June 03, 2026

E382: Why Venture Capital Has a $3 Trillion Liquidity Problem

33 minutes

What if the biggest opportunity in venture today isn’t finding the next unicorn—but solving the liquidity problem created by companies staying private twice as long as they used to?

In this episode, I sit down with Ravi Viswanathan, Founder and Managing Partner of NewView Capital, to discuss how the venture ecosystem is evolving beyond the traditional fund model. Ravi explains why he left NEA to build a firm focused on liquidity solutions, how company-led secondaries are becoming a critical tool for founders and employees, and why the future of venture may depend on balancing long-term ownership with thoughtful liquidity. We also explore the DPI drought, continuation vehicles, cap table management, and why relationships remain the ultimate source of edge in venture capital.

Highlights:

Why companies staying private longer created a structural liquidity gap

The rise of company-led secondaries and founder-controlled liquidity

How employee liquidity can improve retention and long-term alignment

Why the venture industry can no longer ignore DPI

The tension between FOMO investing and long-term conviction

How continuation vehicles may reshape venture portfolios

Why capital often masks product-market fit during boom cycles

The relationship-driven lesson Ravi wishes he learned earlier in his career

Guest Bio:

Ravi Viswanathan is the Founder and Managing Partner of NewView Capital, a growth-stage investment firm managing more than $3 billion and focused on primary, secondary, and hybrid investments in leading technology companies. Prior to founding NewView in 2018, Ravi spent 15 years as a General Partner at NEA, where he backed category-defining companies including MuleSoft, Braintree, Acquia, Cyence, and GlobalLogic. Over more than two decades in venture capital, Ravi has built a reputation for partnering with exceptional founders, identifying enduring technology businesses, and helping shape the evolution of liquidity and capital formation in private markets.

Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at [email protected].

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd

LinkedIn: https://www.linkedin.com/in/dweisburd/

Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Ravi Viswanathan:

LinkedIn:https://www.linkedin.com/in/raviswanathan/

Questions or topics you want us to discuss on How I Invest? Email us at [email protected].

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why He Left NEA to Launch a $1.3 Billion Venture Fund

(1:02) Are the Best Venture Companies Already Obvious by Series B?

(3:33) The New Secondary Market Trend Reshaping Venture Capital

(5:02) Why Employees Need Liquidity Long Before an IPO

(7:03) The Hidden Benefits of Letting Employees Sell Shares

(11:38) Will OpenAI, Anthropic, and SpaceX Fix Venture’s DPI Crisis?

(13:17) Why Venture Capital May Never Return to Historical DPI Levels

(20:18) Are Continuation Vehicles the Next Big Venture Trend?

(24:35) The One Thing That Compounded Most Over 25 Years in Venture

(28:20) How Easy Money Created an Entire Generation of Zombie Startups

...more

View all episodes

By David Weisburd

4.5

9696 ratings