Creative ways to return capital(36:27) “Curiosity Revenue” in AI(41:52) Allocate's Beyond Summit(43:42) Samir's AI fund analyzer(46:15) Fintech only 1% of financial services revenue(50:13) Triple-layered SPVs(54:50) Breaking down returns in venture(58:27) How to gauge a fund manager's access(1:00:14) Determining appropriate fund size(1:05:02) 90% of venture funds cannot raise right now(1:09:50) How to raise a fund today(1:15:37) ChatGPT roasts Banana Capital(1:19:56) Traits of the best VCs(1:22:41) Vetting grit, hustle, and obsession(1:31:12) Why using AI is table stakes(1:36:49) Value of podcastsCheck out AllocateThe Peel episode with Eric Vishria Samir's Venture Unlocked PodcastFollow SamirTwitterLinkedInFollow TurnerTwitterLinkedInSubscribe to my newsletter to get every episode + the transcript in your inbox every week.

Let us know what you thought of the episode!New MFM, new detachments, new secondaries, new points, new game!?Support the show

In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ's fund secondaries business, recorded live from NASDAQ's Times Square studio.  The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets.  They dive deep into the complexities of LP transactions, the origins of NASDAQ's platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today. They discuss: * How NASDAQ's acquisition of SecondMarket evolved into a fund secondaries platform * Why secondary LP transactions are more like M&A deals than stock trades * The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals * How NASDAQ's Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity * Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries This episode is essential listening for GPs navigating LP liquidity needs or building next-gen fund structures in private markets. Links: Nasdaq Fund Secondaries - https://www.nasdaq.com/solutions/fund-secondaries Chris Tinsley on LinkedIn - https://www.linkedin.com/in/christoffertinsley/ Rory Mabin on LinkedIn - https://www.linkedin.com/in/rory-mabin-966a1333/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:20) - Introducing Chris Tinsley and Rory Mabin (00:01:45) - NASDAQ's role in private market secondaries (00:02:09) - Chris Tinsley's journey to NASDAQ (00:03:55) - Rory Mabin's background in fund secondaries (00:05:04) - Understanding NASDAQ beyond the exchange (00:06:40) - The origin of NASDAQ's fund secondaries business (00:10:28) - Challenges in fund secondaries transactions (00:17:40) - The role of technology in streamlining processes (00:23:49) - Adapting to investor needs in private markets (00:27:26) - Enhanced liquidity options for limited partnerships (00:31:02) - Understanding Qualified Matching Service (QMS) (00:33:28) - Challenges and solutions in providing liquidity (00:36:52) - The role of technology in liquidity solutions (00:38:03) - Practical implementation of embedded liquidity (00:46:37) - The future of secondary markets and AI integration (00:50:02) - Conclusion and final thoughts

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Fred Pollock, Chief Investment Officer, and Steve McMillan, Head of Credit Research at GCM Grosvenor, for a timely discussion on private credit secondaries. As insurers continue to expand their allocations to private credit, Fred and Steve outline where secondaries fit into the broader $21 trillion private credit market and why they believe this corner of the asset class is poised for long-term growth. They discuss how liquidity, diversification, and discounted entry points can make secondaries particularly attractive especially in today's uncertain macro environment.   The conversation also highlights GCM Grosvenor's differentiated approach, from deep underwriting discipline to leveraging its multi-asset platform for deal flow and risk evaluation. Fred and Steve explain why understanding the entire private credit landscape not just direct lending is essential for delivering alpha and managing downside risk. Whether you're an insurer evaluating secondary strategies or simply seeking market perspective, this episode offers insight into one of the most complex and compelling areas of institutional investing today.

We look at not just 1 player, but whole units, with a few spicy takes.

Jon Madorsky is Managing Partner and Co-Portfolio manager of the secondaries strategy at RCP Advisors, one of the largest managers focused exclusively on North American lower middle market buyouts. Jon joined the firm 21 years ago and has participated in the growth of the secondaries business from its earliest stages. His partner, Alex Abell, joined me on the show last year and that conversation is replayed in the feed.   Our conversation covers the history and maturation of the secondaries market from a red-headed stepchild to a modern portfolio tool. We discuss the use cases, transaction types, and capital sources in secondaries, RCP's investment strategy, levers of value creation, portfolio construction, and exit strategy. Jon also shares his perspective on secondary market pricing, growth, risks, and the future of the industry. If you'd like to learn more, reach out to Jon directly at jon@rcpadvisors.com.  Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with a private equity pioneer who has seen the industry evolve in the forty plus years he's spent in private markets.We sat down with Steve Klinsky, the Founder and Chief Executive Officer of New Mountain Capital, which he started in 1999, and has grown to over $55B AUM with an investment platform that spans strategies across Private Equity, Credit, and Net Lease Real Estate.Steve was the Co-Founder of the Leverage Buyout Group at Goldman Sachs from 1981-1984, where he helped execute over $3B of transactions for Goldman and its clients. He then joined Forstmann Little and Co. as an Associate Partner and General Partner, helping to oversee seven private equity and debt partnerships totaling over $10B in capital.He has since built New Mountain Capital into a leading alternative asset manager that has charted a growth path. Yet the firm has remained true to its roots and mindset of its “family business background,” which has informed how New Mountain has partnered with both GPs and LPs, and it's a DNA that is central to their recent rollout of a wealth solutions business.Steve and I had a fascinating discussion about the evolution of private markets and how to build a leading alternative asset manager that helps build businesses. We covered:How private markets have changed since Steve began in the industry.What it means to build “great businesses.”How the mindset of the “family business background” has helped inform investment strategy and deepening LP relationships.How Steve and New Mountain have navigated scaling the firm while focusing on generating returns for LPs.How New Mountain has approached launching new strategies.The why and how behind launching a wealth solutions business.Thanks Steve for coming on the show to share your wisdom and expertise on private markets.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus' technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our sponsor, Ultimus Fund Solutions01:23 Podcast Theme and Opening02:03 Guest Introduction: Steve Klinsky04:00 Steve's Early Career in Private Equity05:39 The Evolution of Private Equity06:55 Forstmann Little and Co. Experience07:36 Founding New Mountain Capital08:08 New Mountain's Investment Philosophy08:25 Family Business Influences08:56 New Mountain's Cultural Values09:13 Working with Entrepreneurs and Management Teams10:15 Scaling New Mountain Capital13:35 Investment Strategies and Talent14:45 Opportunities and Challenges in Private Equity15:03 Mid-Market Focus and Growth Opportunities16:10 Impact of Industry Growth on Mid-Market Firms16:50 Product Innovation in Private Markets18:40 Synergy Between Investment Strategies20:20 Growth and Future of New Mountain Capital21:10 Engaging the Wealth Channel21:40 Building the New Mountain Brand23:07 New Mountain's Edge and Performance24:20 Engaging the Wealth Channel25:50 Customization and Differentiation in Wealth Management27:17 Strategies for Wealth Channel Engagement27:39 Productization for the Wealth Channel28:05 Industry Evolution and Consolidation28:40 Wealth Channel vs Institutional Channel29:44 Institutional Side of Private Markets29:59 Historical Perspective on Institutional Changes30:47 Challenges and Investment Strategies for the Wealth Channel32:03 Investment Lessons34:48 Common Threads in Successful Investments35:53 Leveraging AI and Technology in Investments37:56 Value Creation in Services Businesses38:42 Effective Value Creation Levers39:38 Growth and Team Building at New Mountain41:04 Starting New Mountain in 199943:00 Navigating Market Turbulence44:57 Private Markets vs Public Markets45:53 Lessons from Private Markets for Public Investors47:47 Importance of Price in Investing49:24 Building a Strong Team50:05 Global Investment Strategies50:47 Future Investment Excitement51:58 Focus on Wealth Channel52:13 Growth in Secondaries and Continuation Vehicles52:42 Industry Evolution and Firm Growth53:11 Conclusion and Final Thoughts  Editing and post-production work for this episode was provided by The Podcast Consultant.

