📶 secondaries 🤝 seed funds

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Good morning 👋

If you’ve been following this newsletter for a while, you’ve heard me being vocal about the opportunity and need for secondaries.

• LPs are demanding liquidity, and GPs are desperate for DPI

• Companies are staying private longer, but return assumptions are not

• Venture math is broken, overly reliant on outlier outcomes, and the middle of the portfolio is being ignored

I have had my own thoughts on this trend for a while, but nothing has captured what I have wanted to say better than this piece by Hunter Walk (GP @ Homebrew).

Here’s his thinking on where we’re going and why VCs are increasingly becoming more of traders than investors …

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Today’s highlights

• VCs becoming traders

• The cost of liquidity

• A Sequoia spinout raises $150m in a month

• How to innovate when nothing is defensible