🇺🇸🤩🇺🇸 Founder @mvpvc 🦄Tomorrow’s IPOs Today 🦾Secondary-as-a-Service 🦸🏻ED @ The MVP Foundation 👱🏼♀️👦🏻👧🏼Co-creator Sophia, Dean, & June
New York, NY
Joined July 2011
- Tweets947
- Following404
- Followers698
- Likes3.1K
Pinned Tweet
I started a charity this year called ‘The MVP Foundation’
Worked w/@sunydownstate to give the childrens ward exactly what each kid asked for, no questions asked. It didn’t come from a nameless benefactor, we had their parents put it under the tree from Santa himself.
One love.
Jared Carmel retweeted
Ro, I like you. You know that. But you need to read the state of the state.
The number of Deca Unicorns in Cali is growing by the day as investors chase amazing startups.
A unique feature of these 10b startups is that even if they raise a billion, little, if any of that money goes to the founders, who are now worth billions of dollars over night. They are the definition of cash poor, stock rich
How are you going to tax them ? Make them borrow money against their shares, if they can? They just raised money to grow their company and a bank will come along and loan them money ? A company that has been in business maybe less than a year ? lol
Will you take their stock if they can’t ?
Do you really think each of multiple founders, who started an amazing company in Cali and is now a billionaire, can each just pull out $250m per billion of net worth from their raise ? You know they can’t.
If this passes , and it doesn’t directly impact me at all, I won’t be a cali resident, but you can bet if I’m investing in a multi billion dollar startup, I’m asking them to move from California first.
IMO, if this passes, only idiot startup founders stay in Cali.
I’ve done it before and will do it again. Dallas. Pittsburgh. Indiana. I will make NOT being in California a pre requisite for an investment
Ideology is not a strategy Ro.
The California Democratic Party and the California labor movement just stood with @BernieSanders and me in supporting 5% wealth tax on 250 California billionaires.
California voters want a Democratic Party that will stand up for the working class over the billionaire class.
Jared Carmel retweeted
In our latest Meet a VC feature, @MVPVCJared of @MVPvc, shares how his firm is designed to support a new generation of American founders.
He dives into how a robust secondaries market is becoming central to that work.
Learn more: nvca.org/jared-carmel-manhat…
Jared Carmel retweeted
The CFOs of OpenAI and Anthropic are going on X saying they will not honor unauthorized secondary transactions. On top of that, some of those shares have been double, triple, quadruple sold. A reckoning is coming.
"I actually think some people will go to jail."
That's not a hot take – that's rehypothecation. And the retail investors left holding those bags are going to find out the hard way. The CFO of OpenAI or Anthropic is not going to spend political capital managing the fallout from a grandmother who lost her life savings.
Jared Carmel of Manhattan Venture Partners saw the same thing:
"$25,000 checks are going to sue you a lot quicker than your million dollar check when it doesn't hurt as much for them."
92% of secondary transactions today are already institutional. The 8% that's retail is where all the published data comes from – and where all the fraud is concentrated. When the reckoning hits, institutional capital will be there to buy. It always is.
Jared Carmel retweeted
Poker with Your Besties 🍷💃🔥
Thanks to Manhattan Venture Partners (@MVPvc) for making this possible!
Apply now to lock in your early bird pricing for 2027:
accelevents.com/e/u/checkout…
Jared Carmel retweeted
Anthropic closes the series H.
The list of investors is long and its a who’s who across VC, private growth equity, mutual funds and sovereigns.
Revenue runrate accelerated to $47B
The only thing that I didnt say below is for all the IPO talk, the private markets are STILL very happy to service right now.
Repeat after me folks: companies are staying private for longer and their capital needs are being met.
Anthropic raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time. @EdLudlow reports on "Bloomberg The Close" bloom.bg/4wRXsrv
Jared Carmel retweeted
In 2019 I was picking a crypto fund. I expected myself to go with the best returns. Instead I found myself choosing the partner I trusted most.
I thought I was more value-maximizing than that. I wasn't.