Hi, wir sind Marc & Dave, zwei Unternehmer nach Gründung, Scaleup und EXIT. Wir wollen Wissen und Emotionen weitergeben und treffen uns regelmässig zum virtuellen Ping Pong. Wie damals beim Tischtennis im eigenen Startup

Die Learnings von Holger Seim, Mitgründer von Blinkist, haben wir bereits 2023 bei Unicorn Bakery besprochen - doch aus heutiger Sicht sind sie immer noch höchst relevant. Deshalb gibt es erneut Holgers Take auf den beeindruckenden Weg seines Unternehmens – von der Gründung bis hin zum Exit an die australische Go1. Holger teilt offene Einblicke in die Herausforderungen und Learnings, die er auf dem Weg gemacht hat, und erklärt, warum der Weg das eigentliche Ziel ist. Was du lernst: Der Weg zum Exit: Warum der Exit an Go1 der nächste logische Schritt für Blinkist war Wie der Verkaufsprozess ablief und warum sich der Moment des Closings anders anfühlte als erwartet Warum der Weg das Ziel ist: Wie Holger rückblickend realisiert hat, dass die elf Jahre Aufbauzeit wichtiger waren als der Exit selbst Warum Gründer den Prozess genießen sollten und warum der Exit nicht das ultimative Ziel sein sollte Secondaries und Gründer-Fokus: Warum Holger rückblickend empfiehlt, früher Secondaries in Betracht zu ziehen, um den eigenen Fokus und die mentale Balance zu stärken Wie Secondaries helfen können, existenzielle Ängste zu reduzieren und bessere Entscheidungen zu treffen Die Rolle von KI und UX: Warum KI zwar die Content-Produktion verändert, aber die User Experience der Schlüssel zu langfristigem Erfolg bleibt Wie Blinkist AI nutzt, um personalisierte Empfehlungen und eine bessere UX zu schaffen Persönliche Resilienz und Stoizismus: Welche stoischen Prinzipien Holger in schwierigen Phasen angewendet hat, um Resilienz zu bewahren Warum negative Visualisierungen und der Fokus auf das, was man kontrollieren kann, Holger geholfen haben, im Moment zu leben ALLES ZU UNICORN BAKERY: https://zez.am/unicornbakery  Mehr zu Holger: LinkedIn: https://www.linkedin.com/in/holgerseim/  Blinkist: https://www.blinkist.com/  Join our Founder Tactics Newsletter: 2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach: https://www.tactics.unicornbakery.de/  Kapitel: (00:00:00) Würdest du den Blinkist Exit als Meilenstein bezeichnen? (00:08:23) Wird Blinkist durch Generative AI überflüssig? (00:23:13) Wie analysiert und priorisiert ihr spannende neue Trends? (00:29:18) Was würde Holger rückblickend beim Aufbau von Blinkist anders machen? (00:35:27) Was ist Stoik und was übernimmst du daraus für deinen Alltag? (00:39:12) Wie hast du dich und dein Ego von der Performance deiner Firma gelöst? (00:47:28) Wenn das Ziel dasselbe wäre: Würdest du den Weg nochmal genauso gehen oder würdest du mehr Me-Time/Zeit für Freunde etc einbauen? (00:51:46) Was hat sich geändert, nachdem Blinkist profitabel wurde? (00:54:47) Wie hast du Kapazitäten geplant, um nicht zu overhiren und keine Entlassungswelle machen zu müssen? (00:58:48) In welchem Verhältnis stand der ESOP-Pool zur Exitsumme? (01:01:55) Welche Tipps hast du für Seed/Series A-Gründer? (01:04:32) Wem würdest du empfehlen, Geld von Investoren anzunehmen?

Retail investors are increasingly shaping the secondary market. In Q4 2024, platforms like EquityZen reported that 86% of total transaction volume came from retail participants—an eye-catching shift as tools like Forge and EquityZen promise broader access to private shares. But does more access mean more opportunity, or more risk? Today on Equity, Rebecca Bellan is joined by Jared Carmel of Manhattan Venture Partners to dig into what he calls a “once-in-a-generation opportunity” in secondaries, and why he sees this market as a “pressure relief valve” that could keep startups private well past their startup years. Listen to the full episode to hear more about: Why a sluggish IPO market is pushing more action into secondaries How this creates a flywheel for venture capital And why Jared thinks robust secondary markets will delay (or eliminate) the need for IPOs altogether Equity is TechCrunch's flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.  Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. For the full episode transcript, for those who prefer reading over listening, check out our full archive of episodes here. Credits: Equity is produced by Theresa Loconsolo with editing by Kell. We'd also like to thank TechCrunch's audience development team. Thank you so much for listening, and we'll talk to you next time. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Shane Feeney, Managing Director and Global Head of Secondaries at Northleaf Capital. They explore the growing importance of private equity secondaries, how portfolio construction can optimize outcomes, and why secondaries are gaining traction with institutional and insurance investors.   The conversation covers the evolution of the secondaries market, risk management through diversification, and the dynamics of LP-led and GP-led transactions. Shane also shares insights into current supply-demand trends, what differentiates top-tier managers, and practical advice for insurance CIOs entering the space.

