E502 | Joe Schorge, Isomer Capital: Unlocking European Liquidity, Secondaries as a Catalyst & Why Predictive Power is a Myth

In this episode, David Cruz 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." 🍻03:30 DPI, exits & reflections from the stage with Björn Tremmerie05:00 What macro uncertainty (and Trump tariffs) are doing to exit timelines06:00 Under the hood: Growth is happening — but the windows haven’t reopened yet07:30 Who’s actually buying today? Founders, growth funds, and LP-focused secondaries09:28 Joe’s key learnings: time, uncertainty & the illusion of predictive power12:23 Advice to aspiring LPs & emerging allocators15:00 Diversification in venture is not optional — it’s existential