Bradley Fishman

$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