Jared Carmel built Manhattan Venture Partners to nearly $3 billion. I asked him what surprised him most. His answer:
"The most surprising part of going from sort of zero to, think it's 2.8 billion is the trust."
He flew to Spain to meet an LP for his first fund. The LP looked him in the eyes and said, I'll give you a million dollars, kid. That same investor introduced him to his entire network. 10 years later, sovereigns are asking to work with them.
"It took us 12 years to build a reputation and it would just take us five, five minutes to ruin it."
The receipts you build by doing right by people – new entrants cannot replicate them. In capital markets, trust is the only asset that actually compounds.
Jared Carmel retweeted
$3 trillion is now locked inside venture funds that are more than 10 years old.
At the same time, DPI hit just 9% in both 2024 and 2025 (Source: Allocator Training Institute) — the lowest levels private markets have seen in decades.
And even if SpaceX, OpenAI, and Anthropic eventually go public, it likely won’t solve the underlying problem.
The traditional venture model was built around a very different world:
raise a fund, deploy capital, exit within ~10 years, return cash to LPs, repeat.
But the best private companies no longer need the public markets.
They can raise billions privately.
Stay private for 15–20+ years.
Provide liquidity through secondaries instead of IPOs.
And continue compounding outside the public markets entirely.
That changes everything:
- LP liquidity
- DPI expectations
- fund construction
- continuation vehicles
- secondaries
- venture fund duration
- employee liquidity
- portfolio concentration
- even the definition of what an “exit” actually is.
The most interesting part of my conversation with Jared Carmel wasn’t just the scale of the problem.
It was the realization that this may not be a temporary cycle.
It may be the new structure of private markets.
We went deep on:
- why companies are staying private longer
- the rise of secondary markets
- why continuation vehicles are exploding
- the hidden RSU problem inside unicorns
- why venture increasingly behaves like an “access class”
and why the future of liquidity may look completely different than the last 20 years.
Really enjoyed this conversation with Jared Carmel of Manhattan Venture Partners.
We’d like to thank @AlphaSenseInc for sponsoring this episode!
#VentureCapital #Secondaries #PrivateMarkets #DPI #ContinuationVehicles #InstitutionalInvesting
Continue the episode using the links in the comment below 👇
youtu.be/8L3V_6w_9xM
Jared Carmel retweeted
Secondary is Primary™ · NYC ·
June 4 · #NYTechWeek
Now confirmed:
- Kyle Stanford (PitchBook)
- Tom Callahan (Nasdaq Private Market)
- Kelly Rodriques (Forge)
- Jared Carmel (MVP)
Operators. Platforms. Data.
The secondary market, live.
Join the list:
partiful.com/e/Qe0yJoqr1sgMY…
Jared Carmel retweeted
The IPO isn’t late.
It’s just not the plan.
On March 14 at Capital Factory House, @MVPvc and @NPM are hosting “Secondary is Primary” 💰 a straight-talk session on how liquidity actually works as companies stay private longer, and why secondary markets are quickly becoming the go-to path for founders, employees, and investors.
Featuring leaders from @MVPvc, @Citi, @CBinsights and @NPM to break down what’s changing (and what to do about it).
If you’re a founder thinking about equity + retention, an operator/employee trying to understand ownership outcomes, or an investor managing fund timelines, this is for you.
One hour. Three perspectives.
A clear look at private-market liquidity in 2026 and beyond.
Don’t miss out 🎟️ hubs.ly/Q044rxTc0
Jared Carmel retweeted
For the first time in venture history, three distinct channels share the liquidity burden roughly equally.
A decade ago, secondaries barely registered. They accounted for roughly 3% of exit value in 2015. Today they claim 31% : nearly $95b in the trailing twelve months.
The shift accelerated after 2021’s IPO bonanza. When public markets closed their doors in 2022, investors found alternative routes. Secondaries absorbed demand that would have flowed to traditional exits. When Goldman Sachs acquired Industry Ventures, the transaction signaled secondaries have arrived. Morgan Stanley followed with EquityZen, then Charles Schwab announced its acquisition of Forge Global. Wall Street recognized the structural change before most of venture did.