Anna Alex, Gründerin von Outfittery, Planetly und Founding Angel bei Nala Earth, ist zu Gast und teilt ihren Weg vom Aufbau erfolgreicher Startups bis hin zu ihrer Mission, Nachhaltigkeit und Naturschutz in den Fokus von Unternehmen zu rücken. Sie spricht über ihre Erfahrungen mit Exits, die Bedeutung von Secondaries für Gründer, und wie sie ein neues Setup als Founding Angel bei Nala Earth gewählt hat, um operativ aktiv zu bleiben, aber gleichzeitig Freiheiten für ihre Familie zu schaffen. Was du lernst: Die Rolle von Secondaries: Warum Gründer frühzeitig Secondaries in Betracht ziehen sollten, um Risiko zu minimieren und langfristig groß denken zu können Wie Secondaries Gründer motivieren und dabei helfen, nachhaltige Unternehmen aufzubauen Nala Earth und die Abhängigkeit von der Natur: Warum 50 % des globalen GDP von intakter Natur abhängen und welche Risiken Unternehmen eingehen, wenn sie das ignorieren Wie Nala Earth Unternehmen unterstützt, die Abhängigkeiten von Ressourcen wie Wasser, Bestäubern und Böden zu erkennen und zu managen Das Founding Angel Setup: Wie Anna als Founding Investor bei Nala Earth operativ aktiv bleibt, ohne Geschäftsführungsverantwortung zu übernehmen Warum dieses Modell für Gründer und Investoren spannend sein kann, um innovative Unternehmen effizient aufzubauen Lessons Learned aus Planetly und Exits: Warum eine klare Unternehmenskultur und ein starker Teamzusammenhalt entscheidend sind – auch über die Existenz eines Unternehmens hinaus Worauf es bei der Integration nach einem Exit ankommt und wie kulturelle Unterschiede eine Übernahme erschweren können Nachhaltigkeit als Business Case: Warum Naturschutz und Klimaschutz nicht nur moralisch, sondern auch wirtschaftlich sinnvoll sind Wie Unternehmen von nachhaltigen Strategien profitieren können und warum diese Themen auch in die Finanzabteilungen gehören ALLES ZU UNICORN BAKERY: https://zez.am/unicornbakery  Mehr zu Anna: LinkedIn: https://www.linkedin.com/in/anna-alex/  Website: https://www.nala.earth/de  Join our Founder Tactics Newsletter: 2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach: https://www.tactics.unicornbakery.de/  Kapitel: (00:00:00) Wer ist Unternehmerin Anna Alex? (00:03:13) Annas Standpunkt zu Secondaries (00:10:27) Co-Founder vs. Founding Angel (00:17:46) Die Balance zwischen Arbeitszeit und Anteilen (00:20:31) Annas Pro-Argumente für Venture (00:23:51) Inwiefern sind wir als Unternehmer von der Natur abhängig? (00:28:58) Wie löst Nala Earth Produktentwicklung und Kundengewinnung? (00:35:10) Wie priorisiert Anna die Aufgabenbereiche, die sie (erstmal) behält? (00:40:33) Learning der Planetly-Journey (00:47:40) Wie war es für Anna, als Planetly eingestampft wurde? (00:56:37) Die Krux der Merges (01:02:02) Wie aligned sind die Interessen von Gründern und Investoren?

On this episode Pat sits down with Michael Lints, Partner at leading South East Asian VC firm Golden Gate to dive into their expansion into MENA, his move to Qatar, why now and how he sees the two regions complementing each other in terms of ecosystem maturity, VC and LP landscape. You will learn about:Doing business in MENACross pollination opportunities between the two regionsLiquidity and exit opportunities and t he importance of Secondaries in SEA You can find Michael on LinkedIn here. Want to stay up-to-date on latest episodes?Follow The Enthusiast wherever you are getting your podcasts and make sure to check out our newsletter on LinkedIn⁠here⁠ to stay up to date on our latest episodes with founders and investors beyond the Valley.Follow Pat on LinkedIn ⁠here⁠.

Today, Associate Adviser Charles Troian is joined by Jake Elmhirst, a Managing Director at Coller Capital, one of the most established and influential investors in the global private equity secondaries market.Jake brings deep expertise in private equity secondaries, fund structuring, and deal execution. At Coller, he leads transactions across LP-led and GP-led deals, spanning both equity and credit strategies. His work includes navigating complex continuation vehicles, underwriting mature assets, and providing liquidity solutions for institutional investors globally. Jake previously held roles in investment banking and holds a strong background in portfolio construction, asset-level due diligence, and macro risk assessment.In this conversation, we explore the fundamental mechanics of secondary transactions, how Coller approaches pricing and valuation in an illiquid market, and the nuances between private equity and private credit secondaries. Jake also shares insights on the evolution of deal structures, the growing role of distressed credit, and why J-curve mitigation continues to be a key driver for secondary investors.With capital flowing into the space but distributions slowing, Jake offers his perspective on managing liquidity, navigating risk, and how sophisticated investors can still find compelling return profiles in a crowded landscapeDisclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

As part of his predictions for 2025, Ethan Klingsberg focused on the expected dominance of the fund secondaries market. Listen in as he speaks with Private Funds and Secondaries partner Ivet Bell about the phenomenal rise of these transactions—including market drivers, key terms, impact on the market, and where secondaries growth may be headed in both up and down markets.  

