Secondaries in Venture

Who doesn’t love a hustle story? Especially in venture capital. This one starts in 2009, with Jared Carmel helping a Facebook employee cash out their stock options. Fast forward: he’s now running Manhattan Venture Partners, a $1.5B secondaries powerhouse — ranked top 5 in the U.S. And here’s the punchline: Venture’s old playbook — fund startups, wait for the IPO, call it liquidity — is broken. The real shift? Secondaries. 👉 Companies stay private for 20 years. 👉 Employees can’t wait that long to pay their bills. 👉 Wall Street is piling in, discounts collapsing from 55% to 13%. This is the biggest structural shift in venture capital history. As Jared says: “You can’t have innovation without rewarding the people building it. If public markets won’t do that job anymore—secondaries will.” 🔥 Watch the full episode to see why secondaries aren’t just the future of liquidity… they’re the new foundation of venture capital.