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Good morning 👋

For better or for worse, I love hearing how LPs are thinking about the private markets.

Maybe that’s because I used to sit in that seat, or maybe it’s because I have a weird obsession with macro thoughts about niche industries. Who knows?

Harry Stebbings put out a question earlier this week about whether or not we will see more or less venture $ over the next five years.

Here is a breakdown of the best response to that question …

P.S. 🎧 We’re giving away a pair of Airpods Pro 2 to one lucky reader …

Whoever refers the most new subscribers this quarter (ending June 30) will win a brand new pair of Airpods on us.

Today’s highlights

  • Venture in 2030

  • Ramp data on businesses dropping their ad spend

  • JetBlue calls it quits on their CVC

  • The downside of secondaries

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