Welcome back to The Private Equity Podcast, by Raw Selection. In this week's episode, Alex Rawlings speaks with Cari Lodge, a seasoned investor with 25 years in private equity secondaries. They explore the market's rapid growth from $2 billion to $160 billion, the increasing need for liquidity, and how secondaries optimize portfolio management. Cari discusses GP-led secondaries, continuation funds, and the market's evolution, offering key insights into future opportunities in this space. Breakdown: [00:00] Introduction to the episode and guest, Cari Lodge, Managing Director and Head of Secondaries at CF Private Equity.[00:28] Cari's background, her start in secondaries, and how the market has expanded from $2 billion to $160 billion.[01:45] Common mistake in private equity: Holding assets too long. How increasing holding periods from 5.7 years to 6.7 years impacts returns.[03:34] Why firms miss exit opportunities. The importance of DPI and how delaying exits can lead to the same returns years later.[04:29] Explanation of secondaries for newcomers. The role of LP secondaries, GP-led solutions, and the growing demand for liquidity.[06:53] The benefits of secondaries for investors, including diversification, shorter duration, and strong IRRs and ROIs.[08:49] Demand for GP-led secondaries, continuation funds, and LP transactions. How secondaries are now part of active portfolio management.[10:42] The future of secondaries. Market expected to grow from $160 billion to $200–220 billion in 2024, but constrained by capital and human resources.[12:33] Challenges holding the market back. Capital constraints, lack of resources, and evolving perceptions of secondaries.[14:21] Why Cari loves the secondaries market. Exposure to 1,200+ private equity funds, constant evolution, and a collaborative industry.[17:12] Key trends in private equity. The impact of higher interest rates, valuations, and the growing focus on liquidity solutions.[20:32] Secondaries' role in providing liquidity. Now contributing 15–20% of total private equity liquidity.[22:28] How secondaries adapt to market cycles. Benefits in both up and down markets, shifting from a distress play to a mainstream strategy.[23:22] Cari's recommended reads: The Economist, Private Equity Analyst, and What It Takes by Steve Schwarzman.[25:14] How to reach Cari Lodge. Best contact method: LinkedIn.[25:45] Closing thoughts. Recap of insights and encouragement to subscribe to The Private Equity Podcast.Thank you for tuning in! Connect with Cari here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

This episode is sponsored by Evercore, Davis Polk and Dawson Partners and first appeared on Secondaries Investor's Second Thoughts podcast The secondaries market sits at a crossroads. Never before have LPs been presented with such an array of different liquidity offerings to back. There are specialised secondaries funds focusing on healthcare, on impact investing, on real assets in Asia or on acquiring direct minority equity stakes in companies in India. There are funds focusing on writing large cheques to multi-billion-dollar single-asset continuation funds; and there are funds focusing on making late primary commitments to buyout funds that are still in their fundraising mode. In short, if you're an LP looking to back a secondaries fund, you're spoiled for choice. In this special episode, we sit down with Nigel Dawn, global head of Evercore's Private Capital Advisory group; Leor Landa, head of the investment management practice at Davis Polk; and Yann Robard, managing partner at Dawson Partners. We discuss why the performance of continuation funds is key to the further growth and branching out of this part of the market, and why the market is undergoing the fastest pace of innovation it has ever seen.

In episode 62 of Venture Everywhere is hosted by Federico Baradello, co-founder and CEO of Finalis, a business that's building the AI operating system for the private capital markets. He chats with Nathan Sutton, co-founder and Managing Partner of Tangible, a company transforming the way secondary markets work for LPs, GPs and Wealth Managers. Nathan shares how Tangible is enhancing liquidity in private markets by expanding access to previously underserved wealth channels. Nathan and Federico also discuss broader shifts in investor sentiment and the growing opportunities driven by increased wealth allocation into private assets.In this episode, you will hear:Tangible's vision to be the go-to liquidity platform for top global wealth managers.How Tangible's technology connects private market funds with retail investors.Strategies employed by Tangible to address liquidity issues.Technological innovations in the private capital sector.Growth potential and future outlook for private capital markets.Addressing common misconceptions regarding liquidity needs. Learn more about Nathan Sutton | TangibleLinkedIn: https://www.linkedin.com/in/nathan-s-sutton/Website: https://www.tangible-markets.com/homeLearn more about Federico Baradello | FinalisLinkedIn: https://www.linkedin.com/in/federicobaradello/Website: https://www.finalis.com/

