Ep 221: Tim Ivers - Navigating the Liquidity Crunch in Private Markets
From Inside the Rope with David Clark by David Clark
April 28, 2026 · 52 min
About this episode
Tim Ivers discusses the challenges of liquidity in private markets and shares insights on investment strategies in the secondary market.
Private markets are more popular than ever, but for many investors, the "exit" sign is becoming harder to find. As public markets remain tight and private equity hold periods stretch from five years to seven or more, a pressing question emerges: How do you actually get your cash back? In this episode, we sit down with Tim Ivers , Managing Director of Warana Capital , a specialist who has spent fifteen years operating in the complex, often-overlooked "subscale" secondary market. Tim shares his journey from an aspiring surgeon in Toowoomba Australia to a niche investor in Los Angeles, specializing in buying the assets that large institutional funds are too big to bother with. We dive deep into the mechanics of illiquid secondaries and the rising importance of NAV lending —a strategy providing lifelines to funds that are "asset rich but cash poor." Whether you are an individual investor concerned about capital calls or a professional looking for a different perspective on risk and valuation, Tim’s "buy it at a discount" philosophy offers a grounded alternative to the traditional private equity J-curve. The Valuation Gap: Why "100 cents on…
People in this episode
Host: David Clark
Guest: Tim Ivers
Topics covered
- liquidity crunch
- private markets
- secondary market
- NAV lending
- investment strategies
- private equity
Keywords
- liquidity
- private equity
- NAV lending
- investment
- secondary market
- capital calls
- valuation
Mentioned in this episode
Organizations: Warana Capital
Places: Toowoomba Australia, Los Angeles
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