I recently joined Turner Novak on The Peel for a conversation about the current state of private markets and the realities facing fund managers and investors today. We discussed why fundraising is particularly difficult right now for both emerging and established venture funds, and examined some of the structural forces driving change across the private investing landscape. I had a lot of fun doing this one, so wanted to cross-post here.

Some of the key topics we covered include:

* The explosive growth in private markets, with ten times more private investment firms than public companies, and nearly 90% of $100M+ revenue businesses remaining private.

* The high “mortality rate” for new funds, why only a small fraction survive past their first few vintages, and what that means for GPs and LPs navigating the ecosystem.

* The evolution of liquidity in venture, with secondaries now playing a major role, and practical tips for both GPs and LPs on working with SPVs and managing today’s more complex capital flows.

* How differences in risk profiles between large and small funds affect outcomes, and why the divide between public and private markets has blurred—making private investing as important as ever.

* Insights into how AI and new technology are starting to transform diligence, fund analysis, and even company building.

Whether you’re a manager raising capital, an LP looking for the right opportunities, or just interested in how private markets are changing, this episode is packed with practical insights, data, and advice on navigating a rapidly shifting landscape.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com