Today we are replaying my conversation with Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I've been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this discussion with Phil Huber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Meet Phil Huber: Private Credit Expert (00:01:39) Phil Huber's Career Journey (00:05:34) The Evolution of Alternative Investments (00:10:32) The Growth and Demand for Private Credit (00:17:23) Private Credit Performance and Risks (00:22:36) Due Diligence in Alternative Investments (00:23:50) Emerging Trends in RIA Distribution (00:24:28) The Role of Intellectual Honesty in Investment Decisions (00:25:12) Understanding the Game of Access and Manager Selection (00:26:47) Volatility Laundering in Private Assets (00:28:47) The Journey of Writing and Sharing Knowledge (00:32:58) The Role and Responsibilities at Cliffwater (00:34:40) Exploring Interval Funds and Private Credit (00:40:43) The Importance of Secondaries in Private Equity (00:42:50) Current Sentiment in Private Credit (00:43:33) Conclusion and Resources Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2013 gegründet, hat SevDesk in den letzten 12 Jahren mehr als 130.000 Kunden gewonnen und wurde kürzlich als erster großer deutscher Startup Exit in 2025 an Cegit für eine 9-stellige Summe verkauft. Mitgründer Fabian Silberer gibt Einblicke in die Entscheidungsfindung die Firma jetzt zu verkaufen, wir sprechen aber auch ausführlicher über die Story von Software-Bude zu einer Firma mit solidem 2-stelligen Millionenbetrag an Umsatz (Annual Recurring Revenue). Wir blicken gemeinsam auf die wichtigsten Stationen der letzten zwölf Jahre: von der Gründung und den ersten Kunden über das Bootstrapping bis hin zu großen Finanzierungsrunden und schließlich dem Exit. Dabei spricht Fabian offen über die Herausforderungen, Rückschläge, Learnings und warum er sich entschieden hat, seine Rolle als CEO niederzulegen. Was du lernst:Von der Software-Agentur zum SaaS-Produkt:Wie SevDesk aus einer Auftragsarbeit heraus entstand und zu einer der führenden Buchhaltungssoftwares Deutschlands wurde.Die Bedeutung von Product-Market-Fit:Warum der erste zahlende Kunde ein „magischer Moment“ war und wie Feedback von Kunden die Produktentwicklung geformt hat.Bootstrapping vs. Venture Capital:Fabian teilt seine Erfahrungen aus der frühen Finanzierung durch eigene Mittel und Dienstleistungsaufträge sowie den Wechsel zu Venture Capital in späteren Phasen.Herausforderungen beim Wachstum:Wie das Team von zwei Gründern auf hunderte Mitarbeitende gewachsen ist und welche Fehler sie auf dem Weg gemacht haben – besonders bei der Rekrutierung und Skalierung der Organisation.Der Exit und die Entscheidung zu verkaufen:Warum 2025 der richtige Zeitpunkt für den Exit war, welche strategischen Überlegungen dahinterstecken und welche Rolle Themen wie die E-Rechnung und KI in der Zukunft spielen.Persönliche Learnings und Leadership:Fabian spricht ehrlich über den Stress und Druck, den er als Gründer erlebt hat, warum er sich nicht mehr als Manager sieht und was er aus 12 Jahren Unternehmertum mitnimmt.ALLES ZU UNICORN BAKERY:https://zez.am/unicornbakery Mehr zu Fabian:LinkedIn: https://www.linkedin.com/in/fabian-silberer-8129568 Website: https://sevdesk.deJoin our Founder Tactics Newsletter:2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach:https://www.tactics.unicornbakery.de/ Kapitel:(00:00:00) Wie sehr hat sich SevDesk von Tag 1 bis heute verändert?(00:07:34) Wie wurde aus "Leistung gegen Geld" ein fertiges Produkt?(00:14:03) Die ersten Kunden sind da - und nun?(00:20:39) Die erste Finanzierungsrunde (erstmal gescheitert)(00:27:06) Talente in Offenburg finden und weiterentwickeln(00:35:14) Wachstum lernen und intern fördern(00:39:17) Günstiges Geld in 2021: Der Fluch und Segen einer 50 Mio. Finanzierungsrunde(00:44:37) CEO-Stressmanagement(00:46:41) Fabians Learnings & Empfehlungen zu Secondaries(00:53:14) Exit & Pricing von sevDesk(00:59:37) Warum war jetzt der Moment, um zu verkaufen?(01:08:25) Wie lange dauert eigentlich ein Exit?(01:13:33) Wie geht es für Fabian weiter? Hosted on Acast. See acast.com/privacy for more information.

Wie viel Gehalt sollten Gründer verdienen? Wir analysieren die Ergebnisse einer groß angelegten Studie von Creandum, die Gehälter von über 680 Gründern ausgewertet hat und lernen, welche Korrelationen verschiedene Faktoren wie Finanzierungsphase, Branche und Standort auf das Gehalt haben. Außerdem geht es darum, welche Rolle Equity und Secondaries bei der langfristigen finanziellen Absicherung spielen. Wenn du wissen willst, wie du dein Gehalt als Gründer einordnen kannst und was wirklich zählt, ist diese Episode genau richtig. Eine Überraschung vorweg: Der CEO hat nicht zwingend immer das höchste Gehalt!Was du lernst:Wie sich Gründergehälter je nach Finanzierungsphase (Pre-Seed bis Series B) entwickeln.Warum Bootstrap-Founder oft ähnlich viel verdienen wie Seed-Founder.Wie sich die Höhe des Gehalts nach Funding-Summen und Teamgröße unterscheidet.Warum Equity und Secondaries langfristig wichtiger sind als das monatliche Gehalt.Welche Branchen und Regionen die höchsten Gründergehälter zahlen.Warum der Chief Product Officer (CPO) mittlerweile oft mehr verdient als der CEO.ALLES ZU UNICORN BAKERY:https://zez.am/unicornbakery Den Report von Creandum gibt's hier: https://links.unicornbakery.de/creandum-gruender-gehalt Join our Founder Tactics Newsletter:2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach:https://www.tactics.unicornbakery.de/ Kapitel:(00:00:00) Details zum Creandum-Report(00:02:14) Grundsätzliche Situation der Gehälter bei Gründern: Der Median(00:05:59) Compensation & Gehalt: Gründer vs. Gründerinnen(00:07:02) Größter Einnahmepunkt eines erfolgreichen Unternehmens: Equity(00:08:57) Wer verdient geografisch & thematisch gesehen am meisten?(00:10:48) Hat wirklich der CEO das größte Gehalt?(00:13:57) Zusammenfassung Hosted on Acast. See acast.com/privacy for more information.

In the latest episode of Streaming Income, Head of Portfolio Finance, Dadong Yan helps to define and de-mystify the growing opportunity in Portfolio Finance.Episode Segments:(03:04) – Defining portfolio finance(04:23) – Where NAV lending fits in(06:11) – Core portfolio finance: Private credit, RE debt, secondaries & GP financing(12:45) – The risk-return spectrum of portfolio finance strategies(17:53) – How the portfolio finance asset class has developed over time(19:50) – Accessing portfolio finance(22:55) – Generating alpha & incremental yields vs. IG asset classes(28:41) – Where investors are bucketing portfolio finance(30:44) – How origination works in the asset class(33:37) – Understanding the competitive landscape in portfolio finance(38:24) – Final thoughts Viewpoints papers mentioned in the conversation:Surge of the Secondaries: https://www.barings.com/guest/perspectives/viewpoints/surge-of-the-secondaries-financing-growth-in-an-undercapitalized-industryMissing a $100+ Billion Annual Opportunity?: https://www.barings.com/guest/perspectives/viewpoints/portfolio-finance-missing-a-100-billion-annual-opportunityIMPORTANT INFORMATIONAny forecasts in this podcast are based upon Barings' opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the informationAny service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings' consent.24-4105175

Please enjoy this crossover episode from Secondaries Investor's Second Thoughts podcast, which recently moved to its own channel. To continue getting new episodes, subscribe at secondariesinvestor.com/podcast or search for Secondaries Investor's Second Thoughts wherever you like to listen. It's common to peel back the onion on key events and trends seen across financial markets. As the secondaries market heads for what is predicted to be a record-setting year for volume, we decided to practice the phrase quite literally. Madeleine Farman, senior reporter and host of the Second Thoughts, and senior editor Adam Le are joined by Carlo Pirzio-Biroli, head of CVC Secondary Partners, and Ted Cardos, co-head of Kirkland & Ellis's European liquidity solutions team, with the group letting a basket of onions decide the talking points. Pirzio-Biroli and Cardos discuss key wins, disappointments and developments over the course of 2024 and what the next 12 months could bring for the secondaries market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jeff Akers, head of private equity secondaries at Adam Street Partners, to discuss the growing importance of private equity secondaries in insurance portfolios. Jeff shares his expertise on how this asset class helps investors avoid the J-curve, provides a shorter duration investment with predictable cash flows, and delivers fixed-income-like characteristics with equity-level upside.   From the basics of private equity secondaries to their strategic fit for insurers prioritizing stable returns, this conversation dives deep into the advantages of investing in a market that has grown from $10 billion to $150 billion over the past 18 years. Learn why this undercapitalized market offers insurers opportunities for diversification, lower risk, and potentially enhanced portfolio performance.