This matters for founders & investors. When IPOs dominated exits, fund models assumed a small number of public offerings would generate the bulk of returns.
Now liquidity arrives through multiple doors. A founder might sell secondary shares to patient capital while the company remains private. A GP might move positions through continuation vehicles. An LP might trade fund stakes on an increasingly liquid secondary market.
The 830 unicorns holding $3.9t in aggregate post-money valuation cannot all exit through IPOs. The math doesn’t work. At 2025’s pace of 48 VC-backed IPOs, clearing the unicorn backlog would take seventeen years. Secondaries provide a release valve that traditional exits cannot.
Companies like OpenAI have embraced this reality, running employee tender offers while voiding unauthorized secondary transfers. The largest private companies now manage their own liquidity programs rather than waiting for public markets.
Today, secondary liquidity concentrates in the top 20 names. SpaceX, Stripe, OpenAI. For the founder of company #50, the secondary market remains largely theoretical. For secondaries to succeed as a broad asset class, buyers must underwrite positions in companies without household recognition. As the market grows, this coverage gap becomes opportunity.
For LPs starved of distributions since 2022, the expansion of secondary channels offers hope. The $169b in cumulative negative net cash flows needs somewhere to go. More exit paths mean more opportunities to return capital.
When a Series B employee asks about liquidity today, the answer isn’t “wait for the IPO.” It’s “we’re planning a tender offer next year.”
A decade ago, secondaries were a footnote. Now they’re infrastructure. Liquidity flows where it can, not where tradition suggests it should.
tomtunguz.com/a-third-a-thir…
Jared Carmel retweeted
Really enjoyed chatting with secondary OG @MVPVCJared about the rise of retail investors in private market stock trading, and why delayed IPOs will become the norm techcrunch.com/podcast/the-r… via @techcrunch @EquityPod
This #holidayseason we're anonymously granting chronically ill children's wishlist gifts from @sunydownstate . Let's ease family burdens & spread joy to patients who need cheer. Join our community uplifting families navigating health challenges. #MVPfoundation gofund.me/1f9c348a
We are incredibly excited to present Outlook 2023 w/Paul moderating and Anna’s Macro insight, from @business. Plus, fintech entrepreneur Adam Green had the foresight to launch a yield-oriented fintech back when yields were zero and incredibly is business was just acquired by @yieldx To round out this incredible group, we have @DrDreSay to discuss the outlook for private to public liquidity and the one and only @SantoshRao25 to give private company insights and trends.
MVP's Outlook 2023 Webinar
Volatile. Vulnerable. Valuable.
FEBRUARY 27TH, 2023 | 12 PM EST
REGISTER:
register.gotowebinar.com/rt/…
Jared Carmel retweeted
New FTX CEO: "Never in my career have I seen such a complete failure of corporate controls"
This is one of 2 reasons that we have a job glut.
👶1st birth rates have been below replacement since 1970
🌎2nd We shut the borders during the Trump administration
Why?
lnkd.in/gG5C9G9H
Why Write-Downs Are Good For Companies And Investors news.crunchbase.com/news/wri… via @crunchbasenews
Media billionaires other than Musk:
1. Jeff Bezos
2. Mark Zuckerberg
3. Warren Buffett
4. Larry Page
5. Sergey Brin
6. Carlos Slim
7. Ma Huateng
8. Jack Ma
9. David Thomson
10. Rupert Murdoch
11. Donald Newhouse
12. Forrest Li
13. Robin Li
14. Patrick Drahi
15. Charles Ergen
Sick Kids Ask Santa -> Santa Tells MVP -> We Buy Dream Gift ->Mom and Dad = Heroes
Last year the MVP Foundation raised about $14k The goal is now $25k from $15k.
If you can't help and I get that then please share.
gofund.me/754ea9b5 @MVPvc @sunydownstate
