Welcome back to the EUVC Podcast — where we go deep with the people shaping European venture.Today, David sits down with Kristaps Ronis, Partner at ION Pacific, a global secondaries investor (HQ in LA, presence in Europe & Asia) focused on Series B+ tech and a specialty that’s getting hotter by the month: structured secondaries.

Kristaps runs ION Pacific’s European practice and has been with the firm since inception (2015). In this episode, he unpacks why DPI is king, why traditional “sell-the-shares” secondaries often fall short, and how structured deals can deliver liquidity without selling or signaling — all while preserving control and upside for GPs.

Whether you’re a GP under LP pressure, an LP looking for distributions, or a founder trying to understand what’s happening around your cap table, this one’s for you.

Here’s what’s covered:

* 00:55 – Who is ION Pacific? Global secondaries focused on B/C/D with a European practice led by Kristaps.

* 02:36 – What they do: Liquidity for venture via structured & traditional secondaries.

* 04:01 – Kristaps’ path: Latvia → Peking University → Hong Kong banking → co-founding ION Pacific.

* 06:05 – What are structured secondaries (in one line).

* 07:35 – Three big learnings in venture: lack of financial innovation, complex cap tables = silent killer, DPI is king.

* 10:48 – Early vs. later stage instruments — why complexity hits hard post-Series B.

* 17:16 – Why secondaries now (esp. in Europe): DPI pressure, awareness, more dedicated players.

* 21:09 – Continuation vehicles in Europe: “2025 is the year of the EU CV.”

* 23:31 – Where structured deals fit: liquidity without selling, pricing gaps, zero market signaling.

* 26:20 – “What’s the catch?” Educating LPs on partial upfront + future upside.

* 28:05 – Advice for GPs & LPs: how to open the liquidity conversation.

* 29:53 – Solving the bid–ask spread: structure beats headline discounts.

* 31:27 – Co-investing: where others join (and where they don’t).

* 32:26 – The market gap: too big for small PE secondaries, too small for mega funds — ION’s sweet spot.

* 35:55 – Timing: don’t start in year 11 of a 10+2 fund; think 6–9 months ahead.

* 36:58 – Seller mistakes: timing, portfolio prep, governance blockers, LP comms.

* 40:23 – Good news for emerging managers: relationships can reopen info rights.

* 43:37 – Kristaps’ bookshelf: The One Thing, Getting to Neutral, Buy Back Your Time.

* 45:23 – How to reach Kristaps: LinkedIn + email; open to being a sounding board.

📝 Show Notes

What are Structured Secondaries?

* A way to deliver liquidity without selling the asset.

* Investor provides partial upfront cash today and shares future distributions.

* Benefits: no market signal, no loss of control, preserves upside; ideal when bid–ask spreads are wide (e.g., 2020–21 rounds vs. today’s fair value).

Why they’re rising (esp. in Europe)

* DPI pressure: “DPI is king.” IPOs have been slow; funds need distributions.

* Awareness & adoption: PE did this for decades; venture is catching up post-2015.

* Shift in deal types: From single-asset/Founder liquidity → fund-level transactions and continuation vehicles (CVs).

When to prefer structured vs. a straight sale

* You believe selling now would be premature.

* You think the market is mispricing your best assets.

* You don’t want to be seen as a seller (corporate VC & reputationally sensitive GPs take note).

Continuation vehicles in Europe

* Expect more: 2025 dubbed “the year of EU CVs.”

* CVs move portfolios or trophy assets to a new vehicle for more time/upside while delivering DPI.

Common mistakes sellers make

* Timing: Start 6–9 months before you need liquidity; don’t wait for year 11 of a 10+2 fund.

* Portfolio prep: Curate assets; ensure info packs (plan, financials, cap table, SHA), especially if you’re a small/early check.

* Ability to close: Clean up ROFRs/pre-emptions, debt tangles, weird prefs.

* LP comms: Educate LPs early—structure, timeline, choices (sell/roll), expected impacts.

Emerging managers — yes, you can

* Even without strong info rights, relationship capital with founders often reopens access (under confidentiality) to get a deal done.

Deal sizes & co-invest

* ION Pacific often partners on unstructured (e.g., CVs); structured deals are more often bilateral.

* Market gap: Too small for mega secondaries (>€100–150m), too bespoke for micro. Structured deals typically make sense from ~€5m+ given legal/structuring overhead.

Reading list (Kristaps’ rotation)

* The One Thing: Gary Keller & Jay Papasan

* Getting to Neutral: Trevor Moawad

* Buy Back Your Time: Dan Martell

🎯 One-liner Takeaway

Liquidity without selling is no longer a paradox: structured secondaries let GPs deliver DPI, preserve upside, and avoid negative signaling when the bid–ask spread is wide.

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