Why Institutional Investors Are Doubling Down on Secondaries

Episode 7 of The Venture Capital Investor Podcast dives into the booming secondary market for venture capital stakes. Lucas and Luna unpack why institutions like the Washington State Investment Board and Canadian pension fund CPP Investments are increasingly buying and selling existing LP positions rather than committing to new funds. They explore the numbers: $152 billion in global VC secondary volume in 2025, up from just $25 billion in 2019. The hosts discuss how secondaries offer liquidity, faster return profiles, and access to mature assets at discounts. They also examine risks, including valuation uncertainty and the rise of continuation funds. A concrete case: the $2.7 billion secondary sale of Stripe shares in early 2026. Plus, a real-talk segment on listener support. #VentureCapital #Secondaries #StartupInvesting #LimitedPartners #Stripe #WashingtonStateInvestmentBoard #CPPInvestments #InstitutionalInvestors #PortfolioConstruction #Liquidity #ContinuationFunds #Valuation #PrivateEquity #LPInterests #Finance #Investing #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo