EP 117: The VC System Is Broken: Global IPOs Are The Alternative with Jeff Stewart

In this episode of $100M Exits, Jeff Stewart breaks down why the venture capital and IPO system has fundamentally shifted—and what founders are getting wrong about scale, liquidity, and global capital markets.Jeff shares his experience raising and transacting over $100M across his own companies, investing over $100M through his fund, and leading more than $500M in total deal flow. The conversation dives deep into why the U.S. public markets have evolved into a “mega-cap only” game, why secondary markets create hidden risks, and why global listings are becoming a strategic advantage—not an alternative.The discussion also unpacks how founders should think about IPOs not as exits, but as long-term capital infrastructure. Jeff explains how public markets unlock talent, revenue, acquisition flexibility, and investor access in ways private markets increasingly cannot match.Key insights include:Why the VC model incentivizes longer private cycles—but not always founder outcomesThe rise (and risks) of secondary markets and SPV structuresWhy transparency and liquidity drive better capital allocationHow global investors are reshaping IPO strategyWhy “unit economics clarity” is the real IPO readiness testThe difference between a “funding event” and a “capital system.”This is a sharp, sometimes contrarian look at where capital markets are heading—and how founders can position themselves to win in a global IPO landscape.-------------------------------------Raising capital?Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=YouTube&utm_medium=EP+117&utm_campaign=%24100M+Exits  Get the latest fundraising insights, news, and tips:https://blog.thunder.vc/funding-101?utm_source=YouTube&utm_medium=EP+117&utm_campaign=%24100M+Exits  ABOUT JEFFREY STEWARTJeffrey Stewart is an inventor, entrepreneur, investor, and author focused on technology-enabled businesses and global capital markets. He is the author of Global IPO – The Great Rewiring of Capital Markets and works with GPO Fund, where he backs growth-stage tech founders building globally scalable companies.Through the GPO Fund, Jeffrey invests in companies across emerging markets, B2B SaaS, clean-tech, education, blockchain, big data, and financial services, with a focus on improving how venture capital and global capital markets operate.You can reach out to Jeff through:LinkedIn:https://www.linkedin.com/in/stewartjeffrey Website: https://www.youtube.com ABOUT JASON KIRBYJason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders reach their ideal target outcomes through capital strategy and M&A. He is a serial entrepreneur with four exits and decades of experience in fundraising, M&A, and business building. In his career, he has coached hundreds of entrepreneurs on fundraising, investing, capital strategy, M&A, and business development. He’s transacted over $135M, and his firm Thunder has transacted over $200M+.You can reach out to Jason through:Email: [email protected]: https://www.linkedin.com/in/jasonrkirby/ABOUT $100M EXITSMy goal is simple: to equip founders with the knowledge, inspiration, and guidance to navigate the labyrinthine world of capital strategy to take your company where you ultimately want it, by interviewing founders and investors who have already done it. For most, it’s a dream to sell for $100M+, but for others, it’s too cash flow or IPO. Founders doing over $5M in revenue will benefit the most from this podcast. Be sure to subscribe and let me know who you want me to interview next.