Evan Wien

$175 billion in private equity secondaries will quietly reset company incentives in 2025 This week’s Capital & Clarity breaks down how continuation funds are changing the game behind closed doors: shifting ownership, timelines, and accountability without a single headline: 1) Funds transfer assets between themselves 2) New LPs buy in at reset valuations 3) Suddenly your equity package or growth plan no longer fits the new scoreboard. From strike prices to exit horizons, everything looks the same on paper until it doesn’t. If your ownership quietly changed hands, you need to know what it means for your next move. Full post in the comments 👇 #privateequity #secondaries #finance #investing #capitalmarkets #strategicfinance #cfo #operatingpartner

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Private LPs generally have a start and an end date; investors expect that they can't sell the investment before a target date, and generally, investors budget a bit of lag time in case there are delays to achieving the target returns. But I bet a lot of people never expected their non-volatile, semi-liquid private investment to halt redemptions. If you have invested in a private fund or REIT, there are a few red flags you can look out for that might provide a warning. This isn't an exhaustive list, but if you don't like the explanations, perhaps a re-evaluation of allocation is warranted. 1) What's the average age of the investor base? Is there a risk of liquidity as people redeem to cover Retirement Income Needs? 2) Is the Yield less than the CAP Rate expected for these assets 3) Is the average LTV increasing and approaching the prescribed limits? 4) Are redemptions outpacing new investments? 5) Has management drastically changed the approach to asset management?

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Sharing some hot takes from a candid conversation with George Mathew (Insight Partners), Rebecca Kaden (Union Square Ventures) and Ben Lerer (Lerer Hippeau), moderated by Akshit (Ash) Bhatia, CFA on Silicon Valley Bank's H1 2026 State of the Markets report. Key insights: 🔥 A "barbell" effect has emerged in venture capital. At one end, massive, late-stage rounds concentrated in a few (mostly AI) companies. At the other, early-stage investing thrives on discipline and finding "pre-consensus" bets, with a hollowed-out middle. 🔥 Specialization is the winning strategy for investors and founders – success now requires choosing a clear lane. Investors must decide between a "top-down" (access-driven) or "bottom-up" (conviction-driven) approach. Article link: https://lnkd.in/e3ywHwDB

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