Private companies are staying private longer, and that changes who gets liquidity, when, and why.

Founders, employees, and early investors can wait a decade or more for an IPO or acquisition. Meanwhile, venture funds face growing pressure to return capital, and many of Europe's best companies struggle to access the growth capital needed to scale.

In this conversation, Christian Soschner speaks with Alberto Chalon, Co-Founder of Giano Capital, about the rise of single-asset secondary investments and why they have become an important part of the European innovation ecosystem.

Topics include:

• What secondary transactions are and why they matter

• Why many companies now stay private far longer than before

• How founders, employees, and early investors can access liquidity before an exit

• The differences between venture capital, private equity, and late-stage secondary investing

• Europe's challenge with risk capital, fragmentation, and scaling companies

• Lessons from investments such as Revolut, GetYourGuide, and Deliveroo

• The role of resilience, sport, and long-term thinking in business and investing

Alberto also shares his personal journey from entrepreneurship and building businesses with his brother to launching Giano Capital and creating a new asset class focused on late-stage technology investments.

5 OUTSTANDING QUOTES / LESSONS

1.
"Failure in America is part of the learning process. In Europe, failure is a disaster."

Lesson: Europe's challenge may be cultural as much as financial.

2.
"The due diligence is the beginning of the journey, not the end."

Lesson: Great investors keep working after the deal closes.

3.
"Everything has to be already tested before we invest."

Lesson: Giano seeks to eliminate execution risk before investing.

4.
"The loneliness of the entrepreneur is real. I lived that."

Lesson: The best investors bring empathy, not only capital.

5.
"You need to reach the top, and then you have the descent."

Lesson: Investing and endurance sports both reward patience and resilience.

TIMESTAMPS

(00:00:00) Intro

(00:03:00) Why secondaries suddenly matter

(00:07:19) Why IPOs are no longer enough

(00:12:44) Where Giano fits between VC and PE

(00:17:06) Why private information changes returns

(00:21:41) How Giano helps founders beyond capital

(00:26:19) Not pre IPO but three years earlier

(00:31:23) Europe must think beyond countries

(00:37:56) Alberto Chalon on loss and entrepreneurship

(00:42:12) From search engines to professional investing

(00:46:21) How fashion arbitrage shaped his investing

(00:53:47) Building a privacy search engine in Europe

(01:00:51) Ruthless focus without forcing others

(01:07:38) What late-stage governance requires

(01:11:50) Why Giano chose late-stage secondaries

(01:15:32) Inside Giano Capital's deal funnel

(01:19:07) Why community matters in secondaries

(01:24:29) GetYourGuide and Revolut as examples

(01:27:29) How long a secondary deal takes

(01:29:11) Cycling as leadership training

(01:36:23) Giano Capital's ten-year ambition

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