Changes at the U.S. Securities and Exchange Commission (“SEC”) resulting from the 2024 election will have significant implications for the private funds industry. Tim Clark, Freshfields' Global Co-Head of Private Funds and Secondaries, and David Nicolardi, a counsel at Freshfields and former SEC Branch Chief, discuss the expected impacts on SEC regulation, exams, and enforcement priorities related to private funds. Tim and David explore, among other issues, the Marketing Rule, ESG and DEI, and regulatory challenges posed by the growth of Artificial Intelligence (“AI”). 

Are you a French speaker looking to deep dive on co-investments and secondary market opportunities? In this first episode in French of the podcast "Critical Thinking," host Matthieu Mougeot is joined by investment specialists Maud-Kelly Crapeau and Pierre Luc Gariépy to discuss the growing interest in private market co-investments and secondary investments. They highlight their shorter investment horizons and potential for quicker capital deployment compared to traditional primary funds. Zooming in on the unique roles these strategies play in enhancing portfolio diversification and aligning interests between investors and fund managers, they also address the specific risks associated with co-investments and secondaries, including the need for in-depth knowledge and robust due diligence processes.The discussion touches on the increasing sophistication of investors in private markets and the regulatory impacts influencing investment decisions in some jurisdictions, particularly in France. The episode provides with insights on how investors can effectively allocate resources to these asset classes, stressing the importance of working with experienced asset managers to navigate the complexities of private market investments.This content is for institutional investors and for information purposes only. It does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial situation. If you require advice based on your specific circumstances, you should contact a professional adviser. Opinions expressed are those of the speakers as of the date of the recording, are subject to change without notice and do not necessarily reflect Mercer's opinions.https://www.mercer.com/solutions/investments/important-notices/

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. ----- This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.  — This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). 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

We've had a lot of cool people on the pod, but Sheel Mohnot is our first guest to achieve this trifecta: 100X an investment, have a founder in his portfolio go to prison, and have his wedding sponsored by Taco Bell. He invests at the pre-seed and seed stages into startups in the financial technology (fintech) space, and he's quick to tell you that just about everything is fintech. Through his fund, Better Tomorrow Ventures, Sheel writes $500k to $3M pre-seed and seed checks into fintech companies. He came by to talk about that time he got defrauded by a company, how he sparked a bidding war that led to him returning most of his fund, and why speed of execution is one of his favorite traits in founders. Highlights:Sheel is beginning to think that pre-seed is the new seed, and seed is the new Series A. He unpacks these thoughts and outlines what he needs to see in order to believe in a founder at the early stages.Secondaries and early exits and two ways investors can realize an outcome in a shorter time frame than an IPO. Sheel explains how he did this with two companies, Flexport and Indio, and how he feels about his decisions retrospectively. Major companies like Toast and Shopify are synonymous with fintech, but there is a vast network of less-thought-of companies making transactions happen in nearly every imaginable space. Hair salons, golf clubs, and garbage trucks are just a few of the places where Sheel is seeing fintech potential and why he believes that everything is fintech and fintech is everything.Sheel could've saved himself some trouble (and money!) if he would've heeded the warnings of fellow investors about a deal. However, he learned his lesson and now he doesn't invest unless he thoroughly vets the founder through someone else in his network.(00:00) - FIFU 16 - Sheel Mohnot (01:25) - Sheel's early days as a founder and consultant (09:58) - Why invest and why invest in fintech (12:09) - Ideal Founder Profile: Who and what Sheel is looking for (14:43) - Lessons From the Worst Investment: How to spot a fraud (21:10) - Lessons from the Best Investment: Knowing when to take chips off the table (34:03) - Sheel's thoughts on the expansiveness of the fintech market (38:00) - Speed of execution is one of Sheel's favorite traits to find in founders (43:31) - Speed round

In this episode of the EUVC podcast, Andreas talks with Alberto Chalon, founding GP of Giano Capital and an expert with a decade of experience in venture secondaries.Andreas and Alberto dive deep into the sell-side of venture secondaries, exploring the fundamentals that drive the market, the motivations of key players, and the nuances of preparing for a sale. Alberto shares his sophisticated approach to buyer processes, using a quantitative scorecard, and provides a practical guide for sellers navigating valuation, pricing, and legal challenges. Their conversation also addresses the current dynamics and trends shaping the secondaries market, offering a comprehensive look at what it takes to succeed.At Giano Capital, Alberto specializes in secondaries, drawing on his extensive experience to drive value for both buyers and sellers. This episode is packed with real-world insights and practical examples, making it an essential listen for anyone looking to understand or engage in the world of venture secondaries.Go to eu.vc to read the core take-aways.Chapters:00:33 Gianno Capital's Focus and Mission01:13 Current Transactions and Future Prospects01:36 The Rise of Secondaries02:04 Understanding the Secondary Market02:33 Key Players and Stakeholders02:49 Market Evolution and Opportunities05:20 Differences Between US and European Markets06:32 Types of Sellers in the Secondary Market10:28 Role of Intermediaries in Secondary Transactions13:34 The Buyer Process and Giano Capital's Framework15:20 Quantitative Analysis and Scorecard Approach20:47 Qualitative Analysis and Reference Checks22:12 Valuation and Pricing Strategies25:37 Legal and Financial Due Diligence28:50 Closing the Deal 31:29 Preparation for a Sale from a Fund36:15 Valuation Preparation for Assets38:02 Final Thoughts and Conclusion

