Who doesn’t love a hustle story? Especially in venture capital.

This one starts in 2009, with Jared Carmel helping a Facebook employee cash out their stock options. Fast forward: he’s now running Manhattan Venture Partners, a $1.5B secondaries powerhouse — ranked top 5 in the U.S.

And here’s the punchline:
Venture’s old playbook — fund startups, wait for the IPO, call it liquidity — is broken.
The real shift? Secondaries.

👉 Companies stay private for 20 years.
👉 Employees can’t wait that long to pay their bills.
👉 Wall Street is piling in, discounts collapsing from 55% to 13%.

This is the biggest structural shift in venture capital history.

As Jared says:
“You can’t have innovation without rewarding the people building it. If public markets won’t do that job anymore—secondaries will.”

🔥 Watch the full episode to see why secondaries aren’t just the future of liquidity… they’re the new foundation of venture capital.