Alex Pattis

[beehiiv 🐝 @beehiiv]

$500k ARR from 2 weekly newsletters

the story of Last Money In by Alex Pattis & Zachary Ginsburg👇

[LastMoneyIn @LastMoneyIn]

Carta Scrapped Secondaries – Good News, You Can Still Access the Secondary Ecosystem

One of the big news stories over the last week was Carta ending its secondary market product CartaX, following controversy over its use of customer data.

This may be minor bad news for Carta (even though the total rev. from the product was est. to only be ~$3m/yr), but candidly has minimal to no impact on GP/LPs ability to access secondary investment opportunities and investors/employees/founders' ability to sell their private market positions.

Accessing the secondary markets is quite easy today via marketplaces like @Hiive_HQ , aggregators like @CaplightData , funds like Industry Ventures and SPVs. The infrastructure and practices need improvement, but “accessing” this ecosystem is relatively easy.

Part of the reason is that the secondary market has ballooned over the last 15 years, which has led to an enormous number of entrants building tools, services and marketplaces to facilitate these secondary transactions.

According to a report from Industry Ventures the global addressable market for secondaries has grown from an estimated $25B in 2010 to an estimated $100B+ today.

So as an LP/GP looking to buy these positions and as a founder/employee/existing investor looking to sell, what are your options?

Today, Last Money In is published a post covering:

- Brief history of the VC secondary market 
- Detailing the different ways to access the secondary ecosystem as an investor/shareholder
- Why massive fragmentation exists in secondaries and how that may change 
- Discussing the emergence of the SPV/syndicate model to access secondaries
- Pro/cons from each segment of the market
- And more

https://t.co/DknmFV8xxA

[AngelList @AngelList]

From selling baseball cards in grade school to becoming  syndicate leads.

We sat down with @AlexPattis5 and @ZachGins to learn more about their start in VC, passion for SPVs as investment vehicles, and a new educational course they’ve created. https://t.co/Fn0f0z3Qlv