Today marks the launch of a new show on Alt Goes Mainstream: What's Your Edge?Every person, every company, every fund has something that makes them special.Makes them stand out from the crowd.Gives them an unfair advantage.Tips the scales in favor of success.In this episode,  I ask our special guest, Bob Long, “What's Your Edge?”Bob Long is CEO of StepStone Group's Stepstone Private Wealth. He has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and the limited partner role. He has served as the CEO of two publicly-traded companies focused on expanding private market access for high net worth investors.Prior to StepStone Private Wealth, Bob was the CEO of OHA Investment Corporation, a publicly-traded specialty finance company. Previously, he co-founded Conversus Capital, the largest publicly traded fund of third-party private equity funds with $3 billion of AUM and served as its CEO. Previously, he led Bank of America's $7 billion strategic capital division. Early in his career, Bob served as the lead in-house counsel for a large portion of Bank of America's Investment Banking Division and worked as a securities lawyer for a major law firm.A recognized industry leader, Bob was named one of 50 “GameChangers” by Private Equity International, has been profiled in the WSJ, and hosted CNBC Squawk Box Europe on numerous occasions.On today's podcast, Bob and I discuss the nuances of evergreen funds and the unique features and offerings of StepStone Private Wealth's evergreen strategies.Thanks Bob for coming on the show to share your wisdom, experience, and your edge.Show Notes00:00 Introduction00:38 Welcome to What's Your Edge?01:01 Meet StepStone Private Wealth CEO Bob Long: A Leader in Private Markets03:09 Lessons from Public Markets04:34 Evergreen Fund Structure05:27 Benefits of Evergreen Funds06:25 Immediate Investment Advantage07:20 Evergreen Funds and Financial Advisors07:35 Evergreen Fund Liquidity08:04 StepStone's Approach to Evergreen Funds09:09 StepStone's Strategy and Structure09:32 Balancing Inflows and Outflows10:34 Importance of Deal Flow11:04 Balancing Liquidity and Returns11:56 StepStone's Competitive Advantage13:52 Portfolio Construction14:57 Diversification in Private Markets16:06 Evergreen Fund Structures19:44 Liquidity in Private Markets27:57 Key Takeaways for Investors29:53 Operational Due Diligence Essentials30:13 Key Questions for Evergreen Fund Structures30:36 Understanding Fee Structures30:42 Management Fees and Leverage31:33 Incentive Fees Explained32:19 Administrative Costs and Transparency32:34 Fee Compression in Evergreen Funds34:11 Portfolio Construction Strategies34:24 Investing in Secondaries37:10 Psychology of Allocators38:04 Accessibility and Minimum Investments38:43 Investor Profiles and Strategies40:36 Transparency and Performance41:40 Rebalancing and Evergreen Funds43:10 Model Portfolios and Private Markets45:19 StepStone's Investor-Centric Approach46:15 StepStone's Competitive Edge48:31 Growth of Secondaries and Private Markets51:37 Future Trends in Private Markets55:30 Philanthropy and Purposeful Stewardship

Scott Voss, Managing Director of one of Boston's preeminent venture capital firms HarbourVest, joins CJ for an in-depth exploration of secondaries, continuation vehicles, and sidecar funds. Scott starts by outlining HarbourVest's value proposition and investment strategies, covering primary investments, secondaries, and direct co-investments while underscoring the importance of private market access for diversified portfolios. He shares the framework HarbourVest uses to identify and support emerging fund managers ahead of their success, and the process of due diligence and evaluation. Scott sheds light on how continuation vehicles work in the private equity space and other trends or innovations he has identified. The discussion also covers the complexities of succession planning within private equity firms, the evolving landscape of global entrepreneurship and venture capital internationally, and Scott's views on AI.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Operators Guild is where the best CEOs, CFOs, VPs of finance, and BizOps leaders in the business connect, network, and grow together. Built by operators for operators, this members-only community is home to more than 1000 of the most elite high-growth operators in the world. Experience connection and knowledge share with professionals who understand you like no one else does. Learn more and apply at operators-guild.com. Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.

Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his new strategy note, Going for growth: Middle market private equity secondaries Troy joins Content Strategist Harrison Beck to examine how middle market PE secondaries offer the potential for growth at a reasonable price. He addresses the potential advantages of the middle market, what makes secondaries attractive, and how middle market private equity, combined with secondaries, may help serve investor needs for growth. “Middle market private equity may be the definition of growth at a reasonable price. And when we look at investor portfolios, they have very little exposure to this key area for growth going forward.” –Troy A. GayeskiHave a question for our experts? Text us for a chance to have your questions answered on the next episode.For more research insights go to FSInvestments.com https://bit.ly/m/fsinvestments

It's early September, and duck hunting is back! But it's also the time of year when identifying ducks can be most challenging, as most have yet to attain their signature breeding plumage. On this made-for-video episode, Chris Jennings is joined by Dr. Mike Brasher, Dr. Jerad Henson, and Katie Burke as they discuss the popular pastime of sexing and aging ducks based on wing and tail characteristics. Tune in to learn more about this educational skill and how you can apply it on your next hunt, even if you aren't all that confident!WATCH ON YOUTUBEwww.ducks.org/DUPodcast

Blue Earth Capital, a specialist global impact investor, is making waves in the world of impact investing by pioneering impact secondaries among other strategies. As Managing Director and Head of Private Equity Partnerships at BlueEarth, Nicolas Muller is focused on delivering social and environmental impact combined with market-rate returns.In this episode, Nicolas shares how BlueEarth isn't just talking about change—they're making it happen. Under his leadership, his team has built a powerful portfolio, with notable investments including  African FinTechs, an EdTech in the US, in innovative bioagriculture companies, and a Ukrainian gender-smart strategy to support quality jobs. With over $1.2 billion in assets under management, BlueEarth is globally impacting both developed and emerging markets.To discover how BlueEarth is not just investing in the future but actively building it, one investment at a time, tune in as Daniel dives into how BlueEarth is making a real difference in impact investing by combining profit with purpose.

