How VCs Are Profiting From Secondaries in 2026

Lucas and Luna drill into the booming secondary market for venture capital, where LPs are selling fund stakes at record volume and a new class of buyers—including pension funds and family offices—is stepping in. They examine the $140 billion secondary market in 2025, the rise of GP-led continuation vehicles, and how secondaries are reshaping liquidity and returns for limited partners. Specific examples include how Blackstone's Strategic Partners group has deployed over $40 billion in secondaries and why the average discount on VC fund stakes has narrowed to 12%, down from 25% five years ago. Lucas explains the structural shift from LP-led to GP-led deals, and Luna challenges whether the market has gotten too crowded. The episode closes with a look at what secondaries mean for new LPs entering venture capital. #SecondaryMarket #VentureCapital #Liquidity #GPledContinuationVehicles #LPInvesting #Blackstone #StrategicPartners #FundStakes #EndowmentInvesting #PensionFunds #FamilyOffices #VCReturns #PortfolioConstruction #AlternativeAssets #PrivateEquity #Finance #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo