The rise of secondaries and seed-stage liquidity with Michael Kim episode artwork

EPISODE · Mar 18, 2025 · 24 MIN

The rise of secondaries and seed-stage liquidity with Michael Kim

from StrictlyVC Download · host Connie Loizos & Alex Gove

This week on StrictlyVC Download TechCrunch editor-in-chief Connie Loizos and StrictlyVC’s Alex Gove are joined by Michael Kim, the long-time VC and founder of Cendana Capital where he has built a $2.6 billion portfolio focused exclusively on seed and pre-seed funds, backing some of the most successful emerging managers in the industry. In this episode they discuss Cendana’s latest $600 million fundraise, the rise of secondaries and how they’re affecting returns, how Cendana’s team sniffs out the winners in a competitive market, and of course we got into how AI is changing the startup ecosystem. Chapters: 00:00 - Introduction 03:49 - The Fundraising Journey and Institutional Investors 05:20 - Key Partnerships and Early Support 07:48 - Growth and Investment Strategy Adjustments 11:20 - The Rise of Secondaries in Venture Capital 14:32 - Identifying and Backing Emerging Fund Managers 17:24 - The Impact of AI on Venture Capital and Startups 18:19 - Changing Venture Investment Structures and Trends 20:26 - Spotlight on New Fund Managers 21:41 - Co-Investments, SPVs, and Strategic Adjustments Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on StrictlyVC Download TechCrunch editor-in-chief Connie Loizos and StrictlyVC’s Alex Gove are joined by Michael Kim, the long-time VC and founder of Cendana Capital where he has built a $2.6 billion portfolio focused exclusively on seed and pre-seed funds, backing some of the most successful emerging managers in the industry. In this episode they discuss Cendana’s latest $600 million fundraise, the rise of secondaries and how they’re affecting returns, how Cendana’s team sniffs out the winners in a competitive market, and of course we got into how AI is changing the startup ecosystem. Chapters: 00:00 - Introduction 03:49 - The Fundraising Journey and Institutional Investors 05:20 - Key Partnerships and Early Support 07:48 - Growth and Investment Strategy Adjustments 11:20 - The Rise of Secondaries in Venture Capital 14:32 - Identifying and Backing Emerging Fund Managers 17:24 - The Impact of AI on Venture Capital and Startups 18:19 - Changing Venture Investment Structures and Trends 20:26 - Spotlight on New Fund Managers 21:41 - Co-Investments, SPVs, and Strategic Adjustments Learn more about your ad choices. Visit megaphone.fm/adchoices

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The rise of secondaries and seed-stage liquidity with Michael Kim

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This week on StrictlyVC Download TechCrunch editor-in-chief Connie Loizos and StrictlyVC’s Alex Gove are joined by Michael Kim, the long-time VC and founder of Cendana Capital where he has built a $2.6 billion portfolio focused exclusively on seed...

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