Friday Letter

While most people thought tariffs were a poker bluff that the administration wouldn’t follow through with, 'now we’re seeing tremendous concern among investors – private equity and late-stage venture – because everyone is affected,' says M&A specialist Michael Mufson.

Distribution-starved investors hope to see IPOs next year from several high-profile venture-backed companies, including Cerebras, Chime Financial, Hinge Health, Klarna and ServiceTitan.

As the M&A and IPO markets remain stalled, we are seeing a proliferation of secondaries firms eager to provide liquidity to both VC funds and start-up founders.

CRV says valuations are too high to justify continued investment from its opportunity fund, but other VCs say they are still seeing plenty of good follow-on deals.

Evercore’s latest Secondaries Market Review paints a reassuring picture for the multiple new entrants to the venture secondaries market.

Wiz’s success could incentivize more cybersecurity start-ups to focus on addressing AI risks, which could help reduce companies’ trepidation about fully integrating AI into their workflows.

The venture secondaries market is taking off, but lots of GPs and LPs are still unfamiliar with how these deals work. We're here to help.

Impact investing, especially in emerging markets, is a new frontier for most investors; secondaries transactions will ease them in.

Companies that make it easier for property owners to manage their portfolios and address serious societal issues in real estate are expected to fare better in a tougher market, say VCs.