🎙 Guest: Jonathan Ting, Managing Partner, NeuCo Academy
🎙 Host: Alvin Fan, CEO, OPIM

Venture secondaries are stepping into the spotlight as traditional exits stall. IPO windows are shut. M&A is rare. Yet $1.6 trillion in dry powder remains undeployed—and valuations in private markets haven’t caught up with reality.
In this episode, Jonathan Ting of Neuco Academy (ex-Industry Ventures) joins Alvin Fan to explain how the secondaries market is shifting:
🔹 What a “Private IPO” really is
🔹 Why LP interests are gaining attention
🔹 And how delayed liquidity is reshaping exit expectations
If you're tracking where private markets go next—this is essential viewing.
📉 IPOs are delayed. 📈 Secondaries are redefining the game.

📌 Chapters00:00 – Intro: Why venture secondaries matter now
01:10 – Where are we in the private market cycle?
04:30 – How low interest rates distorted venture capital
07:00 – Mark-to-market tensions between GPs and LPs
10:25 – Why most unicorns can’t IPO anytime soon
12:55 – “Private IPOs”: Wall Street’s new liquidity workaround
15:35 – Inside the secondaries market: who’s selling, who’s buying
19:00 – Why LP stakes may offer better discounts than direct shares
22:00 – Liquidity premiums and why small check sizes are mispriced
25:20 – Newco’s strategy: ignore size, focus on asymmetric returns
28:15 – The Xiaohongshu deal and why vintage matters
31:30 – Will China tech ever list on NASDAQ again?
34:00 – What makes a good secondaries investor
37:00 – What kind of companies are IPO-ready today

📅 Recorded on 27 May, 2025

FOR INFORMATIONAL PURPOSES ONLY

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