About this episode

The episode discusses the liquidity crisis in venture capital and the evolution of venture secondaries with Jared Carmel.

What if the biggest opportunity in venture today isn’t funding new companies—but solving the liquidity crisis created by companies staying private for 20 years? In this episode, I sit down with Jared Carmel, Founder and Managing Partner of Manhattan Venture Partners, to discuss how venture secondaries evolved from a gray market into critical infrastructure for private capital markets. Jared explains why nearly $3 trillion is now trapped in aging venture funds, how DPI became the defining metric for LPs, and why secondary liquidity is now essential for founders, employees, and venture firms alike. We also explore continuation vehicles, cap table management, institutionalization of the secondary market, and why trust compounds faster than capital in private investing.

People in this episode

Host: David Weisburd

Guest: Jared Carmel

Topics covered

• venture capital
• liquidity crisis
• private markets
• venture secondaries
• capital management
• institutionalization

Keywords

• liquidity problem
• venture capital
• private companies
• DPI
• secondary market
• continuation vehicles
• cap table management

Mentioned in this episode

Organizations: Manhattan Venture Partners

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