Demystifying GP-led Secondaries with Sara Stinnett of DLA Piper

In this episode of VC Mastermind, host Jacob Mullins sits down with Sara Stinnett, partner at DLA Piper and a leading expert on GP-led secondaries, to demystify one of the hottest topics in venture capital today. Sarah shares her journey from M&A attorney to secondaries specialist, and explains how the secondaries market has evolved from a niche, “hush-hush” solution for zombie funds to a mainstream tool for providing liquidity and managing VC fund life cycles.Sara breaks down the mechanics and motivations behind GP-led secondary transactions, including continuation vehicles, tender offers, and NAV loans. She discusses why these deals are increasingly popular, how they can help GPs crystallize carry, reset team incentives, and provide follow-on capital for portfolio companies. The conversation covers the importance of aligning with LPs, running a competitive process to determine fair pricing, and navigating complex tax and regulatory considerations—especially for venture funds.Listeners will gain actionable insights on when a GP-led secondary makes sense, how to structure these transactions, and what pitfalls to avoid. Whether you’re a fund manager considering liquidity options or an LP curious about the process, this episode offers a comprehensive, practical guide to the fast-evolving world of venture secondaries.