This Week in Startups is brought to you by… Vanta. Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 report fast. TWiST listeners can get $1,000 off for a limited time at https://www.vanta.com/twist OpenPhone. Create business phone numbers for you and your team that work through an app on your smartphone or desktop. TWiST listeners can get an extra 20% off any plan for your first 6 months at https://www.openphone.com/twist Lemon.io. Hire pre-vetted remote developers, get 15% off your first 4 weeks of developer time at https://Lemon.io/twist * Todays show: Alex Wilhelm joins Jason to discuss the arrest of Pavel Durov (2:10), national security concerns (13:54), and encryption debates (20:02). They also dive into G Squared raising $1B for it's latest fund, IBM's activities in China, iPhone production shifts, more (55:50)! * Timestamps: (0:00) Jason and Alex kick off the show (2:10) Breaking news: Arrest of Pavel Durov, implications, and legal issues (13:02) Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist (13:54) National security concerns and French president's statement on Durov's arrest (20:02) U.S. stance on encryption and the encryption debate (30:27) OpenPhone - Get 20% off your first six months at https://www.openphone.com/twist (31:53) Global perspectives on encryption, privacy, and tech platform power (38:41) Lemon.IO - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist (40:02) U.S. law enforcement, encrypted services, and social media censorship (55:50) Lightning round: G Squared raising $1.1B for its latest fund and IBM in China (1:11:06) Audience questions * Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com/ Check out the TWIST500: https://www.twist500.com * Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp * Mentioned on the show: https://www.linkedin.com/in/jean-michel-bernigaud-426a181a8/recent-activity/all https://www.tribunal-de-paris.justice.fr/sites/default/files/2024-08/2024-08-26 https://archive.is/viAyl https://cointelegraph.com/news/telegram-issues-official-statement-on-pavel-durov-detention https://x.com/EmmanuelMacron/status/1828077245606342672 https://x.com/Jason/status/1827488958512820448 https://www.apple.com/customer-letter https://www.ft.com/content/b7bac796-c194-442a-95c8-204425435309 https://www.secondariesinvestor.com/secondaries-fundraising-more-than-doubles-to-hit-all-time-high https://www.wsj.com/business/ibm-shuts-china-r-d-operations-in-latest-retreat-by-u-s-companies-b37cd9a0?st=7d9jarhfpzsugmm&reflink=desktopwebshare_permalink https://www.youtube.com/watch?v=AXO3OsYCS0g&t=218s https://www.youtube.com/watch?v=uWLjgs2CEyE * Follow Alex: X: https://x.com/alex LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm/ * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Thank you to our partners: (13:02) Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist (30:27) OpenPhone - Get 20% off your first six months at https://www.openphone.com/twist (38:41) Lemon.IO - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist * Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland * Check out Jason's suite of newsletters: https://substack.com/@calacanis * Follow TWiST: Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Instagram: https://www.instagram.com/thisweekinstartups TikTok: https://www.tiktok.com/@thisweekinstartups Substack: https://twistartups.substack.com * Subscribe to the Founder University Podcast: https://www.youtube.com/@founderuniversity1916

Show Summary: The private equity secondary market has grown significantly in recent years, with increasing acceptance and flexibility, but what is it exactly? Who is involved, and how do these funds operate? Jeff Bollerman has spent years in this evolving aftermarket for private equity interests, where investors can buy and sell stakes in private partnerships. He provides insights into the market's maturation, the role of professional advisors, the fierce competition among large syndicated funds, and predictions for the future. View the complete show notes for this episode. Want More?  M&A Guide | The 4 Types of Buyers of Businesses 18 Differences Between Valuing Public and Private Businesses Business Exit Plan & Strategy Checklist | A Complete Guide Additional Resources: Selling your business? Schedule a free consultation today. Download The Art of The Exit: The Complete Guide to Selling Your Business Download Acquired: The Art of Selling a Business With $10 Million to $100 Million in Revenue Download Food and Beverage M&A: An Insider's Guide to Selling a Food or Beverage Manufacturing, Distribution, or Grocery Business. If you have any topic or guest suggestions please email them to podcast@morganandwestfield.com.

Pedro Franceschi is the Co-Founder and CEO @ Brex, the AI-powered spend platform with tens of thousands of customers, including DoorDash, Coinbase, Robinhood and Roblox. Pedro has raised over $1.2BN for the company from the likes of Greenoaks, Ribbit, DST, Bond and YC. The latest reported valuation was $12.3BN. Before Brex, Pedro was the first person to “jailbreak” the iPhone 3G in Brazil and co-founded payments company Pagar.me with Dubugras when he was 15. In three years, Pedro scaled it to over 100 people and US$1.5 billion in transactions processed. In Today's Episode with Pedro Franceschi We Discuss: 1. The Challenge is in Your Own Head: Why does Pedro believe all founders underestimate their own mental health? When was Pedro most anxious/depressed in the Brex journey? Why? What have been the single biggest needle movers for increasing his own mental health? How does Pedro advise other founders struggling with their own mental health? 2. From a 13-Year-Old Hacker in Brazil to Billionaire in LA: How did Pedro come to make $200K on the internet when he was just 12? Does Pedro agree that the best founders always started entrepreneurial pursuits young? How does Pedro reflect on his own relationship to money today? How has it changed? Pedro has famously taken large secondaries, how did that impact his mindset? How does Pedro advise other founders and VCs when it comes to secondaries? 3. The Importance of the Idea: What Everyone Misunderstands: What does Pedro mean when he says everyone does not appreciate enough how important the idea selection process is? How does he advise founders entering this process? Why does Pedro believe it is not that easy for founder to just pivot to a new idea? How did YC almost miss out on investing in Brex, now a $12BN company, due to the original idea? 4. Brex vs Ramp: Who Wins: How does Pedro feel when I say, "Ramp have gotten ahead on marketing and visibility"? Why does Pedro believe that "Ramp is a marketing company"? What does he mean when he says "great products will win over time"? Why does Pedro fundamentally disagree with Ramp's positioning of the best companies focus on saving and their giving away their software for free? How does this market play out over time? Winner take all or gains split across several?  

Daniel Jeremiah and Bucky Brooks are back with a new episode of Move the Sticks. To start off the show, the guys discuss DJ's first look study on Colorado QB Shedeur Sanders (1:01). For the rest of the show, the guys go through every division and rank the secondaries within it (7:24). Find out which secondaries ranked at the top of each division in these rankings. Move the Sticks is a part of the NFL Podcasts Network. NOTE: timecodes approximateSee omnystudio.com/listener for privacy information.